TIDMTP5
RNS Number : 5627T
TP5 VCT PLC
20 November 2013
TP5 VCT plc
Interim Results
The directors of TP5 VCT plc are pleased to announce its Interim
results for the six months to 30 September 2013.
For further information please contact Triple Point Investment
Management LLP on 020 7201 8989. The Interim report will be
available in full at www.triplepoint.co.uk
Financial Summary
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 2013 31 March 2013 30 September 2012
-------------------------------- -------------------------------- --------------------------------
Ord. Ord. Ord.
Shares B Shares Total Shares B Shares Total Shares B Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net assets 15,173 3,027 18,200 16,097 2,984 19,081 16,016 2,879 18,895
Net asset
value
per share 80.86p 87.79p N/A 85.57p 86.54p N/A 85.14p 83.51p N/A
---------------- --------- ---------- --------- --------- ---------- --------- --------- ---------- ---------
Net
profit/(loss)
before tax 56 43 99 124 86 210 43 (19) 24
Dividend paid 5.00p - - 2.50p - - 2.50p - -
Profit/(loss)
per share 0.29p 1.25p N/A 0.66p 2.50p N/A 0.23p (0.54p) N/A
---------------- --------- ---------- --------- --------- ---------- --------- --------- ---------- ---------
TP5 VCT plc ("the Company") is a Venture Capital Trust ("VCT").
The Investment Manager is Triple Point Investment Management LLP
("TPIM"). The Company was launched in September 2008 and raised
GBP17.8 million (net of expenses) through an offer for
subscription. In September 2009 it acquired the assets and
liabilities of TP70 2009 VCT plc with a net asset value of GBP3.3
million in exchange for the issue of B shares in the Company to the
shareholders in TP70 2009 VCT plc.
Chairman's Statement
I am writing to you to present the results for the Company for
the six month period ending 30 September 2013.
Portfolio
We are pleased to report that the Company's funds are 99%
invested in a portfolio of qualifying and non-qualifying unquoted
investments. The qualifying investments include companies which
generate renewable electricity from roof-mounted solar photovoltaic
panels and companies which provide cinema digitisation. These
investments were selected for their ability to yield high quality,
predictable cash flows.
The Company's portfolio of qualifying investments accounts for
93% of its net assets, thus maintaining its VCT qualifying status
by satisfying the test of being at least 70% invested in VCT
qualifying investments.
More information on the Company's investment portfolio is given
in the Investment Manager's Review.
Net Asset Value
During the year the Company made a profit before tax of
GBP99,000, of which GBP56,000 was a profit for Ordinary shares and
GBP43,000 was a profit for B shares. The profit for the B shares is
driven by the performance of GAM 2.5XL.
At 30 September 2013 the Net Asset Value ("NAV") per Ordinary
Share stood at 80.86p. Adding back the payment of the 5p per share
dividend during the period the Ordinary share NAV would have been
85.86p.
At 30 September 2013 the NAV per B Share stood at 87.79p. The B
Share NAV increased in the period by the profit of 1.25p per
share.
Dividend
A third dividend to Ordinary Share Class holders of GBP940,551
or 5p per share was paid on 26 July 2013. This brings the total
distributed by dividend to 9.512p per share.
Risks
The Board believes that the principal risks facing the Company
are:
-- investment risk associated with undertaking VCT qualifying investments;
-- failure to continue to satisfy the requirements to qualify as a VCT;
-- separately, the B fund is exposed to investment risk as a
result of its exposure to GAM Diversity 2.5XL.
The Board continues to work closely with the Investment Manager
to minimise either the likelihood or potential impact of these
risks, within the scope of the Company's established investment
strategy.
Outlook
By 30 June 2014 all of the Company's shareholders will have held
their shares for the required five years in order to secure up
front income tax relief. In accordance with shareholder
expectations, the Board and Investment Manager are planning to
return funds to shareholders as soon as practical thereafter.
