REG - Triple Point Inc VCT - Half Yearly Report <Origin Href="QuoteRef">TPV1.L</Origin> - Part 1

Triple Point Income VCTAnnouncement

13/11/2014 15:00

RNS Number : 9780W
Triple Point Income VCT PLC
13 November 2014
Triple Point Income VCT plc
Interim Results
The Directors of Triple Point Income VCT plc are pleased to announce its Interim results for the six months to 30 September 2014.
For further information please contact Claire Ainsworth or Belinda Thomas at Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk
Financial Summary

Unaudited

Audited

Unaudited

6 months ended 30 September 2014

Year ended 31 March 2014

6 months ended 30 September 2013

Ord. Shares
A Shares
C Shares
Total

Ord. Shares
A Shares
C Shares
Total

Ord. Shares
A Shares
C Shares
Total

'000 
'000 
'000 
'000 

'000 
'000 
'000 
'000 

'000 
'000 
'000 
'000 
Net assets
15,574 
3,910 
13,232 
32,716 

15,587 
4,215 
6,873 
26,675 

44,303 
4,157 
- 
48,460 
Net asset value per share
79.97p 
76.19p 
98.45p 
n/a

79.03p 
82.15p 
98.38p 
n/a

82.07p 
81.00p 
- 
n/a
Net profit/(loss) before tax
215 
17 
(95)
137 

778 
141 
(21)
898 

522 
83 
- 
605 
Dividend paid
- 
(6.20p)
- 
n/a

(4.11p)
(5.00p)
- 
n/a

- 
- 
- 
n/a
Earnings/(loss) per share
0.84p 
0.24p 
(0.60p)
n/a

1.72p 
2.55p 
(2.16p)
n/a

0.86p 
1.42p 
- 
n/a
Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM"). 
 Ordinary Shares: these are held by the shareholders that were in the Company prior to the Merger on 21 November 2012; and by former TP70 2008(II) VCT plc shareholders; and shares that were held by the B Ordinary Shareholders which were converted to Ordinary Shares on 31 October 2013. 
 A Ordinary Shares: these are held by the former TP12(I) VCT plc shareholders prior to the Merger on 21 November 2012.
 C Ordinary Shares: these are the shares issued in the Offer that closed on 27 May 2014. A total of 14.0 million was raised and 13,441,438 C Shares were issued.

Chairman's Statement
 
I am writing to present the Unaudited Interim Financial Report for Triple Point Income VCT plc ("the Company") for the period ended 30 September 2014.
Ordinary Share Class 
As at 30 September 2014 VCT qualifying investments represented 90% of the Ordinary Fund's investment portfolio. The diversified investment portfolio retained by the Ordinary Share Class continues to perform in line with expectations. 
At 30 September 2014 the net asset value stood at 79.97p. Adding back the dividend of 4.11p paid to Ordinary Shareholders last year the net asset value would have been 84.08p per share compared with an approximate average subscription price of 83.6p per share.
A Share Class 
A Class Shareholders retain exposure to their discrete investment portfolio in the renewable energy sector. As at 30 September 2014 VCT qualifying investments represented 93% of the A Fund's investment portfolio. 
At 30 September 2014 the net asset value stood at 76.19p. Adding back the dividends paid to A Class Shareholders of 11.2p per share the net asset value would have been 87.39p per share compared with an approximate average share price at conversion of 86.4p per share.
A dividend was paid to the A Class shareholders of 318,144, equal to 6.2p per share, on 25 July 2014. 
C Share Class (Hydro Shares)
The C Share Class Offer closed on 27 May 2014 and a further 6,454,916 C Shares were issued since 31 March 2014, bringing the total to 13,441,438 C Class Shares.
At 30 September 2014 the C Share Fund had invested 7.4 million into companies investing in small scale hydro electric power projects in Scotland with a further 2 million invested since that date. This leaves one investment of 3.25 million to be completed that will conclude the investment programme for the C Share Fund portfolio.
Risks
The Board believes that the principal risks facing the Company are:
 investment risk associated with holding VCT qualifying investments
 risk of failure to maintain approval as a VCT
The Board and the Investment Manager continue to work to minimise the likelihood and potential impact of these risks. 
Outlook 
The Company has announced its intention to seek subscriptions for a new share class and your approval for the new share class and such an offer is being requested through a circular and notice of a General Meeting on 25 November 2014
The Company's investment portfolio has continued to perform in line with our expectations, generating stable returns for the VCT. The Board is satisfied with the performance of the Company's portfolio of investments to date and is confident about the outlook.
If you have any questions or comments, please do not hesitate to telephone Triple Point on 020 7201 8989.
David Frank
Chairman
13 November 2014
Investment Manager's Review 
At 30 September 2014, qualifying investments represented 85% of net assets. This includes 13.2 million of funds from the issue of C Shares which have three years from the date the shares were issued to be invested in qualifying investments. If the C Share Fund and investments are excluded from the calculation then qualifying investments represent 90% of net assets. 
The Company retains investments in two companies engaged in cinema digitisation. It has a single holding in an enterprise providing crematorium management, whilst the remaining portfolio of unquoted investments comprises companies all involved in renewable electricity generation from sources including solar PV, anaerobic digestion, landfill gas and hydro electric power.
Each of these investments meets the Company's investment criteria, with projected revenues generated by good quality customers and the potential for steady returns. 
Sector Analysis
The unquoted investment portfolio can be analysed as follows:



