Interim Results
27 6월 2002 - 11:14PM
UK Regulatory
RNS Number:8576X
Pennine Downing Ethical VCT PLC
27 June 2002
PENNINE DOWNING ETHICAL VCT PLC
UNAUDITED INTERIM RESULTS FOR THE PERIOD ENDED 31 MARCH 2002
CHAIRMAN'S STATEMENT
The uncertain economic conditions have continued throughout the period to 31
March 2002. In particular, the technology sector remains depressed with no
clear indication of when any improvement can be expected.
Some investee companies have found it difficult to make satisfactory progress
and as a result your Directors have made provisions against the valuations of
unquoted investments where they considered appropriate. The AIM quoted
investments have also experienced mixed fortunes over the period.
At 31 March 2002, the Company's Net Asset Value per share (NAV) stood at 69.8p,
a small fall of 1.4p when compared to the NAV at 30 September 2001.
Venture capital investments
During the period the Company made follow-on investments in four unquoted
companies totalling £110,000. As a result of a lack of disposal opportunities
at acceptable terms, no significant disposals have occurred.
Three companies in the unquoted portfolio have been revalued upwards during the
period. The provision of £167,000 previously made against Lamda Polytech has
now been released following a successful fundraising by the company which has
secured its future for the medium term. The valuations of Qube Strategic
Marketing and Infoshare have been increased by a total of £91,000 based on good
recent results from both companies.
A full provision of £150,000 has been made against Giving plc, which has made
very disappointing progress. Further full provisions totalling £101,550 have
been made against investments in Travelstore.com and Ego-systems Plc. Both
companies operate in technology related sectors and have been struggling in the
harsh trading conditions faced by these industries.
In total the unquoted portfolio experienced a fall in value of £132,000 over the
period.
The AIM portfolio has also seen varied performance. The share price of Aero
Inventory has performed strongly over the period giving rise to an increased
valuation of £304,000. Oasis Healthcare's share price has recovered well since
30 September 2001 giving rise to an increase in valuation of £156,000. There
have been some decreases in valuation within the portfolio; the most significant
being Blooms of Bressingham and Preston North End. Overall the AIM portfolio
made a gain of £100,000.
Listed fixed income securities
This portfolio continues to be managed by Rathbone Investment Management Limited
and was valued at £2,017,000 at the period end.
Ethical Committee
The Ethical Committee have continued to look out for positive ethical companies
for inclusion in the portfolio and have continued to ensure that the existing
investments remain suitable, in accordance with the Company's ethical criteria.
Results and dividend
The revenue loss after taxation for the period amounted to £6,000, representing
0.1p per share.
As a result of the revenue loss for the period, the company will not pay an
interim dividend. As the Company is now fully invested, mainly in young and
growing companies, there is little, if any, income from its investments. It is
therefore unlikely that there will be a significant revenue surplus in future
periods and consequently the Company may not be in a position to pay any further
revenue dividends.
Share premium account
The Company is currently in the process of cancelling its share premium account
in order to create a distributable special reserve that can be utilised to buy
back shares. In order to complete this process, the Company's Articles of
Association are required to be amended to allow the new reserve to be used for
this purpose. A circular is being distributed to shareholders with this
statement explaining the background to this change.
Repurchase of shares
The Directors are conscious that the Company's share price is affected by the
illiquidity of its shares in the market resulting from the requirement that most
shareholders must retain their shares at least five years in order to retain
their tax benefits.
The Directors are continuing to monitor the market in the Company's shares and
will make share purchases when appropriate.
Publication of share price
The Company's share price is quoted in the Financial Times on a daily basis and
can be found within the "Investment Companies" sector.
Outlook
The Company continues to hold a well spread venture capital portfolio comprising
investments in 45 companies. However, with no sign yet of a sustained
improvement in economic conditions, the current focus of the Company is on
existing investee companies. These are being on monitored and, where
appropriate, supported both with cash and the Manager's advice, to ensure they
are able to take advantage of improved conditions when they materialise.