If you have any queries or comments, please do not hesitate to
telephone Triple Point Investment Management LLP on 020 7201
8989.
Sir John Lucas-Tooth
Chairman
20 November 2013
Investment Manager's Review
At 30 September 2013, qualifying investments represented 93% of
the investment portfolio.
The portfolio of small, unquoted investments is split between 18
companies across two sectors: cinema digitisation and renewable
electricity generation both from solar PV and anaerobic
digestion.
Each of these investments meets the Company's investment
criteria, with projected revenues generated by good quality
customers and the potential for steady returns.
Sector Analysis
The unquoted investment portfolio can be analysed as
follows:
Electricity Generation
Anaerobic Total Unquoted
Industry Sector Cinema Digitisation Solar PV Digestion Investments
------------------------------ --------------------- ----------- ------------- ----------------
GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ----------------
Investments at 31 March
2013 7,310 7,215 3,275 17,800
--------------------- ----------------
Investments disposed of
during the year (705) - (196) (901)
--------------------- ----------- ------------- ----------------
Investments at 30 September
2013 6,605 7,215 3,079 16,899
--------------------- ----------- ------------- ----------------
Unquoted Investments % 39.09% 42.69% 18.22% 100.00%
------------------------------ --------------------- ----------- ------------- ----------------
VCT Sector Portfolio
Cinema Digitisation
The businesses in the portfolio that own, maintain and operate
digital equipment in cinemas in the UK, Germany, Austria, Italy and
Ireland continue to perform in line with their objectives. Digital
cinema projection conversion is paid for under the globally
recognised Virtual Print Fee model, through which film studios pay
for the cost of the deployment over a number of years. The majority
of the revenues come from the six major investment grade Hollywood
Studios. Film booking rates are significantly ahead of base line
projections.
Solar PV
The Company's investment portfolio includes 8 holdings in
businesses generating renewable electricity from residential solar
PV panels. The solar businesses derive their revenues from the
receipt of index-linked Feed-in Tariffs (FiTs). The performance of
each of these businesses is closely monitored by Triple Point. We
are pleased to report that the solar investment portfolio continues
to perform in line with expectations.
Anaerobic Digestion
Funds are invested in three renewable energy generating
companies each of which operates a 1 MW anaerobic digestion plant.
The plants use agricultural feed stocks to generate electricity for
sale to a utility company. The electricity generation also attracts
Feed-in Tariffs which provide RPI linked revenues for a 20 year
period from commissioning. The high rainfall and resultant poor
maize harvest in 2012 contributed to underperformance of the plants
over the last year. This year's harvest has been significantly
better and the plants performance is consequently improving.
The Company is withdrawing from its investment in Drumnahare
Biogas Limited as its anaerobic digestion project did not
proceed.
B Share Fund - GAM
The B Share Fund's policy is to have 30% of its assets exposed
directly or indirectly to GAM Diversity GBP 2.5XL for the life of
the Company. At the period end the B Share Fund's exposure to GAM
Diversity 2.5XL stood at 35% of its net assets.
GAM Review
GAM reported as follows for the period under review:
Over the six months to 30 September GAM Diversity 2.5XL returned
6.41%, the FTSE All Share 3.84 and the HFRX Global Hedge Fund Index
1.35%.
GAM report that over the last quarter of the year in particular,
their multi-strategy portfolios gained despite the volatility in
the market. The market's focus on the fundamentals of relative
valuation, together with the rally in equity markets, benefitted
their funds as managers capitalised on positive trends and were
rewarded for holding fundamental views. Trading managers were less
successful in manoeuvring through this volatility as both fixed
income and currency markets traded within a range.
Heading into the final quarter of the year, GAM report that they
have aimed to position the portfolios to ensure that each and every
dollar of allocation is working to its maximum to deliver strong
returns. Overall, GAM believe the portfolios are now at attractive
levels of concentration so that high-conviction ideas can really
impact portfolio performance.
