REG - Dunedin Enterprise - Half-year Report
11/09/2024 07:00
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RNS Number : 6135D Dunedin Enterprise Inv Trust PLC 11 September 2024
For release
11 September 2024
Dunedin Enterprise Investment Trust PLC
Half year ended 30 June 2024
Dunedin Enterprise Investment Trust PLC, the private equity investment trust
which specialises in investing in UK mid-market buyouts, announces its results
for the half year ended 30 June 2024.
Financial Highlights:
· Net asset value total return: 2.1%
· Net asset value per share at 30 June 2024: 627.6p, after 10p dividend
(624.8p at 31/12/23)
· Share price total return: 1.8%
· Share price at 30 June 2024: 502.5p (510.5p at 31/12/23)
· Total net assets: £34.5m (of which 74% cash)
· Interim dividend 23p per share payable 4 October 2024
· £204m returned to shareholders since 2012
Comparative Total Return Performance (%)
Periods to 30 June 2024 Net asset value (per share) Share price FTSE
Small Cap
(ex Inv Cos)
Index
2.1 1.8 8.9
Six months
One year 4.7 -8.5 18.4
Three years 49.1 77.0 0.8
Five years 87.9 66.0 45.6
Ten years 165.5 194.1 90.3
( )
For further information please contact:
Graeme Murray
Dunedin LLP
07813 138367
Chairman's Statement
The total return in the half year to 30 June 2024 was 2.1% in terms of net
asset value per share which increased from 624.8p to 627.6p in the half year.
This is stated after allowing for a final dividend of 10.0p (paid in January
2024), relating to the year ended 31 December 2023.
The share price total return was 1.8% during the period under review. The
price of 502.5p at 30 June 2024 represented a discount of 19.9% to the net
asset value of 627.6p per share.
Since a managed wind-down was approved by shareholders in 2016 we have
distributed £147m to shareholders and delivered a NAV total return per share
of 166.2% and, in terms of share price, 288.5%. This compares favourably with
returns of 82.1% and 86.1% in the FTSE Small Cap and the FTSE All-Share
indices respectively.
Portfolio
Unrealised valuation increases totalling £0.7m were offset by value decreases
of £0.3m. The valuation uplift was principally generated from EV (£0.6m).
The valuation reduction was at FRA (£0.3m).
Following the half year end Dunedin Buyout Fund III LP entered into a legally
binding agreement for the realisation of its investment in EV. Proceeds from
the sale will amount to £2.6m and the transaction is expected to complete by
the end of 2024.
Further details are provided in the Manager's Review.
Cash, Commitments & Liquidity
At 30 June 2024 the Company held cash and near cash equivalents totalling
£25.5m out of total net assets of £34.5m. At that date there were
outstanding commitments to limited partnership funds of £6.9m, consisting of
£6.2m to Dunedin-managed funds and £0.7m to Realza.
Dividends
A dividend of 10.0p per share relating to the year ended 31 December 2023 was
paid to shareholders in January 2024, amounting to £0.6m. An interim
dividend of 23.0p per share relating to the year ended 31 December 2024 is to
be paid to shareholders on 4 October 2024.
Outlook
In my Chairman's Statement in the Annual Report for the year ended 31 December
2023 I set out the Board's thinking on the optimum way of returning cash to
shareholders and mentioned that one of the options open to us was to place the
Company into a members' voluntary liquidation. With the sale of EV, which is
likely to complete by the end of the year, we will only be left with four
underlying investments, none of which is likely to be realised in the
immediate future. We have therefore decided, after consulting our advisers,
that we should proceed with a members' voluntary liquidation. We intend to
send to shareholders proposals for such a liquidation following completion of
the EV realisation.
Duncan Budge
11 September 2024
Manager's Review
Results for the six months to 30 June 2024
In the six months to 30 June 2024, the net asset value per share total return
was 2.1%, after taking account of dividends paid for 2023 of 10.0p per share
(paid in January 2024). This compares with an increase in the FTSE Small Cap
Index (ex Inv. Cos) over the same period of 8.9%.
