Interim Results
22 6월 2006 - 12:02AM
UK Regulatory
RNS Number:9618E
Ethical AIM VCT PLC (The)
21 June 2006
THE ETHICAL AIM VCT PLC
INTERIM STATEMENT FOR THE SIX MONTHS ENDED 31 MARCH 2006
RECENT PERFORMANCE SUMMARY
31 Mar 30 Sept 31 Mar
2006 2005 2005
pence pence pence
(restated) (restated)
Net asset value per share 49.20 49.50 52.00
Cumulative dividends per ordinary share 5.75 4.25 3.25
Total return 54.95 53.75 55.25
CHAIRMAN'S STATEMENT
The period to 31 March 2006 has been a mixed one for your Company, with the
majority of investments showing modest increases in value but this has been
partially negated by a small number that have experienced reductions in value.
Net Asset Value
At 31 March 2006, the Company's Net Asset Value per share ("NAV") stood at
49.2p, and including the 1.5p per share dividend paid in the period this
represents an increase of 1.2p per share since 30 September 2005.
Venture capital investments
During the period, the Company made follow-on investments in two companies,
totalling #36,000, and one new investment of #133,000 in AT Communications plc.
There were a number of small realisations during the period, the most
significant being the sale of nil-paid rights in Aero Inventory, which yielded a
gain of #93,000.
Over the period, the Company's AIM investments showed unrealised gains of
#58,000. The Company also continues to hold a small number of unquoted
investments. At the period end, the Board have reviewed the valuations of these
investments and made some adjustments.
SPC International Limited is the Company's largest investment and has
historically been valued using a P/E value appropriate for its sector. The
Board have made a small downwards adjustment to this P/E following some poor
performances in the sector. This has caused a fall in valuation of the
investment of #101,000 however SPC continues to be valued above original cost.
SPC is currently performing slightly under budget, however the Board continues
to be satisfied with its progress.
Overall, the unquoted investments have shown an unrealised gain of #70,000 over
the period.
Listed fixed income securities
This portfolio continues to be managed by Rathbone Investment Management Limited
and was valued at #759,000 at the period end.
Ethical Committee
The Committee has continued to monitor current portfolio companies and new
investments for compliance with the Company's Ethical Policy and are pleased to
report that no breaches of the policy were identified during the period.
Results and dividend
The revenue loss after taxation for the period amounted to #15,000, representing
0.1p per share.
As a result of the sale of the nil-paid rights in Aero Inventory during the
period, the Board has decided to pay an interim capital distribution of 1.0p per
share to be paid on 21 July 2006 to shareholders on the register at 30 June
2006.
Share repurchase
The Directors are conscious that the Company's share price is affected by the
lack of a strong secondary market in VCT shares arising from the fact that
purchasers of VCT shares in the market do not receive income tax relief on their
investment. The Company, therefore, has a policy of buying in shares for
cancellation when they become available.
During the period the Company purchased 202,000 of its own shares at an average
price of 44p per share. The Directors continue to monitor the market in the
Company's shares and will consider making share purchases when appropriate.
Outlook
The Board believes the Company's portfolio of investments continue to offer
reasonable prospects for growth and is also encouraging the Investment Manager
to seek profit-taking opportunities from among the AIM investments as this will
allow the Company to make further capital distributions to Shareholders.
The resolution to continue as a Venture Capital Trust approaches and is due to
be put to shareholders at the 2007 Annual General Meeting. The Board is
considering the options available to shareholders. My statement within the
report and accounts to 30 September 2006 will elaborate on this matter further.