Outlook
With the VCT qualifying investment portfolio in place we
continue to focus on ensuring it continues to perform in line with
expectations.
By 30 June 2014 all of the Company's shareholders will have held
their shares for the required 5 years and secured up front income
tax relief. In order to return funds to shareholders as soon as
practical thereafter instructions have been given to dispose of the
B Fund's exposure to GAM Diversity 2.5XL in two tranches at
December 2013 and March 2014, whilst the realisation of the
Company's VCT qualifying investments is being planned to take
effect after 30 June 2014.
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
20 November 2013
Investment Portfolio
6 months ended Year ended
30 September 2013 31 March 2013
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted Qualifying Holdings 16,875 94.01 16,895 93.31 17,580 93.02 17,600 92.43
Non-Qualifying Holdings:
Unquoted Non- Qualifying
Holdings 60 0.33 4 0.02 200 1.06 200 1.05
GAM Diversity 2.5XL 877 4.89 1,068 5.90 877 4.64 1,004 5.27
Financial assets at fair
value through profit
or loss 17,812 99.23 17,967 99.23 18,657 98.72 18,804 98.75
Cash and cash equivalents 134 0.77 134 0.77 235 1.28 235 1.25
17,946 100.00 18,101 100.00 18,892 100.00 19,039 100.00
========= ======== ========= ======== ========= ======== ========= ========
Unquoted Qualifying Holdings
Electricity Generation:
Solar
Campus Link Ltd 1,310 7.30 1,390 7.68 1,310 6.93 1,390 7.30
Convertibox Services
Ltd 1,000 5.57 915 5.05 1,000 5.29 915 4.81
Flowers Power Ltd 1,000 5.57 1,034 5.71 1,000 5.29 1,034 5.43
Green Energy for Education
Ltd 1,310 7.30 1,248 6.89 1,310 6.93 1,248 6.55
Helioflair Ltd 200 1.11 192 1.06 200 1.06 192 1.01
New Energy Network Ltd 1,000 5.57 1,027 5.67 1,000 5.29 1,027 5.39
Ranmore Environmental
Ltd 375 2.09 360 1.99 375 1.98 360 1.89
September Star Energy
Ltd 1,000 5.57 1,049 5.80 1,000 5.29 1,049 5.51
Anaerobic Digestion
Biomass Future Generation
Ltd 1,300 7.24 1,300 7.18 1,300 6.88 1,300 6.83
GreenTec Energy Ltd 500 2.79 500 2.76 500 2.65 500 2.63
Katharos Organic Ltd 1,275 7.10 1,275 7.04 1,275 6.75 1,275 6.70
Cinema Digitisation
21st Century Cinema Ltd 1,000 5.57 1,000 5.52 1,000 5.29 1,000 5.25
Big Screen Digital Services
Ltd 1,000 5.57 1,000 5.52 1,000 5.29 1,000 5.25
Cinematic Services Ltd 2,000 11.14 2,000 11.05 2,000 10.59 2,000 10.50
Digima Ltd 647 3.61 647 3.57 1,000 5.29 1,000 5.25
Digital Screen Solutions
Ltd 648 3.61 648 3.58 1,000 5.29 1,000 5.25
DLN Digital Ltd 1,310 7.30 1,310 7.24 1,310 6.93 1,310 6.88
16,875 94.01 16,895 93.31 17,580 93.02 17,600 92.43
========= ======== ========= ======== ========= ======== ========= ========
Cost Valuation Cost Valuation
Unquoted Non-Qualifying GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Anaerobic digestion
Drumnahare Biogas Ltd 60 0.33 4 0.02 200 1.06 200 1.05
60 0.33 4 0.02 200 1.06 200 1.05
========= ======== ========= ======== ========= ======== ========= ========
Directors' Responsibility Statement
The Directors have prepared 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 30 September 2013, 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.
