Half-yearly report
2008年2月29日 - 12:09AM
RNSを含む英国規制内ニュース (英語)
Half-yearly report
Downing Protected VCT I plc
Half-Yearly Financial Report
for the six months ended 31 December 2007
SHAREHOLDER INFORMATION
Recent Performance Summary
31 Dec 30 June 31 Dec
2007 2007 2006
pence pence pence
Net asset value per share 110.20 111.70 108.20
Cumulative distributions per share (paid) 48.15 44.65 43.15
Total return per share 158.35 156.35 151.35
Distribution History (since launch)
Gross Gross
Year end (including Pence per Year end (including Pence per
interim dividends) share interim dividends) share
1998 6.25 2003 2.50
1999 4.60 2004 2.50
2000 3.00 2005 8.00
2001 3.10 2006 10.00
2002 3.20 2007 5.00
Cumulative dividends to date 48.15
Dividend due (Payable 25 April 2008) 1.50
CHAIRMAN'S STATEMENT
I have pleasure in presenting the Half Yearly Financial Report for
Downing Protected VCT I plc for the six months ended 31 December
2007.
Net Asset Value
At 31 December 2007, the Company's Net Asset Value per share ("NAV")
stood at 110.2p, an increase of 2.0p per share or 1.8% compared to 30
June 2007 (after adjusting for the 3.5p dividend paid in December
2007). The Total Return to original shareholders at 31 December 2007
(net asset value plus cumulative dividends paid to date) now stands
at 158.35p per share. It is pleasing to note that the Company remains
in the top ten of all VCTs in terms of Total Return.
Venture Capital Investments
The Company made one new investment, one minor follow-on investment
and exited from one investment during the period.
In July 2007, a small additional investment of �25,000 was made in
Congress House Limited to provide funding for the opening and
anticipated start-up losses of the care home it has developed.
In August 2007, an investment of �1 million was made in Kings Gap
Group Limited. The company acquired the Kings Gap Court Hotel at
Hoylake. The management team is working on improving the trading at
the hotel while considering development opportunities that might be
available on the site.
Also in August 2007, Cadbury House Hotel and Country Club Limited
redeemed loan stock of �1 million that the VCT had originally
invested in 2006. For the relatively short period that it was held,
the investment provided a yield above that which would have been
obtained by holding the funds as cash and the return of funds was
well-timed in that it allowed the Company to participate in the Kings
Gap investment described above.
The Board has reviewed the portfolio in light of the recent decline
in the commercial property market and has concluded that this has not
had a material impact on the value of the Company's specialised
property assets. As part of the regular review process, the Company
will be obtaining updated valuations from its independent property
valuers before the Company's year end.
Of the investments held throughout the period, all performed
reasonably close to expectation. In reviewing the valuations at the
period end the Board agreed to that no adjustments to the previous
carrying values were necessary.
Results and Dividend
The return on ordinary activities after taxation for the period was
�152,000 (2006: �158,000) comprising a revenue return of �177,000
(2006: �133,000) and a capital loss of �25,000 (2006: capital profit
�25,000).
The Company will pay an interim dividend of 1.5p per share on 25
April 2008 to Shareholders on the register at 28 March 2008.
Following the payment of this dividend, original Shareholders will
have received tax-free dividends totalling 49.65p per share since the
Company's launch.
Repurchase of shares
The Board continues to monitor the market in the Company's shares and
takes a pro-active role in ensuring that there is liquidity for
shareholders wishing to dispose of their holdings by operating a
policy of purchasing the Company's shares for cancellation when
appropriate.
During the period, the Company purchased 113,000 of its own shares at
an average price of 100p per share, being approximately a 10%
discount to the most recently published NAV.
Risk and uncertainties
Under the Disclosure and Transparency Directive, the Board is now
required in the Company's half year results, to report on principal
risks and uncertainties facing the Company over the remainder of the
financial year.
The Board has concluded that the key risks facing the Company over
the remainder of the financial period are as follows:
(i) investment risk associated with investing in small and
immature businesses; and
(ii) failure to maintain approval as a VCT.
In order to make VCT qualifying investments, the Company has to
invest in small businesses which are often immature. The Investment
Manager follows a rigorous process in vetting and careful structuring
of new investments and, after an investment is made, close monitoring
of the business. The Board is satisfied with this approach.
