REG - Triple Point Inc VCT - Half-year Report <Origin Href="QuoteRef">TPV1.L</Origin> - Part 2
09/11/2017 16:35
- Part 2: For the preceding part double click ID:nRSI0981Wa
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 678 - 678 804 - 804
Unrealised gain on investments - - - - 514 514
Investment return 678 - 678 804 514 1,318
Investment management fees (127) (36) (163) (244) (70) (314)
Other expenses (16) - (16) (45) (2) (47)
Profit/(loss) before taxation 535 (36) 499 515 442 957
Taxation (45) 7 (38) (103) 14 (89)
Profit/(loss) after taxation 490 (29) 461 412 456 868
Profit and total comprehensive income for the period 490 (29) 461 412 456 868
Basic and diluted earnings per share 3.65p (0.22p) 3.43p 3.06p 3.40p 6.46p
Balance Sheet 6 months ended Year ended
30 September 2017 31 March 2017
£'000 £'000
Non current assets
Financial assets at fair value through profit or loss 13,734 14,160
Current assets
Receivables 143 76
Cash and cash equivalents 446 257
589 333
Current liabilities
Payables (88) (89)
Corporation tax (132) (90)
Net assets 14,103 14,314
Equity attributable to equity holders 14,103 14,314
Net asset value per share 104.92p 106.49p
Statement of Changes in 6 months ended Year ended
Shareholders' Equity 30 September 2017 31 March 2017
£'000 £'000
Opening shareholders' funds 14,314 14,118
Profit for the period 461 868
Dividends paid (672) (672)
Closing shareholders' funds 14,103 14,314
Investment Portfolio
Unaudited30 September 2017 Audited31 March 2017
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 9,430 70.68 10,269 72.41 9,430 69.45 10,269 71.23
Unquoted non-qualifying holdings 3,465 25.98 3,465 24.44 3,891 28.66 3,891 26.99
Financial assets at fair value through profit or loss 12,895 96.66 13,734 96.85 13,321 98.11 14,160 98.22
Cash and cash equivalents 446 3.34 446 3.15 257 1.89 257 1.78
13,341 100.00 14,180 100.00 13,578 100.00 14,417 100.00
Unquoted Qualifying Holdings
Hydro Electric Power
Green Highland Allt Choire A Bhalachain (225) Ltd 3,130 23.46 3,038 21.42 3,130 23.05 3,038 21.07
Green Highland Allt Phocachain (1015) Ltd 2,000 14.99 2,031 14.32 2,000 14.73 2,031 14.09
Green Highland Renewables (Achnacarry) Ltd 4,300 32.23 5,200 36.67 4,300 31.67 5,200 36.07
9,430 70.68 10,269 72.41 9,430 69.45 10,269 71.23
Unquoted Non-Qualifying Holdings
Hydro Electric Power
Green Highland Allt Choire A Bhalachain (225) Ltd 341 2.56 341 2.40 342 2.52 342 2.37
Green Highland Allt Phocachain (1015) Ltd 153 1.15 153 1.08 161 1.19 161 1.12
Green Highland Renewables (Achnacarry) Ltd 83 0.62 83 0.59 100 0.74 100 0.69
SME Funding
Hydro Electric Power:
Broadpoint 2 Ltd 2,084 15.62 2,084 14.70 2,484 18.29 2,484 17.23
Broadpoint 3 Ltd 804 6.03 804 5.67 804 5.92 804 5.58
3,465 25.98 3,465 24.44 3,891 28.66 3,891 26.99
Non-Statutory Analysis - The D Share Fund
Statement of Comprehensive Income Unaudited Audited
6 months ended Year ended
30 September 2017 31 March 2017
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 468 - 468 972 - 972
Realised gain on investments - - - - - -
Unrealised gain on investments - - - - 36 36
Investment return 468 - 468 972 36 1,008
Investment management fees (127) (36) (163) (239) (68) (307)
Other expenses (16) - (16) (47) (2) (49)
Profit/(loss) before taxation 325 (36) 289 686 (34) 652
Taxation (62) 7 (55) (137) 23 (114)
Profit/(loss) after taxation 263 (29) 234 549 (11) 538
Profit/(loss) and total comprehensive income for the period 263 (29) 234 549 (11) 538
Basic and diluted earnings/(loss) per share 1.92p (0.21p) 1.71p 4.01p (0.08p) 3.93p
Balance Sheet 6 months ended Year ended
30 September 2017 31 March 2017
£'000 £'000
Non current assets
Financial assets at fair value through profit or loss 13,125 13,125
Current assets
Receivables 1,008 1,005
Cash and cash equivalents 169 499
1,177 1,504
Current liabilities
Payables (155) (91)
Corporation tax (185) (125)
Net assets 13,962 14,413
Equity attributable to equity holders 13,962 14,413
Net asset value per share 101.90p 105.19p
Statement of Changes in 6 months ended Year ended
Shareholders' equity 30 September 2017 31 March 2017
