TIDMCR5
Core VCT V PLC
From: Core VCT V PLC
Date: 21 August 2014
Half-Yearly Financial Report for the six months ended
30 June 2014
Performance Summary
Ordinary Shares 30 June 2014 30 June 2013 31 December 2013
Net asset value per share 55.97 pence 45.65 pence 52.03 pence
Total return to date per
share(1) 73.97 pence 63.15 pence 69.53 pence
Share price (mid market) 25.50 pence 22.50 pence 23.00 pence
Ongoing charges ratio(2) 1.10% 0.98% 2.67%
(1.) Total return per share comprises closing net asset
value per share plus cumulative dividends per share
paid to date.
(2.) Ongoing charges ratio is calculated by taking the
operating costs of the Group (excluding trail commission,
third party transaction costs and costs associated
with corporate transactions) divided by the average
NAV for the period.
Chairman's Statement
Results
In the six months to 30 June 2014, the Net Asset Value
(NAV) Total Return per Ordinary Share was 73.97p,
comprising a NAV of 55.97p and cumulative dividends
paid of 18.00p per Ordinary Share. This represents
an increase from the Combined NAV Total Return to
31 December 2013 of 6.4%, (4.44p) per Ordinary Share.
This increase is attributable to the interim valuation
of our unquoted investments based upon the most recently
available financial information on trading.
Investments
Core Capital I LP ("CCILP")
CCILP is the vehicle for the major part of the portfolio
and allowed the Manager to attract additional capital
for expansion from outside investors in 2011.
During the period a further GBP0.2 million was drawn
down from the Institutional Investors in CCILP. The
recipient of these funds was Ark Home Healthcare Limited
to fund working capital requirements. As at 30 June
2014, GBP1.5 million remains to be called (net of
General Partner Fee).
During the period, the valuation of your Company's
interest increased by an amount equivalent to 2.40p
per Ordinary Share or 10%. I am pleased to report
that the operational efficiencies and management changes
implemented in the underlying portfolio companies
during 2013 have delivered an increase in the overall
Earnings Before Interest, Tax, Depreciation and Amortisation
("EBITDA") of the portfolio.
Investments directly held by Core VCT V plc
The valuation of the investments directly held by
the Company, being Allied International Holdings Limited
("Allied"), Camwatch Limited and Momentous Moving
Holdings Limited, increased by 1.76p per Ordinary
Share during the period.
The largest contributor to this increase was Allied.
It is encouraging that this "turnaround" investment
is beginning to generate positive results with sales
in both the EMEA and US divisions up year on year.
Early indications for 2015 bookings show a further
continued positive trend, as the benefits of all the
restructuring conducted during 2013 start to take
effect.
The Manager's Review provides a more detailed update
on all the investments held in the Company including
those held in CCILP.
Dividends
Future capital dividends will only be paid to shareholders
following the successful exit of investments within
the portfolio, when we plan to distribute all the
realised proceeds available, subject to working capital
and VCT requirements. There were no realisations made
during the period, and accordingly no interim dividend
is proposed.
Share Price and Share Buy Backs
We would remind shareholders that we view the NAV
Total Return, rather than the share price, as the
preferred measure of performance, as it encompasses
the value of the current portfolio and the amount
of cash distributed to shareholders over the life
of their investment. It is encouraging to report that
the NAV Total Return has increased by 6.4% over the
period. We believe that the underlying trading performance
of the portfolio will continue to improve as the strategic
business plans and operational efficiencies are implemented
over the next 12-18 months.
We are conscious that the mid price of the shares
continues to be at a significant discount to the NAV
(54.5% at 30 June 2014). Whilst the Company has the
ability to buy back its own shares, the Board's view
remains that any surplus cash should be returned to
all shareholders by way of a distribution. The Ordinary
Shares (CR5) are fully listed shares. Prices are available
on www.londonstockexchange.com.