Electricity Generation

Industry Sector
Cinema Digitisation
Crematorium Management 
Solar PV
Anaerobic Digestion
Landfill Gas
Hydro Electric Power
Total Unquoted Investments

'000
'000
'000
'000
'000
'000
'000
Investments at 31 March 2014







Ordinary Shares
3,277 
1,138 
5,251 
3,550 
- 
2,253 
15,469
A Ordinary Shares
- 
- 
2,157 
821 
890 
- 
3,868
C Ordinary Shares
- 
- 
- 
- 
- 
- 
- 

3,277 
1,138 
7,408 
4,371 
890 
2,253 
19,337 
Investments made during the period







Ordinary Shares
- 
- 
- 
- 
- 
101 
101
A Ordinary Shares
- 
- 
- 
- 
- 
- 
- 
C Ordinary shares
- 
- 
- 
- 
- 
7,565 
7,565

- 
- 
- 
- 
- 
7,666 
7,666 
Investments realised during the period







Ordinary Shares
- 
(100)
- 
- 
- 
- 
(100)
A Ordinary Shares
- 
- 
- 
(220)
- 
- 
(220)
C Ordinary Shares
- 
- 
- 
- 
- 
- 
- 

- 
(100)
- 
(220)
- 
- 
(320)
Investments re-valued during the period







Ordinary Shares
- 
- 
- 
- 
- 
- 
- 
A Ordinary Shares
- 
- 
- 
(1)
- 
- 
(1)
C Ordinary Shares
- 
- 
- 
- 
- 
- 
- 

- 
- 
- 
(1)
- 
- 
(1)
Investments at 30 September 2014







Ordinary Shares
3,277 
1,038 
5,251 
3,550 
- 
2,354 
15,470 
A Ordinary Shares
- 
- 
2,157 
600 
890 
- 
3,647 
C Ordinary Shares
- 
- 
- 
- 
- 
7,565 
7,565 
Total
3,277 
1,038 
7,408 
4,150 
890 
9,919 
26,682 
Total investments %
12.28%
3.89%
27.77%
15.55%
3.34%
37.17%
100.00%
VCT Sector Portfolio
Cinema Digitisation
The portfolio for the Ordinary Share Fund includes investments in the cinema digitisation sector. These continue to perform as intended, with the companies benefitting from regular and reliable revenues from their operations in the UK, Germany, Italy and Ireland. The majority of these revenues come from the six major investment grade Hollywood Studios under the globally recognised Virtual Print Fee model, through which film studios pay fees to book films on digital projection equipment in recognition of the cost benefits it brings them. These include a reduction in shipping costs and a reduction in piracy from tighter controls on distribution. For the cinemas some of the advantages include flexible scheduling and the ability to show alternative content such as opera and sport. 
Crematorium Management 
Through the Ordinary Share Class portfolio, the Company has one investment in a business that provides crematory and mercury abatement services for the crematoria of a London Borough. 
Solar PV
The portfolio of investments in the Ordinary and the A Share Class includes investments in 10 businesses in the solar PV sector which generate renewable electricity from residential solar PV panels. Over the last six months these businesses have continued to deliver results in line with expectations, generating revenues for the Company. Over the last year the average roof mounted system has generated an output of 3.3MWhs. All of these businesses derive their income from the receipt of index-linked Feed-in Tariffs (FiTs). Ofgem continues to review the application of its physical inspection guidance to smart meters, such as these businesses have. Uncertainty about that application led to the suspension of some FiT payments, which were reinstated without adverse impact after discussions with Ofgem. Our portfolio monitoring team continues to work closely with these companies to ensure the effective running of their operations. 
Anaerobic Digestion
Within the portfolio for the Ordinary and the A Share Classes the Company has holdings in three renewable energy businesses, GreenTec Energy Ltd, Katharos Organic Ltd and Biomass Future Generation Ltd. These businesses operate a 1 MW on-farm anaerobic digestion plant, which generates green electricity attracting both FiTs and power export revenues. FITs provide for a long term RPI-linked revenue stream, consistent with the objectives of the Company. The good 2014 season maize harvest should enable the plants to continue to operate in line with expectations.
Landfill Gas
The A Share Fund also has investments in two small businesses,Craigahulliar Energy Ltd and Aeris Power Ltd; each generates renewable electricity from landfill gas at sites owned respectively by local councils and a large waste management company in Northern Ireland. Both businesses generate electricity for export to the National Grid, earning long term, reliable cash flows through the sale of electricity to a utility company, and through the sale of Renewable Obligation Certificates. 
Hydro Electric Power
At 30 September 2014 both the Ordinary Share Fund and the C Share Fund had investments in the hydroelectric power sector. In the Ordinary Share Fund Elementary Energy Ltd is currently in the process of funding the construction of a small scale run-of-river site, Abhainn Schalachain River, which is expected to be commissioned in January 2015. The C Share Fund had invested 7.4 million into companies engaged in small scale hydro electric power projects in Scotland with a further 5.3 million invested since the period end. One company is in the process of beginning the construction of a site at Tomdoun, Invergarry, which is scheduled for grid connection in November 2015 and the other company will shortly begin the construction of three sites, Loch Blair, Allt Dubh and Allt Cheanna Mhuir, which are all situated around Loch Arkaig, to the west of the Great Glen. These sites are also due to be connected to the grid in November 2015.
Outlook
The Company has a diversified portfolio of VCT qualifying investments in place, with each share class holding a distinct portfolio. Across the VCT, we continue to work closely with the management teams of the portfolio businesses to ensure that they meet the investment strategy and the Company's objectives. 
If you have any questions, please do not hesitate to call us on 020 7201 8989.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
13 November 2014
Investment Portfolio

