RNS Number : 6402B
Neptune-Calculus Income &Growth VCT
19 August 2008
Neptune-Calculus Income and Growth VCT plc
Half-yearly results for the six months ended 30 June 2008
CORPORATE POLICY AND PERFORMANCE SUMMARY
Objective
The Neptune-Calculus Income and Growth VCT is a generalist VCT which has the objective of providing investors with both capital growth
and income.
It is intended that approximately 75 per cent. of the Company's funds will be invested over a three year period in a diversified
portfolio of holdings in qualifying investments including AIM companies. The Company does not invest in start-up and seed capital
situations. The balance of the Company's investments will be invested in a combination of Neptune income funds and a portfolio of similar
income generating UK listed shares and money market instruments.
Managers
Qualifying investments are managed by Calculus Capital Limited and non-qualifying investments are managed by Neptune Investment
Management Limited.
Performance summary
Ordinary Shares C Shares
Six months to Six months to
30 June 2008 30 June 2008
Return per share (0.8)p (2.5)p
Net asset value per share 97.0p 90.1p
Cumulative dividends paid and proposed 7.0p 3.0p
Chairman's Statement
I am delighted to present our half-yearly results for the Company for the six months ended 30 June 2008.
In a period of significant turbulence in the market and in the overall economy, I am pleased to be able to report a reasonably
satisfactory set of results. Having said that, we still have to report that net asset values per share for the Ordinary Shares and the C
Shares have fallen by 1.1 per cent. and 2.8 per cent. respectively. Clearly we have not been immune from the decline in the quoted market
with the FTSE All-share index falling around 11 per cent. in the period, which has affected the values of our non-qualifying portfolios.
However, the values of our qualifying portfolios have remained relatively stable over the period, with the Ordinary and C Share
portfolios showing modest rises equivalent to 3.1 pence and 2.9 pence respectively in terms of the impact on each fund's net asset value
despite difficult market conditions. We have been encouraged by the performance of our unquoted qualifying investments, particularly Cater
Plus Services and RMS Group Holdings. In our AIM portfolio, Portland Gas, Pressure Technologies and Epistem Holdings all posted significant
increases in the six months.
Activity in the qualifying portfolio as far as further investment is concerned has been relatively quiet reflecting both the Manager's
cautious stance and the fact that we are moving towards meeting the requirement for 70 per cent. of the portfolio to be invested in VCT
qualifying investments by 31 December 2008. As is reported in the Investment Managers' Review (Qualifying Investments), good progress has
been made and as at 30 June 2008, 66.3 per cent. of the combined Ordinary and C Share portfolios had been invested in qualifying
investments.
Notwithstanding the negative return over the period, the Directors are pleased to declare interim dividends in respect of the Ordinary
Shares and the C Shares each of 1p per Share at a cost to the Ordinary and C Share Funds of �41,008 and �87,768, respectively. Both
dividends will be payable on 20 October 2008, to shareholders on the register on 26 September 2008. At the end of 2007, we launched an offer
for subscription to raise new funds for the Company. The offer closed on 3 April 2008 and net of expenses raised �290,888 and �340,288 for
the Ordinary and C Share Funds, respectively.
For some years a debate has been taking place between the Investment Trust movement and HMRC concerning the charging of VAT on
management fees. I am pleased to report that HMRC have recently agreed to exempt VCTs from VAT on management fees and that recovery of VAT
paid can be backdated for three years. We are taking action to reclaim the VAT which has been paid on management fees and are holding
discussions with our Investment Managers. The timing and amount of any payment is still uncertain. As a result no contingent asset has been
included within these financial statements.
As I said in my statement with the Annual Report, we hoped that the current turbulence in the equity markets and the economy might lead
to more attractive qualifying investment opportunities in both the unquoted and quoted sectors. We believe that there is evidence to support
this view, but we remain cautious and selective in our investment policy.
Philip Stephens
Chairman
INVESTMENT MANAGERS' REVIEWS
Investment Manager's review (Qualifying investments)
Calculus Capital advises the Company in respect of qualifying investments made by the Company.
Portfolio developments
At the 30 June, the Ordinary Share Fund's and C Share Fund's qualifying investments comprised 20 and 16 companies respectively. At 31
December 2007, we had met the HM Revenue & Customs requirement for the Ordinary Share Fund to be at least 70 per cent. invested in
qualifying investments. The major VCT test which the Company needs to meet this year is to be at least 70 per cent. invested in qualifying
investments for the Ordinary Share and C Share Funds combined by 31 December 2008. The Company has made good progress toward this target and
at 30 June was 66.3 per cent. invested (calculated on an HM Revenue & Customs basis).
