TIDMOAP4
Octopus Apollo VCT 4 plc
Half-Yearly Results
30 September 2011
Octopus Apollo VCT 4 plc, managed by Octopus Investments Limited, today
announces the Half-Yearly results for the six months ended 31 July 2011.
These results were approved by the Board of Directors on 26 September 2011.
You may shortly view the Half-Yearly Report in full at
www.octopusinvestments.com by navigating to Services, Investor Services, Venture
Capital Trusts, Octopus Apollo VCT 4. All other statutory information will also
be found there.
About Octopus Apollo VCT 4 plc
Octopus Apollo VCT 4 plc ("Apollo 4," "Company" or "Fund") is a venture capital
trust ("VCT") and is managed by Octopus Investments Limited ("Octopus" or
"Manager").
Apollo 4 was incorporated on 9 June 2008 with the first allotment of equity
occurring on 6 October 2008. Apollo 4 opened for subscription (the "Offer") on
17 July 2008 and, pursuant to the supplementary prospectus dated 3 April 2009,
the offer was extended and subsequently closed on 30 June 2009. The Company will
invest primarily in unquoted UK smaller companies and aims to deliver absolute
returns on its investments.
Venture Capital Trusts (VCTs)
VCTs were introduced in the Finance Act 1995 to provide a means for private
individuals to invest in unlisted companies in the UK. Subsequent Finance Acts
have introduced changes to VCT legislation. The tax benefits currently available
to eligible new investors in VCTs include:
· upfront income tax relief of 30%
· exemption from income tax on dividends paid; and
· exemption from capital gains tax on disposals of shares
in VCTs
Financial Summary
+-------------+
|Six months to|Six months to Year to
| |
| 31 July 2011| 31 July 2010 31 January 2011
| |
| |
| |
Net assets ( GBP'000s) | 10,620| 10,470 10,644
| |
Net profit/(loss) after tax ( GBP'000s)| 89| (121) 64
| |
Net asset value per share ("NAV") | 92.4p| 89.9p 91.5p
+-------------+
Chairman's Statement
Introduction
I am pleased to present the half-yearly report of Octopus Apollo VCT 4 plc for
the period ended 31 July 2011.
Performance
The Fund has performed positively in the first 6 months of the year, with the
NAV increasing from 91.5 pence per share to 92.4 pence per share, amounting to
an increase of 1.0% for the half year.
Investment Portfolio
Follow on qualifying investments were made into CSL DualCom and Autologic where
in each case the Investment Manager has managed to negotiate more favourable
lending terms, enabling the Fund to receive higher rates of interest on the cash
deployed.
In the case of Autologic, the deal was structured whereby the Fund was able to
acquire equity at a discounted rate, allowing for an immediate gain in value to
be recognised. This has accounted for the majority of the uplift in portfolio
valuations recognised in the period.
A qualifying investment of GBP500,000 was also made into Donoma Power. This is a
company that owns and operates solar power units to be connected to the National
Grid. This investment was made as your Board and Investment Manager believe that
solar represents a significant investment opportunity as it is a well-
established, reliable form of technology that offers consistent and more
predictable returns in exchange for minimal risk due to the government
administered Feed-in-tariff (FiT) scheme.
The UK government introduced a 25 year FiT in April 2010 to encourage greater
investment into renewable energy. FiT is a form of cashback, with guaranteed
payments (the rates of FiTs go up along with inflation) made to households,
organisations or companies that produce electricity from renewable sources,
either for themselves or to be exported back to the National Grid.
Investment Strategy
The Fund continues to be managed in line with the mandate that was set out in
the prospectus whereby investments are made on the basis of taking less risk
than a typical VCT. Generally the Fund receives its return from interest paid
on secured loan notes as well as an exposure to the value of the shares of
investee companies. The investment strategy is to derive sufficient return
from the secured loan notes to achieve the Fund's investment aims and to use the
equity exposure to boost returns.
The Manager of the Fund has reduced risk by investing in well managed and
profitable businesses with strong recurring cash-flows. Furthermore with the
majority of the investment being made in the form of a secured loan, in the
event of a business failing, the Fund will rank ahead of unsecured creditors and
equity investors.