Andrew Davison
Chairman
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 March 2005
31 Mar 2006 31 Mar 2005 (as 30 Sept 2005
restated)
(as restated)
#'000 #'000 #'000
Fixed assets
Investments 5,003 5,056 4,939
Net current assets 128 601 324
Net assets 5,131 5,657 5,263
Capital and reserves
Called up share capital 521 544 531
Capital redemption reserve 32 9 22
Special reserve 4,341 4,109 3,764
Capital reserve - realised 901 962 935
Capital reserve - unrealised (660) - -
Revenue reserve (4) 33 11
Total equity 5,131 5,657 5,263
Net asset value per share 49.2p 52.0p 49.5p
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS FUNDS
31 Mar 2006 31 Mar 2005 30 Sept 2005
(as restated) (as restated)
#'000 #'000 #'000
Opening shareholder's funds 5,263 5,094 5,094
Prior year adjustment (note 2) - 218 218
Repurchase of own shares (90) (12) (120)
Total recognised gains for the period 115 575 398
Distributions paid in period (157) (218) (327)
Closing shareholder's funds 5,131 5,657 5,263
INCOME STATEMENT
for the six months ended 31 March 2006
Six months ended Six months ended Year ended
30 Sep
31 March 2006 31 March 2005 2005
(as restated) (as restated)
Revenue Capital Total Revenue Capital Total Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Income 57 - 57 65 - 65 124
Gains on investments
- Realised - 76 76 - 139 139 129
- Unrealised - 70 70 - 459 459 332
57 146 203 65 598 663 585
Investment management fees (6) (16) (22) (5) (16) (21) (45)
Other expenses (66) - (66) (67) -
(67) (142)
Return on ordinary activities (15) 130 115 (7) 582 575 398
before taxation
Taxation - - - - - - -
Return attributable to equity (15) 130 115 (7) 582 575 398
shareholders
Return per share (0.1p) 1.2p 1.1p (0.1p) 5.3p 5.2p 3.6p
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 31 March 2006
Six months ended Six months ended Year ended
30 Sep
31 March 2006 31 March 2005 2005
(as restated) (as restated)
Revenue Capital Total Revenue Capital Total Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Return attributable to equity
shareholders (15) 130 115 (7) 582 575 398
Total recognised gains for the period (15) 130 115 (7) 582 575 398
UNAUDITED CASH FLOW STATEMENT
for the six months ended 31 March 2006
Six Six Year ended
months months 30
ended ended September
2005
31 March 31 March
2006 2005
Note #'000 #'000 #'000
Cash (outflow)/inflow from operating activities and
returns on investments 1 (12) 24 (22)
Capital expenditure
Purchase of investments (170) (279) (906)
Proceeds on disposal of investments 244 948 1,556
Net cash inflow from capital expenditure 74 669 650
Equity dividends paid (157) (218) (327)
Net cash (outflow)/inflow before financing (95) 475 301
Financing
Purchase of own shares (90) (12) (120)
Net cash outflow from financing (90) (12) (120)
(Decrease)/increase in cash 2 (185) 463 181
Notes to the cash flow statement:
1 Cash (outflow)/inflow from operating activities
and returns on investments
Net revenue before taxation (15) (7) (29)
Expenses charged to capital (16) (15) (34)
Increase in other debtors 27 41 39
(Decrease)/increase in other creditors (7) 5 2
Net cash (outflow)/inflow from operating (12) 24 (22)
activities
2 Analysis of net funds
Beginning of period 302 121 121
Net cash (outflow)/inflow (185) 463 181
End of period 117 584 302
SUMMARY OF INVESTMENT PORTFOLIO
as at 31 March 2006
Cost Valuation Unrealised % of
gain/(loss) portfolio
in period
#'000 #'000 #'000 by value
Top ten venture capital investments
SPC International Limited * 362 712 (101) 13.9%
Computer Software Group plc 267 391 114 7.6%
Aero Inventory plc 111 370 (65) 7.2%
Synergy Healthcare plc 72 218 16 4.2%
Core Control International Limited * 114 210 96 4.1%
Chelford Group plc 200 197 8 3.8%
Blooms of Bressingham Holdings plc 300 175 31 3.4%
Supporta plc 70 164 22 3.2%
Oasis Healthcare plc 300 162 30 3.2%
AT Communications plc 133 152 19 3.0%
1,929 2,751 170 53.6%
Other venture capital investments 2,981 1,493 (90) 29.1%
Listed fixed income securities 753 759 (10) 14.8%
Net current assets (including cash at 128 - 2.5%
bank)
Net assets 5,663 5,131 70 100.0%
All venture capital investments are quoted on AIM unless otherwise stated.
* Unquoted
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. Adoption of FRS 21
These accounts have been prepared in accordance with FRS 21, which requires the
Company to account for dividends in the period they are liable to be paid rather
than in respect of the period in respect for which they are declared.
Comparative figures have been restated accordingly. The effect of the above
change on the reported net assets and net asset per share is as follows:
31 Mar 2005 30 Sept 2005
Net asset Net asset
Net value per Net value per
assets share assets share
#'000 p #'000 p
As reported pre FRS21 5,548 51.0 5,104 48.0
Add: proposed dividends in respect of period not
accounted for until declared and paid 109 1.0 159 1.5
As reported under FRS 21 5,657 52.0 5,263 49.5
2. Accounting policies
Basis of accounting
The Company has prepared its financial statements under UK Generally Accepted
Accounting Practice ("UK GAAP"). Where presentation guidance set out in the
Statement of Recommended Practice "Financial Statements of Investment Trust
Companies" revised December 2005 ("SORP") is consistent with the requirements of
UK GAAP, the Directors have sought to prepare the financial statements on a
basis compliant with the recommendations of the SORP.
The financial statements are prepared under the historical cost convention
except for the revaluation of certain financial instruments.