The qualifying portfolio comprises both unquoted and AIM quoted smaller companies. Both the Ordinary and C Share portfolios showed an
uplift in value over the period, with an increase in the valuation of the unquoted investments offsetting a slight decline in the valuation
of the quoted stocks. Conditions since the beginning of the year have been challenging. The FTSE AIM All-share Index has fallen over 8 per
cent. during the period. The index has a heavy weighting of strongly performing natural resources stocks which, in general, are not eligible
to be VCT qualifying investments. Without these, the index drop would have been much larger.
Against this backdrop of difficult macro-economic and quoted market conditions, we are encouraged by the performance of both the
unquoted and quoted components of the portfolios. Although there has been volatility within the portfolios with some stocks showing sharp
rises and others heavy falls, , the Ordinary Share qualifying portfolio and the C Share qualifying portfolio each showed a rise equivalent
to approximately 3.1 pence and 2.9 pence, respectively in terms of the impact on each Fund's net asset value. We are happy with the
constituents of the portfolio. Most of the companies are making good progress, even where their share prices, if quoted, may not currently
reflect this. Many of the quoted shares in the portfolio are on ratings which, historically, look exceptionally good long term value. The
portfolio has little exposure to technology or early stage companies which may be more at risk in time of economic downturn. One should also
highlight the fact that, in our AIM portfolio, we enjoyed some good performances, namely from Portland Gas, Pressure Technologies and Epistem Holdings, all of which have posted significant increases in
the six months.
We have maintained a disciplined and selective approach to investment since the beginning of the year, conscious of the risks in
investing in an environment in which asset values were generally falling. During the period, we increased our investment in two existing
portfolio companies:
Company and activity Type of investment Ordinary Share Fund C Share Fund
Relax Group plc (formerly Equity �75,000 �175,000
Debts.co.uk plc)
Consumer debt advisory and
corporate insolvency services
Heritage House Media Limited Equity �21,051 �42,017
Publishing and media services Loan stock �22,454 �44,915
to the heritage sector
Subsequent to the period end, we invested �300,000 as ordinary equity in AIM quoted Optare plc (formerly Darwen Holdings plc) which
manufactures a range of diesel and hybrid low emission buses. The market for buses is being stimulated by central and local government
transportation policies and operators' demand for fuel efficient and low emission vehicles. The investment was made on behalf of the C Share
Fund.
All of the above investments were subscribed as part of a package of acquisition finance. In the case of Heritage House Media, the
acquisition was of publishing contracts from VisitBritain, Britain's national tourism agency.
Outlook
We continue to seek out attractive opportunities for unquoted investment. Such funding can cover the provision of expansion finance,
finance for acquisitions and support for management buy-ins and buy-outs. These situations often offer an attractive balance of risk and
reward but tend to be more complex and time consuming to complete than investment in quoted stocks.
There is clear evidence that the UK economy is starting to slow as a weaker housing market, rising inflation and liquidity issues in the
banking sector reduce GDP below historic trend. At present, it is not possible to say how sharp the slowdown will be. The Company has funds
available for investment in qualifying investments. Whilst it can be uncomfortable to be in the midst of adverse economic and market
conditions, we believe that such challenging conditions can be helpful in providing a flow of opportunities at attractive entry level
valuations.
John Glencross
Calculus Capital Limited
Investment manager's review (non-qualifying investments)
Portfolio developments
The Neptune-Calculus Income and Growth VCT invests in the Neptune Income Fund and the Neptune Quarterly Income Fund along with a
portfolio of individual stocks that broadly follows the aforementioned funds.
During the six months under review the FTSE All-share index fell 11.2 per cent.* It was led lower by the FTSE Small Cap and FTSE 250
indices, which lost 14.9 per cent.* and 12.7 per cent.* respectively. The period saw large-cap companies outperforming the rest of the
market, excluding AIM, with the FTSE 100 falling 10.8 per cent.* As a result, the portfolio of non-qualifying investments benefited owing to
our high large-cap weighting. As a guide to the portfolio's performance, the Neptune Income Fund and Neptune Quarterly Income Fund fell 12.2
per cent. and 9.2 per cent. respectively during the six months. This performance placed both funds in the top quartile of the IMA UK Equity
Income sector over the same period, where the average fund declined by 14.6 per cent.*
UK equity markets failed to escape the bearish sentiment that has gripped global equities. The first quarter of 2008 was characterised
by excessive volatility, a raft of profit warnings at company-specific level and further evidence that developing world economies were
slowing. We also saw continued turmoil in the financials sector with the demise of Bear Stearns, a former heavyweight in the financial
world, as well as further asset write-downs by the UK banks.
