The portfolio includes investments in 13 businesses in the solar
PV sector which generate renewable electricity from residential
solar PV panels. Over the last six months these businesses have
continued to deliver results in line with expectations, generating
revenues for the Company. All of these businesses derive their
income from the receipt of index-linked Feed-in Tariffs (FiTs). Our
portfolio monitoring team continues to work closely with these
companies to ensure the effective running of their operations.
Anaerobic Digestion
In April 2012 the Company made investments into two renewable
energy businesses; GreenTec Energy Ltd and Katharos Organic Ltd.
Each operates a 1 MW on-farm anaerobic digestion plant, which
generates green electricity attracting both Feed-in Tariffs and
power export revenues. FITs provide for a long term RPI-linked
revenue stream, consistent with the objectives of the Company. The
good 2014 season maize harvest should enable the plants to continue
to operate in line with expectations.
Landfill Gas
The portfolio also includes holdings in two small businesses
Craigahulliar Energy Ltd and Aeris Power Ltd; each generates
renewable electricity from landfill gas at sites owned respectively
by local councils and a large waste management company in Northern
Ireland. Both businesses generate electricity for export to the
National Grid, earning long term, reliable cash flows through the
sale of electricity to a utility company and potentially to the
site owners, and through the sale of the Renewables Obligation
Certificates.
SME Lending
The Company has a GBP3.9 million investment in Broadpoint
Limited, a finance company which provides short and medium term
funding to businesses in the telecoms, finance, cinema and
renewable energy sectors.
Outlook
We continue to work closely with the management teams of all the
portfolio businesses to ensure that they continue to meet the
investment strategy for the VCT and shareholders' objectives.
In June next year all shareholders will have held their shares
for the five years required in order to secure the upfront Income
Tax relief associated with their investment in the VCT.
Consequently, looking ahead to this date, we will be working with
the portfolio of companies in order to realise the VCT's
investments so that funds can be returned to shareholders as soon
as is practical after this date.
If you have any questions, please do not hesitate to call us on
020 7201 8989.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
16 October 2014
Investment Portfolio
Unaudited Audited
31 August 2014 28 February 2014
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted investments
Qualifying holdings 20,438 83.65 21,316 84.21 21,388 84.03 22,266 85.19
Non-qualifying holdings 3,933 16.09 3,933 15.54 4,015 15.76 3,805 14.56
Financial assets at fair
value through profit
or loss 24,371 99.74 25,249 99.75 25,403 99.79 26,071 99.75
Cash and cash equivalents 58 0.26 58 0.25 61 0.21 61 0.25
24,429 100.00 25,307 100.00 25,464 100.00 26,132 100.00
========= ======== ========= ======== ========= ======== ========= ========
Unquoted Qualifying Holdings
Cinema Digitisation
Cinematic Services Ltd 1,855 7.59 1,855 7.33 1,855 7.28 1,855 7.10
Digima Ltd 1,620 6.63 1,620 6.40 1,620 6.36 1,620 6.20
Digital Screen Solutions
Ltd 1,025 4.20 1,025 4.05 1,675 6.58 1,675 6.41
DLN Digital Ltd 1,000 4.09 1,079 4.26 1,000 3.93 1,079 4.13
Hydro Project Management
Highland Hydro Services
Ltd 813 3.33 903 3.57 813 3.19 903 3.46
Electricity Generation
Solar
AH Power Ltd 800 3.27 802 3.17 800 3.14 802 3.07
Arraze Ltd 1,300 5.32 1,410 5.57 1,300 5.11 1,410 5.40
Bandspace Ltd 1,000 4.09 1,127 4.45 1,000 3.93 1,127 4.31
Bridge Power Ltd 750 3.07 806 3.18 750 2.95 806 3.08
Campus Link Ltd 1,000 4.09 1,103 4.36 1,000 3.93 1,103 4.22
Core Generation Ltd 750 3.07 811 3.20 750 2.95 811 3.10
Druman Green Ltd 750 3.07 801 3.17 750 2.95 801 3.07
Fellman Solar Ltd 750 3.07 797 3.15 750 2.95 797 3.05
Flowers Power Ltd 600 2.46 646 2.55 600 2.36 646 2.47
Haul Power Ltd 750 3.07 795 3.14 750 2.95 795 3.04
Helioflair Ltd 1,000 4.09 994 3.93 1,000 3.93 994 3.80
Ranmore Environmental
Ltd 1,000 4.09 998 3.94 1,000 3.93 998 3.82
Trym PowerLtd 750 3.07 798 3.15 750 2.95 798 3.05
Anaerobic Digestion
GreenTec Energy Ltd 1,500 6.14 1,500 5.93 1,500 5.89 1,500 5.74
Katharos Organic Ltd 725 2.97 725 2.86 725 2.85 725 2.77
Landfill
Aeris Power Ltd 500 2.05 500 1.98 500 1.96 500 1.91
Craigahulliar Energy
Ltd 200 0.82 221 0.87 500 1.96 521 1.99
20,438 83.65 21,316 84.21 21,388 84.03 22,266 85.19
========= ======== ========= ======== ========= ======== ========= ========
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted Non-Qualifying
Holdings
Cinema Digitisation
Digima Ltd 1 - 1 - 1 - 1 -
Digital Screen Solutions
Ltd 35 0.14 35 0.14 35 0.14 35 0.13
Anaerobic digestion -
Drumnahare Biogas Ltd - - - - 225 0.88 15 0.06
SME lending -
Broadpoint Ltd 3,897 15.95 3,897 15.40 3,754 14.74 3,754 14.37
3,933 16.09 3,933 15.54 4,015 15.76 3,805 14.56
========= ======== ========= ======== ========= ======== ========= ========
Directors' Responsibility Statement
The Directors have elected to prepare the Interim Financial
Report for the Company in accordance with International Financial
Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the 6 month period
to 31 August 2014, the Directors confirm that to the best of their
knowledge:
a) the Interim Financial Report has been prepared in accordance
with International Accounting Standard IAS34, "Interim Financial
Reporting" issued by the International Accounting Standards
Board;
b) the Interim Financial Report includes a fair review of
important events during the period and their effect on the
Financial Statements and a description of principal risks and
uncertainties for the remainder of the accounting period;
c) the Interim Financial Report gives a true and fair view in
accordance with IFRS of the assets, liabilities, financial position
and of the results of the Company for the period and complies with
IFRS and the Companies Act 2006;
d) the Interim Financial Report includes a fair review of
related party transactions and changes therein. There are no
related party transactions; and
e) The Directors believe that the Company has sufficient
financial resources to manage its business risks in the current
uncertain economic outlook.
The Directors have reasonable expectation that the Company has
adequate resources to continue in operational existence for the
foreseeable future. Thus they continue to adopt the going concern
basis of accounting in preparing the Financial Statements.
This Interim Financial Report has not been audited or reviewed
by the auditors.
Robin Morrison
Chairman
16 October 2014
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