Outlook
The increase in valuation has been mainly driven by
the growth in EBITDA of the underlying portfolio companies,
as we start to see the benefits of the operational
and management changes implemented during 2013. Several
companies are now generating maintainable EBITDA growth
which have had a positive impact on valuations, in
particular Abriand Limited, Kelway Limited and SPL
Services Limited.
Your Board and Manager remain focused on continuing
to drive operating improvements in the portfolio companies
whilst also exploring opportunities to achieve realisations
for our shareholders. We look forward to reporting
on the progress in delivering realisations in the
future.
Greg Aldridge
Chairman
21 August 2014
Statement of Principal Risks and Uncertainties
The Company's assets consist of unquoted investments,
cash and liquid resources. It principal risks are
therefore market risk, credit risk and liquidity risk.
Other risks faced by the Company include economic
risk, the loss of approval as a Venture Capital Trust,
failure to comply with other regulatory requirements,
and broader risks such as reputational, operational,
and financial risks. These risks and the way in which
they are managed, are described in more detail in
the Annual Report for the year ended 31 December 2013,
in note 15 to the accounts. The Company's principal
risks and uncertainties have not changed materially
since the date of that report and it is not envisaged
that there will be any changes to the risks and uncertainties
in the remaining six months of the financial year.
Statement of Directors' Responsibilities in Respect
of the Half Year Report
We confirm to the best of our knowledge:
the condensed set of financial statements have been
-- prepared in accordance with IAS 34 'Interim Financial
Reporting' and give a true and fair view of the assets,
liabilities, financial position and loss of the Company;
the interim management report includes a fair review
-- of the information required by the Disclosure and
Transparency Rules ('DTR') 4.2.7R, being an indication
of important events that have occurred during the
first six months of the financial year and their impact
on the financial statements;
the Statement of Principal Risks and Uncertainties
-- shown above is a fair review of the information required
by DTR 4.2.7R; and
the condensed set of financial statements includes
-- a fair review of the information required by DTR 4.2.8R,
being related party transactions that have taken place
in the first six months of the financial year and
that have materially affected the financial position
or performance of the Company during the period, and
any changes in the related party described in the
last Annual Report that could do so.
For and behalf of the Board:
Greg Aldridge
Chairman
21 August 2014
Unaudited Statement of Comprehensive Income
For the Six Months ended 30 June 2014
Revenue Capital Total
Return Return
Notes GBP GBP GBP
Income
Investment Income 3 95,722 - 95,722
Other Income 3 166 - 166
Gains on investments held at fair value 7 - 458,707 458,707
Total Income 95,888 458,707 554,595
Expenditure
Other expenses (65,467) - (65,467)
Total expenditure (65,467) - (65,467)
Profit before taxation 30,421 458,707 489,128
Taxation 4 - - -
Profit for period/total comprehensive
income 6 30,421 458,707 489,128
Return per ordinary share (pence): 6 0.28 4.16 4.44
Unaudited Statement of Comprehensive Income
For the Six Months ended 30 June 2013
Revenue Capital Total
Return Return
Notes GBP GBP GBP
Income
Investment Income 3 85,325 - 85,325
Other Income 3 917 - 917
Losses on investments held at fair
value - (461,332) (461,332)
Total Income 86,242 (461,332) (375,090)
Expenditure
Other expenses (50,465) - (50,465)
Total expenditure (50,465) - (50,465)
Profit/(loss) before taxation 35,777 (461,332) (425,555)
Taxation - - -
Profit/(loss) for period/total
comprehensive income/(loss) 6 35,777 (461,332) (425,555)
Return per ordinary share (pence): 6 0.32 (4.18) (3.86)