The second quarter saw investors grappling with a toxic cocktail of rising inflation expectations as oil and food prices soared, falling
growth forecasts, low consumer confidence levels and further bad news from the financials sector as the credit crisis refused to abate.
Against this uncompromising backdrop, the UK equity market continued to move lower, albeit after a rally extending to the midpoint of the
quarter - a classic bear market rally in our opinion.
The majority of our performance can be attributed to our sector allocation and bias towards large-cap stocks. In terms of sectors, we
had good exposure to the strongest performing areas in the market, which included energy, materials and healthcare, and equally importantly
we maintained our zero-weight position in banks, which significantly underperformed. We made few changes other than to reduce our consumer
weighting in favour of materials and energy. These changes reflect our views on the weak UK consumer and the combination of emerging market
demand and tight supply driving prices of resources higher over the year.
Outlook
Looking forward to the remainder of 2008, we expect continuing volatility in global markets and remain cautious of financials and
consumer-facing stocks. However, we are optimistic on the prospects for real world growth and expect evidence in the coming months of
continuing strong growth in China, India, Latin America and Russia. The portfolio is positioned to benefit from exposure to global themes
and from market leadership by large-cap stocks in the UK. Critically, our unconstrained approach gives the freedom to invest with conviction
in the numerous investment opportunities remaining while - equally importantly - avoiding the poorest performing areas of the market.
Robin Geffen
Neptune Investment Management Limited
* Performance figures sourced from Lipper; based in Sterling; net income reinvested.
INVESTMENT PORTFOLIOS
Ordinary Share Fund portfolio
The ten largest holdings by value are included below:
As at 30 June 2008
Percentage of portfolio
Cost Valuation
� � %
AIM investments (quoted equity)
Portland Gas plc* 160,052 373,267 9.5
Epistem Holdings plc* 125,434 181,901 4.6
Pressure Technologies plc 100,401 173,852 4.4
Other AIM investments 1,606,337 814,218 20.6
Unquoted equity investments
RMS Group Holdings Ltd 32,000 160,320 4.1
Cater Plus Services Limited 17,500 82,317 2.1
Triage Holdings Limited 16,000 66,400 1.7
Heritage House Media Limited 49,121 24,757 0.6
Other unquoted equity 100,558 30,000 0.8
investments
Unquoted preference shares
Triage Holdings Limited 119,240 119,240 3.0
preference shares
Cater Plus Services Limited 40,833 40,833 1.0
preference shares
Unquoted bonds
Heritage House Media Limited 212,252 212,252 5.4
loan stock*
RMS Group Holdings Limited loan 128,000 128,000 3.2
stock
Cater Plus Services Limited 116,667 116,667 3.0
loan stock
Triage Holdings Limited loan 24,760 24,760 0.6
stock
Other unquoted loan stocks 120,000 120,000 3.0
Non-qualifying equity (25,202) (22,270) (0.6)
investments and loan stock**
Total qualifying investments 2,943,955 2,646,514 67.1
Quoted funds
Neptune Quarterly Income Fund 439,047 531,533 13.5
Income Units
The Neptune Income Fund Income 435,453 494,507 12.5
A Class
Unquoted funds
Goldman Sachs Sterling Liquid 250,000 250,000 6.3
Reserve Fund
Other unquoted funds 415 415 0.0
Non-qualifying equity 25,202 22,270 0.6
investments and loan stock**
Total non-qualifying 1,150,117 1,298,725 32.9
investments
Total investments 4,094,072 3,945,239 100.0
*The valuations of certain Ordinary Share Fund investments include small purchases made which are non-qualifying investments. These cost
�7,334 and are valued at �4,402.
*The valuation of Heritage House Media Limited loan stock includes �17,868 of rolled up interest which is non-qualifying.
