Final Results
2008年9月18日 - 3:00PM
ＲＮＳを含む英国規制内ニュース （英語）
RNS Number : 6860D
London Asia Chinese Private Equity
18 September 2008
LONDON ASIA CHINESE PRIVATE EQUITY FUND LIMITED
RESULTS FOR THE YEAR ENDED 31 MARCH 2008
HIGHLIGHTS
* Net assets at 31 March 2008 �71.7 million (2007: �66.5 million), up 7.7% in the year;
* Net assets equal to 143.32 pence (2007: 133.05 pence) per share;
* Profit for the year �5.1 million, equal to 10.28 pence per share;
* Profits of �1.7 million realised in the year from the sale of investments;
* Other income of �1.1 million;
* Investments up 63% on cost;
* Appointment of Richard Battey as an additional non-executive Director and Diana Chen as Chief Operating
Officer; and
* Proposed change of name of the Company to China Growth Opportunities Limited.
For further information please visit www.lacpefund.com or contact:
Simon Littlewood John West / Andrew Dunn Hugh Field
London Asia Chinese Private Tavistock Communications Collins Stewart
Equity Fund Limited Tel: +44 20 7920 3150 Europe Limited
Tel: +44 78 0285 7287 Tel: +44 20 7523
8000
CHAIRMAN'S STATEMENT
I am pleased to present the results of London Asia Chinese Private Equity
Fund Limited (the "Company") and its subsidiary (together the "Group") for
the year ended 31 March 2008.
The Group has maintained its objective over the year of providing
shareholders with capital growth from investing in a portfolio of companies
whose business operations are based in China.
Results
Despite a very difficult business environment, your Group made solid progress
during the year. The Group achieved a net profit for the year ended 31 March
2008 of �5.1 million, representing earnings per Ordinary Share of 10.28
pence. The net asset value at 31 March 2008 was �71.7 million (2007: �66.5
million), equal to 143.32 pence per Ordinary Share, an increase both over the
30 September 2007 net asset value of 136.71 pence and the 31 March 2007 net
asset value of 133.05 pence.
During the year the Group realised its entire holding in two investments and
part of a third for �3.3 million at a very satisfactory profit of �1.7 millio
R Leighton
17 September 2008
INVESTMENT CONSULTANT'S REPORT
Overview
This is the Group's second set of audited accounts since it was launched in
March 2006. Since we reported last year, the Chinese stock market has fallen
over 50%, partly a reflection of the over exuberance and massive liquidity
seen in the earlier part of 2007, and partly a reflection of the impact on
asset values of the credit crunch and slow down of the global economy. I am
pleased to report that despite this very difficult background, the Group's
investment portfolio (excluding investment transactions completed during the
year) showed an 11% increase in value for the year to 31 March 2008, with the
portfolio valued at the year end at 63% over original cost.
We have not made any investments since June 2007. We have focused our efforts
on realising our investments and raising additional funds for our portfolio
companies to enable them to continue their development, with five of the
thirteen investments having raised significant funding post our investment in
them.
Investment Environment
The
INVESTMENT PORTFOLIO
as at 31 March 2008
Listing Fair value range
Company Activity/Sector
�m
Asia Clean Energy Pte Limited Clean energy Not quoted 3-5
Asia Water Technology Limited Water Catalist Singapore 5-7
Asia Wind Group Limited Clean energy Not quoted 3-5
China Biofoods Limited Agriculture PLUS 3-5
China CDM Exchange Centre Carbon credit PLUS 7-10
Limited brokerage
China Metal Packaging Group Consumer Not quoted 7-10
Company Limited (formerly
Canmake Business Limited)
China New Energy Limited Clean technology PLUS 10-15
China Real Estate Services Property services Not quoted 3-5
Limited
China Solar Energy Company Clean technology Not quoted 2-3
Limited
Dalian Business Institute Education PLUS 3-5
Limited
Hainan Zhengye Zhongnong High Agriculture Not quoted 2-3
Tech. Co. Limited
United Envirotech Limited Water Mainboard Singapore 3-5
Wan Wei Oil & Gas Technology Energy Not quoted 7-10
Group
The financial information set out in this announcement does not constitute the Group's statutory
financial statements for the year ended 31 March 2008.