Audited Statement of Comprehensive Income
for the year ended 31 December 2013
Revenue Capital Total
Return Return
Notes GBP GBP GBP
Income
Investment Income 3 175,455 - 175,455
Other Income 3 1,083 - 1,083
Gains on investments held at fair value - 229,573 229,573
Total Income 176,538 229,573 406,111
Expenditure
Other expenses (127,884) - (127,884)
Total expenditure (127,884) - (127,884)
Profit before taxation 48,654 229,573 278,227
Taxation - - -
Profit for year/total comprehensive
income 6 48,654 229,573 278,227
Return per ordinary share (pence): 6 0.44 2.08 2.52
Balance Sheet
As at As at As at
30 June 2014 30 June 2013 31 December 2013
Notes (unaudited) (unaudited) (audited)
GBP GBP GBP
Non-current assets
Investments at fair value 7 5,726,891 4,577,279 5,268,184
Current assets
Other receivables 54,590 49,769 47,890
Cash 406,764 432,759 468,858
461,354 482,528 516,748
Current liabilities
Other payables (17,917) (27,264) (48,607)
Net current assets 443,437 455,264 468,141
Net assets 6,170,328 5,032,543 5,736,325
Capital and reserves
Called-up Ordinary share
capital 1,102 1,102 1,102
Capital reserve (2,626,925) (3,776,537) (3,085,632)
Special distributable
reserve 8,751,749 8,751,749 8,751,749
Revenue reserve 44,402 56,229 69,106
Shareholder's funds 8 6,170,328 5,032,543 5,736,325
Net asset value per 0.01p 8 55.97p 45.65p 52.03p
ordinary share
Statement of Changes in Equity
As at 30 June 2014
Called up
Ordinary Special
Share Capital Distributable Revenue
Capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
For the six months
ended 30 June
2014 (unaudited)
Net assets at 1
January 2014 1,102 (3,085,632) 8,751,749 69,106 5,736,325
Profit for the
period/total
comprehensive
income - 458,707 - 30,421 489,128
Dividends paid - - - (55,125) (55,125)
Net assets at 30
June 2014 1,102 (2,626,925) 8,751,749 44,402 6,170,328
Called up
Ordinary Special
Share Capital Distributable Revenue
Capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
For the six months
ended 30 June 2013
(unaudited)
Net assets at 1
January 2013 1,102 (3,315,205) 8,751,749 20,452 5,458,098
(Loss)/profit for
the period/total
comprehensive
loss - (461,332) - 35,777 (425,555)
Net assets at 30
June 2013 1,102 (3,776,537) 8,751,749 56,229 5,032,543
Called up
Ordinary Special
Share Capital Distributable Revenue
capital Reserve Reserve Reserve Total
GBP GBP GBP GBP GBP
For the year ended
31 December 2013
(audited)
Net assets at 1
January 2013 1,102 (3,315,205) 8,751,749 20,452 5,458,098
Profit for the
year/total
comprehensive
income - 229,573 - 48,654 278,227
Net assets at 31
December 2013 1,102 (3,085,632) 8,751,749 69,106 5,736,325
Cash Flow Statement
for the six months ended 30 June 2014
As at As at As at
31 Dec
30 Jun 2014 30 Jun 2013 2013
(unaudited) (unaudited) (audited)
GBP GBP GBP
Net cash (outflow)/inflow from operating activities (6,969) 6,504 42,603
Financing activities
Equity dividends paid (55,125) - -
Net cash outflow from financing activities (55,125) - -
Net (decrease)/increase in cash and cash equivalents (62,094) 6,504 42,603
Cash and cash equivalents at the beginning of the
period 468,858 426,255 426,255
Cash and cash equivalents at the end of the period 406,764 432,759 468,858
Reconciliation of profit/(loss) before taxation to
net cash (outflow)/inflow from operating activities
Profit/(loss) before taxation 489,128 (425,555) 278,227
(Gains)/losses on investments (458,707) 461,332 (229,573)
Increase in accrued income and prepayments (6,700) (5,387) (3,508))
Decrease in other payables (30,690) (23,886) (2,543)
Net cash (outflow)/inflow from operating activities (6,969) 6,504 42,603
Notes:
1. Accounting policies
1.1 Basis of Preparation
The unaudited interim results have been prepared in
accordance with IAS 34 Interim Financial Reporting
and the accounting policies set out in the audited
statutory accounts of the Group for the year ended
31 December 2013, except for the adoption of new standards
and interpretations effective as at 1 January 2014.