INVESTMENT PORTFOLIOS
C Share Fund portfolio
The ten largest holdings by value are included below:
As at 30 June 2008
Percentage of portfolio
Cost Valuation
� � %
AIM investments (quoted equity)
Portland Gas plc 290,886 678,704 9.3
FSG Security plc 250,000 183,333 2.5
Epistem Holdings plc 125,001 181,453 2.5
Other AIM investments 1,663,226 862,524 11.9
Unquoted equity investments
RMS Group Holdings Limited 68,044 340,730 4.7
Cater Plus Services Limited 32,629 152,944 2.1
Triage Holdings Limited 32,000 132,800 1.8
Heritage House Media Limited 98,248 49,517 0.7
Other unquoted equity 351,116 125,000 1.7
investments
Unquoted preference shares
Triage Holdings Limited 238,480 238,480 3.3
preference shares
Cater Plus Services Limited 75,834 75,834 1.0
preference shares
Unquoted bonds
Heritage House Media Limited 424,511 424,511 5.9
loan stock*
RMS Group Holdings Limited loan 272,000 272,000 3.7
stock
Cater Plus Services Limited 216,666 216,666 3.0
loan stock
Triage Holdings Limited loan 49,520 49,520 0.7
stock
Non qualifying equity (36,321) (36,201) (0.5)
investments and loan stock**
Total qualifying investments 4,151,839 3,947,815 54.4
Quoted funds
Neptune Quarterly Income Fund 810,000 784,815 10.8
Income Units
The Neptune Income Fund Income 825,000 769,051 10.6
A Class
Other quoted equities 1,432,213 1,357,130 18.7
Unquoted funds
Goldman Sachs Sterling Liquid 250,000 250,000 3.5
Reserve Fund
Other unquoted funds 108,507 108,507 1.5
Non-qualifying equity 36,321 36,201 0.5
investments and loan stock**
Total non-qualifying 3,462,041 3,305,704 45.6
investments
Total investments 7,613,880 7,253,519 100.0
The valuations of certain C Share Fund investments include small purchases made which are non-qualifying investments. These cost �584
and are valued at �464.
*The valuation of Heritage House Media Limited loan stock includes �35,737 of rolled up interest which is non-qualifying..
UNAUDITED INCOME STATEMENTS
for the six months to 30 June 2008
Ordinary Share Fund
Six months to30 June 2008 Six months to30 June 2007 Year to31 December 2007
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note �*000 �*000 �*000 �*000 �*000 �*000 �*000 �*000 �*000
(Losses)/gains on investments at fair value - (18) (18) - 227 227 - (421) (421)
Investment income 59 - 59 61 - 61 129 - 129
Other income 3 - 3 3 - 3 4 - 4
Investment management fee (11) (33) (44) (13) (38) (51) (19) (57) (76)
Other expenses (32) - (32) (27) - (27) (55) - (55)
Return/(deficit) on ordinary 19 (51) (32) 24 189 213 59 (478) (419)
activities before taxation
Taxation on ordinary (1) - (1) (1) - (1) (2) - (2)
activities
Return/(deficit) attributable 18 (51) (33) 23 189 212 57 (478) (421)
to equity shareholders
Return per Ordinary Share 3 0.45p (1.29)p (0.84)p 0.60p 5.00p 5.60p 1.51p (12.59)p (11.08)p
The accompanying notes are an integral part of this statement.
C Share Fund
Six months to30 June 2008 Six months to30 June 2007 Year to31 December
2007
Revenue Capital Total Revenue Capital Total Revenue Capital
Total
Note �*000 �*000 �*000 �*000 �*000 �*000 �*000 �*000
�*000
(Losses)/gains on investments - (196) (196) - 431 431 - (752)
(752)
atfair value
Investment income 133 - 133 134 - 134 272 -
272
Other income 7 - 7 3 - 3 7 -
7
Investment management fee (23) (69) (92) (26) (77) (103) (38) (115)
(153)
Other expenses (66) - (66) (59) - (59) (119) -
(119)
Return/(deficit) on ordinary activitiesbefore taxation 51 (265) (214) 52 354 406 122 (867)
(745)
Taxation on ordinary (2) - (2) (1) - (1) (3) -
(3)
activities
Return/(deficit) attributable toequity 49 (265) (216) 51 354 405 119 (867)
(748)
shareholders
Return per C Share 3 0.57p (3.08)p (2.51)p 0.61p 4.22p 4.83p 1.42p (10.34)p
(8.92)p
UNAUDITED INCOME STATEMENTS
for the six months to 30 June 2008
Total
Six months to
30 June 2008 Six months to Year to
30 June 2007 31 December 2007
Revenue Capital Total Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
(Losses)/gains on investments - (214) (214) - 658 658 (1,173)
at - (1,173)
fair value
Investment income 192 - 192 195 - 195 401 - 401
Other income 10 - 10 6 - 6 11 - 11
Investment management fee (34) (102) (136) (39) (115) (154) (57) (172) (229)
Other expenses (98) - (98) (86) - (86) (174) - (174)