CONSOLIDATED INCOME STATEMENT
for the year ended 31 March 2008
1 April 2007 to 23 February 2006 to
31 March 2008 31 March 2007
�'000 �'000
Income
Net unrealised change in fair value of 5,521 22,428
investments
Realised gain from sale of investments 1,701 -
Other income 1,098 1,518
------------ ------------
Total income 8,320 23,946
Expenses
Investment Consultant's fee (1,376) (1,009)
Performance fee (1,285) (3,345)
Introductory fees (86) (832)
Administration fees (150) (131)
Directors' fees (51) (93)
Audit fees (87) (29)
Custodian fees (19) (18)
Other expenses (127) (115)
------------ ------------
Total expenses (3,181) (5,572)
------------ ------------
Profit for the year/period 5,139 18,374
------------ ------------
Earnings per share - basic and 10.28p 36.75p
fully-diluted
CONSOLIDATED BALANCE SHEET
as at 31 March 2008
31 March 2008 31 March 2007
�'000 �'000
Non-current assets
Investments at fair value through profit or loss 72,319 65,905
---------- ----------
Current assets
Loan receivable - 335
Other receivables 513 54
Cash and cash equivalents 3,402 12,321
---------- ----------
3,915 12,710
---------- ----------
Total assets 76,234 78,615
---------- ----------
Current liabilities
Payables and accruals (4,572) (12,092)
---------- ----------
Net assets 71,662 66,523
---------- ----------
Capital and reserves attributable to equity holders of the
Company
Share capital 500 500
Other reserve 2,293 2,293
Distributable reserves 68,869 63,730
---------- ----------
Total equity shareholders' funds 71,662 66,523
---------- ----------
Net Asset Value per Ordinary - basic 143.32p 133.05p
Share
- fully diluted 143.32p 130.87p
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2008
Share capital Other Distributable
reserve reserves Total
�'000 �'000 �'000 �'000
Balance at 31 March 2007 500 2,293 63,730 66,523
Profit for the year - - 5,139 5,139
---------- ---------- ---------- ----------
Balance at 31 March 2008 500 2,293 68,869 71,662
---------- ---------- ---------- ----------
for the period from 23 February 2006 to 31 March 2007
Share capital Share premium Other Distributable
account reserve reserves Total
�'000 �'000 �'000 �'000 �'000
Gross proceeds of placing 500 47,207 2,293 - 50,000
Issue costs - (1,851) - - (1,851)
Cancellation of share premium - (45,356) - 45,356 -
account
Profit for the period - - - 18,374 18,374
---------- ---------- ---------- ---------- ----------
Balance at 31 March 2007 500 - 2,293 63,730 66,523
---------- ---------- ---------- ---------- ----------
CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 March 2008
1 April 2007 to 23 February 2006 to
31 March 2008 31 March 2007
�'000 �'000
Cash flows from operating activities
Other income received 626 1,486
Performance fee paid (1,606) -
Investment Consultant's fees paid (557) (1,009)
Introductory fees paid (141) (636)
Administration fees paid (125) (100)
Directors' fee paid (70) (63)
Audit fees paid (65) (4)
Custodian fees paid (16) (19)
Other expenses paid (117) (129)
---------- ----------
Net cash outflow from operating (2,071) (474)
activities
Cash flows from investing activities
Purchase of fair value through profit (10,466) (35,021)
or loss investments
Sale of fair value through profit or 3,276 -
loss investments
Loan to investee company - (335)
Repayment of loan to investee company 333 -
---------- ----------
Net cash outflow from investing (6,857) (35,356)
activities
---------- ----------
Cash flows from financing activities
Proceeds from issue of Ordinary Shares - 50,000
and Warrants
Issue costs paid - (1,851)
---------- ----------
Net cash inflow from financing - 48,149
activities
---------- ----------
---------- ----------
(Decrease)/increase in cash and cash (8,928) 12,319
equivalents
---------- ----------
Cash and cash equivalents brought 12,321 -
forward
(Decrease)/increase in cash and cash (8,928) 12,319
equivalents
Foreign exchange movement 9 2
---------- ----------
Cash and cash equivalents carried 3,402 12,321
forward
---------- ----------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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London Asia Chinese Private Eq.F (LSE:LCP)
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London Asia Chinese Private Eq.F (LSE:LCP)
過去 株価チャート
から 6 2023 まで 6 2024