Net asset and cash movements in the half year to 30 June 2024
The movement in net asset value is summarised in the table below: -
£'m
Net asset value at 31 December 2023 34.4
Unrealised value increases 0.7
Unrealised value decreases (0.3)
Realised loss over opening valuation (0.1)
Dividends paid to shareholders (0.6)
Other movements 0.4
Net asset value at 30 June 2024 34.5
Cash movements in the half year to 30 June 2024 can be summarised as follows:
-
£'m
Cash & near cash balances at
31 December 2023 26.5
Investments made (0.7)
Dividends paid to shareholders (0.6)
Operating activities 0.3
Cash & near cash balances at 30 June 2024 25.5
Portfolio composition and movements
Dunedin Enterprise holds investments in unquoted companies through: -
• Dunedin managed funds, and
• Third party managed funds.
The portfolio movements can be analysed as shown in the table below: -
Valuation Additions Disposals Realised Unrealised Valuation
at 31-12-23 in half year in half year movement movement at 30-6-24 (1)
£'m £'m £'m £'m £'m £'m
Dunedin managed 4.3 0.7 - (0.1) 0.3 5.2
Third party managed 3.2 - - - 0.1 3.3
Investment portfolio 7.5 0.7 - (0.1) 0.4 8.5
AAA rated money market funds (excluding cash on deposit) 17.2 2.9 - - - 20.1
Total 24.7 3.6 - (0.1) 0.4 28.6
*1 - in addition the Company held net current assets of £5.9m
Realisations
There were no significant realisations in the half year.
Following the half year end on 4 August 2024 Dunedin Buyout Fund III LP
entered into a legally binding agreement for the realisation of its investment
in EV, a provider of high-performance video cameras and quantitative visual
analytics to the global energy industry. Proceeds from the sale, net of
carried interest, will amount to £2.6m, consisting entirely of capital. The
transaction is subject to regulatory approval and is expected to complete in
Q4 2024.
Investment activity
A further £0.2m was drawn down by Dunedin and third-party managed funds to
meet management fees and ongoing expenses.
Unrealised movements in valuations
Unrealised valuation increases in the half year amounted to £0.7m. As noted
above a legally binding agreement for the sale of EV was entered into in
August 2024. EV has been valued at the expected proceeds from the sale
contributing £0.6m of the total uplift.
The unrealised valuation decrease at FRA in the half year was £0.3m. Trading
at FRA has not progressed as quickly as expected with maintainable EBITDA
reducing by 7% in the half year. However, trading and the outlook for the
remainder of the year are positive.
The portfolio continues to be valued in accordance with the International
Private Equity Venture Capital valuation guidelines
(www.privateequityvaluation.com).
Dunedin LLP
11 September 2024
Current Investments
by value at 30 June 2024
Company name Approx. Cost of Directors Percentage
percentage investment Valuation (*2) of net
of equity £'000 £'000 assets
% %
EV 9.5 8,321 3,254 9.4
Realza 8.9 4,066 3,248 9.4
FRA 5.2 1,997 3,159 9.2
Thredd 1.5 1,994 - -
16,378 9,661 28.0
Total return of current investments
at 30 June 2024
Company name Original Gross Directors Total
cost of realised Valuation (*2) return
investment to date*(1) £'000 £'000
£'000 £'000
EV 8,321 - 3,254 3,254
Realza 11,545 14,551 3,248 17,799
FRA 6,619 5,505 3,159 8,664
Thredd 8,220 18,203 - 18,203
34,705 38,259 9,661 47,920
*(1) - dividends and capital
*(2) - valuations stated before carried interest
Top Investments
EV
EV is a UK headquartered, global market leader in the provision of high
performance, harsh environment, video cameras and quantitative visual
analytics to the global energy industry.
It offers a highly specialist service, providing skilled engineers to operate
its market leading cameras in the most difficult down-hole conditions. The
high-resolution video images produced by EV's cameras allow oil and gas well
operators to identify, quantify and solve problems rapidly. EV has offices in
Dubai, Perth, Kuala Lumpur, Calgary, Aberdeen, Houston and Norwich. It has a
further presence in seventeen worldwide locations across Europe, Canada, USA,
South America, West Africa, the Middle East, Asia and Australasia. The
business employs more than 100 staff.