Andrew Davison
Chairman
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 March 2002
31 March 31 March 30 Sept
2002 2001 2001
£'000 £'000 £'000
Fixed assets
Venture capital investments 4,997 6,137 4,976
Listed fixed income investments 2,017 2,018 2,469
7,014 8,155 7,445
Net current assets 708 908 432
Net assets 7,722 9,063 7,877
Capital and reserves
Called up share capital 553 539 553
Share premium account 9,933 9,694 9,933
Capital reserve - realised (329) 334 (260)
Capital reserve - unrealised (2,440) (1,551) (2,360)
Revenue reserve 5 47 11
Total equity shareholders' funds 7,722 9,063 7,877
Net asset value per share 69.8p 84.1p 71.2p
UNAUDITED STATEMENT OF TOTAL RETURNS
(incorporating the revenue account)
for the six months ended 31 March 2002
Six months ended
31 March 2002
Revenue Capital Total
£'000 £'000 £'000
Income 102 - 102
Gains/(losses) on investments:
- Realised - (5) (5)
- Unrealised - (91) (91)
102 (96) 6
Investment management fees (18) (53) (71)
Other expenses (90) - (90)
Return on ordinary activities before taxation (6) (149) (155)
Tax on ordinary activities - - -
Return attributable to equity shareholders (6) (149) (155)
Net dividends - - -
Transfer to/(from) reserves (6) (149) (155)
Return per share (0.1p) (1.3p) (1.4p)
Six months ended Year ended
30 September
31 March 2001
2001
Revenue Capital Total Total
£'000 £'000 £'000 £'000
Income 139 - 139 281
Gains/(losses) on investments:
- Realised - 103 103 (27)
- Unrealised - (1,217) (1,217) (2,443)
139 (1,114) (975) (2,189)
Investment management fees (19) (58) (77) (148)
Other expenses (67) - (67) (166)
Return on ordinary activities before 53 (1,172) (1,119) (2,503)
taxation
Tax on ordinary activities (10) 10 - -
Return attributable to equity 43 (1,162) (1,119) (2,503)
shareholders
Net dividends - - - (55)
Transfer to/(from) reserves 43 (1,162) (1,119) (2,558)
Return per share 0.4p (10.8p) (10.4p) (23.2p)
The revenue column of this statement is the profit and loss account of the
Company.
All revenue and capital items in the above statement derive from continuing
operations.
The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
The comparative figures were in respect of the six months ended 31 March 2001
and the year ended 30 September 2001 respectively.
UNAUDITED CASHFLOW STATEMENT
for the six months ended 31 March 2002
Six Six
months
ended months Year
ended ended
31 Mar 30 Sept
31 Mar 2001
2002
2001
Note £'000 £'000 £'000
Cash outflow from operating activities and returns on
investments 1 (50) (151) (168)
Taxation - - (2)
Capital expenditure
Purchase of listed fixed income securities - (1,998) (3,609)
Purchase of venture capital investments (111) (1,688) (2,002)
Proceeds on disposal of listed fixed income securities 444 - 1,132
Proceeds on disposal of venture capital investments 1 334 481
Net cash inflow/ (outflow) from capital expenditure 334 (3,352) (3,998)
Equity dividends paid (55) (81) (81)
Net cash inflow/ (outflow) before financing 229 (3,584) (4,249)
Financing
Issue of ordinary shares - - 266
Expenses of share issue - - (13)
Net cash inflow from financing - - 253
Increase / (decrease) in cash 2 229 (3,584) (3,996)
Notes to the cashflow statement:
1 Cash outflow from operating activities and returns on
investments
Net revenue before taxation (6) 53 78
Management fees charged to capital (53) (58) (111)
Decrease / (increase) in other debtors 55 (81) (106)
Decrease in other creditors (46) (65) (29)
Net cash (outflow) from operating activities (50) (151) (168)
2 Analysis of net funds
Beginning of period 383 4,379 4,379
Net cash inflow/ (outflow) 229 (3,584) (3,996)
End of period 612 795 383
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. The above financial information has been prepared on the basis of the
accounting policies set out in the Annual Report.
2. The calculation of the revenue and capital return per share for the
period is based upon the net revenue and capital loss after tax of £6,000 and
£149,000 respectively, divided by the weighted average number of shares in issue
during the period of 11,057,628.
3. 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 2001 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.
4. 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
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