Return/(deficit) on ordinary 70 (316) (246) 76 543 619 181 (1,345) (1,164)
activities before taxation
Taxation on ordinary (3) - (3) (2) - (2) (5) - (5)
activities
Return/(deficit) attributable to equity 67 (316) (249) 74 543 617 176 (1,345) (1,169)
shareholders
The total column of this statement is the profit and loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in
the period
UNAUDITED RECONCILIATIONS OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months to 30 June 2008
Ordinary Share Fund
Share capital Share premium Special reserve Capital reserve Revenue reserve Total
�'000 �'000 �'000 �'000 �'000 �'000
For the period 1 January 2008 to
30 June 2008
1 January 2008 379 21 3,187 100 34 3,721
Issue of shares 31 277 - - - 308
Expenses of share issue - (17) - - - (17)
Net (deficit)/return after - - - (51) 18 (33)
taxation for the period
30 June 2008 410 281 3,187 49 52 3,979
For the period 1 January 2007 to
30 June 2007
1 January 2007 379 21 3,187 681 33 4,301
Net return after taxation for - - - 189 23 212
the period
Dividends paid - - - (91) (30) (121)
30 June 2007 379 21 3,187 779 26 4,392
For the year 1 January 2007 to
31 December 2007
1 January 2007 379 21 3,187 681 33 4,301
Net (deficit)/return after - - - (478) 57 (421)
taxation for the year
Dividends paid - - - (103) (56) (159)
31 December 2007 379 21 3,187 100 34 3,721
UNAUDITED RECONCILIATIONS OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months to 30 June 2008
C Share Fund
Share capital Share premium Special reserve Capital reserve Revenue reserve Total
�'000 �'000 �'000 �'000 �'000 �'000
For the period 1 January 2008 to
30 June 2008
1 January 2008 839 - 7,097 (230) 74 7,780
Issue of shares 39 321 - - - 360
Expenses of share issue - (19) - - - (19)
Net (deficit)/return after - - - (265) 49 (216)
taxation for the period
30 June 2008 878 302 7,097 (495) 123 7,905
For the period 1 January 2007 to
30 June 2007
1 January 2007 839 - 7,097 675 85 8,696
Net return after taxation for - - - 354 51 405
the period
Dividends paid - - - - (84) (84)
30 June 2007 839 - 7,097 1,029 52 9,017
For the year 1 January 2007 to
31 December 2007
1 January 2007 839 - 7,097 675 85 8,696
Net (deficit)/return after - - - (867) 119 (748)
taxation for the year
Dividends paid - - - (38) (130) (168)
31 December 2007 839 - 7,097 (230) 74 7,780
UNAUDITED RECONCILIATIONS OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months to 30 June 2008
Total
Share capital Share premium Special reserve Capital reserve Revenue reserve Total
�'000 �'000 �'000 �'000 �'000 �'000
For the period 1 January 2008 to
30 June 2008
1 January 2008 1,218 21 10,284 (130) 108 11,501
Issue of shares 70 598 - - - 668
Expenses of share issue - (36) - - - (36)
Net (deficit)/return after - - - (316) 67 (249)
taxation for the period
30 June 2008 1,288 583 10,284 (446) 175 11,884
For the period 1 January 2007 to
30 June 2007
1 January 2007 1,218 21 10,284 1,356 118 12,997
Net return after taxation for - - - 543 74 617
the period
Dividends paid - - - (91) (114) (205)
30 June 2007 1,218 21 10,284 1,808 78 13,409
For the year 1 January 2007 to
31 December 2007
1 January 2007 1,218 21 10,284 1,356 118 12,997
Net (deficit)/return after - - - (1,345) 176 (1,169)
taxation for the year
Dividends paid - - - (141) (186) (327)
31 December 2007 1,218 21 10,284 (130) 108 11,501
UNAUDITED BALANCE SHEETS
as at 30 June 2008
Ordinary Share Fund
30 June 2008 30 June 2007 31 December 2007
Note �'000 �'000 �'000
Fixed Assets
Investments at fair value 3,945 4,330 3,659
through profit or loss
Current Assets
Debtors 39 46 26
Cash at bank 42 27 57
81 73 83
Creditors: Amounts falling due within one
year
Creditors (47) (11) (20)
Bank overdraft - - (1)
(47) (11) (21)
Net Current Assets 34 62 62
Net Assets 3,979 4,392 3,721
Represented by:
CALLED UP SHARE CAPITAL AND
RESERVES
Share capital 410 379 379
Share premium 281 21 21
Special reserve 3,187 3,187 3,187
Capital reserve realised 198 206 231
Capital reserve unrealised (149) 573 (131)
Revenue reserve 52 26 34
Total equity shareholders' 3,979 4,392 3,721
funds
Net asset value per Ordinary 4 97.03p 115.77p 98.09p
Share
The accompanying notes are an integral part of this statement.