Restatement of accounts
The comparative figures have been restated as a result of the Company adopting
the new applicable Financial Reporting Standards (FRS). Accordingly the net
assets for 2005 have increased by #159,000 as follows:
Prior year adjustment #'000
Restatement of final proposed dividend 218
Net effect on reserves at 1 October 2004 218
Payment of final 2004 dividend (218)
Restatement of final proposed 2005 dividend 159
159
Presentation of Income Statement
In order to better reflect the activities of an investment trust company and in
accordance with guidance issued by the AITC, supplementary information which
analyses the income statement between items of a revenue and capital nature has
been presented alongside the income statement. The net revenue is the measure
the directors believe appropriate in assessing the Company's compliance with
certain requirements set out in Section 842 Income and Corporation Taxes Act
1988.
Investments
All investments are designated as "fair value through profit or loss" assets and
are initially measured at cost. Thereafter the investments are measured at
subsequent reporting dates at fair value.
Listed fixed income investments and investments quoted on the Alternative
Investment Market ("AIM") are designated measured using bid prices with
illiquidity discounts applied where deemed appropriate.
In respect of unquoted instruments, fair value is established by using
International Private Equity and Venture Capital Valuation Guidelines. Where no
reliable fair value can be estimated for such unquoted equity investments they
are carried at cost, subject to any provision for impairment. Where an investee
company has gone into receivership or liquidation the investment, although not
physically disposed of, is treated as being realised.
2. Accounting policies (continued)
Investments (continued)
Gains and losses arising from changes in fair value are included in the income
statement for the year as a capital item and transaction costs on acquisition or
disposal of the investment expensed.
It is not the Company's policy to exercise either significant or controlling
influence over investee companies. Therefore the results of these companies are
not incorporated into the revenue account except to the extent of any income
accrued.
Income
Dividend income from investments is recognised when the shareholders' rights to
receive payment has been established, normally the ex dividend date.
Interest income is accrued on a timely basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate
that exactly discounts estimated future cash receipts through the expected life
of the financial asset to that asset's net carrying amount, and only where there
is reasonable certainty of collection.
Expenses
All expenses are accounted for on accruals basis. In respect of the analysis
between revenue and capital items presented within the income statement, all
expenses have been presented as revenue items except that expenses which are
incidental to the disposal of an investment are deducted from the disposal
proceeds of the investment.
Deferred taxation
Deferred taxation is provided in full on timing differences that result in an
obligation at the balance sheet date to pay more tax, or a right to pay less
tax, at a future date, at rates expected to apply when they crystallise based on
current tax rates and law. Timing differences arise from the inclusion of items
of income and expenditure in taxation computations in periods different from
those in which they are included in financial statements.
3. All revenue and capital items in the Income Statement derive from
continuing operations.
4. The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
5. The comparative figures were in respect of the period ended 31 March 2005
and the year ended 30 September 2005 respectively.
6. Return per share for the period has been calculated on 10,562,299 shares,
being the weighted average number of shares in issue during the period.
7. Dividends
31 March 2006 31 March 2005 30 Sept
2005
(as restated) (as
restated)
Revenue Capital Total Revenue Capital Total Total
#'000 #'000 #'000 #'000 #'000 #'000 #'000
Paid in period
2005 Final - 157 157 - - - -
2005 Interim - - - - - - 109
2004 Final - - - - 218 218 218
- 157 157 - 218 218 327
Proposed
2006 Interim - 104 104 - - - -
2005 Final - - - - - - 268
2005 Interim - - - - 109 109 -
- 104 104 - 109 109 268
8. Reserves
Capital Capital Capital Revenue
redemption reserve reserve reserve
Special reserve -unrealised -realised
reserve
#'000 #'000 #'000 #'000 #'000
At 1 October 2005 (as restated) 3,764 22 - 935 11
Purchase of shares (90) 10 - - -
Expenses capitalised - - - (16) -
Realised gains - - - 76 -
Unrealised gains - - 70 - -
Transfer between reserves 667 - (730) 63 -
Retained net revenue for the year - - - - (15)
Distributions paid in year - - - (157) -
At 31 March 2006 4,341 32 (660) 901 (4)
The Special Reserve, Capital Reserve - Realised and Revenue Reserve are
all distributable reserves.
9. The unaudited financial statements set out herein do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985 and have
not been delivered to the Registrar of Companies. The figures for the year
ended 30 September 2005 have been extracted from the financial statements for
that year, which have been delivered to the Registrar of Companies; the
auditors' report on those financial statements was unqualified.
10. Copies of the unaudited interim results will be sent to shareholders
shortly. Further copies can be obtained from the Company's Registered Office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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