Percentage of equity held
9.5%
Cost of
Investment
£8.3m
Directors'
valuation
£3.3m
Percentage of net
assets 9.4%
Realza
Realza Capital FCR is a Spanish private equity fund making investments in
Spain and Portugal. The fund is limited to investing 15% of commitments in
Portugal. Dunedin Enterprise's investment is held via Dunedin Fund of Funds
LP.
The fund invests in companies with leading market positions and attractive
growth prospects either through organic growth or through merger &
acquisition activity. Realza seeks to invest in companies with an enterprise
value normally ranging from €20m to €100m. The fund's typical equity
investment ranges from €10m to €25m.
Realza has two investments remaining: -
• a producer of premium tomatoes; and
• a producer of cannabis for medicinal and
pharmaceutical use.
Percentage of equity held
8.9%
Cost of
Investment
£4.1m
Directors'
valuation
£3.2m
Percentage of net
assets 9.4%
FRA
FRA is an international consultancy that provides forensic accounting, data
analytics and e-discovery expertise, helping businesses respond to regulatory
investigations in an increasingly regulated global environment.
FRA works on some of the largest and most complex regulatory investigations
globally. Its clients are typically blue-chip multinational corporates seeking
advice to help navigate regulatory scrutiny, effect compliant cross-border
data transfer, and manage risk. The company has offices in London, Dubai,
Dallas, New York, Washington DC, Paris, Zurich, Stockholm and Seoul. It also
runs data centres near each office location as well as in Montreal.
Percentage of equity held
5.2%
Cost of
Investment
£2.0m
Directors'
valuation
£3.2m
Percentage of net
assets 9.2%
Thredd
Thredd is a UK headquartered payments processing business providing customers
with leading edge payment processing and ancillary services. Customers include
new emerging fintech or challenger banks, offering a significantly
differentiated proposition for their clients; as well as specialist payment
firms serving the travel, insurance and foreign exchange markets. It offers a
best in class, scalable payment processing platform with flexibility,
innovative features and an accelerated speed to market for new market
entrants. It has over 100 clients, including many UK fintech and challenger
banks, and is seeing significant growth opportunities from emerging overseas
challenger banks as they seek to disrupt their own domestic banking markets.
Percentage of equity held
1.5%
Cost of
Investment
£2.0m
Directors'
valuation
£-m
Percentage of net
assets -%
Statement of Comprehensive Income
for the six months ended 30 June 2024
Six months ended 30 June 2024 Six months ended 30 June 2023 Year ended 31 December 2023
(unaudited) (unaudited) (audited)
Revenue Capital Total Revenue Capital Total Revenue Capital Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Investment income 3 628 - 628 171 - 171 629 - 629
Gain on investments - 287 287 - 430 430 - 1,052 1,052
Total Income 628 287 915 171 430 601 629 1,052 1,681
Expenses
Investment management fees (19) (57) (76) (7) (22) (29) (13) (40) (53)
Other expenses (134) - (134) (172) (11) (183) (370) (10) (380)
Profit before finance costs and tax 475 230 705 (8) 397 389 246 1,002 1,248
Finance costs - - - - - - - - -
Profit before tax 475 230 705 (8) 397 389 246 1,002 1,248
Taxation - - - - - - (77) 77 -
Profit for the period 475 230 705 (8) 397 389 169 1,079 1,248
Earnings per ordinary share (basic & diluted) 6 8.63p 4.18p 12.81p (0.14)p 7.20p 7.06p 3.08p 19.59p 22.67p
The Total column of this statement represents the Statement of Comprehensive
Income of the Company, prepared in accordance with international accounting
standards in conformity with the requirements of the Companies Act 2006. The
supplementary revenue and capital columns are both prepared under guidance
published by the Association of Investment Companies.
All income is attributable to the equity shareholders of Dunedin Enterprise
Investment Trust PLC.
