TIDMCR4
Core VCT IV PLC
From: Core VCT IV PLC
Date: 23 August 2012
Half-Yearly Financial Report for the six months ended 30 June 2012
Performance Summary
Ordinary Shares 30 June 2012 30 June 2011 31 December 2011
Net asset value per share 51.73 pence 78.19 pence 57.91 pence
Total return to date per share(1) 69.23 pence 85.69 pence 75.41 pence
Share price (mid market) 29.00 pence 41.50 pence 35.50 pence
Expense ratio(2) 1.03% 0.72% 2.37%
1. Total return per share comprises closing net asset value per share plus
cumulative dividends per share paid to date.
2. Operating expenses of the Group, excluding trail commission, third party
transaction costs and costs associated with the corporate proposal, as a
percentage of closing net assets.
Chairman's Statement
Results
In the six months to 30 June 2012, the Net Asset Value (NAV) Total Return per
Ordinary Share was 69.23p, comprising a NAV of 51.73p and cumulative dividends
paid of 17.50p per Ordinary Share. This represents a decrease from the
Combined NAV Total Return to 31 December 2011 of 8.2%, (6.18p) per Ordinary
Share. The main contributor to the fall was Allied International Holdings
Limited due to underperformance.
Investments
Allied International Holdings Limited, an investment directly held by Core VCT
IV plc, required further funding to progress with its turnaround plan. Both
Core VCT IV plc and Core VCT V plc did not participate in the further funding
due to their cash constraints and GBP350,000 was provided by Core VCT plc, by
way of a loan to provide preference on the capital. The valuation reduced by
GBP661,000 (6.1p per Ordinary Share) due to a slower than anticipated
improvement in trading, particularly in the European destinations. However,
having implemented the turnaround, we believe Allied should now grow both
organically, and potentially by further acquisitions, into a major global
operation over the medium term. Further funds of GBP350,000 have been allocated
by Core VCT to ensure this business has adequate capital available.
During the period, a further GBP3.5 million was drawn down from institutional
investors in Core Capital I LP for Abriand, which has now received its full
GBP20.2 million commitment from the Fund. This has been utilised to fund capital
expenditure and the acquisition of the Chez Gerard sites from the
administrator of Paramount Restaurants. Abriand is well advanced in the
conversion and integration of these new sites. The remaining GBP9.8 million to
be called (net of General Partner Fee) is intended to be deployed in Ark Home
Healthcare Limited, Colway Limited and SPL Services Limited.
Dividends
During the six months to 30 June 2012, the Group generated a loss of GBP673,520
and is therefore not in a position to pay an interim dividend to
shareholders.
Share Price and Share Buy Backs
We would remind shareholders that we view the NAV Total Return, rather than
the share price, as the preferred measure of performance, as it encompasses
the value of the current portfolio and the amount of cash distributed to
shareholders over the life of their investment. It is disappointing to report
that the NAV Total Return has fallen below 70 pence per share, being the net
cost to shareholders including the initial VCT tax relief received at the date
of the original investment. However, we believe that the underlying
portfolio performance will improve as we start to see the benefits from
deploying the substantial capital raised last year from Core Capital I LP, and
as our largest directly held investment, Allied, makes the progress we expect.
We are conscious that the mid price of the shares continues to be at a
significant discount to the NAV (44% at 30 June 2012). Whilst the Company has
the ability to buy back its own shares, the Boards' view is that any surplus
cash should be returned to all shareholders by way of a distribution.
Outlook
The outlook for the UK economy remains subdued and uncertain. Against this
backdrop, it is encouraging that the level of debt in our underlying portfolio
is relatively low and management teams have been strengthened where required.
Together with the further capital that has either recently been invested or
remains available, our largest companies in particular are well placed to
deliver growth. Your Board and Manager are working towards creating value and
seeking realisations for our shareholders over the medium term.
Ray Maxwell
Chairman
23 August 2012
Principal Risks and Uncertainties
The Company's assets consist of unquoted investments, cash and liquid
resources. Its principal risks are therefore market risk and liquidity risk.
