Interim Results
2006年9月29日 - 7:50PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number:6977J
Downing Protected VCT II PLC
29 September 2006
Downing Protected VCT II plc
Interim Statement for the six months ended 31 July 2006
Performance summary
31 July 2006 31 Jan 2006
pence pence
Net asset value per Ordinary share 95.3 95.7
Cumulative distributions per Ordinary 1.0 -
share
Total return per Ordinary share 96.3 95.7
CHAIRMAN'S STATEMENT
The six month period to 31 July 2006 has seen your Company make good progress
towards achieving the target of having 70% of its funds invested in VCT
qualifying businesses.
Venture capital investments
During the period to 31 July 2006, the Company made a further four investments
totalling #1.85 million. Three of these investments were follow-on investments
in existing portfolio companies and one was a new investment of #650,000. At
the interim date, 54.9% of the Company's funds were invested in VCT Qualifying
businesses.
The #650,000 was invested in Honeycombe Pubs VCT plc, a joint venture with AIM
list pub operator Honeycombe Leisure plc. The company has acquired the freehold
to a pub in Burnley, called BB11, and plans to make another pub acquisition in
the near future. 90% of the VCT's investment is in loan stock, which is secured
by a charge over the pub.
The VCT also made a further #500,000 investment in Ebury Contracting Limited.
The investment provided the additional working capital needed by the Company
following the commencement of several refurbishment contracts with Paradigm
Housing association.
A further investment of #200,000 was made into Tomahawk Pubs VCT plc, to allow
the Company to pay the deferred element of the purchase price of The Lord
Palmerston pub which the company originally acquired in August 2005. The VCT's
additional investment was made as further loan stock which is secured by a
charge over the pub and another pub owned by our joint venture partner, Tomahawk
Pubs plc.
The final investment in the period has been a further investment of #500,000
into Ebury Contracting (South East) Limited. The investment provides working
capital for a new contract, which the company has recently commenced to demolish
a building and develop 22 residential flats in Chalfont St. Peter.
The Company now has a portfolio comprising of investments in 8 companies, which
all provide a satisfactorily low downside risk while providing a yield to the
VCT. All of the companies are performing to plan and have been held at a
valuation equal to the original cost at the end of the period
Fixed income securities portfolio
It was stated in the Company's prospectus, that the Company would invest
approximately 25% of its funds in fixed income securities. During the period,
the Company acquired a portfolio of six bonds at a total cost of #2.9 million.
Net Asset Value and Results
At 31 July 2006, the Net Asset Value per Ordinary Share ("NAV") stood at 95.3p,
an increase of 0.6p since the previous year end of 31 January 2006 (after
adjusting for the 1p dividend paid during the period).
The revenue return after taxation for the period amounted to #85,000,
representing 0.8p per share.
Share repurchase
The Company does operate a policy, subject to certain restrictions, of buying
shares that become available in the market. During the period. the Company
purchased 23,244 shares for cancellation at a price of 90p per share.
Outlook
To date the Company is progressing to plan with the initial phase of building
the investment portfolio now nearly complete. The Investment Manager is
currently working on two further potential investments, which, if they complete,
will put the Company in the position of having achieved the key VCT
qualification targets.
Following the Company's solid start, close monitoring of the investment
portfolio is now a key part of the Investment Manager's role. Any difficulties
within investee companies need to be identified as early as possible if the VCT
is to be able to achieve timely exits and, ultimately, deliver its targeted
returns to Shareholders.
Hugh Gillespie
Chairman
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 July 2006
31 Jul 2006 31 Jan 2006
#'000 #'000
Investments
Venture capital investments 5,591 3,742
Fixed Interest Investments 2,930 -
Net current assets 1,165 6,010
Creditors: amounts falling due after more than one year (20) (20)
Net assets 9,666 9,732
Equity attributable to Equity Holders
Called up share capital 101 102
Capital redemption reserve 1 -
Share premium 9,506 9,506
Revenue reserve 86 124
Capital reserve - unrealised (28) -
Total equity 9,666 9,732
Net asset value per Ordinary share 95.3p 95.7p
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
31 Jul 2006 31 Jan 2006
#'000 #'000
Opening shareholders' funds 9,732 -
Issue of shares - 10,167
Shares issue costs - (559)
Repurchase of own shares (21) -
Total recognised gains for the period 57 124
Distributions paid in period (102) -
Closing shareholders' funds 9,666 9,732
INCOME STATEMENT
for the six months ended 31 July 2006
Six months ended Year ended
31 July 2006 31 Jan 2006
Revenue Capital Total Total
#'000 #'000 #'000 #'000
Income 232 - 232 362
Loss on investments - Unrealised - (28) (28) -
232 (28) 204 362
Investment management fees (48) - (48) (80)
Other expenses (67) - (67) (115)
Return on ordinary activities before taxation 117 (28) 89 167
Taxation (32) - (32) (43)
Return attributable to equity shareholders 85 (28) 57 124
Return per Ordinary share 0.8p (0.3)p 0.5p 1.3p
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 31 July 2006
Six months ended Year ended
31 July 2006 31 Jan 2006
Revenue Capital Total Total
#'000 #'000 #'000 #'000
Return attributable to equity shareholders 85 (28) 57 124
Total recognised gains for the period 85 (28) 57 124
UNAUDITED CASH FLOW STATEMENT
for the six months ended 31 July 2006
31 Jul 2006 31 Jan 2006
Note #'000 #'000
Cash (outflow)/inflow from operating activities and (2) 178
returns on investments
1
Capital expenditure
Purchase of investments (4,807) (3,742)
Net cash outflow from capital expenditure (4,807) (3,742)
Equity dividends paid (102) -