Unaudited

Audited

30 September 2014

31 March 2014

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Unquoted Holdings









Unquoted qualifying holdings
24,817 
84.64 
25,215 
85.33 

17,580 
66.61 
17,978 
67.27 
Unquoted non-qualifying holdings
1,499 
5.10 
1,467 
4.94 

1,391 
5.27 
1,359 
5.09 
Financial assets at fair value through profit or loss
26,316 
89.74 
26,682 
90.27 

18,971 
71.88 
19,337 
72.36 
Cash and cash equivalents
3,003 
10.26 
3,003 
9.73 

7,426 
28.12 
7,426 
27.64 

29,319 
100.00 
29,685 
100.00 

26,397 
100.00 
26,763 
100.00 










Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Cinema digitisation 









Digima Ltd 
1,262 
4.30 
1,249 
4.21 

1,262 
4.78 
1,249 
4.67 
Digital Screen Solutions Ltd
2,020 
6.89 
2,028 
6.83 

2,020 
7.65 
2,028 
7.58 
Electricity Generation









Solar









Arraze Ltd
600 
2.05 
651 
2.22 

600 
2.27 
651 
2.47 
Bandspace Ltd
1,200 
4.09 
1,353 
4.56 

1,200 
4.55 
1,353 
5.06 
Bridge Power Ltd
725 
2.47 
778 
2.62 

725 
2.75 
778 
2.91 
Campus Link Ltd
690 
2.35 
761 
2.56 

690 
2.61 
761 
2.84 
Convertibox Services Ltd
1,000 
3.41 
950 
3.20 

1,000 
3.79 
950 
3.55 
Core Generation Ltd
600 
2.05 
649 
2.21 

600 
2.27 
649 
2.46 
C More Energy Ltd
1,000 
3.41 
1,069 
3.60 

1,000 
3.79 
1,069 
3.99 
Green Energy for Education Ltd
1,000 
3.41 
979 
3.30 

1,000 
3.79 
979 
3.66 
PJC Renewable Energy Ltd
5 
0.02 
5 
0.02 

5 
0.02 
5 
0.02 
Trym Power Ltd
200 
0.68 
213 
0.73 

200 
0.76 
213 
0.81 
Anaerobic Digestion









Biomass Future Generation Ltd
2,150 
7.33 
2,150 
7.24 

2,150 
8.14 
2,150 
8.03 
GreenTec Energy Ltd
1,000 
3.41 
1,000 
3.37 

1,000 
3.79 
1,000 
3.74 
Katharos Organic Ltd
1,000 
3.41 
1,000 
3.37 

1,000 
3.79 
1,000 
3.74 
Landfill Gas









Aeris Power Ltd
525 
1.79 
525 
1.77 

525 
1.99 
525 
1.96 
Craigahulliar Energy Ltd
350 
1.19 
365 
1.23 

350 
1.33 
365 
1.36 
Hydro Electric Power









Elementary Energy Ltd
2,060 
7.03 
2,060 
6.94 

2,253 
8.54 
2,253 
8.42 
Green Highland Allt Choire A Bhalachain (225) Ltd
3,130 
10.68 
3,130 
10.68 

- 
- 
- 
- 
Green Highland Renewables (Achnacarry) Ltd
4,300 
14.67 
4,300 
14.67 

- 
- 
- 
- 

24,817 
84.64
25,215 
85.33

17,580 
66.61
17,978 
67.27





















Unaudited

Audited

30 September 2014

31 March 2014
Unquoted Non-Qualifying Holdings
 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Anaerobic Digestion









Drumnahare Biogas Ltd
- 
- 
- 
- 

221 
0.84 
221 
0.84 
Crematorium Management









Furnace Managed Services Ltd
1,070 
3.65 
1,038 
3.50 

1,170 
4.43 
1,138 
4.25 
Hydro Electric Power









Elementary Energy Ltd
294 
1.00 
294 
0.99 

- 
- 
- 
- 
Green Highland Allt Choire A Bhalachain (225) Ltd
45 
0.15 
45 
0.15 

- 
- 
- 
- 
Green Highland Allt Ladaidh (1148) Ltd
30 
0.10 
30 
0.10 

- 
- 
- 
- 
Green Highland Allt Luaidhe (228) Ltd
30 
0.10 
30 
0.10 

- 
- 
- 
- 
Green Highland Allt Phocachain (1015) Ltd
30 
0.10 
30 
0.10 

- 
- 
- 
- 

1,499 
5.10 
1,467 
4.94 

1,391 
5.27 
1,359 
5.09 










Directors' Responsibility Statement
The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the 6 month period to 30 September 2014, the Directors confirm that to the best of their knowledge:
a) the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, "Interim Financial Reporting" issued by the International Accounting Standards Board;
b) the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of principal risks and uncertainties for the remainder of the accounting period;
c) the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006; 
d) the Interim Financial Report includes a fair review of related party transactions and changes therein. There are no related party transactions in the period; and
e) the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.
 The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the Financial Statements.
This Interim Financial Report has not been audited or reviewed by the auditors.
David Frank
Chairman
13 November 2014
Non-Statutory Analysis - The Ordinary Share Fund
Statement of Comprehensive Income









