Final Results
14 12월 2005 - 10:15PM
UK Regulatory
RNS Number:6626V
Ethical AIM VCT PLC (The)
14 December 2005
The Ethical AIM VCT plc
PRELIMINARY ANNOUNCEMENT OF RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2005
FINANCIAL HIGHLIGHTS
Year Year
(All "pence per share") Ended Ended
30 Sept 05 30 Sept 04
Total distributions for the year 2.50 2.00
Net asset value after distributions 48.00 46.70
Total distributions since inception 5.75 3.25
Total Return 53.75 49.95
(Net Asset Value per share plus Total distributions since
inception)
CHAIRMAN'S STATEMENT
I am pleased to report that the general improved climate for investing over the
year has allowed your Company to make some progress in recovering from the heavy
losses it suffered in the early part of its life. The overall performance
remains very disappointing and it is unrealistic for the Company to recover from
such large losses of capital in the short-term.
Net Asset Value
At the year-end, the Company's Net Asset Value ("NAV") stood at 48.0p per share.
The Company's Total Return (NAV plus cumulative dividends since launch) now
stands at 53.75p, an improvement of 3.8p per share or 7% since the previous
year-end.
Venture capital investments
During the year, the Company invested in eight new and three follow-on
investments totalling #906,000. Nine of these investments were into AIM-quoted
companies, in line with the Company's main focus.
Generally the AIM portfolio has performed well over the year, with most stocks
gaining in value, although there were a few poor performers, notably Transport
Systems. Further details on the AIM portfolio are included in the Investment
Manager's Report prepared by Rathbone Investment Management Limited on pages 6
and 7.
The Board has taken the decision to adopt BVCA guidelines in respect of valuing
quoted investments. This means that the quoted investments, including those
traded on the Alternative Investment Market ("AIM"), are now valued at bid-price
rather than at mid-market price as at the Balance Sheet date and therefore gives
a fairer view of the net worth of the quoted portfolio. The effect on the
financial statement is that the investments are valued at #100,000 less than if
they had been valued using mid-prices, which is equivalent to 0.9p per share.
Your Board has decided to take a prudent approach in valuing the unquoted
investments and has made provisions against several companies totalling
#105,000. Although SPC International Limited is generally continuing to perform
well the company did however lose an important contract. The Board is confident
that the company will recover from this setback but has made a small downward
adjustment to the valuation based on its most recent results.
Overall the venture capital investments gave rise to unrealised gains of
#320,000 and realised gains of #127,000 during the year.
Ethical Committee
During the year the Company made a couple of interesting positive investments.
The Committee has continued to monitor investee companies and new investments
for compliance with the Company's Ethical Policy and their report is set out on
page 12.
Listed fixed income securities
At the year-end, the Company held a portfolio of listed fixed income securities
with a valuation of #770,000. During the year the portfolio gave rise to
unrealised gains of #12,000 and realised gains of #2,000.
Results and distribution
Gross revenue for the year was #124,000 (2004: #151,000) and the net revenue
loss after taxation was #29,000 (2004: revenue profit #16,000).
As a result of the level of realised capital gains the Company made during the
year, and the Board's confidence in the future of your Company, the Board is
proposing to pay a further capital distribution of 1.5p per share, bringing the
total capital distributions paid in respect of the year ended 30 September 2005
to 2.5p. Subject to Shareholder approval, the further distribution will be paid
on 24 February 2006 to Shareholders on the register at 27 January 2006.
Share repurchase
The Board is conscious that the Company's share price is affected by the
illiquidity of its shares in the market, arising from the fact that investments
in "second hand" VCT shares do not obtain up-front income tax relief. In line
with accepted practice with VCTs, the Company has authorisation to purchase its
own shares. The Company purchased 284,849 shares during the year for
cancellation at an average price of 41.9p per share.
Annual General Meeting
The sixth Annual General Meeting of the Company will be held at 69 Eccleston
Square, London SW1V 1PJ at 12 noon on 22 February 2006.
Outlook
The severe losses suffered by the unquoted portfolio under the management of the
original unquoted investment manager in the early years of the Company's life
make it difficult to put the company's recent performance in perspective. The
Board is, however, pleased with progress since the Company's investments have
been under the sole stewardship of Rathbone Investment Management Limited and
the investment focus has switched towards being mainly on AIM companies.