Sir John Lucas-Tooth
Chairman
20 November 2013
Non-Statutory Analysis - The Ordinary Share Fund
Unaudited Audited
6 months ended Year ended
Statement of Comprehensive
Income Note 30 September 2013 31 March 2013
------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 4 300 - 300 603 - 603
Unrealised gain on investments - - - - 18 18
Investment return 300 - 300 603 18 621
Investment management
fees 5 (148) (49) (197) (303) (102) (405)
Other expenses (47) - (47) (92) - (92)
Profit/(loss) before
taxation 105 (49) 56 208 (84) 124
Taxation 7 (21) 21 - (48) 48 -
Profit/(loss) after taxation 84 (28) 56 160 (36) 124
--------- --------- --------- --------- --------- ---------
Total comprehensive profit/(loss) 84 (28) 56 160 (36) 124
--------- --------- --------- --------- --------- ---------
Basic and diluted earnings/(loss)
per share 8 0.44p (0.15p) 0.29p 0.85p (0.19p) 0.66p
--------- --------- --------- --------- --------- ---------
Unaudited Audited
Balance Sheet Note 30 September 2013 31 March 2013
GBP'000 GBP'000
Non current assets
Financial assets at fair
value through profit
or loss 15,040 15,842
--------- ---------
Current assets
Receivables 105 62
Cash and cash equivalents 9 49 214
154 276
--------- ---------
Current liabilities
Payables (21) (21)
--------- ---------
Net assets 15,173 16,097
--------- ---------
Equity attributable to equity
holders 15,173 16,097
--------- ---------
Net asset value per share 11 80.86p 85.57p
--------- ---------
Statement of Changes
in Shareholders' Equity Unaudited Audited
30 September 2013 31 March 2013
GBP'000 GBP'000
Opening shareholders'
funds 16,097 16,443
Purchase of own shares (39) -
Profit/(loss) for the
year 56 124
Dividend paid (941) (470)
Closing shareholders'
funds 15,173 16,097
--------- ---------
Non-Statutory Analysis - The B Share Fund
Unaudited Audited
6 months ended Year ended
Statement of Comprehensive
Income Note 30 September 2013 31 March 2013
------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 4 37 - 37 82 - 82
Realised loss on investments - - - - (31) (31)
Unrealised gain on investments - 58 58 - 129 129
--------- ---------
Investment return 37 58 95 82 98 180
Investment management
fees 5 (28) (9) (37) (54) (18) (72)
Other expenses (15) - (15) (22) - (22)
(Loss)/profit before taxation (6) 49 43 6 80 86
Taxation 7 - - - - - -
(Loss)/profit after taxation (6) 49 43 6 80 86
--------- --------- --------- --------- --------- ---------
Total comprehensive (loss)/profit (6) 49 43 6 80 86
--------- --------- --------- --------- --------- ---------
Basic and diluted (loss)/earnings
per share 8 (0.15p) 1.41p 1.25p 0.17p 2.33p 2.50p
--------- --------- --------- --------- --------- ---------
Balance Sheet Unaudited Audited
Note 30 September 2013 31 March 2013
Non current assets GBP'000 GBP'000
Financial assets at fair
value through profit or
loss 2,927 2,962
--------- ---------
Current assets
Receivables 14 8
Cash and cash equivalents 9 85 21
99 29
--------- ---------
Current liabilities
Payables 1 (7)
--------- ---------
Net assets 3,027 2,984
--------- ---------
Equity attributable to
equity holders 3,027 2,984
--------- ---------
Net asset value per share 11 87.79p 86.54p
--------- ---------
Statement of Changes in
Shareholders' Equity Unaudited Audited