Unaudited

Audited


6 months ended

Year ended

Note
30 September 2014

31 March 2014


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income
4 
360 
- 
360 

865 
- 
865 
Realised gain on investments

- 
- 
- 

- 
111 
111 
Unrealised gain on investments

- 
- 
- 

- 
224 
224 
Investment return

360 
- 
360 

865 
335 
1,200 
Investment management fees
5
(83)
(28)
(111)

(227)
(76)
(303)
Other expenses

(34)
- 
(34)

(119)
- 
(119)
Profit/(loss) before taxation

243 
(28)
215 

519 
259 
778 
Taxation
7 
(56)
7 
(49)

(107)
15 
(92)
Profit/(loss) after taxation

187 
(21)
166 

412 
274 
686 
Total comprehensive profit/(loss) for the period

187 
(21)
166 

412 
274 
686 
Basic and diluted earnings/(loss) per share
8 
0.95p 
(0.11p)
0.84p 

1.03p 
0.69p 
1.72p 









Balance Sheet
Note
30 September 2014

31 March 2014




'000



'000
Non-current assets








Financial assets at fair value through profit or loss



15,470 



15,469 









Current assets








Receivables



58 



162 
Cash and cash equivalents
9 


287 



147 




345 



309 
Current liabilities








Payables



(241)



(191)
Net assets



15,574 



15,587 









Equity attributable to equity holders



15,574 



15,587 
Net asset value per share
11 


79.97p 



79.03p 









Statement of Changes in Shareholders' Equity










30 September 2014


31 March 2014




'000



'000
Opening shareholders' funds



15,587 



37,193 
Purchase of own shares



(179)



(35,132)
Issue of new shares



- 



6,855 
Conversion of shares



- 



6,798 
Profit for the period



166 



686 
Dividend paid



- 



(813)
Closing shareholders' funds



15,574 



15,587 










Unaudited

Audited

30 September 2014

31 March 2014

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Unquoted qualifying holdings
13,912 
89.41 
14,138 
89.73 

14,105 
91.43 
14,331 
91.77 
Unquoted non-qualifying holdings
1,364 
8.77 
1,332 
8.46 

1,170 
7.59 
1,138 
7.29 
Financial assets at fair value through profit or loss
15,276 
98.18 
15,470 
98.19 

15,275 
99.02 
15,469 
99.06 
Cash and cash equivalents
287 
1.82 
287 
1.81 

147 
0.98 
147 
0.94 

15,563 
100.00 
15,757 
100.00 

15,422 
100.00 
15,616 
100.00 










Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Cinema digitisation 









Digima Ltd 
1,262 
8.11 
1,249 
7.93 

1,262 
8.18 
1,249 
8.00 
Digital Screen Solutions Ltd
2,020 
12.98 
2,028 
12.87 

2,020 
13.10 
2,028 
12.99 
Electricity Generation









Solar









Bandspace Ltd
1,200 
7.71 
1,353 
8.59 

1,200 
7.78 
1,353 
8.66 
Bridge Power Ltd
125 
0.80 
134 
0.85 

125 
0.81 
134 
0.86 
Campus Link Ltd
690 
4.43 
761 
4.83 

690 
4.47 
761 
4.87 
Convertibox Services Ltd
1,000 
6.43 
950 
6.03 

1,000 
6.48 
950 
6.08 
C More Energy Ltd
1,000 
6.43 
1,069 
6.78 

1,000 
6.48 
1,069 
6.85 
Green Energy for Education Ltd
1,000 
6.43 
979 
6.21 

1,000 
6.48 
979 
6.27 
PJC Renewable Energy Ltd
5 
0.03 
5 
0.03 

5 
0.03 
5 
0.03 
Anaerobic Digestion









Biomass Future Generation Ltd
1,550 
9.96 
1,550 
9.84 

1,550 
10.05 
1,550 
9.93 
GreenTec Energy Ltd
1,000 
6.43 
1,000 
6.35 

1,000 
6.48 
1,000 
6.40 
Katharos Organic Ltd
1,000 
6.43 
1,000 
6.35 

1,000 
6.48 
1,000 
6.40 
Hydro Electric Power









Elementary Energy Ltd
2,060 
13.24 
2,060 
13.07 

2,253 
14.61 
2,253 
14.43 

13,912 
89.41 
14,138 
89.73 

14,105 
91.43 
14,331 
91.77 










Unquoted Non-Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Crematorium Management