UNAUDITED BALANCE SHEETS
as at 30 June 2008
C Share Fund
30 June 2008 30 June 2007 31 December 2007
Note �'000 �'000 �'000
Fixed Assets
Investments at fair value 7,254 8,978 7,581
through profit or loss
Current Assets
Debtors 251 23 26
Cash at bank 503 39 217
754 62 243
Creditors: Amounts falling due
within one year
Creditors (103) (23) (44)
Net Current Assets 651 39 199
Net Assets 7,905 9,017 7,780
Represented by:
CALLED UP SHARE CAPITAL AND
RESERVES
Share capital 878 839 839
Share premium 302 - -
Special reserve 7,097 7,097 7,097
Capital reserve realised (135) 110 (82)
Capital reserve unrealised (360) 919 (148)
Revenue reserve 123 52 74
Total equity shareholders' 7,905 9,017 7,780
funds
Net asset value per C Share 4 90.07p 107.43p 92.69p
The accompanying notes are an integral part of this statement.
UNAUDITED BALANCE SHEETS
as at 30 June 2008
Total
30 June 2008 30 June 2007 31 December 2007
�'000 �'000 �'000
Fixed Assets
Investments at fair value 11,199 13,308 11,240
through profit or loss
Current Assets
Debtors 290 69 52
Cash at bank 545 66 274
835 135 326
Creditors: Amounts falling due
within one year
Creditors (150) (34) (64)
Bank overdraft - - (1)
(150) (34) (65)
Net Current Assets 685 101 261
Net Assets 11,884 13,409 11,501
Represented by:
CALLED UP SHARE CAPITAL AND
RESERVES
Share capital 1,288 1,218 1,218
Share premium 583 21 21
Special reserve 10,284 10,284 10,284
Capital reserve realised 63 316 149
Capital reserve unrealised (509) 1,492 (279)
Revenue reserve 175 78 108
Total equity shareholders' 11,884 13,409 11,501
funds
.
UNAUDITED CASH FLOW STATEMENTS
for the six months to 30 June 2008
Ordinary Share Fund
Six months to 30 Six months to Year to
June 2008 30 June 2007 31
December
2007
Note �'000 �'000 �'000
Operating activities
Investment income received 41 51 110
Deposit income received 2 3 5
Investment management fees (16) (66) (94)
paid
Administration fees paid (6) (9) (13)
Other cash payments (25) (30) (38)
Net cash outflow from 5 (4) (51) (30)
operating activities
Taxation (1) (1) (2)
Investing activities
Purchase of investments (369) (1,919) (2,683)
Sale of investments 76 2,064 2,875
Net cash (outflow)/inflow from investing (293) 145 192
activities
Equity dividends paid - (121) (159)
Financing
Proceeds of share issue 308 - -
Cost of share issue (24) (4) (4)
Net cash inflow/(outflow) from 284 (4) (4)
financing
Decrease in cash (14) (32) (3)
The accompanying notes are an integral part of this statement.
UNAUDITED CASH FLOW STATEMENTS
for the six months to 30 June 2008
C Share Fund
Six months to 30 Six months to Year to 31
June 2008 30 June 2007 December
2007
Note �'000 �'000 �'000
Operating activities
Investment income received 103 133 263
Deposit income received 5 4 8
Investment management fees (33) (141) (198)
paid
Administration fees paid (13) (19) (26)
Other cash payments (58) (64) (84)
Net cash inflow/(outflow) from 5 4 (87) (37)
operating activities
Taxation (2) (1) (3)
Investing activities
Purchase of investments (512) (2,459) (4,033)
Sale of investments 461 2,619 4,407
Net cash (outflow)/inflow from investing (51) 160 374
activities
Equity dividends paid - (84) (168)
Financing
Proceeds of share issue 361 - -
Cost of share issue (26) (109) (109)
Net cash inflow/(outflow) from 335 (109) (109)
financing
Increase/(decrease) in cash 286 (121) 57
The accompanying notes are an integral part of this statement.