The Company applies for the first time, certain standards
and amendments. These include IFRS 10 Consolidated
Financial Statements and as required by IAS 34, the
nature and effect of these changes are disclosed below.
Several other new standards and amendments apply for
the first time in 2014. However, they do not impact
the annual consolidated financial statements of the
Company or the interim consolidated financial statements
of the Company.
Investment Entities (IFRS 10, IFRS 12 and IAS 27)
These amendments provide an exception to the consolidation
requirement for entities that meet the definition
of an investment entity under IFRS 10 Consolidated
Financial Statements. The exception to consolidate
requires investment entities to account for subsidiaries
at fair value through the profit and loss account.
Core V (BVI) Limited which was previously consolidated
and remains a subsidiary of the Company, is now accounted
for as an investment at fair value through the profit
and loss account. The accounts for the year ended
31 December 2013 and interim accounts for the six
months to 30 June 2013 have been restated to deconsolidate
Core V (BVI) Limited. Based on these changes the Company
will no longer need to produce consolidated accounts.
The impact of the implementation of IFR 10 is explained
in Note 13.
Assessment of an investment entity
Entities that meet the definition of an investment
entity within IFRS 10 are permitted to measure their
subsidiaries at fair value through profit and loss
account rather than consolidate them. The criteria
which define an investment entity are as follows:
-- An entity that obtains funds from one or more
investors for the purpose of providing those
investors with investment services
-- An entity that commits to its investors that its
business purpose is to invest funds solely for
returns from capital appreciation, investment income
or both
-- An entity that measures and evaluates the performance
of substantially all of its investments on a fair
value basis
The Board has agreed with the recommendation of the
Audit Committee that the Company meets the definition
of an investment entity as is satisfies each of the
criteria above and that this accounting treatment
better reflects the Company's activities as a Venture
Capital Trust.
The functional currency of the Company is UK pounds
sterling as this is the currency of primary economic
environment in which the Company operates. Accordingly,
the financial statements are prepared in UK pounds
sterling.
The interim financial statements do not include all
the information required for full annual accounts
and should be read in conjunction with the consolidated
Accounts of the Group for the year ended 31 December
2013, which were prepared under full IFRS requirements.
1.2 Going concern
These statements have been prepared on a going concern
basis and nothing has happened that would change the
Directors' going concern assessment from the last
audited financial statements of 31 December 2013.
In arriving at this conclusion the Directors have
considered the liquidity of the Company and its ability
to meet obligations as they fall due for a period
of twelve months from the date these financial statements
were approved. As at 30 June 2014, the Company held
cash balances of GBP0.4 million. Cashflow projections
have been reviewed and show that the Company has sufficient
funds to meet its contracted expenditure.
1.3 Use of estimates
The preparation of financial statements requires the
Company to make estimates and assumptions that affect
the items reported in the balance sheet and statement
of comprehensive income and the disclosure of financial
assets and liabilities at the date of the financial
statements. Although these estimates are based on
management's best knowledge of current facts, circumstances
and, to some extent, future events and actions, the
Company's actual results may ultimately differ from
those estimates, possibly significantly.
2. Earnings for the six months should not be taken as
a guide to the results of the financial year to 31
December 2014.
3. Income
Six months ended Six months ended Year ended
30 Jun 2014 30 Jun 2013 31 Dec 2013
(unaudited) (unaudited) (audited)
GBP GBP GBP
Investment Income 95,722 85,325 175,455
Other Income
Deposit interest 166 917 1,083
95,888 86,242 176,538
4. Taxation
There will be no tax charge due by the Company since
total expenses (including brought forward unutilised
management expenses) are expected to be more than
income.