VCT Qualifying Status
PricewaterhouseCoopers LLP provides the Board and Investment Manager with advice
on the ongoing compliance with HMRC rules and regulations concerning VCTs. As
at 31 July 2011, 73.0% of the portfolio (as measured by HMRC rules) was invested
in VCT qualifying investments. The Manager does not foresee any issues with
maintaining the required investment hurdle of 70% before the third anniversary
of the end of the financial year in which investors subscribed to the Fund.
Principal Risks and Uncertainties
The principal risks and uncertainties are set out in note 5 of the Notes to the
Half-Yearly Report on page x.
Outlook
Uncertainty over the current economic climate continues both from a domestic and
international point of view which has had the effect of dissuading investors
from investing in small unquoted companies. Despite this, the general signs from
our investee companies remain positive, with all investee companies continuing
to pay the interest owed in full.
Our interests remain aligned with that of the entrepreneurs' companies we have
invested into, being that of boosting growth and profitability, and we have
confidence that the Fund has been successful in adhering to the lower risk
mandate offered in the prospectus. We therefore expect the NAV to continue to
make progress.
If you have any questions on any aspect of your investment, please call one of
the team on 0800 316 2347
Murray Steele
Chairman
30 September 2011
Investment Portfolio
% equity
Movement Fair held by
Investment in value as % all
at cost as valuation at 31 equity funds
Unquoted at 31 July to 31 July July held by managed
qualifying 2011 2011 2011 Apollo by
investments Sector ( GBP'000) ( GBP'000) ( GBP'000) 4 Octopus
Salus Care homes 19.6% 100.0%
Services
Holdings 1
Limited 1,881 - 1,881
Clifford
Thames Group
Limited Automotive 1,335 210 1,545 2.0% 8.0%
CSL Dualcom
Limited Security devices 1,375 6 1,381 0.0% 45.3%
Autologic
Diagnostics
Holdings
Limited Automotive 950 104 1,054 1.6% 10.0%
Resilient
Corporate
Services
Limited Business services 1,000 - 1,000 16.3% 49.0%
Blubell
Telecom
Group
Limited Telecommunications 500 55 555 1.1% 6.5%
Donoma Power Solar 500 - 500 18.4% 100.0%
Total unquoted qualifying
investments 7,541 375 7,916
Non-
qualifying
investments 195 - 195
Total investments 7,736 375 8,111
Cash at bank 2,544
Debtors less
creditors (35)
Total net
assets 10,620
Responsibility Statement of the Directors in respect of the Half-Yearly Report
We confirm that to the best of our knowledge:
- the half-yearly financial statements have been prepared in accordance with the
statement "Half-Yearly Financial Reports" issued by the UK Accounting Standards
Board;
- the half-yearly report includes a fair review of the information required by
the Financial Services Authority Disclosure and Transparency Rules, being:
- an indication of the important events that have occurred during the first six
months of the financial year and their impact on the condensed set of financial
statements.
- a description of the principal risks and uncertainties for the remaining six
months of the year; and
- a description of related party transactions that have taken place in the first
six months of the current financial year, that may have materially affected the
financial position or performance of the Company during that period and any
changes in the related party transactions described in the last annual report
that could do so.
On behalf of the Board
Murray Steele
Chairman
30 September 2011
Income Statement
+---------------------+
|Six months to 31 July| Year to 31 January
| 2011 |Six months to 31 July 2010 2011
| |
|Revenue Capital Total|Revenue Capital Total Revenue Capital Total
| |
| GBP'000 GBP'000 GBP'000| GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
| |
| |
| |
Income | 198 - 198| 75 - 75 215 - 215
| |
Loss on | |
disposal of | |
fixed asset | |
investments | - - -| - - - - (12) (12)
| |
Fixed asset | |
investment | |
holding gains| - 104 104| - - - - 271 271
| |
Investment | |
management | |
fees | (26) (80) (106)| (24) (73) (97) (53) (158) (211)
| |
| |
| |
Other | |
expenses | (107) - (107)| (99) - (99) (199) - (199)
| |
| |
| |
Profit/(loss)| |
on ordinary | |
activities | |
before tax | 65 24 89| (48) (73) (121) (37) 101 64
| |
| |
| |
Taxation on | |
profit/(loss)| |
on ordinary | |
activities | - - -| - - - - - -
| |
| |
| |
Profit/(loss)| |
on ordinary | |
activities | |
after tax | 65 24 89| (48) (73) (121) (37) (101) 64
| |
Earnings per | |
share - basic| |
and diluted | 0.6p 0.2p 0.8p| (0.4)p (0.6)p (1.0)p (0.3)p 0.9p 0.6p
+---------------------+
· The 'Total' column of this statement is the profit and loss account of
the Company; the supplementary revenue return and capital return columns have
been prepared under guidance published by the Association of Investment
Companies.