£'000 £'000
Opening shareholders' funds 14,413 13,875
Profit for the period 234 538
Dividends paid (685) -
Closing shareholders' funds 13,962 14,413
Investment Portfolio
Unaudited30 September 2017 Audited31 March 2017
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 10,898 82.20 10,928 82.21 10,898 80.20 10,928 80.21
Unquoted non-qualifying holdings 2,191 16.53 2,197 16.52 2,191 16.13 2,197 16.13
Financial assets at fair value through profit or loss 13,089 98.73 13,125 98.73 13,089 96.33 13,125 96.34
Cash and cash equivalents 169 1.27 169 1.27 499 3.67 499 3.66
13,258 100.00 13,294 100.00 13,588 100.00 13,624 100.00
Unquoted Qualifying Holdings
Hydro Electric Power
Green Highland Allt Garbh Ltd 2,710 20.44 2,710 20.39 2,710 19.94 2,710 19.89
Green Highland Allt Ladaidh (1148) Ltd 3,500 26.40 3,500 26.33 3,500 25.76 3,500 25.69
Green Highland Allt Luaidhe (228) Ltd 1,995 15.05 2,047 15.40 1,995 14.68 2,047 15.02
Green Highland Allt Phocachain (1015) Ltd 1,932 14.57 1,910 14.37 1,932 14.22 1,910 14.02
Green Highland Shenval Ltd 761 5.74 761 5.72 761 5.60 761 5.59
10,898 82.20 10,928 82.21 10,898 80.20 10,928 80.21
Unquoted Non-Qualifying Holdings
Hydro Electric Power
Green Highland Allt Luaidhe (228) Ltd 185 1.40 185 1.39 185 1.36 185 1.36
SME Funding
Hydro electric Power:
Broadpoint 3 Ltd 1,206 9.10 1,206 9.07 1,206 8.88 1,206 8.85
Other:
Funding Path Ltd 800 6.03 806 6.06 800 5.89 806 5.92
2,191 16.53 2,197 16.52 2,191 16.13 2,197 16.13
Non-Statutory Analysis - The E Share Fund
Statement of Comprehensive Income Unaudited Audited
6 months ended Year ended
30 September 2017 31 March 2017
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 79 - 79 - - -
Realised gain on investments - - - - - -
Unrealised gain on investments - - - - - -
Investment return 79 - 79 - - -
Investment management fees (246) (70) (316) - - -
Other expenses (29) - (29) - - -
Profit/(loss) before taxation (196) (70) (266) - - -
Taxation 37 13 50 - - -
Profit/(loss) after taxation (159) (57) (216) - - -
Profit/(loss) and total comprehensive income for the period (159) (57) (216) - - -
Basic and diluted earnings/(loss) per share (0.57p) (0.20p) (0.77p) - - -
Balance Sheet 6 months ended Year ended
30 September 2017 31 March 2017
£'000 £'000
Non current assets
Financial assets at fair value through profit or loss 1,846 -
Current assets
Receivables 10 -
Cash and cash equivalents 27,000 -
Corporation tax 51 -
27,061 -
Current liabilities
Payables (173) -
Net assets 28,734 -
Equity attributable to equity holders 28,734 -
Net asset value per share 99.25p -
Statement of Changes in 6 months ended Year ended
Shareholders' equity 30 September 2017 31 March 2017
£'000 £'000
Opening shareholders' funds - -
Issue of new shares 28,950 -
Profit for the period (216) -
Closing shareholders' funds 28,734 -
Investment Portfolio Unaudited Audited
30 September 2017 31 March 2017
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings - - - - - - - -
Unquoted non-qualifying holdings 1,875 6.50 1,846 6.41 - - - -
Financial assets at fair value through profit or loss 1,875 6.50 1,846 6.41 - - - -
Cash and cash equivalents 27,000 93.50 27,000 93.59 - - - -
28,875 100.00 28,846 100.00 - - - -
Unquoted Qualifying Holdings - - - - - - - -
Unquoted Non-Qualifying Holdings
SME Funding
Hydro electric Power: - -
Broadpoint 2 Ltd 400 1.39 400 1.39 - - - -
Other:
Funding Path Ltd 950 3.29 957 3.32 - - - -
Aeris Power Ltd 525 1.82 489 1.70 - - - -
1,875 6.50 1,846 6.41 - - - -
Unaudited Statement of Comprehensive Income
Unaudited Audited Unaudited
6 months ended Year ended Year ended
30 September 2017 31 March 2017 30 September 2016
Note Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income
Investment income 4 1,446 - 1,446 2,307 - 2,307 1,159 - 1,159
Gain arising on the disposal of investments during the year - 76 76 - - - - - -
Gain arising on the revaluation of investments at the year end - 65 65 - 815 815 - - -
Investment return 1,446 141 1,587 2,307 815 3,122 1,159 - 1,159
Expenses
Investment management fees 5 589 190 779 676 189 865 334 94 428