Statement of Changes in Equity
for the six months ended 30 June 2024
Six months ended 30 June 2024 (unaudited)
Capital Capital Capital Special Total
Share redemption reserve reserve - Distributable Revenue retained earnings Total
capital reserve realised unrealised Reserve account £'000 equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2023 1,376 3,149 25,522 (8,706) 9,584 3,465 29,865 34,390
Profit/(loss) for the period - - (119) 348 - 475 704 704
Dividends paid - - - - - (550) (550) (550)
At 30 June 2024 1,376 3,149 25,403 (8,358) 9,584 3,390 30,019 34,544
Six months ended 30 June 2023 (unaudited)
Capital Capital Capital Special Total
Share redemption reserve reserve - Distributable Revenue retained earnings Total
capital reserve realised unrealised Reserve account £'000 equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2022 1,376 3,149 33,947 (18,220) 9,594 4,672 29,993 34,518
Profit/(loss) for the period - - 548 (141) (11) (8) 388 388
Dividends paid - - - - - (1,376) (1,376) (1,376)
At 30 June 2023 1,376 3,149 34,495 (18,361) 9,583 3,288 29,005 33,530
Year ended 31 December 2023 (audited)
Capital Capital Capital Special Total
Share redemption reserve reserve - Distributable Revenue retained earnings Total
capital reserve realised unrealised Reserve account £'000 equity
£'000 £'000 £'000 £'000 £'000 £'000 £'000
At 31 December 2022 1,376 3,149 33,947 (18,220) 9,594 4,672 29,993 34,518
Profit/(loss) for the year - - (8,425) 9,514 (10) 169 1,248 1,248
Dividends paid - - - - - (1,376) (1,376) (1,376)
At 31 December 2023 1,376 3,149 25,522 (8,706) 9,584 3,465 29,865 34,390
Balance Sheet
As at 30 June 2024
30 June 30 June 31 December
2024 2023 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Non-current assets
Investments held at fair value 28,586 18,194 24,685
Current assets
Other receivables 606 5,205 445
Cash and cash equivalents 5,373 10,152 9,331
5,979 15,357 9,776
Total assets 34,565 33,551 34,461
Current liabilities
Other liabilities (21) (21) (71)
Net assets 34,544 33,530 34,390
Capital and reserves
Share capital 1,376 1,376 1,376
Capital redemption reserve 3,149 3,149 3,149
Capital reserve - realised 25,403 34,495 25,522
Capital reserve - unrealised (8,358) (18,361) (8,706)
Special distributable reserve 9,584 9,583 9,584
Revenue reserve 3,390 3,288 3,465
Total equity 34,544 33,530 34,390
Net asset value per ordinary share (basic and diluted) 627.6p 609.2p 624.8p
Cash Flow Statement
for the six months ended 30 June 2024
30 June 30 June 31 December
2024 2023 2023
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
Profit before tax 705 389 1,248
Adjustments for:
(Gains) on investments (287) (430) (1,052)
(Increase)/decrease in debtors (162) 804 909
(Decrease)/increase in creditors (50) (102) (50)
Net cash from operating activities 206 661 1,055
Cash flows from investing activities
Purchase of investments (686) (177) (340)
Drawn from subsidiary - (24) (347)
Purchase of 'AAA' rated money market funds (2,968) (123) (15,848)
Sale of investments 40 113 15,109
Sale of 'AAA' rated money market funds - 10,300 10,300
Net cash used in investing activities (3,614) 10,089 8,874
Cash flows from financing activities
Dividends paid (550) (1,376) (1,376)
Net cash used in financing activities (550) (1,376) (1,376)
Net increase in cash and cash equivalents (3,958) 9,374 8,553
Cash and cash equivalents at the start of the period 9,331 778 778
Cash and cash equivalents at the end of the period 5,373 10,152 9,331
Statement of Principal Risks and Uncertainties
The Directors have an ongoing process for identifying, evaluating and managing principal risks, emerging risks and uncertainties of the Company. The principal risks faced by the Company related to the Company's investment activities and these are set out below: -
· war in Ukraine
· investment and liquidity risk
· portfolio concentration risk
· financial risk
· economic risk
· credit risk
· currency risk
· internal control risk
Information on each of these risks, and an explanation of how they are
managed, is on page 13 of the Company's Annual Report for the year ended 31
December 2023.
The Company's principal risks, emerging risks and uncertainties have not
changed materially since the date of the Annual Report and are not expected to
change materially for the remaining six months of the Company's financial
year.