Furnace Managed Services Ltd
1,070 
6.88 
1,038 
6.59 

1,170 
7.59 
1,138 
7.29 
Hydro Electric Power









Elementary Energy Ltd
294 
1.89 
294 
1.87 

- 
- 
- 
- 

1,364 
8.77 
1,332 
8.46 

1,170 
7.59 
1,138 
7.29 
Non-Statutory Analysis - The A Share Fund
Statement of Comprehensive Income









Unaudited

Audited


6 months ended

Year ended

Note
30 September 2014

31 March 2014


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income
4 
62 
- 
62 

108 
- 
108 
Realised loss on investments

- 
(1)
(1)

- 
- 
- 
Unrealised gain on investments

- 
- 
- 

- 
87 
87 
Investment return

62 
(1)
61 

108 
87 
195 
Investment management fees
5
(27)
(8)
(35)

(29)
(10)
(39)
Other expenses

(9)
- 
(9)

(15)
- 
(15)
Profit/(loss) before taxation

26 
(9)
17 

64 
77 
141 
Taxation
7 
(6)
2 
(4)

(13)
2 
(11)
Profit/(loss) after taxation

20 
(7)
13 

51 
79 
130 
Total comprehensive profit/(loss) for the period

20 
(7)
13 

51 
79 
130 
Basic and diluted earnings/(loss) per share
8 
0.40p 
(0.16p)
0.24p 

1.00p 
1.55p 
2.55p 









Balance Sheet
Note
30 September 2014

31 March 2014




'000



'000
Non-current assets








Financial assets at fair value through profit or loss



3,647 



3,868 









Current assets








Receivables



11 



7 
Cash and cash equivalents
9 


293 



377 




304 



384 
Current liabilities








Payables



(41)



(37)
Net assets



3,910 



4,215 









Equity attributable to equity holders


3,910 



4,215 
Net asset value per share
11 


76.19p 



82.15p 


















Statement of Changes in Shareholders' Equity

30 September 2014


31 March 2014




'000



'000
Opening shareholders' funds



4,215 



4,221 
Issue of new shares



- 



120 
Profit for the period



13 



130 
Dividend paid



(318)



(256)
Closing shareholders' funds



3,910 



4,215 









Investment Portfolio
Unaudited

Audited

30 September 2014

31 March 2014

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Unquoted qualifying holdings
3,475 
92.21 
3,647 
92.56 

3,475 
85.31 
3,647 
85.92 
Unquoted non-qualifying holdings
- 
- 
- 
- 

221 
5.43 
221 
5.21 
Financial assets at fair value through profit or loss
3,475 
92.21 
3,647 
92.56 

3,696 
90.74 
3,868 
91.13 
Cash and cash equivalents
293 
7.79 
293 
7.44 

377 
9.26 
377 
8.87 

3,768 
100.00 
3,940 
100.00 

4,073 
100.00 
4,245 
100.00 










Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Electricity Generation









Solar









Arraze Ltd
600 
15.92 
651 
16.52 

600 
14.73 
651 
15.34 
Bridge Power Ltd
600 
15.92 
644 
16.35 

600 
14.73 
644 
15.17 
Core Generation Ltd
600 
15.92 
649 
16.47 

600 
14.73 
649 
15.29 
Trym Power Ltd
200 
5.31 
213 
5.41 

200 
4.91 
213 
5.02 
Anaerobic Digestion





- 

- 

BioMass Future Generation Ltd
600 
15.92 
600 
15.23 

600 
14.73 
600 
14.13 
Landfill Gas





- 

- 

Aeris Power Ltd
525 
13.93 
525 
13.32 

525 
12.89 
525 
12.37 
Craigahulliar Energy Ltd
350 
9.29 
365 
9.26 

350 
8.59 
365 
8.60 

3,475 
92.21 
3,647 
92.56 

3,475 
85.31 
3,647 
85.92 










Unquoted Non-Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Anaerobic Digestion





- 

- 

Drumnahare Biogas Ltd
- 
- 
- 
- 

221 
5.43 
221 
5.21 

- 
- 
- 
- 

221 
5.43 
221 
5.21 
Non-Statutory Analysis - The C Share Fund
Statement of Comprehensive Income

Unaudited

Audited


6 months ended

Year ended

Note
30 September 2014

31 March 2014


Revenue
Capital
Total

Revenue
Capital
Total


'000
'000
'000

'000
'000
'000
Investment income
4 
70 
- 
70 

- 
- 
- 
Investment management fees
5
(105)
(35)
(140)

(13)
(5)
(18)
Other expenses

(25)
- 
(25)

(3)
- 
(3)
Loss before taxation

(60)
(35)
(95)

(16)
(5)
(21)
Taxation
7 
12 
7 
19 

3 
1 
4 
Loss after taxation

(48)
(28)
(76)

(13)
(4)
(17)
Total comprehensive loss for the period

(48)
(28)
(76)

(13)
(4)
(17)
Basic and diluted loss per share
8 
(0.38p)
(0.22p)
(0.60p)

(1.70p)
(0.46p)
(2.16p)









Balance Sheet
Note
30 September 2014

31 March 2014




'000



'000
Non current assets








Financial assets at fair value through profit or loss



7,565 



- 









Current assets








Receivables



3,268 



1 
Cash and cash equivalents
9 


2,423 



6,902 




5,691 



6,903 
Current liabilities








Payables



(24)