Other risks faced by the Company include economic risks, the loss of approval
as a Venture Capital Trust, failure to comply with other regulatory
requirements, and broader risks such as reputational, operational and
financial risks. These risks, and the way in which they are managed, are
described in more detail in the Annual Report for the year ended 31 December
2011, in note 17 to the accounts. The Company's principal risks and
uncertainties have not changed materially since the date of that report and it
is not envisaged that there will be any changes to the risks and uncertainties
in the remaining six months of the financial year.
Related Party Transactions
Details of related party transactions in accordance with the Disclosure and
Transparency rule 4.2.8 can be found in Note 8 to the Accounts on page 12.
Responsibility Statement
The Directors confirm that to the best of their knowledge:
(a) the summarised set of financial statements have been prepared in
accordance with IAS 34 'Interim Financial Reporting';
(b) interim management report includes a fair review of the information
required by DTR 4.2.7R
(indication of important events during the first six months and
description of principal risks and
uncertainties for the remaining six months of the year);
(c) the summarised set of financial statements gives a true and fair view of
the assets, liabilities and
financial position and profit and loss of the Company as required by DTR
4.2.4R; and
(d) the interim management report includes a fair review of the information
required by DTR4.2.8R
(disclosure of related parties' transactions and charges therein)
For and behalf of the Board:
Ray Maxwell, Chairman
23 August 2012
Unaudited Consolidated Statement of Comprehensive Income
For the Six Months ended 30 June 2012
Revenue Capital Total
Return Return
Notes GBP GBP GBP
=------------------------------------------------------------------------------
Capital losses on investments
Losses on investments held at fair value 6 - (677,026) (677,026)
=------------------------------------------------------------------------------
- (677,026) (677,026)
Revenue
Investment Income 3 77,513 - 77,513
Other Income 3 128 - 128
=------------------------------------------------------------------------------
Total Income 77,641 (677,026) (599,385)
=------------------------------------------------------------------------------
Expenditure
Other expenses (74,135) - (74,135)
=------------------------------------------------------------------------------
Total expenditure (74,135) - (74,135)
=------------------------------------------------------------------------------
Profit/(loss) before taxation 3,506 (677,026) (673,520)
Taxation - - -
=------------------------------------------------------------------------------
Profit/(loss) for period/total
comprehensive income 5 3,506 (677,026) (673,520)
=------------------------------------------------------------------------------
Return per ordinary share (pence): 5 0.03 (6.22) (6.19)
Unaudited Consolidated Statement of Comprehensive Income
For the Six Months ended 30 June 2011
Revenue Capital Total
Return Return
Notes GBP GBP GBP
=------------------------------------------------------------------------------
Capital losses on investments
Losses on investments held at fair value - (815,014) (815,014)
=------------------------------------------------------------------------------
- (815,014) (815,014)
Revenue
Investment Income 3 106,172 - 106,172
Other Income 3 1,002 - 1,002
=------------------------------------------------------------------------------
Total Income 107,174 (815,014) (707,840)
=------------------------------------------------------------------------------
Expenditure
Other expenses (90,493) (88,014) (178,507)
=------------------------------------------------------------------------------
Total expenditure (90,493) (88,014) (178,507)
=------------------------------------------------------------------------------
Profit/(loss) before taxation 16,681 (903,028) (886,347)
Taxation - - -
=------------------------------------------------------------------------------
Profit/(loss) for period/total
comprehensive income 5 16,681 (903,028) (886,347)
=------------------------------------------------------------------------------
Return per ordinary share (pence): 5 0.15 (8.29) (8.14)
Audited Consolidated Statement of Comprehensive Income
for the year ended 31 December 2011
Revenue Capital Total
Return Return
Notes GBP GBP GBP
=------------------------------------------------------------------------------
Capital losses on investments
Losses on investments held at fair
value - (1,897,347) (1,897,347)
=------------------------------------------------------------------------------
- (1,897,347) (1,897,347)
Revenue
Investment Income 3 182,659 - 182,659
Other Income 3 1,114 - 1,114
=------------------------------------------------------------------------------
Total Income 183,773 (1,897,347) (1,713,574)
=------------------------------------------------------------------------------
Expenditure
Other expenses (205,913) (85,671) (291,584)
=------------------------------------------------------------------------------
Total expenditure (205,913) (85,671) (291,584)
=------------------------------------------------------------------------------
Loss before taxation (22,140) (1,983,018) (2,005,158)
Taxation - - -
=------------------------------------------------------------------------------
Loss for year/total comprehensive