Financial and regulatory costs 19 - 19 32 - 32 15 - 15
General administration 4 - 4 9 - 9 7 - 7
Legal and professional fees 58 - 58 51 4 55 27 - 27
Directors' remuneration 6 27 - 27 50 - 50 24 - 24
Operating expenses 697 190 887 818 193 1,011 407 94 501
Profit/(loss) before taxation 749 (49) 700 1,489 622 2,111 752 (94) 658
Taxation 7 (92) 36 (56) (298) 52 (246) (151) 32 (119)
Profit after taxation 657 (13) 644 1,191 674 1,865 601 (62) 539
Profit and total comprehensive income for the period 657 (13) 644 1,191 674 1,865 601 (62) 539
Basic and diluted earnings per share n/a n/a n/a n/a n/a n/a n/a n/a n/a
The Total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with
International Financial Reporting Standards (IFRS). The supplementary Revenue Return and Capital columns have been
prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
This Statement of Comprehensive Income includes all recognised gains and losses.
The accompanying notes are an integral part of this statement.
Unaudited Balance Sheet
Unaudited Audited Unaudited
30 September 2017 31 March 2017 30 September 2016
Note £'000 £'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 40,410 39,947 39,544
Current assets
Assets held for sale - 789 1,397
Receivables 1,243 1,726 1,586
Cash and cash equivalents 9 29,166 2,534 1,376
30,409 5,049 4,359
Total Assets 70,819 44,996 43,903
Current liabilities
Payables and accrued expenses 531 253 433
Current taxation payable 315 264 317
846 517 750
Net Assets 69,973 44,479 43,153
Equity attributable to equity holders of the parent
Share capital 10 807 518 518
Share redemption reserve 2 2 2
Share premium 44,968 16,307 16,307
Special distributable reserve 24,391 27,301 27,301
Capital reserve (854) (841) (1,577)
Revenue reserve 659 1,192 602
Total equity 69,973 44,479 43,153
Net asset value per share 11 n/a n/a n/a
n/a
The statements were approved by the Directors and authorised for issue on 9 November 2017 and are signed on their behalf
by:
David Frank
Chairman
9 November 2017
The accompanying notes are an integral part of this statement.
Unaudited Statement of Changes in Shareholders' Equity
Issued Capital Share Redemption Reserve Share Premium Special Distributable Reserve Capital Reserve Revenue Reserve Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000
6 months ended 30 September 2017
Opening balance 518 2 16,307 27,301 (841) 1,192 44,479
Issue of new shares 289 - 28,661 - - - 28,950
Dividends paid - - - (2,910) - (1,190) (4,100)
Transactions with owners 289 - 28,661 (2,910) - (1,190) 24,850
Profit/(loss) for the year - - - - (13) 657 644
Profit/(loss) and total comprehensive income for the year - - - - (13) 657 644
Balance at 30 September 2017 807 2 44,968 24,391 (854) 659 69,973
Capital reserve consists of:
Investment holding gains 1,440
Other realised losses (2,294)
(854)
Year ended 31 March 2017
Opening balance 518 2 16,307 27,447 (1,515) 527 43,286
Dividend paid - - - (146) - (526) (672)
Transactions with owners - - - (146) - (526) (672)
Profit for the year - - - 674 1,191 1,865
Profit and total comprehensive income for the year - - - 674 1,191 1,865
Balance at 31 March 2017 518 2 16,307 27,301 (841) 1,192 44,479
Capital reserve consists of:
Investment holding gains 1,390
Other realised losses (2,231)
(841)
6 months ended 30 September 2016
Opening balance 518 2 16,307 27,447 (1,515) 527 43,286
Dividend paid - - - (146) - (526) (672)
Transactions with owners - - - (146) - (526) (672)
Profit/(loss) for the period - - - - (62) 601 539
Profit/(loss) and total comprehensive income for the period - - - - (62) 601 539
Balance at 30 September 2016 518 2 16,307 27,301 (1,577) 602 43,153
Capital reserve consists of:
Investment holding gains 575
Other realised losses (2,152)
(1,577)
The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised
gains or losses on the disposal/revaluation of investments. The special distributable reserve was created on court
cancellation of the share premium account. The net of the revenue reserve and special distributable reserve are
distributable by way of dividend.