(30)
Net assets



13,232 



6,873 









Equity attributable to equity holders



13,232 



6,873 
Net asset value per share
11 


98.45p 



98.38p 


















Statement of Changes in Shareholders' Equity

30 September 2014


31 March 2014




'000



'000
Opening shareholders' funds



6,873 



- 
Issue of new shares



6,435 



6,890 
Loss for the year



(76)



(17)
Closing shareholders' funds



13,232 



6,873 









Investment Portfolio
Unaudited

Audited

30 September 2014

31 March 2014

 Cost 
 Valuation

 Cost 
 Valuation

'000 
% 
'000 
% 

'000 
% 
'000 
% 
Unquoted qualifying holdings
7,430 
74.39 
7,430 
74.39 

- 
- 
- 
- 
Unquoted non-qualifying holdings
135 
1.35
135 
1.35 

- 
- 
- 
- 
Financial assets at fair value through profit or loss
7,565 
75.74 
7,565 
75.74 

- 
- 
- 
- 
Cash and cash equivalents
2,423 
24.26 
2,423 
24.26 

6,902 
100.00 
6,902 
100.00 

9,988 
100.00 
9,988 
100.00 

6,902 
100.00 
6,902 
100.00 










Unquoted Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Hydro Electric Power







- 

Green Highland Allt Choire A Bhalachain (225) Ltd
3,130 
31.34 
3,130 
31.34 

- 
- 
- 
- 
Green Highland Renewables (Achnacarry) Ltd
4,300 
43.05 
4,300 
43.05 

- 
- 
- 
- 

7,430 
74.39 
7,430 
74.39 

- 
- 
- 
- 






























Unquoted Non-Qualifying Holdings
'000 
% 
'000 
% 

'000 
% 
'000 
% 
Hydro Electric Power





- 

- 

Green Highland Allt Choire A Bhalachain (225) Ltd
45 
0.45 
45 
0.45 

- 
- 
- 
- 
Green Highland Allt Ladaidh (1148) Ltd
30 
0.30 
30 
0.30 

- 
- 
- 
- 
Green Highland Allt Luaidhe (228) Ltd
30 
0.30 
30 
0.30 

- 
- 
- 
- 
Green Highland Allt Phocachain (1015) Ltd
30 
0.30 
30 
0.30 

- 
- 
- 
- 

135 
1.35 
135 
1.35 

- 
- 
- 
- 
Statement of Comprehensive Income 


Unaudited

Audited

Unaudited


6 months ended

Year ended 

6 months ended


30 September 2014

31 March 2014

30 September 2013

Note
Rev.
Cap.
Total

Rev.
Cap.
Total

Rev.
Cap.
Total


'000
'000
'000

'000
'000
'000

'000
'000
'000
Income












Investment income
4
492 
- 
492 

973 
- 
973 

586 
- 
586 
(Loss)/gain arising on the disposal of investments during the period

- 
(1)
(1)

- 
111 
111 

- 
728 
728 
Gain/(loss) arising on the revaluation of investments at the period end

- 
- 
- 

- 
311 
311 

- 
(461)
(461)
Investment return

492 
(1)
491 

973 
422 
1,395 

586 
267 
853 













Expenses












Investment management fees
5
215 
71 
286 

269 
91 
360 

131 
46 
177 
Financial and regulatory costs

11 
- 
11 

30 
- 
30 

15 
- 
15 
General administration

6 
- 
6 

30 
- 
30 

15 
- 
15 
Legal and professional fees

27 
- 
27 

37 
- 
37 

21 
- 
21 
Directors' remuneration
6
24 
- 
24 

40 
- 
40 

20 
- 
20 
Operating expenses

283 
71 
354 

406 
91 
497 

202 
46 
248 
Profit/(loss) before taxation

209 
(72)
137 

567 
331 
898 

384 
221 
605 
Taxation
7
(50)
16 
(34)

(117)
18 
(99)

(79)
9 
(70)
Profit/(loss) after taxation

159 
(56)
103 

450 
349 
799 

305 
230 
535 
Total comprehensive income/(loss) for the period

159 
(56)
103 

450 
349 
799 

305 
230 
535 
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.

Balance Sheet 

Unaudited

Audited

Unaudited


30 September 2014

31 March 2014

30 September 2013

Note
'000

'000 

'000 







Non-current assets






Financial assets at fair value through profit or loss

26,682 

19,337 

19,074 







Current assets






Receivables

3,337 

170 

511 
Cash and cash equivalents
9
3,003 

7,426 

29,392 


6,340 

7,596 

29,903 







Total Assets

33,022 

26,933 

48,977 







Current liabilities






Payables and accrued expenses

174 

158 

371 
Current taxation payable 

132 

100 

146 


306 

258 

517 







Net Assets
32,716 

26,675 

48,460 







Equity attributable to equity holders of the parent






Share capital
10
381 

318 

580 
Share redemption reserve

451 

449 

107 
Share premium

27,253 

20,875 

14,053 
Special distributable reserve

6,997 

7,502 

36,393 
Capital reserve

(2,975)

(2,919)

(3,038)
Revenue reserve

609 

450 

365 
Total equity

32,716 

26,675 

48,460 







The accompanying notes are an integral part of this statement.
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 2014







