REG - Triple Point Inc VCT - Half Yearly Report <Origin Href="QuoteRef">TPV1.L</Origin> - Part 2
12/11/2015 17:11
- Part 2: For the preceding part double click ID:nRSL5771Fa
(162) (113)
Net assets 13,597 13,409
Equity attributable to equity holders 13,597 13,409
Net asset value per share 11 101.16p 99.76p
Statement of Changes in Shareholders' Equity 30 September 2015 31 March 2015
£'000 £'000
Opening shareholders' funds 13,409 6,873
Issue of new shares - 6,435
Profit for the period 188 101
Closing shareholders' funds 13,597 13,409
Investment Portfolio Unaudited Audited
30 September 2015 31 March 2015
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 9,430 69.12 9,430 69.12 9,430 70.07 9,430 70.07
Unquoted non-qualifying holdings 4,055 29.73 4,055 29.73 3,696 27.45 3,696 27.45
Financial assets at fair value through profit or loss 13,485 98.85 13,485 98.85 13,126 97.52 13,126 97.52
Cash and cash equivalents 157 1.15 157 1.15 331 2.48 331 2.48
13,642 100.00 13,642 100.00 13,457 100.00 13,457 100.00
Unquoted Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Hydro Electric Power
Green Highland Allt Choire A Bhalachain (225) Ltd 3,130 22.94 3,130 22.94 3,130 23.26 3,130 23.26
Green Highland Allt Phocachain (1015) Ltd 2,000 14.66 2,000 14.66 2,000 14.86 2,000 14.86
Green Highland Renewables (Achnacarry) Ltd 4,300 31.52 4,300 31.52 4,300 31.95 4,300 31.95
9,430 69.12 9,430 69.12 9,430 70.07 9,430 70.07
Unquoted Non-Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Broadpoint 2 Ltd 3,569 26.16 3,569 26.16 3,420 25.41 3,420 25.41
Hydro Electric Power
Green Highland Allt Choire A Bhalachain (225) Ltd 294 2.16 294 2.16 162 1.20 162 1.20
Green Highland Allt Garbh Ltd ST Loan 30 0.22 30 0.22 30 0.22 30 0.22
Green Highland Allt GNF (385) ST Loan 30 0.22 30 0.22 30 0.22 30 0.22
Green Highland Allt Phocachain (1015) Ltd 132 0.97 132 0.97 54 0.40 54 0.40
4,055 29.73 4,055 29.73 3,696 27.45 3,696 27.45
Non-Statutory Analysis - The D Share Fund
Statement of Comprehensive Income Unaudited Audited
6 months ended Year ended
Note 30 September 2015 31 March 2015
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment income 4 317 - 317 20 - 20
Investment management fees 5 (63) (21) (84) (15) (5) (20)
Other expenses (50) (48) (98) (9) - (9)
Profit/(loss) before taxation 204 (69) 135 (4) (5) (9)
Taxation 7 (41) 4 (37) 1 1 2
Profit/(loss) after taxation 163 (65) 98 (3) (4) (7)
Total comprehensive income/(loss) for the period 163 (65) 98 (3) (4) (7)
Basic and diluted loss per share 8 1.26p (0.50p) 0.75p (0.28p) (0.44p) (0.72p)
Balance Sheet Note 30 September 2015 31 March 2015
£'000 £'000
Non current assets
Financial assets at fair value through profit or loss 13,715 7,432
Current assets
Receivables 277 62
Cash and cash equivalents 9 (226) 27
51 89
Current liabilities
Payables (85) (2,323)
Net assets 13,681 5,198
Equity attributable to equity holders 13,681 5,198
Net asset value per share 11 99.85p 98.15p
Statement of Changes in Shareholders' Equity 30 September 2015 31 March 2015
£'000 £'000
Opening shareholders' funds 5,198 -
Issue of new shares 8,385 5,205
Profit/(loss) for the period 98 (7)
Closing shareholders' funds 13,681 5,198
Investment Portfolio Unaudited Audited
30 September 2015 31 March 2015
Cost Valuation Cost Valuation
£'000 % £'000 % £'000 % £'000 %
Unquoted qualifying holdings 12,847 95.24 12,847 95.24 7,427 55.06 7,427 55.06
Unquoted non-qualifying holdings 868 6.43 868 6.43 5 0.04 5 0.04
Financial assets at fair value through profit or loss 13,715 101.67 13,715 101.67 7,432 55.10 7,432 55.10
Cash and cash equivalents (226) (1.67) (226) (1.67) 27 44.90 27 44.90
13,489 100.00 13,489 100.00 7,459 100.00 7,459 100.00
Unquoted Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Hydro Electric Power
Green Highland Allt Garbh Ltd 2,710 20.09 2,710 20.09 - - - -
Green Highland Allt GNF (385) Ltd 2,710 20.09 2,710 20.09 - - - -