The Company's compliance with the VCT regulations is continually
monitored by the Administration Manager, who reports regularly to the
Board on the current position. The Company also retains
PricewaterhouseCoopers to provide regular reviews and advice in this
area. The Board considers that this approach reduces the risk of a
breach of the VCT regulations to a minimal level
Circular re. Management Incentive Fees
The existing management incentive fee arrangements include a cap on
the total fees that can be paid. This cap was put in place to
simplify the process of adopting the current arrangements and is now
close to being used up. The Company will shortly be issuing a
circular outlining proposals for the cap to be removed. Other than
the removal of the cap, the Board is not proposing to alter the basic
calculation of the fees, however the opportunity is being taken to
increase the allocation of the fees in favour of the Investment
Management team. Full details will be included in the circular and
the proposals put to Shareholders at an Extraordinary General Meeting
planned for 14 May 2008.
Outlook
Although it has been a relatively inactive period in terms of
portfolio changes, it is pleasing that, as they mature, most of the
Company's investments are producing a reasonable level of investment
income such that the Company is able to sustain a good level of
dividends for Shareholders.
If there is a sharp change in the economic climate, as feared by some
commentators, profitable investment exits may become difficult to
achieve. However, with investments in asset-backed businesses which
produce ongoing yields, the Board believes that the Company is
reasonably well-equipped to adapt to more challenging conditions.
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 December 2007
31 Dec 31 Dec 30 Jun
2007 2006 2007
�'000 �'000 �'000
Fixed assets
Investments 8,883 7,852 8,858
Net current assets 277 1,391 557
Net assets 9,160 9,243 9,415
Capital and reserves
Called up share capital 4,156 4,272 4,213
Capital redemption reserve 750 634 693
Special reserve 2,738 2,581 2,875
Capital reserve - realised 406 432 406
Capital reserve - unrealised 870 1,157 870
Revenue reserve 240 167 358
Total equity shareholders' funds 9,160 9,243 9,415
Net asset value per share 110.2p 108.2p 111.7p
Total Return 158.35p 151.35p 156.35p
(Net asset value per share plus cumulative paid dividends)
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
31 Dec 31 Dec 30 Jun
2007 2006 2007
�'000 �'000 �'000
Opening shareholders' funds 9,415 9,314 9,314
Repurchase of own shares (112) (57) (171)
Total recognised gains for 152 158 572
the period
Distributions paid (295) (172) (300)
Closing shareholders' funds 9,160 9,243 9,415
INCOME STATEMENT
for the six months ended 31 December 2007
Six months ended
31 December 2007
Revenue Capital Total
�'000 �'000 �'000
Income 343 - 343
Gains on investments
Realised - - -
Unrealised - - -
343 - 343
Investment management fees (12) (35) (47)
Management incentive fees - - -
Other expenses (79) - (79)
Return on ordinary activities 252 (35) 217
before taxation
Taxation (75) 10 (65)
Return attributable to equity 177 (25) 152
shareholders
Return per share 2.1p (0.3p) 1.8p
Six months ended Year ended
31 December 2006 30 June 2007
Revenue Capital Total Total
�'000 �'000 �'000 �'000
Income 257 - 257 596
Gains on investments
Realised - 50 50 57
Unrealised - - - 270
257 50 307 923
Investment management fees (11) (36) (47) (93)
Management incentive fees - - - (57)
Other expenses (67) - (67) (135)
Return on ordinary activities 179 14 193 638
before taxation
Taxation (46) 11 (35) (66)
Return attributable to equity 133 25 158 572
shareholders
Return per share 1.5p 0.3p 1.8p 6.7p
A Statement of Total Recognised Gains and Losses has not been
prepared as all gains/losses are recognised in the Income Statement
as noted above.