· All revenue and capital items in the above statement derive from
continuing operations
· The accompanying notes are an integral part of the half-yearly report
· The Company has no recognised gains or losses other than those
disclosed in the income statement.
Reconciliation of Movements in Shareholders' Funds
+----------------+
|Six months ended|Six months ended Year to
| |
| 31 July 2011| 31 July 2010 31 January 2011
| |
| GBP'000| GBP'000 GBP'000
| |
Shareholders' funds at start | |
of period | 10,644| 10,591 10,591
| |
Profit/(loss) on ordinary | |
activities after tax | 89| (121) 64
| |
Shares bought back for | |
cancellation | (113)| (11)
| |
Shareholders' funds at end of | |
period | 10,620| 10,470 10,644
+----------------+
Balance Sheet
+----------------+
| As at 31 July| As at 31 January
| 2011| As at 31 July 2010 2011
| |
| GBP'000 GBP'000| GBP'000 GBP'000 GBP'000 GBP'000
| |
| |
| |
Fixed asset investments| 8,111| 7,587 7,358
| |
Current assets: | |
| |
Investments* | - |2,789 1,430
| |
Debtors | 90 | 11 43
| |
Cash at bank |2,544 | 100 1,852
| |
|2,634 |2,900 3,325
| |
Creditors: amounts | |
falling due within one | |
year |(125) | (17) (39)
| |
Net current assets | 2,509| 2,883 3,286
| |
| |
| |
Net assets | 10,620| 10,470 10,644
| |
| |
| |
Called up equity share | |
capital |1,150 |1,165 1,164
| |
Share premium | - | - -
| |
Capital redemption | |
reserve | 15 | - 1
| |
Special distributable | |
reserve |9,720 |9,844 9,833
| |
Capital reserve gains | |
and losses on disposal |(393) |(215) (313)
| |
Capital reserve holding| |
gains and losses | 375 | - 271
| |
Revenue reserve |(247) |(324) (312)
| |
Total equity | |
shareholders' funds | 10,620| 10,470 10,644
| |
Net asset value per | |
share | 92.4p| 89.9p 91.5p
+----------------+
*Held at fair value through profit and loss
The statements were approved by the Directors and authorised for issue on 30
September 2011 and are signed on their behalf by:
Murray Steele
Chairman
Company Number: 05840377
Cash Flow Statement
+-------------+
|Six months to|
| | Six months to 31 Year to 31 January
| 31 July 2011| July 2010 2011
| |
| GBP'000| GBP'000 GBP'000
| |
| |
| |
Net cash inflow/(outflow) | |
from operating activities | 24| (117) (201)
| |
| |
| |
Financial investment: | |
| |
Purchase of fixed asset | |
investments | (770)| (1,171) (1,170)
| |
Sale of fixed asset | |
investments | 120| - 488
| |
| |
| |
Management of liquid | |
resources: | |
| |
Purchase of current asset | |
investments | | (907) (6,477)
| |
Sale of current asset | |
investments | 1,431| 2,210 9,138
| |
| |
| |
Financing: | |
| |
Issue of own shares | -| - -
| |
Share issue expense | -| - -
| |
Purchase of own shares | (113)| (11)
| |
Increase in cash at bank | 692| 15 1,767
+-------------+
Reconciliation of net cash flow to movement in net funds
+------------------+
| Six months to 31 | Six months to 31 Year to 31 January
| July 2011| July 2010 2011
| |
| GBP'000| GBP'000 GBP'000
| |
Increase in cash at | |
bank | 692| 15 1,767
| |
Decrease in cash | |
equivalents | (1,430)| (1,302) (2,661)
| |
Opening net cash | |
resources | 3,282| 4,176 4,176
| |
Net cash resources at | |
end of period | 2,544| 2,889 3,282
+------------------+
Reconciliation of profit before taxation to cash flow from operating activities
+----------------+
| Six months to| Six months to Year to 31
| 31 July 2011| 31 July 2010 January 2011
| |
| GBP'000| GBP'000 GBP'000
| |
Profit/(loss) on ordinary | |
activities before tax | 89| (121) 64
| |
Increase/(decrease) in | |
debtors | (47)| 75 43
| |
Increase/(decrease) in | |
creditors | 86| (71) (49)
| |
Loss on disposal of fixed | |
asset investments | -| - 12
| |
Holding gain on fixed asset | |
investments | (104)| - (271)
| |