30 September 2013 31 March 2013
GBP'000 GBP'000
Opening shareholders'
funds 2,984 2,898
Profit for the year 43 86
Closing shareholders'
funds 3,027 2,984
--------- ---------
Non-Statutory Analysis - Investment Portfolio for the Ordinary
Share Fund and the B Share Fund
Ordinary Share Fund
6 months ended Year ended
30 September 2013 31 March 2013
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 15,019 99.35 15,037 99.68 15,647 97.56 15,664 97.55
Unquoted non-qualifying
holdings 53 0.35 3 0.02 178 1.11 178 1.11
Financial assets at fair
value through the profit
or loss 15,072 99.70 15,040 99.70 15,825 98.67 15,842 98.66
Cash and cash equivalents 49 0.30 49 0.30 214 1.33 214 1.34
15,121 100.00 15,089 100.00 16,039 100.00 16,056 100.00
========= ======== ========= ======== ========= ======== ========= ========
B Share Fund
6 months ended Year ended
30 September 2013 31 March 2013
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 1,856 65.68 1,858 61.67 1,933 67.79 1,936 64.93
Non-qualifying holdings:
Unquoted non-qualifying
holdings 7 0.25 1 0.03 22 0.77 22 0.74
GAM Diversity 2.5XL 877 31.04 1,068 35.46 877 30.74 1,004 33.66
Financial assets at fair
value through the profit
or loss 2,740 96.97 2,927 97.16 2,832 99.30 2,962 99.33
Cash and cash equivalents 85 3.03 85 2.84 21 0.70 21 0.67
2,825 100.00 3,012 100.00 2,853 100.00 2,983 100.00
========= ======== ========= ======== ========= ======== ========= ========
Statement of Comprehensive Income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 2013 31 March 2013 30 September 2012
------------------------------- ------------------------------- -------------------------------
Note 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
Investment
income 4 337 - 337 685 - 685 336 - 336
Profit/(loss)
arising
on the
disposal of
investments
in the period - 50 50 - (31) (31) - - -
Gain arising on
the
revaluation
of investments
at the
period end - 8 8 - 147 147 - 1 1
Investment
return 337 58 395 685 116 801 336 1 337
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Expenses
Investment
management
fees 5 176 58 234 357 120 477 60 181 241
Financial and
regulatory
costs 17 - 17 27 - 27 14 - 14
General
administration 6 - 6 16 - 16 23 - 23
Legal and
professional
fees 19 - 19 31 - 31 15 - 15
Directors'
remuneration 6 20 - 20 40 - 40 20 - 20
Operating
expenses 238 58 296 471 120 591 132 181 313
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss)
before
taxation 99 - 99 214 (4) 210 204 (180) 24
Taxation 7 (21) 21 - (48) 48 - (46) 46 -
Profit/(loss)
after taxation 78 21 99 166 44 210 158 (134) 24
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit and
comprehensive
income/(loss)
for the
period 78 21 99 166 44 210 158 (134) 24
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic & diluted
earnings/loss
per share 8 n/a n/a n/a n/a n/a n/a n/a n/a n/a
--------- --------- --------- --------- --------- --------- --------- --------- ---------
The Total column of this statement is the Statement of
Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS). The
supplementary Revenue Return and Capital 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.
This Statement of Comprehensive Income includes all recognised
gains and losses.
The accompanying notes are an integral part of this
statement.