Opening balance
318 
449 
20,875 
7,502 
(2,919)
450 
26,675 
Issue of new shares
65 
- 
6,378 
(8)
- 
- 
6,435 
Purchase of own shares
(2)
2 
- 
(179)
- 
- 
(179)
Dividends paid
- 
- 
- 
(318)
- 
- 
(318)
Transactions with owners
63 
2 
6,378 
(505)
- 
- 
5,938 
(Loss)/profit for the period
- 
- 
- 
- 
(56)
159 
103 
Total comprehensive (loss)/income for the period
- 
- 
- 
- 
(56)
159 
103 
Balance at 30 September 2014
381 
451 
27,253 
6,997 
(2,975)
609 
32,716 
Capital reserve consists of:







Investment holding gains




366 


Other realised losses
(3,341)







(2,975)


Year ended 31 March 2014







Opening balance
545 
21 
3,696 
43,389 
(3,268)
317 
44,700 
Issue of new shares
191 
- 
17,179 
- 
- 
- 
17,370 
Purchase of own shares
(428)
428 
- 
(35,125)
- 
- 
(35,125)
Dividend paid
- 
- 
- 
(752)
- 
(317)
(1,069)
Transactions with owners
(227)
428 
17,179 
(35,887)
- 
(317)
(18,824)
Profit for the year
- 

- 
- 
349 
450 
799 
Total comprehensive income for the year
- 

- 
- 
349 
450 
799 
Balance at 31 March 2014
318 
449 
20,875 
7,502 
(2,919)
450 
26,675 
Capital reserve consists of:







Investment holding losses




366 


Other realised losses




(3,285)







(2,919)


6 months ended 30 September 2013







Opening balance
545 
21 
3,696 
43,389 
(3,268)
317 
44,700 
Issue of new shares
121 
- 
10,357 
- 
- 
- 
10,478 
Purchase of own shares
(86)
86 
- 
(6,996)
- 
- 
(6,996)
Dividend paid
- 
- 
- 
- 
- 
(257)
(257)
Transactions with owners
35 
86 
10,357 
(6,996)
- 
(257)
3,225 
Profit for the period
- 
- 
- 
- 
230 
305 
535 
Total comprehensive income for the period
- 
- 
- 
- 
230 
305 
535 
Balance at 30 September 2013
580 
107 
14,053 
36,393 
(3,038)
365 
48,460 
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 revenue, capital and special distributable reserve are distributable by way of dividend. 
The accompanying notes are an integral part of this statement.
Statement of Cash Flows 

Unaudited
Audited

Unaudited
6 months ended
Year ended

6 months ended

30 September 2014

31 March 2014

30 September 2013

'000 

'000 

'000 
Cash flows from operating activities





Profit before taxation
137 

898 

605 
Loss/(gain) arising on the disposal of investments during the period
1 

(111)

(728)
(Gain)/loss arising on the revaluation of investments at the period end
- 

(311)

461 
Cashflow generated by operations
138 

476 

338 
(Increase)/decrease in receivables
(3,167)

37 

(304)
Increase/(decrease) in payables
16 

(25)

188 
Taxation 
(2)

(72)

3 
Net cash flows from operating activities
(3,015)

416 

225 






Cash flow from investing activities





Purchase of financial assets at fair value through profit or loss
(7,666)

(2,508)

(2,000)
Proceeds of sale of financial assets at fair value through profit or loss
320 

16,746 

16,346 
Decrease in amounts receivable on the disposal of investments
- 

3,056 

3,056 
Net cash flows from investing activities
(7,346)

17,294 

17,402 






Cash flows from financing activities





Issue of new shares
6,435 

17,377 

10,478 
Purchase of own shares
(179)

(35,132)

(6,996)
Dividends paid
(318)

(1,069)

(257)
Net cash flows from financing activities
5,938 

(18,824)

3,225 
Net (decrease)/increase in cash and cash equivalents
(4,423)

(1,114)

20,852 
Reconciliation of net cash flow to movements in cash and cash equivalents





Opening cash and cash equivalents
7,426 

8,540 

8,540 
Net (decrease)/increase in cash and cash equivalents
(4,423)

(1,114)

20,852 
Closing cash and cash equivalents
3,003 

7,426 

29,392 






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 2014 was authorised for issue in accordance with a resolution of the Directors on 13 November 2014.
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 2014 has been prepared in accordance with IAS 34: "Interim Financial Reporting". 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 2014.
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

Unaudited

Audited

6 months ended

Year ended 

30 September 2014

31 March 2014

Ord.
A
C


Ord.
A
C


Shares
Shares
Shares
Total

Shares
Shares
Shares
Total

'000 
'000 
'000 
'000 

'000 
'000 
'000 
'000 
Loan stock interest
350 
60 
63 
473 

833 
105 
- 
938 
Interest receivable on bank balances
10 
2 
7 
19 

32 
3 
- 
35 

360 
62 
70 
492 

865 
108 
- 
973 
5. Investment management fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 6 February 2008 and a deed of variation to that agreement effective 21 November 2012. The agreement provides for an administration and investment management fee of 1.75% per annum of net assets payable quarterly in arrear for both Ordinary Shares and A Ordinary Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran until 6 February 2013 and may be terminated at any time thereafter by not less than twelve months' notice being given by either party. Should such notice be given the Investment Manager would continue to perform its duties under the Investment Management Agreement and to receive its contractual fee during the notice period. For all other Ordinary Shares it runs for a period of at least 6 years from the date of admission of those shares. For A Ordinary Shares the appointment continues until at least 30 April 2018. The agreement provides for an administration and investment management fee of 2.25% per annum of net assets payable quarterly in arrear for C Ordinary Shares. For C Ordinary Shares the appointment continues for a period of at least 6 years from the admission of those shares.
6. Directors' remuneration