Net cash inflow/(outflow) | |
from operating activities | 24| (117) (201)
+----------------+
Notes to the Half-Yearly Report
1. Basis of preparation
The unaudited half-yearly results which cover the six months to 31 July 2011
have been prepared in accordance with the Accounting Standards Board's (ASB)
statement on half-yearly financial reports (July 2007) and adopting the
accounting policies set out in the statutory accounts of the Company for the
year ended 31 January 2011, which were prepared under UK GAAP and in accordance
with the Statement of Recommended Practice for Investment Companies issued by
the Association of Investment Companies in January 2009.
2. Publication of non-statutory accounts
The unaudited half-yearly results for the six months ended 31 July 2011 do not
constitute statutory accounts within the meaning of s.415 of the Companies Act
2006. The comparative figures for the year ended 31 January 2011 have been
extracted from the audited financial statements for that year, which have been
delivered to the Registrar of Companies. The independent auditor's report on
those financial statements, in accordance with chapter 3, part 16 of the
Companies Act 2006, was unqualified. This half-yearly report has not been
reviewed by the Company's auditor.
3. Earnings per share
The earnings per share at 31 July 2011 is calculated on the basis of 11,624,036
(31 July 2010: 11,650,327 and 31 January 2011: 11,615,546) shares, being the
weighted average number of shares in issue during the period.
There are no potentially dilutive capital instruments in issue and, therefore,
no diluted return per share figures are relevant. The basic and diluted earnings
per share are therefore identical.
4. Net asset value per share
The net asset value per share is calculated on the basis of 11,498,447 (31 July
2010: 11,650,327 and 31 January 2011: 11,637,267) shares in issue at that date.
5. Principal Risks and Uncertainties
The Company's assets consist of equity and fixed-rate interest investments, cash
and liquid resources. Its principal risks are therefore market risk, credit risk
and liquidity risk. Other risks faced by the Company include economic, loss of
approval as a VCT, investment and strategic, regulatory, reputational,
operational and financial risks. These risks, and the way in which they are
managed, are described in more detail in the Company's Annual Report and
Accounts for the year ended 31 January 2011. The Company's principal risks and
uncertainties have not changed materially since the date of that report.
6. Related Party Transactions
Octopus acts as the investment manager of the Company. Under the management
agreement, Octopus receives a fee of 2.0 per cent per annum of the net assets of
the Company for the investment management services. During the period, the
Company incurred management fees of GBP106,000 (31 July 2010: GBP97,000 and 31
January 2011: GBP211,000) payable to Octopus. At the period end there was GBPnil (31
July 2010: GBPnil and January 2011: GBPnil) outstanding to Octopus. Furthermore,
Octopus provides administration and company secretarial services to the
Company. Octopus receives a fee of 0.3 per cent per annum of net assets of the
Company for administration services and GBP10,000 per annum for company
secretarial services.
7. Copies of this statement will be made available to all shareholders.
Copies are also available from the registered office of the Company at 20 Old
Bailey, London, EC4M 7AN, and will also be available to view on the Investment
Manager's website at www.octopusinvestments.com.
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: Octopus Apollo VCT 4 PLC via Thomson Reuters ONE
[HUG#1551251]
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