UNAUDITED CASH FLOW STATEMENTS
for the six months to 30 June 2008
Total
Six months to 30 June 2008 Six months to Year to
30 June 2007 31
December
2007
Note �'000 �'000 �'000
Operating activities
Investment income received 144 184 373
Deposit income received 7 7 13
Investment management fees (49) (207) (292)
paid
Administration fees paid (19) (28) (39)
Other cash payments (83) (94) (122)
Net cash outflow from 5 - (138) (67)
operating activities
Taxation (3) (2) (5)
Investing activities
Purchase of investments (881) (4,378) (6,716)
Sale of investments 537 4,683 7,282
Net cash (outflow)/inflow from (344) 305 566
investing activities
Equity dividends paid - (205) (327)
Financing
Proceeds of share issue 669 - -
Cost of share issue (50) (113) (113)
Net cash inflow/(outflow) from 619 (113) (113)
financing
Increase/(decrease) in cash 272 (153) 54
The accompanying notes are an integral part of this statement.
NOTES TO THE FINANCIAL STATEMENTS
1 Nature of Financial Information
The unaudited half-yearly financial information does not constitute statutory financial statements as defined in Section 240 of the
Companies Act 1985. This information has been prepared on the basis of the accounting policies used in the statutory financial statements of
the Company for the year ended 31 December 2007. The statutory financial statements for the year ended 31 December 2007, which contained an
unqualified auditors' report, have been lodged with the Registrar of Companies, did not include a reference to any matters to which the
auditor drew attention by way of emphasis without qualifying the report and did not contain statements under Section 237(2) or (3) of the
Companies Act 1985.
2 Dividends
The directors have declared an interim dividend of 1 penny per Ordinary Share and per C Share. Both dividends are payable on 20 October
2008 to Ordinary and C shareholders on the register on 26 September 2008.
3 Return per share
Six months to Six months to Year to
30 June 2008 30 June 2007 31 December 2007
Revenue Capital Total Revenue Capital Total Revenue Capital Total
pence pence pence pence pence pence pence pence pence
Ordinary Share 0.45 (1.29) (0.84) 0.60 5.00 5.60 1.51 (12.59) (11.08)
C Share 0.57 (3.08) (2.51) 0.61 4.22 4.83 1.42 (10.34) (8.92)
Ordinary Shares
Revenue return per Ordinary Share is based on the net revenue on ordinary activities attributable to the Ordinary Shares of �18,000 (30
June 2007: �23,000, 31 December 2007: �57,000) and on 3,966,853 (30 June 2007: 3,793,562, 31 December 2007: 3,793,562) Ordinary Shares,
being the weighted average number of Ordinary Shares in issue during the period.
3 Return per share (continued)
Capital return per Ordinary Share is based on the net capital deficit for the period of �51,000 (30 June 2007: gain of �189,000, 31
December 2007: deficit of �478,000) and on 3,966,853 (30 June 2007: 3,793,562, 31 December 2007: 3,793,562) Ordinary Shares, being the
weighted average number of Ordinary Shares in issue during the period.
Total return per Ordinary Share is based on the total deficit on ordinary activities attributable to the Ordinary Shares of �33,000 (30
June 2007: gain of �212,000, 31 December 2007: deficit of �421,000) and on 3,966,853 (30 June 2007: 3,793,562, 31 December 2007: 3,793,562)
Ordinary Shares, being the weighted average number of Ordinary Shares in issue during the period.
C Shares
Revenue return per C share is based on the net revenue on ordinary activities attributable to the C Shares of �49,000 (30 June 2007:
�51,000, 31 December 2007: �119,000) and on 8,605,748 (30 June 2007: 8,393,209, 31 December 2007: 8,393,209) C Shares, being the weighted
average number of C shares in issue during the period.
Capital return per C Share is based on the net capital deficit for the period of �265,000 (30 June 2007: gain of �354,000, 31 December
2007: deficit of �867,000) and on 8,605,748 (30 June 2007: 8,393,209, 31 December 2007: 8,393,209) C Shares, being the weighted average
number of C Shares in issue during the period.
Total return per C Share is based on the total deficit on ordinary activities attributable to the C Shares of �216,000 (30 June 2007:
gain of �405,000, 31 December 2007: deficit of �748,000) and on 8,605,748 (30 June 2007: 8,393,209, 31 December 2007: 8,393,209) C Shares,
being the weighted average number of C Shares in issue during the period.