Unaudited Statement of Cash Flows
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 2017 31 March 2017 30 September 2016
£'000 £'000 £'000
Cash flows from operating activities
Profit before taxation 700 2,111 658
(Profit) arising on the disposal of investments during the period (76) - -
(Gain) arising on the revaluation of investments at the period end (65) (815) -
Cash flow generated by operations 559 1,296 658
(Increase) in receivables (78) (571) (376)
Increase/(decrease) in payables 278 (63) 117
Taxation (5) (183) (3)
Net cash flows from operating activities 754 479 396
Cash flow from investing activities
Proceeds of sale of financial assets at fair value through profit or loss 1,028 1,695 620
Net cash flows from investing activities 1,028 1,695 620
Cash flows from financing activities
Issue of new shares 28,950 - -
Dividends paid (4,100) (672) (672)
Net cash flows from financing activities 24,850 (672) (672)
Net increase/(decrease) in cash and cash equivalents 26,632 1,502 344
Reconciliation of net cash flow to movements in cash and cash equivalents
Opening cash and cash equivalents 2,534 1,032 1,032
Net increase/(decrease) in cash and cash equivalents 26,632 1,502 344
Closing cash and cash equivalents 29,166 2,534 1,376
The accompanying notes are an integral part of this statement.
Notes to the Unaudited Interim Financial Report
1. Corporate information
The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2017 was authorised for issue in
accordance with a resolution of the Directors on 9 November 2017.
The Company is listed on the London Stock Exchange.
Triple Point Income VCT plc is incorporated and domiciled in Great Britain. The address of Triple Point Income VCT plc's
registered office, which is also its principal place of business, is 18 St. Swithin's Lane, London EC4N 8AD.
Triple Point Income VCT plc's Unaudited Interim Financial Report is presented in Pounds Sterling (£) which is also the
functional currency of the Company, rounded to the nearest thousand.
The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies
Act 2006.
The principal activity of the Company is investment. The Company's investment strategy is that at least 70% of the
Company's net assets are or will be invested in VCT qualifying unquoted companies. The remaining assets are exposed either
to cash or cash-based similar liquid investments or investments originated in line with the Company's VCT qualifying
Investment Policy.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2017 has been prepared in
accordance with IAS 34: Interim Financial Reporting. The same accounting policies and methods of computation are followed
in the Interim Financial Report as were followed in the most recent Financial Statements. It does not include all of the
information required for full Financial Statements and should be read in conjunction with the Financial Statements for the
year ended 31 March 2017.
Estimates
The preparation of the Interim Report requires the Board to make judgements, estimates and assumptions that reflect the
application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. However,
actual results may differ from these estimates.
3. Segmental reporting
The Company only has one class of business, being investment activity. All revenues and assets are generated and held in
the UK.
4. Investment income
Ord Shares A Shares C Shares D Shares E Shares Total
Unaudited £'000 £'000 £'000 £'000 £'000 £'000
6 months ended 30 September 2017
Loan stock interest 188 31 379 468 31 1,097
Dividends receivable - - 299 - - 299
Interest receivable on bank and other balances 1 1 - - 48 50
189 32 678 468 79 1,446
Audited
Year ended 31 March 2017
Loan stock interest 421 110 804 972 - 2,307
421 110 804 972 - 2,307
5. Investment management fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement
effective 6 February 2008 and deeds of variation to that agreement effective 21 November 2012, 28 October 2014 and 7
October 2016.
Ordinary Shares: The agreement provides for an investment management fee of 1.5% per annum of net assets payable quarterly
in arrear for the Ordinary Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran until 6 February
2014 after which the management fee of 1.5% has not been charged. For all other Ordinary Shares the appointment shall
continue until at least 30 April 2018. Thereafter there is a 1% exit fee on all funds returned to shareholders.
A Shares: The agreement provides for an investment management fee of 1.5% per annum of net assets payable quarterly in
arrear until 30 April 2017. Thereafter there is a 1% exit fee on all funds returned to shareholders.
C shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions
to the C Shareholders exceeding the C Share hurdle, the Investment Manager will be entitled to a performance incentive fee
of 20%.
D shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions
to the D Shareholders exceeding the D Share hurdle, the Investment Manager will be entitled to a performance incentive fee
of 20%.
E shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable
quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions
to the E Shareholders exceeding the E Share hurdle, the Investment Manager will be entitled to a performance incentive fee
of 20%.
To date there have been no performance fees paid.
An administration fee equal to 0.25% per annum of the Company's net assets is payable quarterly in arrear.
Ord Shares A Shares C Shares D Shares E Shares Total
£'000 £'000 £'000 £'000 £'000 £'000
6 months ended 30 September 2017
Unaudited
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