Net cash outflow before financing (4,911) (3,564)
Financing
Issue of shares - 10,217
Redemption of preference shares - (50)
Share issue costs - (559)
Issue of loan notes - 20
Purchase of own shares (21) -
Net cash inflow/(outflow) from financing (21) 9,628
(4,932) 6,064
(Decrease)/increase in cash 2
Notes to the cash flow statement:
1 Cash inflow from operating activities and returns on
investments
Net revenue before taxation 117 167
Increase in other debtors (111) (68)
Increase/(decrease) in other creditors (8) 79
Net cash inflow from operating activities (2) 178
2 Analysis of net funds
Beginning of period 6,064 -
Net cash (outflow)/inflow (4,932) 6,064
End of period 1,132 6,064
SUMMARY OF INVESTMENT PORTFOLIO
as at 31 July 2006
Cost Valuation % of Movement
portfolio in the
period
#'000 #'000 by value #'000
Tomahawk Pubs VCT Limited 1,200 1,200 12.4% -
Ebury Contracting Limited 1,000 1,000 10.4% -
Ebury Contracting (South East) Limited 1,000 1,000 10.4% -
Nu Nu plc 1,000 1,000 10.4% -
Honeycombe Pubs VCT Ltd 650 650 6.7% -
Chapel Contractors Limited 460 460 4.8% -
Heyford Homes (Weldon) Limited 281 281 2.9% -
5,591 5,591 58.0% -
Listed fixed income securities 2,958 2,930 30.3% (28)
8,549 8,521 88.3% (28)
Other assets/liabilities (including cash) 1,145 11.7%
Total Investments 9,666 100.0%
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. Accounting policies
Basis of accounting
The Company has prepared its financial statements under UK Generally Accepted
Accounting Practice ("UK GAAP"). Where presentation guidance set out in the
Statement of Recommended Practice "Financial Statements of Investment Trust
Companies" revised December 2005 ("SORP") is inconsistent with the requirements
of UK GAAP, the Directors have sought to prepare the financial statements on a
basis compliant with the recommendations of the SORP.
The financial statements are prepared under the historical cost convention
except for the revaluation of certain financial instruments.
Presentation of Income Statement
In order to better reflect the activities of an investment trust company and in
accordance with guidance issued by the AITC, supplementary information which
analyses the income statement between items of a revenue and capital nature has
been presented alongside the income statement. The net revenue is the measure
the directors believe appropriate in assessing the Company's compliance with
certain requirements set out in Section 842 Income and Corporation Taxes Act
1988.
Investments
All investments are designated as "fair value through profit or loss" assets and
are initially measured at cost. Thereafter the investments are measured at
subsequent reporting dates at fair value.
Listed fixed income investments are measured using bid prices.
In respect of unquoted instruments, fair value is established by using
International Private Equity and Venture Capital Valuation Guidelines. Where no
reliable fair value can be estimated for such unquoted equity investments they
are carried at cost, subject to any provision for impairment. Where an investee
company has gone into receivership or liquidation the investment, although not
physically disposed of, is treated as being realised.
Gains and losses arising from changes in fair value are included in the income
statement for the year as a capital item and transaction costs on acquisition or
disposal of the investment expensed.
It is not the Company's policy to exercise either significant or controlling
influence over investee companies. Therefore the results of these companies are
not incorporated into the revenue account except to the extent of any income
accrued.
Income
Dividend income from investments is recognised when the shareholders' rights to
receive payment has been established, normally the ex dividend date.
Interest income is accrued on a timely basis, by reference to the principal
outstanding and at the effective interest rate applicable, which is the rate
that exactly discounts estimated future cash receipts through the expected life
of the financial asset to that asset's net carrying amount, and only where there
is reasonable certainty of collection.
Expenses
All expenses are accounted for on an accruals basis. In respect of the analysis
between revenue and capital items presented within the income statement, all
expenses have been presented as revenue items except expenses which are
incidental to the disposal of an investment are deducted from the disposal
proceeds of the investment.
Deferred taxation
Deferred taxation is provided in full on timing differences that result in an
obligation at the balance sheet date to pay more tax, or a right to pay less
tax, at a future date, at rates expected to apply when they crystallise based on
current tax rates and law. Timing differences arise from the inclusion of items
of income and expenditure in taxation computations in periods different from
those in which they are included in financial statements.
2. All revenue and capital items in the Income Statement derive from
continuing operations.
3. The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
4. The comparative figures are in respect of the year ended 31 January 2006
respectively.
5. Return per share for the period has been calculated on 10,164,498 shares,
being the weighted average number of shares in issue during the period.
6. Dividends
31 July 2006 31 Jan 2006
Revenue Capital Total Total
#'000 #'000 #'000 #'000
Paid in year
2005 Final 102 - 102 -
102 - 102 -
Proposed
2005 Final - - - 102
- - - 102
7. Reserves
Share Capital Capital Revenue
premium redemption reserve
reserve reserve
reserve - unrealised
#'000 #'000 #'000 #'000
At 31 January 2006 9,506 - - 124
Unrealised gains - - (28) -
Retained net revenue for the year - - - 85
Repurchase of shares - 1 - (21)
Dividends paid in year - - - (102)
At 31 July 2006 9,506 1 (28) 86
The Revenue Reserve is distributable reserve.
8. 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 31 January 2006 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.
9. 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
END
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