UNAUDITED CASH FLOW STATEMENT
for the six months ended 31 December 2007
Six Six Year
months months ended
ended ended 30 June
31 Dec 31 Dec 2007
2007 2006
Note �'000 �'000 �'000
Cash inflow from operating
activities 1
and returns on investments 75 51 313
Taxation
Corporation tax received - 15 29
Capital expenditure
Purchase of investments (1,025) (2,247) (3,247)
Sale of investments 1,000 2,498 2,800
Net cash (outflow)/inflow from (25) 251 (447)
capital
expenditure
Equity dividends paid (295) (172) (300)
Net cash (outflow)/inflow before (245) 145 (405)
financing
Financing
Repurchase of shares (160) (57) (123)
Net cash outflow from financing (160) (57) (123)
(Decrease)/increase in cash 2 (405) 88 (528)
Notes to the cashflow statement:
1 Cash inflow from operating
activities
and returns on investments
Net revenue return before taxation 252 179 424
Expenses charged to capital (35) (36) (113)
(Increase)/decrease in other debtors (93) 15 67
Decrease in other creditors (49) (107) (65)
Net cash inflow from operating 75 51 313
activities
2 Analysis of net funds
Beginning of period 691 1,219 1,219
Net cash (outflow)/inflow (405) 88 (528)
End of period 286 1,307 691
SUMMARY OF INVESTMENT PORTFOLIO
as at 31 December 2007
Cost Valuation % of portfolio
�'000 �'000 by value
Venture capital investments
Downing (Meadows) Limited 580 1,005 11.0%
Bowman Care Homes Limited 1,000 1,000 10.9%
Gatewales Limited 1,000 1,000 10.9%
Kings Gap Group Limited 1,000 1,000 10.9%
Heyford Homes VCT Limited 1,000 1,000 10.9%
Downing (Pirbright Road) Limited 700 900 9.8%
Kimbolton Lodge Limited 605 900 9.8%
Downing (Office Villages) Contractor 850 850 9.2%
Limited
Honeycombe Pubs VCT Limited 475 475 5.2%
Congress House Limited 375 375 4.1%
Heyford Homes (Thornton Hall) Limited 372 372 4.1%
Sanguine Hospitality Limited 6 6 0.1%
Dovestone (The Gables) Limited 50 - -
8,013 8,883 96.9%
Cash at bank and in hand 286 3.1%
Total investments 9,169 100.0%
SUMMARY OF INVESTMENT MOVEMENTS
for the six months ended 31 December 2007
Additions
�'000
Kings Gap Group Limited 1,000
Congress House Limited 25
1,025
Disposals
Market
value at Total
1 July Disposal Gain/(loss) realised
Cost 2007 Proceeds against cost gain/(loss )
�'000 �'000 �'000 �'000 �'000
Cadbury House Hotel
and Country Club
Limited 1,000 1,000 1,000 - -
1,000 1,000 1,000 - -
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. The unaudited half yearly financial results cover the six months
to 31 December 2007 and have been prepared in accordance with the
accounting policies set out in the statutory accounts for the year
ended 30 June 2007 which were prepared under UK Generally Accepted
Accounting Practice ("UK GAAP") and in accordance with the Statement
of Recommended Practice "Financial Statements of Investment Trust
Companies" revised December 2005 ("SORP").
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 were in respect of the six months ended 31
December 2006 and the year ended 30 June 2007 respectively.
5. Return per share for the period has been calculated on 8,393,499
shares, being the weighted average number of shares in issue during
the period.
6. Dividends
31 Dec 2007 30 Jun 2007
Revenue Capital Total Total
�'000 �'000 �'000 �'000
Paid in period/year
2007 Final 295 - 295 -
2007 Interim - - - 128
2006 Final - - - 172
295 - 295 300
7. Reserves
Capital Capital Capital Revenue
Special redemption reserve reserve Reserve
reserve reserve unrealised realised
�'000 �'000 �'000 �'000 �'000
At 1 July 2007 2,875 693 870 406 358
Shares repurchased (112) 57 - - -
Expenses capitalised - - - (35) -
Tax on capital - - - 10 -
expenses
Realised gains - - - - -
Transfer between (25) - - 25 -
reserves
Retained net revenue - - - - 177
for
the period
Distributions paid in - - - - (295)
period
At 31 December 2007 2,738 750 870 406 240
The Special Reserve, Capital Reserve - realised and
Revenue Reserve are all distributable reserves.
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 30 June 2007 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. The Directors confirm that, to the best of their knowledge, the
half-yearly financial statements have been prepared in accordance
with the "Statement: Half-Yearly Financial Reports" issued by the UK
Accounting Standards Board and the half-yearly financial report
includes a fair review of the information required by:
a. DTR 4.2.7R of the Disclosure and Transparency Rules, being
an indication of important events that have occurred during the first
six months of the financial year and their impact on the condensed
set of financial statements, and a description of the principal risks
and uncertainties for the remaining six months of the year; and
b. DTR 4.2.8R of the Disclosure and Transparency Rules, being
related party transactions that have taken place in the first six
months of the current financial year and that have materially
affected the financial position or performance of the entity during
that period, and any changes in the related party transactions
described in the last annual report that could do so.
10. Copies of the unaudited half yearly financial
reports will be sent to shareholders shortly. Further copies can be
obtained from the Company's Registered Office.
Copies will also be available to the public at the registered office
of the Company at Kings Scholars House, 230 Vauxhall Bridge Road,
London SW1V 1AU and available for download from www.downing.co.uk.
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