Green Highland Allt Ladaidh (1148) Ltd 3,500 25.95 3,500 25.95 3,500 25.95 3,500 25.95
Green Highland Allt Luaidhe (228) Ltd 1,995 14.79 1,995 14.79 1,995 14.79 1,995 14.79
Green Highland Allt Phocachain (1015) Ltd 1,932 14.32 1,932 14.32 1,932 14.32 1,932 14.32
12,847 95.24 12,847 95.24 7,427 55.06 7,427 55.06
Unquoted Non-Qualifying Holdings £'000 % £'000 % £'000 % £'000 %
Hydro Electric Power - - - -
Green Highland Allt Garbh Ltd 3 0.02 3 0.02 - - - -
Green Highland Allt GNF (385) Ltd 3 0.02 3 0.02 - - - -
Green Highland Allt Luaidhe (228) Ltd 101 0.75 101 0.75 5 0.04 5 0.04
Kinlochteacius Hydro Limited 761 5.64 761 5.64 - - - -
868 6.43 868 6.43 5 0.04 5 0.04
Unaudited Statement of Comprehensive Income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 2015 31 March 2015 30 September 2014
Note Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income
Investment income 4 1,669 - 1,669 1,313 - 1,313 492 - 492
(Loss) arising on the disposal of investments during the period - (21) (21) - (1) (1) - (1) (1)
(Loss)/gain arising on the revaluation of investments at the period end - (106) (106) - 1,467 1,467 - - -
Investment return 1,669 (127) 1,542 1,313 1,466 2,779 492 (1) 491
Expenses
Investment management fees 5 300 100 400 460 152 612 215 71 286
Financial and regulatory costs 14 - 14 23 - 23 11 - 11
General administration 6 - 6 15 - 15 6 - 6
Legal and professional fees 21 69 90 54 - 54 27 - 27
Directors' remuneration 6 24 - 24 48 - 48 24 - 24
Interest payable 113 - 113 6 - 6 - - -
Operating expenses 478 169 647 606 152 758 283 71 354
Profit/(loss) before taxation 1,191 (296) 895 707 1,314 2,021 209 (72) 137
Taxation 7 (105) 19 (86) (150) 32 (118) (50) 16 (34)
Profit/(loss) after taxation 1,086 (277) 809 557 1,346 1,903 159 (56) 103
Profit/(loss) and total comprehensive income for the period 1,086 (277) 809 557 1,346 1,903 159 (56) 103
Basic and diluted earnings per share 8 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
Balance sheet
Unaudited Audited Unaudited
30 September 2015 31 March 2015 30 September 2014
Note £'000 £'000 £'000
Non-current assets
Financial assets at fair value through profit or loss 41,156 29,335 26,682
Current assets
Assets held for sale 598 11,855 -
Receivables 1,016 165 3,337
Cash and cash equivalents 9 3,306 993 3,003
4,920 13,013 6,340
Total Assets 46,076 42,348 33,022
Current liabilities
Payables and accrued expenses 245 2,511 174
Current taxation payable 196 116 132
441 2,627 306
Net Assets 45,635 39,721 32,716
Equity attributable to equity holders of the parent
Share capital 10 518 434 381
Share redemption reserve 451 451 451
Share premium 41,093 32,405 27,253
Special distributable reserve 4,338 6,997 6,997
Capital reserve (1,850) (1,573) (2,975)
Revenue reserve 1,085 1,007 609
Total equity 45,635 39,721 32,716
Net asset value per share n/a n/a n/a
n/a
The statements were approved by the Directors and authorised for issue on 12 November 2015 and are signed on their behalf
by:
David Frank
Chairman
12 November 2015
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 2015
Opening balance 434 451 32,405 6,997 (1,573) 1,007 39,721
Issue of new shares 84 - 8,688 (384) - - 8,388
Dividends paid - - - (2,275) - (1,008) (3,283)
Transactions with owners 84 - 8,688 (2,659) - (1,008) 5,105
(Loss)/profit for the year - - - - (277) 1,086 809
(Loss)/profit and total comprehensive income for the period - - - - (277) 1,086 809
Balance at 30 September 2015 518 451 41,093 4,338 (1,850) 1,085 45,635
Capital reserve consists of:
Investment holding gains 165
Other realised losses (2,015)
(1,850)
Year ended 31 March 2015
Opening balance 318 449 20,875 7,502 (2,919) 450 26,675
Issue of new shares 118 - 11,530 (8) - - 11,640
Purchase of own shares (2) 2 - (179) - - (179)
Dividend paid - - - (318) - - (318)
Transactions with owners 116 2 11,530 (505) - - 11,143
Profit for the year - - - 1,346 557 1,903