income 5 (22,140) (1,983,018) (2,005,158)
=------------------------------------------------------------------------------
Return per ordinary share (pence): 5 (0.20) (18.22) (18.42)
Consolidated Balance Sheet
As at As at As at
30 June 2012 30 June 2011 31 December 2011
Notes (unaudited) (unaudited) (audited)
GBP GBP GBP
Non-current assets
Investments at fair value 6 5,398,875 7,660,734 6,075,901
-------------------------------------------
Current assets
Other receivables 45,769 63,653 42,261
Cash 218,035 1,014,543 271,125
-------------------------------------------
263,804 1,078,196 313,386
Current liabilities
Other payables (31,736) (227,059) (84,824)
-------------------------------------------
Net current assets 232,068 851,137 228,562
-------------------------------------------
Net assets 5,630,943 8,511,871 6,304,463
-------------------------------------------
Capital and reserves
Called-up Ordinary share 1,089 1,089 1,089
capital
Capital reserve (3,058,611) (1,301,595) (2,381,585)
Special distributable reserve 8,637,881 9,726,478 8,637,881
Revenue reserve 50,584 85,899 47,078
-------------------------------------------
Shareholder's funds 7 5,630,943 8,511,871 6,304,463
-------------------------------------------
Net asset value per 0.01p 7 51.73p 78.19p 57.91p
ordinary share
Consolidated Statement of Changes in Equity
As at 30 June 2012
Called up
Ordinary Special
Share Capital Distributable Revenue
Capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
For the six months ended
30 June 2012 (unaudited)
Net assets at 1 January 1,089 (2,381,585) 8,637,881 47,078 6,304,463
2012
(Loss)/profit for the
period/total
comprehensive income - (677,026) - 3,506 (673,520)
------------------------------------------------------
Net assets at 30 June 1,089 (3,058,611) 8,637,881 50,584 5,630,943
2012
------------------------------------------------------
Called up
Ordinary Special
Share Capital Distributable Revenue
Capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
For the six months ended
30 June 2011 (unaudited)
Net assets at 1 January 1,089 (398,567) 9,726,478 69,218 9,398,218
2011
(Loss)/profit for the
period/total
comprehensive income - (903,028) - 16,681 (886,347)
------------------------------------------------------
Net assets at 30 June 1,089 (1,301,595) 9,726,478 85,899 8,511,871
2011
------------------------------------------------------
Called up
Ordinary Special
Share Capital Distributable Revenue
capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
For the year ended
31 December 2011
(audited)
Net assets at 1 1,089 (398,567) 9,726,478 69,218 9,398,218
January 2011
Loss for the
period/total
comprehensive income - (1,983,018) - (22,140) (2,005,158)
Dividends paid - - (1,088,597) - (1,088,597)
---------------------------------------------------------
Net assets at 31 1,089 (2,381,585) 8,637,881 47,078 6,304,463
December 2011
---------------------------------------------------------
Consolidated Cash Flow Statement
for the six months ended 30 June 2012
As at As at As at
30 Jun 2012 30 Jun 2011 31 Dec 2011
(unaudited) (unaudited) (audited)
GBP GBP GBP
=------------------------------------------------------------------------------
Net cash (outflow)/inflow from operating
activities (53,090) 332,853 678,032
Financing activities
Equity dividends paid - - (1,088,597)
Called up share capital received - 155,000 155,000
=------------------------------------------------------------------------------
Net cash inflow/(outflow) from financing
activities - 155,000 (933,597)
Net (decrease)/increase in cash and cash
equivalents (53,090) 487,853 (255,565)
Cash and cash equivalents at beginning of
period 271,125 526,690 526,690
=------------------------------------------------------------------------------
Cash and cash equivalents at the end of
period 218,035 1,014,543 271,125
=------------------------------------------------------------------------------
Reconciliation of loss before taxation to
net cash (outflow)/inflow from operating
activities
Loss before taxation (673,520) (886,347) (2,005,158)
Losses on investments 677,026 815,014 1,897,347
Purchases of investments - (55,888) (3,246,842)
Sales of investments - 425,000 4,004,904
(Increase)/decrease in accrued income and
prepayments (3,508) 86 21,478
(Decrease)/increase in other payables (53,088) 34,988 6,303
=------------------------------------------------------------------------------
Net cash (outflow)/inflow from operating
activities (53,090) 332,853 678,032
=------------------------------------------------------------------------------
Notes:
1. The unaudited interim results have been prepared on the basis of the
accounting policies set out in the statutory accounts of the Company for
the year ended 31 December 2011 and in accordance with International
Accounting Standards ('IAS') 34. Unquoted investments have been valued in
accordance with IPEVC guidelines. These statements have been prepared on a
going concern basis and nothing has happened that would change the
Directors' going concern assessment from the last audited financial
statements to 31 December 2011. In arriving at this conclusion the
Directors have considered the liquidity of the Company and its ability to
meet obligations as they fall due for a period of twelve months from the
date these financial statements were approved. At 30 June 2012, the
Company held cash balances of GBP0.2 million. Cashflow projections have been
reviewed and show that the Company has sufficient funds to meet its
contracted expenditure.