Consolidated Balance Sheet
Unaudited Audited Unaudited
30 September 31 March 30 September
Notes 2013 2013 2012
GBP'000 GBP'000 GBP'000
Non current assets
Financial assets
at fair value through
profit or loss 17,967 18,804 18,674
-------------- ---------- --------------
Current assets
Receivables 119 70 66
Cash and cash equivalents 9 134 235 187
253 305 253
-------------- ---------- --------------
Total assets 18,220 19,109 18,927
-------------- ---------- --------------
Current liabilities
Payables (20) (28) (32)
-------------- ---------- --------------
Net assets 18,200 19,081 18,895
-------------- ---------- --------------
Equity attributable
to equity holders
Share capital 10 221 222 222
Capital redemption
reserve 2 1 1
Share premium 3,230 3,230 3,230
Special distributable
reserve 16,007 16,827 16,827
Capital reserve (1,266) (1,287) (1,465)
Revenue reserve 6 88 80
Total equity 18,200 19,081 18,895
-------------- ---------- --------------
Net asset value per
share 11 n/a n/a n/a
-------------- ---------- --------------
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Changes in Shareholders' Equity
6 months ended 30 Capital Special
September Share Redemption Share Distributable Capital Revenue
2013 Capital Reserve Premium Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening Balance 222 1 3,230 16,827 (1,287) 88 19,081
---------- ------------- ---------- --------------------- ---------- ---------- ---------
Purchase of own
shares (1) 1 - (39) - - (39)
Dividend paid - - (781) (160) (941)
Transactions with
owners (1) 1 - (820) - (160) (980)
---------- ------------- ---------- --------------------- ---------- ---------- ---------
Profit for the
period - - - - 21 78 99
---------- ------------- ---------- --------------------- ---------- ----------
Total comprehensive
income for the
period - - - 21 78 99
---------- ------------- ---------- --------------------- ---------- ---------- ---------
Balance at 30
September
2013 221 2 3,230 16,007 (1,266) 6 18,200
========== ============= ========== ===================== ========== ========== =========
Capital reserve
consists
of: Investment holding gains 155
Other realised
losses (1,421)
(1,266)
==========
Capital Special
Year ended 31 March Share Redemption Share Distributable Capital Revenue
2013 Capital Reserve Premium Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening Balance 222 1 3,230 17,189 (1,331) 30 19,341
---------- ------------- ---------- --------------------- ---------- ---------- ---------
Dividend paid - - - (362) - (108) (470)
Transactions with
owners - - - (362) - (108) (470)
---------- ------------- ---------- --------------------- ---------- ---------- ---------
Profit for the year - - - - 44 166 210
---------- ------------- ---------- --------------------- ---------- ----------
Total comprehensive
income for the
year - - - - 44 166 210
---------- ------------- ---------- --------------------- ---------- ---------- ---------
Balance at 31 March
2013 222 1 3,230 16,827 (1,287) 88 19,081
========== ============= ========== ===================== ========== ========== =========
Capital reserve
consists
of: Investment holding gains 147
Other realised losses (1,434)
(1,287)
==========
6 months ended 30 Capital Special
September Share Redemption Share Distributable Capital Revenue
2012 Capital Reserve Premium Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening Balance 222 1 3,230 17,189 (1,331) 30 19,341
---------- ------------- ---------- --------------------- ---------- ---------- ---------
Dividend paid - - - (362) - (108) (470)
Transactions with
owners - - - (362) - (108) (470)
---------- ------------- ---------- --------------------- ---------- ---------- ---------
(Loss)/profit for
the
period - - - - (134) 158 24
---------- ------------- ---------- --------------------- ---------- ---------- ---------
Total comprehensive
(loss)/profit for
the
period - - - - (134) 158 24
---------- ------------- ---------- --------------------- ---------- ---------- ---------
Balance at 30
September
2012 222 1 3,230 16,827 (1,465) 80 18,895
========== ============= ========== ===================== ========== ========== =========
Capital reserve
consists
of: Investment holding losses (121)
Other realised losses (1,344)
(1,465)
==========
The share premium represents the excess of the issue price net
of issue costs over the par value of shares. The capital reserve
represents the realised and unrealised gains/(losses) on the
disposal and holding investments and the proportion of Investment
Management fees charged against capital. Neither the share premium
nor capital reserve is distributable. The special distributable
reserve was created on court cancellation of the share premium
account. The revenue and special distributable reserve are
distributable by way of dividend.
The accompanying notes are an integral part of this
statement.