On behalf of the Board
Duncan Budge
Chairman
Statement of the Directors' Responsibilities in respect of the half-yearly financial report
In accordance with Chapter 4 of the Disclosure Guidance and Transparency
Rules, the Directors confirm that to the best of their knowledge:
• the condensed set of financial statements has been prepared in
accordance with applicable International Financial Reporting Standards, and
gives a true and fair view of the assets, liabilities, financial position and
net return of the Company;
• the half-yearly report includes a fair review of the development
and performance of the Company and important events that have occurred during
the first six months of the financial year and their impact on the financial
statements;
• the Directors' Statement of Principal Risks and Uncertainties
shown on this page is a fair review of the principal risks and uncertainties
for the remainder of the financial year; and
• the half-yearly report includes a fair review of the related
party transactions that have taken place in the first six months of the
financial year.
On behalf of the Board
Duncan Budge
Chairman
Notes to the Accounts
1. Unaudited Interim Report
The comparative financial information contained in this report for the year
ended 31 December 2023 does not constitute the Company's statutory accounts
but is derived from those accounts. Statutory accounts for the year ended
31 December 2023 have been delivered to the Registrar of Companies. The
auditor has reported on those accounts; their report was (i) unqualified, (ii)
did not include a reference to any matters to which the auditor drew attention
by way of emphasis without qualifying their report and (iii) did not contain a
statement under section 498 (2) or (3) of the Companies Act 2006.
The financial statements for the six months ended 30 June 2023 and 30 June
2024 have not been audited.
2. Basis of Preparation
These condensed set of financial statements for the six months ended 30 June
2024 have been prepared in accordance with the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority (FCA) and IAS 34
'Interim Financial Reporting'. They do not include all the information
required by International Financial Reporting Standards (IFRS) in full annual
financial statements and should be read in conjunction with the Annual Report
and Accounts for the year ended 31 December 2023.
In May 2016 shareholders approved a change in the investment policy of the
Company. The Company's new investment objective is to conduct an orderly
realisation of its relatively illiquid assets, to be effected in a manner that
seeks to achieve a balance between maximising the value of its assets and
progressively returning cash to shareholders. As it is likely this process
will ultimately lead to the liquidation of the Company, these financial
statements have not been prepared on a going concern basis. No adjustments
were necessary to the investment valuations or other assets and liabilities
included in the financial statement as a consequence of the change in the
basis of preparation.
.
3. Income
Six months to Six months to Year to
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
AAA rated money market funds 493 123 279
Deposit interest 135 48 350
628 171 629
4. Dividends
Six months to Six months to Year to
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Dividends paid in the period 550 1,376 1,376
5. Investments
All investments are designated fair value through profit or loss at initial recognition, therefore all gains and losses that arise on investments are designated at fair value through profit or loss. Given the nature of the Company's investments the fair value gains recognised in these financial statements are not considered to be readily convertible to cash in full at the balance sheet date and therefore the movement in these fair values are treated as unrealised.
Fair value hierarchy
The Company measures fair values using the following fair value hierarchy that
reflects the significance of the inputs used in making the measurements:
• Level 1: Quoted market price (unadjusted) in an active
market for an identical instrument.
• Level 2: Valuation techniques based on observable inputs,
either directly (i.e., as prices) or indirectly (i.e., derived from prices).
This category includes instruments valued using: quoted market prices in
active markets for similar instruments; quoted prices for identical or similar
instruments in markets that are considered less than active; or other
valuation techniques where all significant inputs are directly or indirectly
observable from market data.
• Level 3: Valuation techniques using significant
unobservable inputs. This category includes all instruments where the
valuation technique includes inputs not based on observable data and the
unobservable inputs have a significant effect on the instrument's valuation.
This category includes instruments that are valued based on quoted prices for
similar instruments where significant unobservable adjustments or assumptions
are required to reflect differences between the instruments.