2. Earnings for the six months should not be taken as a guide to the results
of the financial year to 31 December 2012.
3. Income
As at As at As at
30 Jun 2012 30 Jun 2011 31 Dec 2011
(unaudited) (unaudited) (audited)
GBP GBP GBP
Investment Income 77,513 106,172 182,659
Other Income
Deposit interest 128 1,002 1,114
------------------------------------------
77,641 107,174 183,773
------------------------------------------
4. Taxation
There will be no tax charge due by the Company since total expenses
(including fees allocated to capital) are expected to be more than income.
5. Earnings and return per share
As at As at As at
30 Jun 2012 30 Jun 2011 31 Dec 2011
(unaudited) (unaudited) (audited)
GBP GBP GBP
(i) Basic return from ordinary
activities after taxation (673,520) (886,347) (2,005,158)
Basic return per share (6.19)p (8.14)p (18.42)p
(ii) Net revenue return from ordinary
activities after taxation 3,506 16,681 (22,140)
Revenue return per share 0.03p 0.15p (0.20)p
(iii) Net capital return from ordinary
activities after taxation (677,026) (903,028) (1,983,018)
Capital return per share (6.22)p (8.29)p (18.22)p
(iv) Weighted average number of ordinary
shares in issue in the period 10,885,969 10,885,969 10,885,969
6. Investments
Unlisted
Level 3 Total
GBP GBP
Valuation at 31 December 2011 6,075,901 6,075,901
Investment holding losses (677,026) (677,026)
------------- ------------
Valuation at 30 June 2012 5,398,875 5,398,875
------------- ------------
Book cost at 30 June 2012 6,066,402 6,066,402
Investment holding losses at 30 June 2012 (667,527) (667,527)
------------- ------------
Valuation as at 30 June 2012 5,398,875 5,398,875
------------- ------------
7. Net asset value
As at As at As at
30 Jun 2012 30 Jun 2011 31 Dec 2011
(unaudited) (unaudited) (audited)
GBP GBP GBP
Net assets 5,630,943 8,511,871 6,304,463
Number of shares in issue 10,885,969 10,885,969 10,885,969
Net asset value per share 51.73p 78.19p 57.91p
8. Related Party Transaction
Details of the carried interest arrangements between the Company and the
Manager are set out in the Annual Report for the year ended 31 December
2011. Following the launch of Core Capital I LP, the general partner of
the LP, will receive GBP750,000 per annum until the fourth anniversary,
payable out of the assets of Core Capital I LP.
9. The financial information for the six months ended 30 June 2012 and 30
June 2011 has not been audited.
10. These are not statutory accounts in terms of Section 434 of the Companies
Act 2006. Statutory accounts for the year to 31 December 2011, which
received an unqualified audit report and did not contain a statement under
sections 498(2) or (3) of the Companies Act 2006, have been lodged with
the Registrar of Companies. No statutory accounts in respect of any period
after 31 December 2011 have been reported on by the Company's auditors or
delivered to the Registrar of Companies.
11. Copies of this statement are being sent to all shareholders. Further
copies are available free of charge from the Company's registered office,
9 South Street, London, W1K 2XA.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Core VCT IV plc via Thomson Reuters ONE
[HUG#1633811]
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