Unaudited Statement of Cash Flows
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 30 September
2013 31 March 2013 2012
GBP'000 GBP'000 GBP'000
Cash flow from operating activities
Profit before tax 99 210 24
(Gain)/loss arising on the disposal
of investments during the period (50) 31 -
(Gain) arising on the revaluation
of investments at the period
end (8) (147) (1)
Cash generated by operations 41 94 23
(Increase) in receivables (49) (55) (51)
(Decrease) in payables (8) (28) (24)
Net cash flows from operating
activities (16) 11 (52)
---------------- --------------- ----------------
Cash flow from investing activities
Purchase of financial assets
at fair value through profit
or loss - (400) (400)
Proceeds of sale of financial
assets at fair value through
profit or loss 895 (15) -
Net cash flows from investing
activities 895 (415) (400)
---------------- --------------- ----------------
Cash flow from financing activities
Purchase of own shares (39) - -
Dividend paid (941) (470) (470)
Net cash flow from financing (980) (470) (470)
---------------- --------------- ----------------
Net cash decrease in cash and
cash equivalents (101) (874) (922)
---------------- --------------- ----------------
Reconciliation of net cash flow
to movements in cash and cash
equivalents
Net cash decrease in cash and
cash equivalents (101) (874) (922)
Cash and cash equivalents brought
forward 235 1,109 1,109
Cash and cash equivalents 134 235 187
---------------- --------------- ----------------
The accompanying notes are an integral part of this
statement.
Notes to the Unaudited Interim Financial Report
1. Corporate information
The Unaudited Interim Financial Report of the Company for the 6
months ended 30 September 2013 was authorised for issue in
accordance with a resolution of the Directors on 20 November
2013.
The Company is listed on the London Stock Exchange.
TP5 VCT plc is incorporated and domiciled in Great Britain. The
address of TP5 VCT plc's registered office, which is also its
principal place of business, is 4-5 Grosvenor Place, London, SW1X
7HJ.
TP5 VCT plc's Unaudited Interim Financial Report is presented in
Pounds Sterling (GBP) which is also the functional currency of the
Company, rounded to the nearest thousand.
The financial information set out in this report does not
constitute statutory accounts as defined in S434 of the Companies
Act 2006.
The principal activity of the Company is investment. The
Company's investment strategy is different for each share class.
The B Share Fund offers combined exposure to GAM Diversity 2.5XL
and venture capital investments focused on companies with
contractual revenues from financially secure counterparties. The
Ordinary Share Fund focuses on venture capital investments in
companies with contractual revenues from financially secure
counterparties.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Financial Report of the Company for the 6
months ended 30 September 2013 has been prepared in accordance with
IAS 34: "Interim Financial Reporting". It does not include all of
the information required for full Financial Statements and should
be read in conjunction with the Financial Statements for the year
ended 31 March 2013.
Estimates
The preparation of the Unaudited Interim Financial Report
requires the Board to make judgements, estimates and assumptions
that reflect the application of accounting policies and the
reported amounts of assets and liabilities, income and expenditure.
However, actual results may differ from these estimates.
3. Segmental reporting
The Company only has one class of business, being investment
activity. All revenues and assets are generated and held in the
UK.
4. Investment income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 2013 31 March 2013 30 September 2012
-------------------------------- -------------------------------- --------------------------------
Ord. Ord. Ord.
Shares B Shares Total Shares B Shares Total Shares B Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Loan Stock
Interest 299 37 336 602 82 684 292 44 336
Bank interest 1 - 1 1 - 1 - - -
300 37 337 603 82 685 292 44 336
--------- ---------- --------- --------- ---------- --------- --------- ---------- ---------
5. Investment management fees
TPIM provides investment management and administration services
to the Company under an Investment Management Agreement effective
14 November 2008. The agreement provides for an administration and
investment management fee of 2.5% per annum of net assets for both
Ordinary and B shares, calculated and payable quarterly in arrear
and runs for the period up to 1 October 2014 and may be terminated
at any time thereafter by not less than twelve months' notice given
by either party. Should such notice be given, the Investment
Manager would perform its duties under the Investment Management
Agreement and receive its contractual fee during the notice
period.