Profit and total comprehensive income for the year - - - 1,346 557 1,903
Balance at 31 March 2015 434 451 32,405 6,997 (1,573) 1,007 39,721
Capital reserve consists of:
Investment holding gains 1,833
Other realised losses (3,406)
(1,573)
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)
Dividend paid - - - (318) - - (318)
Transactions with owners 63 2 6,378 (505) - - 5,938
(Loss)/profit for the period - - - - (56) 159 103
(Loss)/profit and total comprehensive 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)
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 2015 31 March 2015 30 September 2014
£'000 £'000 £'000
Cash flows from operating activities
Profit before taxation 895 2,021 137
Loss arising on the disposal of investments during the period 21 1 1
Loss/(gain) arising on the revaluation of investments at the period end 106 (1,467) -
Cashflow generated by operations 1,022 555 138
(Increase)/decrease in receivables (851) 5 (3,167)
(Decrease)/Increase in payables (2,266) 2,353 16
Taxation (6) (102) (2)
Net cash flows from operating activities (2,101) 2,811 (3,015)
Cash flow from investing activities
Purchase of financial assets at fair value through profit or loss (12,069) (20,907) (7,666)
Proceeds of sale of financial assets at fair value through profit or loss 11,378 520 320
Net cash flows from investing activities (691) (20,387) (7,346)
Cash flows from financing activities
Issue of new shares 8,388 11,640 6,435
Purchase of own shares - (179) (179)
Dividends paid (3,283) (318) (318)
Net cash flows from financing activities 5,105 11,143 5,938
Net increase/(decrease) in cash and cash equivalents 2,313 (6,433) (4,423)
Reconciliation of net cash flow to movements in cash and cash equivalents
Opening cash and cash equivalents 993 7,426 7,426
Net increase/(decrease) in cash and cash equivalents 2,313 (6,433) (4,423)
Closing cash and cash equivalents 3,306 993 3,003
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 2015 was authorised for issue in
accordance with a resolution of the Directors on 12 November 2015.
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 2015 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 2015.
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
Audited Unaudited
6 months ended Year ended
30 September 2015 31 March 2015
Ord. A C D Ord. A C D
Shares Shares Shares Shares Total Shares Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Loan stock interest 249 27 405 315 996 690 121 458 20 1,289
Dividends receivable 231 435 - - 666 - - - - -
Interest receivable on bank balances 2 1 2 2 7 12 3 9 - 24
482 463 407 317 1,669 702 124 467 20 1,313
5. Investment management fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement
effective 6 February 2008 and two deeds of variation to that agreement effective 21 November 2012 and 28 October 2014. 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 Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran
until 6 February 2014 after which the management fee proportion of 1.5% has not been charged. For all other Ordinary Shares
the appointment shall continue until at least 30 April 2018. For A Shares the appointment shall continue until at least 30
April 2017. The agreement provides for an administration and investment management fee of 2.25% per annum of net assets
payable quarterly in arrear for C Shares and D Shares. For C Shares and D Shares the appointment shall continue for a
period of at least 6 years from the admission of those shares
6. Directors' remuneration
Audited Unaudited
6 months ended Year ended
30 September 2015 31 March 2015
Ord. A C D Ord. A C D
Shares Shares Shares Shares Total Shares Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
David Frank 3 1 3 2 9 9 2 7 - 18
Simon Acland 3 1 2 1 7 7 2 6 - 15
Michael Stanes 3 1 2 2 8 7 2 5 1 15
Total 9 3 7 5 24 23 6 18 1 48
Directors' remuneration is allocated proportionately against each share class.