The table below analyses financial instruments, measured at fair value at the
end of the reporting period, by the level in the fair value hierarchy into
which the fair value measurement is categorised:
At At At
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Level 1 20,135 1,443 17,167
'AAA' rated money market funds OEICs
Level 2 - - -
Level 3
Unlisted investments 8,451 16,752 7,518
28,586 18,194 24,685
The Company recognises transfers between the levels of the fair value
hierarchy as of the end of the reporting period during which the transfer
occurred. There were no transfers between Level 1 and Level 2 of the fair
value hierarchy during the six months ended 30 June 2024.
Level 3 fair values
Details of the determination of Level 3 fair value measurements and the
movements in Level 3 fair values during the six months ended 30 June 2024 are
set out below:-
Level 3
£'000
Book cost at 31 December 2023 16,225
Unrealised depreciation (8,707)
Valuation at 31 December 2023 7,518
Purchases at cost 686
Sales - proceeds (40)
Sales - realised gain on sales (61)
Decrease in unrealised appreciation 348
Valuation at 30 June 2024 8,451
Book cost at 30 June 2024 16,809
Closing unrealised appreciation (8,358)
Details of the determination of Level 3 fair value measurements and the
movements in Level 3 fair values during the six months ended 30 June 2023 are
set out below:-
Level 3
£'000
Book cost at 31 December 2022 35,088
Unrealised depreciation (18,220)
Valuation at 31 December 2022 16,868
Purchases at cost 201
Sales - proceeds (113)
Sales - realised gain on sales (63)
Decrease in unrealised appreciation (141)
Valuation at 30 June 2023 16,752
Book cost at 30 June 2023 35,113
Closing unrealised appreciation (18,361)
Details of the determination of Level 3 fair value measurements and the
movements in Level 3 fair values during the year ended 31 December 2023 are
set out below:-
Level 3
£'000
Book cost at 31 December 2022 35,088
Unrealised depreciation (18,220)
Valuation at 31 December 2022 16,868
Purchases at cost 687
Sales - proceeds (10,519)
Sales - realised gain on sales (9,032)
Decrease in unrealised appreciation 9,514
Valuation at 31 December 2023 7,518
Book cost at 31 December 2023 16,225
Closing unrealised depreciation (8,707)
Valuation of investments
Unquoted investments are fair valued by the Directors in accordance with the
following rules, which are consistent with the International Private Equity
and Venture Capital Valuation Guidelines:
· Investments are only valued at cost for a limited period after the
date of acquisition, otherwise investments are valued on one of the other
basis detailed below. Generally the earnings multiple basis of valuation
will be used.
· When valuing on an earnings basis, the maintainable earnings of a
company are multiplied by an appropriate multiple.
· When valuing on a revenue basis, the maintainable revenue of a
company is multiplied by an appropriate multiple.
· An investment may be valued by reference to the value of its net
assets. This is appropriate for businesses whose value derives mainly from
the underlying value of its assets rather than its earnings.
· When investments have obtained an exit (either by listing or trade
sale) after the valuation date but before finalisation of the relevant
accounts (interim or final), the valuation is based on the exit valuation.
· Accrued interest on loans to portfolio companies is included in
valuations where there is an expectation that the interest will be received.
IFRS 13 requires disclosure, by class of financial instrument, if the effect
of changing one or more inputs to reasonably possible alternative assumptions
would result in a significant change to the fair value measurement. The
information used in determination of the fair value of Level 3 investments is
chosen with reference to the specific underlying circumstances and position of
the investee company. On that basis the Board believe that the impact of
changing one or more of the inputs to reasonably possible alternative
assumptions would not change the fair value significantly.
The Directors consider the carrying value of financial instruments in the
financial statements to represent their fair value.
6. Earnings per share
Six months to Six months to Year to
30 June 30 June 31 December
2024 2023 2023
£'000 £'000 £'000
Revenue return per ordinary share (p) 8.63 (0.14) 3.08
Capital return per ordinary share (p) 4.18 7.20 19.59
Earnings per ordinary share (p) 12.81 7.06 22.67
Weighted average number of shares 5,504,274 5,504,274 5,504,274
The earnings per share figures are based on the weighted average numbers of
shares set out above. Earnings per share is based on the revenue profit in the
period as shown in the consolidated income statement.
7. Related party transactions
There have been no material changes to the related party transactions
described in the last annual report.
ENDS
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