6. Directors' remuneration
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 2013 31 March 2013 30 September 2012
-------------------------------- -------------------------------- --------------------------------
Ord. Ord. Ord.
Shares B Shares Total Shares B Shares Total Shares B Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Sir John
Lucas-Tooth
(Chairman) 7 1 8 13 2 15 7 1 8
Robert Reid 5 1 6 11 2 13 5 1 6
Christopher
Harris 5 1 6 10 2 12 5 1 6
Total 17 3 20 34 6 40 17 3 20
--------- ---------- --------- --------- ---------- --------- --------- ---------- ---------
7. Taxation
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 2013 31 March 2013 30 September 2012
-------------------------------- -------------------------------- -------------------------------
Ord. Ord.
Shares B Shares Total Shares B Shares Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Profit/(loss)
before
taxation 56 43 99 124 86 210 43 (19) 24
--------- ---------- --------- --------- ---------- --------- --------- --------- ---------
Corporation tax
at 20% 11 9 20 25 17 42 8 (3) 5
Effect of:
Capital gains
not taxable - (12) (12) (4) (20) (24) - - -
Utilisation of
tax losses
brought
forward (11) - (11) (21) 3 (18) - - -
Unrelieved tax
losses arising
in the year - 3 3 - - - (8) 3 (5)
Tax charge in
the period - - - - - - - - -
--------- ---------- --------- --------- ---------- --------- --------- --------- ---------
Capital gains and losses are exempt from corporation tax due to
the Company's status as a Venture Capital Trust.
8. Earnings per share
The earnings per share for Ordinary shares is based on the
profit after tax of GBP56,000 and on the weighted average number of
shares in issue during the period of 18,800,355.
The earnings per share for B shares is based on the profit after
tax of GBP43,000, and on the weighted average number of shares in
issue during the period of 3,448,044.
The table below shows the weighted average number of shares used
in the above calculation.
No. of Shares
Date of Issue Issued No. Of Weighted Average
------------------------- -------------------------
Ordinary B Days Ordinary B
01-Apr-13 18,811,011 3,448,044 183 18,811,011 3,448,044
23-Aug-13 (50,000) - 39 (10,656) -
18,761,011 3,448,044 183 18,800,355 3,448,044
------------ ----------- ------------ -----------
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank
of Scotland plc.
10. Share capital
Unaudited Audited Unaudited
30 September 31 March 30 September
2013 2013 2012
Authorised Shares
Ordinary shares
Number of shares 55,000,000 55,000,000 55,000,000
Par Value GBP'000 550 550 550
B Shares
Number of shares 5,000,000 5,000,000 5,000,000
Par Value GBP'000 50 50 50
Issued & Fully Paid
Ordinary shares
Number of shares 18,761,011 18,811,011 18,811,011
Par Value GBP'000 188 188 188
B Shares
Number of shares 3,448,044 3,448,044 3,448,044
Par Value GBP'000 34 34 34
On 23 August 2013 50,000 Ordinary shares were purchased by the
Company for cancellation.
11. Net asset value per share
The calculation of the Company's net asset value per share for
Ordinary shares is based on the Company's net assets attributable
to the Ordinary shares of GBP15,173,000 divided by the 18,761,011
Ordinary shares in issue.
The calculation of the Company's net asset value per share for B
shares is based on the Company's net assets attributable to the B
shares of GBP3,027,000 divided by the 3,448,044 B shares in
issue.
12. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30
September 2013
13. Relationship with Investment Manager
During the period, TPIM received GBP235,165 which has been
expensed, for providing management and administrative services to
the Company. At 30 September 2013 GBP117,956 was owing to TPIM.
14. Related party transactions
There are no related party transactions.
15. Post balance sheet events
There were no post balance sheet events, other than as described
in the Investment Manager's Review.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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