4 Net asset value per share
30 June 2008 30 June 2007 31 December 2007
pence pence pence
Ordinary Shares of 10p each 97.03 115.77 98.09
C Shares of 10p each 90.07 107.43 92.69
The basic net asset value per Ordinary Share is based on net assets (including current period revenue) of �3,979,000 (30 June 2007:
�4,392,000, 31 December 2007: �3,721,000) and on 4,100,806 (30 June 2007: 3,793,562, 31 December 2007: 3,793,562) Ordinary Shares, being the
number of Ordinary Shares in issue at the end of the period.
The basic net asset value per C Share is based on net assets (including current period revenue) of �7,905,000 (30 June 2007: �9,017,000,
31 December 2007: �7,780,000) and on 8,776,764 (30 June 2007: 8,393,209, 31 December 2007: 8,393,209) C Shares, being the number of C Shares
in issue at the end of the period.
5 Reconciliation of net (deficit)/return before taxation to net cash flow from operating activities
Ordinary Share Fund
Six months to Six months to Year to
30 June 2008 30 June 2007 31
December
2007
�'000 �'000 �'000
Net (deficit)/return before taxation (32) 213 (419)
Net capital deficit/(return) 51 (189) 478
Increase in prepayments and accrued (6) (11) (17)
income
Increase/(decrease) in creditors 27 (26) (15)
Investment management fee charged to (33) (38) (57)
capital
Less: fixed interest reinvested (11) - -
Net cash outflow from operating (4) (51) (30)
activities
C Share Fund
Six months to 30 June 2008 Six months to Year to
30 June 2007 31
December
2007
�'000 �'000 �'000
Net (deficit)/return before (214) 406 (745)
taxation
Net capital deficit/(return) 265 (354) 867
Increase in prepayments and (9) (6) (8)
accrued income
Increase/(decrease) in 53 (56) (36)
creditors
Investment management fee (69) (77) (115)
charged to capital
Less: fixed interest (22) - -
reinvested
Net cash inflow/(outflow) from 4 (87) (37)
operating activities
Total
Six months to 30 June 2008 Six months to Year to
30 June 2007 31
December
2007
�'000 �'000 �'000
Net (deficit)/return before (246) 619 (1,164)
taxation
Net capital deficit/(return) 316 (543) 1,345
Increase in prepayments and (15) (17) (25)
accrued income
Increase/(decrease) in 80 (82) (51)
creditors
Investment management fee (102) (115) (172)
charged to capital
Less: fixed interest (33) - -
reinvested
Net cash outflow from - (138) (67)
operating activities
6 Related party transactions
The Company's investments are managed by Calculus Capital Limited and Neptune Investment Management Limited. John Glencross, a Director
of the Company has an interest in Calculus Capital Limited. The amounts paid to the Managers are disclosed below:
Ordinary Share Fund
Six months to 30 June Six months to Year to
2008 30 June 2007 31
December
2007
�'000 �'000 �'000
Investment Management Fee 37 43 65
VAT thereon* 7 8 11
44 51 76
C Share Fund
Six months to 30 June Six months to Year to
2008 30 June 2007 31
December
2007
�'000 �'000 �'000
Investment Management Fee 79 88 130
VAT thereon* 13 15 23
92 103 153
Total
Six months to 30 June Six months to Year to
2008 30 June 2007 31
December
2007
�'000 �'000 �'000
Investment Management Fee 116 131 195
VAT thereon* 20 23 34
136 154 229
* The current position regarding VAT charged on management fees is set out in the Chairman's Statement.
Statement of Directors' Responsibilities
The half-yearly financial report, which has not been audited or reviewed by auditors pursuant to the Auditing Practices Board Guidance
on Review of Half-Yearly Financial Information is the responsibility of, and has been approved by, the Directors. The Directors confirm that
to the best of their knowledge the half-yearly financial report, which has been prepared in accordance with the Disclosure and Transparency
rules and in accordance with applicable accounting standards including the statement 'Half-yearly financial reports' issued by the UK
Accounting Standards Board, gives a true and fair view of the assets, liabilities, financial position and the deficit of the Company as at
30 June 2008 .
The Directors confirm that the Chairman's Statement and the Investment Managers' Reviews include a fair review of the information
required by 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 financial year.
The Directors of Neptune-Calculus Income and Growth VCT PLC are:
Philip Stephens
John Glencross
David Kempton
David McEuen
By order of the Board
Philip Stephens
Chairman
19 August 2008
The half yearly report will shortly be posted to shareholders. Copies of the report will also be available from the company's registered
office which has today been changed to 104 Park Street, London, W1K 6NF.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Neptune-calculus Inc&growth Vct (LSE:NEPC)
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