7. Taxation
Unaudited Audited
6 months ended Year ended
30 September 2015 31 March 2015
Ord. A C D Ord. A C D
Shares Shares Shares Shares Total Shares Shares Shares Shares Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Profit/(loss) on ordinary activities before tax 568 (42) 235 135 896 1,327 576 127 (9) 2,021
Corporation tax @ 20% 113 (9) 47 27 178 265 115 26 (2) 404
Effect of:
Capital gains not taxable (67) 93 - - 26 (185) (108) - - (293)
Capital losses not taxable (46) (87) - 10 (123) - - - - -
Disallowed expenditure 4 1 5 - - - - -
Prior year adjustment - - - - - 6 1 - - 7
Tax charge/credit for the period 4 (2) 47 37 86 86 8 26 (2) 118
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 £568,000, and on the weighted average number
of shares in issue during the period of 19,474,883.
The loss per share for A Shares is based on the loss after tax of £43,000, and on the weighted average number of shares in
issue during the period of 5,131,353
The earnings per share for C Shares is based on the profit after tax of £235,000, and on the weighted average number of
shares in issue during the period of 13,441,438
The earnings per share for D Shares is based on the profit after tax of £135,000, and on the weighted average number of
shares in issue during the period of 12,948,452.
The table below shows how the weighted number of shares has been calculated.
Ordinary Shares A Shares
Shares No. Of Weighted Shares No. Of Weighted
Issued Days Average Issued Days Average
Current Year
01-Apr-15 19,474,883 183 19,474,883 5,131,353 365 5,131,353
30-Sep-15 19,474,883 183 19,474,883 5,131,353 365 5,131,353
C Shares D Shares
Shares No. Of Weighted Shares No. Of Weighted
Issued Days Average Issued Days Average
Current Year
01-Apr-15 13,441,438 183 13,441,438 8,467,598 183 8,467,598
02-Apr-15 - - 382,400 182 380,310
14-Apr-15 - - 579,246 170 538,097
01-May-15 - - 4,097,567 153 3,425,835
11-May-15 - - 174,825 143 136,612
30-Sep-15 13,441,438 183 13,441,438 13,701,636 183 12,948,452
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 Shares C Shares D Shares Total
Number of shares in issue at 1 April 2015 19,474,883 5,131,353 13,441,438 5,296,574 43,344,248
Movements during the period:
Shares issued under the D Share Offer - - - 8,405,062 8,405,062
Number of Shares in issue at 30 September 2015 19,474,883 5,131,353 13,441,438 13,701,636 51,749,310
Par Value £'000 at 30 September 2015 195 51 135 137 518
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 £16,242,000 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 £2,115,000 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 £13,597,000 divided by the 13,441,438 C Shares in issue.
The calculation of the Company's net asset value per share for D Shares is based on the Company's net assets attributable
to the D Shares of £13,681,000 divided by the 13,701,636 D Shares in issue.
12. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30 September 2015.
13. Relationship with Investment Manager
During the period TPIM provided investment management and administration services to the Company for a fee amounting to
£400,249. At 30 September 2015 £197,236 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.
16. Dividends
A dividend of 5p per share, equivalent to £973,744 was paid to the Ordinary Class Shareholders.
Two dividends were paid to the A Class Shareholders during the period. On 24 July 2015 £256,568 was paid, equivalent to 5p
per share, and on 21 August 2015 £2,052,541 was paid, equivalent to 40p per share.
This information is provided by RNS
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