5. Dividends
Amounts paid in the first six months
Six months Six months Year
ended ended ended
31 Dec
30 Jun 2014 30 Jun 2013 2013
(unaudited) (unaudited) (audited)
GBP GBP GBP
Ordinary Shares
Final revenue dividend of 0.5p per share
For the year ended 31 December 2013. 55,125 - -
6. Return per ordinary share
As at As at As at
31 Dec
30 Jun 2014 30 Jun 2013 2013
(unaudited) (unaudited) (audited)
GBP GBP GBP
(i) Basic return from ordinary activities after taxation 489,128 (425,555) 278,227
Basic return per share 4.44p (3.86)p 2.52p
Net revenue return from ordinary activities after
(ii) taxation 30,421 35,777 48,654
Revenue return per share 0.28p 0.32p 0.44p
Net capital return from ordinary activities after
(iii) taxation 458,707 (461,332) 229,573
Capital return per share 4.16p (4.18)p 2.08p
Weighted average number of ordinary shares in issue
(iv) in the period 11,024,969 11,024,969 11,024,969
7. Investments
Financial assets measured at fair value Unlisted
(level 3) Total
GBP GBP
Equity instruments 1,000,280 1,000,280
Debt instruments 1,826,105 1,826,105
LP interest 2,900,506 2,900,506
Total 5,726,891 5,726,891
Valuation at 31 December 2013 5,268,184 5,268,184
Investment holding gains 458,707 458,707
Valuation at 30 June 2014 5,726,891 5,726,891
Book Cost 30 June 2014 6,265,488 6,265,488
Investment holding losses at 30 June 2014 (538,597) (538,597)
Valuation at 30 June 2014 5,726,891 5,726,891
The Company only holds unquoted investments (level
3)
8. Net asset value
As at As at As at
30 Jun 2014 30 Jun 2013 31 Dec 2013
(unaudited) (unaudited) (audited)
GBP GBP GBP
Net assets 6,170,328 5,032,543 5,736,325
Number of shares in issue 11,024,969 11,024,969 11,024,969
Net asset value per share 55.97p 45.65p 52.03p
9. Related Party Transaction
Details of the carried interest arrangements between
the Company and the Manager are set out in the Annual
Report for the year ended 31 December 2013. Following
the launch of Core Capital I LP, the general partner
of the LP, will receive GBP750,000 per annum until
the fourth anniversary, payable out of the assets
of Core Capital I LP. The final GBP750,000 was paid
on 31 July 2014.
10. The financial information for the six months ended
30 June 2014 and 30 June 2013 has neither been audited
nor reviewed.
11. These are not statutory accounts in terms of Section
434 of the Companies Act 2006. Statutory accounts
for the year to 31 December 2013, which received an
unqualified audit report and did not contain a statement
under sections 498(2) or (3) of the Companies Act
2006, have been lodged with the Registrar of Companies.
No statutory accounts in respect of any period after
31 December 2013 have been reported on by the Company's
auditors or delivered to the Registrar of Companies.
12. Copies of this statement are being sent to all shareholders.
Further copies are available free of charge from the
Company's registered office, 9 South Street, London,
W1K 2XA.
13. Restatement of Prior Periods
In prior years the Company had to present consolidated
accounts to shareholders.
Core V (BVI) Limited is an Investment Entity and no
longer needs to be consolidated in accordance with
IFRS 10 Consolidated Financial Statements. The balances
previously reported by the Company and not the Group
are now appropriate.
There is no change to the figures previously reported
as the fair value of Core Capital I LP had been valued
through the profit and loss account.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Core VCT V plc via Globenewswire
HUG#1850398
http://www.core-cap.com/
Core Vct V (LSE:CR5)
過去 株価チャート
から 5 2024 まで 6 2024
Core Vct V (LSE:CR5)
過去 株価チャート
から 6 2023 まで 6 2024