Deal flow of potential AIM quoted investments remains strong, and with a
reasonable level of cash and liquid resources the Company is able to take
advantage of a limited number of the strongest opportunities as they arise.
The unquoted portfolio has a couple of interesting investments of which I have
high hopes and, depending on the AIM market's performance generally, I expect to
see good progress during the forthcoming year.
STATEMENT OF TOTAL RETURN
(incorporating the revenue account)
for the year ended 30 September 2005
Year ended 30 September 2005 Year ended 30 September 2004
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Gains on investments
- realised - 129 129 - 91 91
- unrealised - 332 332 - 133 133
Income 124 - 124 151 - 151
124 461 585 151 224 375
Investment management fees (11) (34) (45) (11) (32) (43)
Other expenses (142) - (142) (124) (2) (126)
Return on ordinary activities before tax (29) 427 398 16 190 206
Taxation - - - - - -
Return on ordinary activities after tax (29) 427 398 16 190 206
Distributions - (268) (268) - (218) (218)
Transfer to/(from) reserves (29) 159 130 16 (28) (12)
Return per ordinary share (0.3p) 3.9p 3.6p 0.2p 1.7p 1.9p
Revenue per ordinary share is based on the net revenue loss after taxation of
#29,000 (2004: return #16,000) but before deduction of dividends of #Nil (2004:
#Nil) in respect of 10,858,840 (2004: 10,972,977) ordinary shares, being the
weighted average number of ordinary shares in issue during the year.
Capital return per ordinary share is based on the net capital return for the
financial year of #427,000 (2004: #190,000) but before deduction of
distributions of #268,000 (2004: #218,000) in respect of 10,858,840 (2004:
10,972,977) ordinary shares, being the weighted average number of ordinary
shares in issue during the year.
BALANCE SHEET
as at 30 September 2005
2005 2004
#'000 #'000 #'000 #'000
Fixed Assets
Listed fixed income securities 770 1,752
Venture capital investments 4,169 3,376
4,939 5,128
Current Assets
Debtors 56 95
Cash at bank and in hand 302 121
358 216
Creditors: amounts falling due
within one year (193) (250)
Net current assets/(liabilities) 165 (34)
Net assets 5,104 5,094
Capital and reserves
Called up share capital 531 545
Capital redemption reserve 22 8
Special reserve 3,764 3,757
Capital reserve - realised 776 744
Revenue reserve 11 40
Total equity shareholders' funds 5,104 5,094
Net asset value per ordinary share 48.0p 46.7p
Net asset value per ordinary share is based on net assets at the year end and on
10,624,112 (2004: 10,908,961) ordinary shares, being the number of ordinary
shares in issue at the year end.
CASHFLOW STATEMENT
for the year ended 30 September 2005
2005 2004
#'000 #'000
Net cash (outflow)/inflow from operating activities and returns
on investments (22) 11
Capital Expenditure
Purchase of listed fixed income securities - (737)
Purchase of venture capital investments (906) (725)
(906) (1,462)
Sale of listed fixed income securities 996 752
Sale of venture capital investments 560 580
650 (130)
Equity distributions paid (327) -
Net cash inflow/(outflow) before financing 301 (119)
Financing
Costs of shares repurchased (120) (39)
Net cash outflow from financing (120) (39)
Increase/(decrease) in cash 181 (158)
Reconciliation of net cash flow to movement in net funds
Increase/(decrease) in cash during the year 181 (158)
Net funds at 1 October 2004 121 279
Net funds at 30 September 2005 302 121
Announcement based on draft accounts
The financial information set out in the announcement does not constitute the
Company's statutory accounts for the year ended 30 September 2005 or 30
September 2004. The statutory accounts for the year ended 30 September 2005
will be finalised on the basis of the financial information presented by the
directors in this preliminary announcement and will be delivered to the
Registrar of Companies following the Company's Annual General Meeting.
The financial information for the year ended 30 September 2004 is derived from
the statutory accounts for that year which have been delivered to the Registrar
of Companies. The auditors reported on those accounts; this report was
unqualified and did not contain a statement under section 237(2) or (3) of the
Companies Act 1985. The financial information has been prepared on the basis of
the accounting policies set out in the Company's financial statements for the
year ended 30 September 2004.
A copy of the full annual report and financial statements for the year ended 30
September 2005 will be printed and posted to shareholders. Copies will also be
available to the public at the registered office of the Company at 69 Eccleston
Square, London SW1V 1PJ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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