Unaudited

Audited

6 months ended

Year ended 

30 September 2014

31 March 2014

Ord.
A
C


Ord.
A
C


Shares
Shares
Shares
Total

Shares
Shares
Shares
Total

'000 
'000 
'000 
'000 

'000 
'000 
'000 
'000 
David Frank
5 
1 
3 
9 

13 
2 
- 
15 
Simon Acland
4 
1 
3 
8 

11 
1 
- 
12 
Michael Stanes
3 
1 
3 
7 

11 
2 
- 
13 

12 
3 
9 
24 

35 
5 
- 
40 
Directors' remuneration is allocated proportionately against each share class.
7. Taxation

Unaudited

Audited

6 months ended

Year ended 

30 September 2014

31 March 2014

Ord.
A
C


Ord.
A
C


Shares
Shares
Shares
Total

Shares
Shares
Shares
Total

'000
'000
'000 
'000

'000
'000
'000 
'000
Profit/(loss) on ordinary activities before tax
215 
17 
(95)
137 

778 
141 
(21)
898 










Corporation tax @ 20% 
43 
3 
(19)
27 

156 
28 
(4)
180 
Effect of:









Capital gains not taxable
- 
- 
- 
- 

(67)
(17)
- 
(84)
Prior year adjustment
6 
1 
- 
7 

3 
- 
- 
3 
Tax charge/credit for the period
49 
4 
(19)
34 

92 
11 
(4)
99 
Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.
8. Earnings/(loss) per share
The earnings per share for Ordinary Shares is based on the profit after tax of 166,000, and on the weighted average number of shares in issue during the period of 19,671,546
The earnings per share for A Shares is based on the profit after tax of 13,000, and on the weighted average number of shares in issue during the period of 5,131,353
The loss per share for C Shares is based on the loss after tax of 76,000, and on the weighted average number of shares in issue during the period of 12,582,490
The table below shows how the weighted number of shares has been calculated.

Ordinary Shares

A Shares

C Shares

Shares
No. Of
Weighted

Shares
No. Of
Weighted

Shares
No. Of
Weighted

Issued
Days
Average

Issued
Days
Average

Issued
Days
Average
Current Year











01-Apr-14
19,722,809 
183
19,722,809 

5,131,353 
183
5,131,353 

6,986,522 
183
6,986,522 
04-Apr-14
- 
180
- 

- 

- 

3,949,046 
180
3,884,308 
29-May-14
- 
125
- 

- 

- 

2,505,870 
125
1,711,660 
22-Jul-14
(35,291)
71
(13,692)

- 

- 

- 

- 
22-Aug-14
(117,635)
40
(25,713)

- 

- 

- 

- 
08-Sep-14
(80,000)
23
(10,055)

- 

- 

- 

- 
09-Sep-14
(15,000)
22
(1,803)

- 

- 

- 

- 












30-Sep-14
19,474,883 
183
19,671,546 

5,131,353 
183
5,131,353 

13,441,438 
183
12,582,490 
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.
10. Share capital
Issued & Fully Paid
Ordinary Shares
A Ordinary Shares
C Ordinary Shares
Total
Number of shares in issue at 1 April 2014
19,722,809 
5,131,353 
6,986,522 
31,840,684 
Movements during the period:




Shares issued under the C Share Offer
-
-
6,454,916 
6,454,916 
Share buy backs
(247,926)
-
-
(247,926)
Number of Shares in issue at 30 September 2014
19,474,883 
5,131,353 
13,441,438 
38,047,674 





Par Value '000 30 September 2014
195 
51 
134 
380 
 
11. Net asset value per share
The calculation of the Company's net asset value per share for Ordinary Shares is based on the Company's net assets attributable to the Ordinary Shares of 15,574,000 divided by the 19,474,883 ordinary shares in issue.
The calculation of the Company's net asset value per share for A Shares is based on the Company's net assets attributable to the A Shares of 3,910,000 divided by the 5,131,353 A Shares in issue.
The calculation of the Company's net asset value per share for C Shares is based on the Company's net assets attributable to the C Shares of 13,232,000 divided by the 13,441,438 C Shares in issue.
12. Commitments and contingencies 
 
The Company had no commitments or contingent liabilities at 30 September 2014. 
13. Relationship with Investment Manager 
During the period TPIM provided investment management and administration services to the Company for a fee amounting to 286,577. At 30 September 2014 151,169 was due to TPIM. 
14. Related party transactions 
There are no related party transactions.
15. Post balance sheet events
There were no post balance sheet events, other than as described in the Investment Manager's Review.

This information is provided by RNS
The company news service from the London Stock Exchange
  END
IR GGGGAGUPCGWW