RNS Number : 0981W
Triple Point Income VCT PLC
09 November 2017
Triple Point Income VCT plc
LEI: 213800IXD8S5WY88L245
Interim Results
The Directors of Triple Point Income VCT plc are pleased to announce its Interim results for the six months to 30 September 2017.
For further information please contact Ben Beaton 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
Unaudited Interim Financial Report - Financial Summary
6 months ended 30 September 2017
Unaudited
Ord Shares
A Shares
C Shares
D Shares
E Shares
Total
Net assets
'000
12,210
964
14,103
13,962
28,734
69,973
Net asset value per share
62.73p
18.79p
104.92p
101.90p
99.25p
n/a
Net profit before tax
'000
109
69
499
289
(266)
700
Earnings per share
0.49p
1.33p
3.43p
1.71p
(0.77p)
n/a
Cumulative return to shareholders
Net asset value per share
Pence
62.73
18.79
104.92
101.90
99.25
Dividends paid
Pence
33.06
81.20
10.00
5.00
-
Net asset value plus dividends paid
95.79
99.99
114.92
106.90
99.25
Year ended 31 March 2017
Audited
Ord Shares
A Shares
C Shares
D Shares
E Shares
Total
Net assets
'000
13,573
2,179
14,314
14,413
-
44,479
Net asset value per share
69.74p
42.46p
106.49p
105.19p
-
n/a
Net profit before tax
'000
429
73
957
652
-
2,111
Earnings per share
2.05p
1.18p
6.46p
3.93p
-
n/a
Cumulative return to shareholders
Net asset value per share
Pence
69.74
42.46
106.49
105.19
-
Dividends paid
Pence
25.56
56.20
5.00
-
-
Net asset value plus dividends paid
95.30
98.66
111.49
105.19
-
6 months ended 30 September 2016
Unaudited
Ord Shares
A Shares
C Shares
D Shares
E Shares
Total
Net assets
'000
13,259
2,145
13,625
14,124
-
43,153
Net asset value per share
68.13p
41.79p
101.37p
103.08p
-
n/a
Net profit before tax
'000
102
32
225
299
-
658
Earnings per share
0.44p
0.51p
1.34p
1.82p
-
n/a
Cumulative return to shareholders
Net asset value per share
Pence
68.13
41.79
101.37
103.08
-
Dividends paid
Pence
25.56
56.20
5.00
-
-
Net asset value plus dividends paid
93.69
97.99
106.37
103.08
-
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. The weighted average share price at acquisition or conversion was 83.60p
A Ordinary Shares: these are held by the former TP12(I) VCT plc shareholders prior to the merger on 21 November 2012.The weighted average share price at conversion was 86.40p
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.
D Ordinary Shares: these are the shares issued in the Offer that closed on 30 April 2015. A total of 14.3 million was raised and 13,701,636 D Shares were issued.
E Ordinary Shares: these are the shares issued in the Offer that closed this year on 15 May 2017. Just under 30 million was raised and 28,949,575 E Shares were issued.
Chairman's Statement
I am writing to present the Interim Financial Report for the Company for the period ended 30 September 2017.
Investment Portfolio
At 30 September 2017 the Company continues to meet the condition that at least 70% of the relevant funds must be invested in VCT qualifying investments within three years.
The Investment Manager's review on pages 5 to 7 gives an update on the portfolio of investments in 19 small unquoted businesses.
Ordinary Share Class
The Ordinary Share Class has a diverse portfolio consisting of cinema digitisation, electricity generation, crematorium management and SME funding. May 2018 marks the end of the five year minimum VCT holding period for this share class and in line with investor expectations we will be working towards facilitating an exit for shareholders as soon as possible after this date.
The Ordinary Share Class has recorded a profit over the period of 0.49p per share. As at 30 September 2017 the net asset value stood at 62.73p per share. Adding back the dividends paid to Ordinary Class Shareholders of 33.06p takes the total return including net asset value to 95.79p per share. This compares to a weighted average share price at acquisition or conversion of 83.60p and a minimum target return of 90.4p.
The Ordinary Share Class paid a special dividend of 2.5p as well as the regular annual dividend of 5p, equal to 1,459,734 on 14 July 2017.
A Share Class
With April 2017 marking the end of the five year anniversary, the A Share Class has realised its remaining portfolio during the period.
The A Share Class recorded a profit over the period of 1.33p per share. As at 30 September 2017 the net asset value stood at 18.79p per share. Adding back the dividends paid to A Class Shareholders of 81.20p per share takes the total return including net asset value to 99.99p per share. This compares to a weighted average share price at conversion of 86.40p and a minimum target return of 97.6p.
The A Share Class paid a dividend of 1,282,838, equal to 25p per share on 14 July 2017 as part of the process of returning funds to shareholders.
The Board has resolved to pay a further dividend to A Class Shareholders of 912,868, equal to 17.79p per share, on 8 December 2017 to shareholders on the register on 24 November 2017. This will bring the total paid by way of dividends to the A Class Shareholders to 98.99p per share. Following payment of this dividend the shares will be cancelled and a final distribution paid to A Class Shareholders during the first quarter of 2018.
C Share Class
The C Share Class has investments in three companies in the Hydroelectric Power sector which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have been successfully commissioned and are operating in line with expectations. The C Share Class has also invested in companies which provide SME funding in the Hydroelectric Power sector.
The C Share Class has recorded a profit over the period of 3.43p per share. At 30 September 2017 the net asset value stood at 104.92p per share. The Company paid a second dividend to C Class Shareholders of 672,072, equal to 5p per share, on 14 July 2017. Adding back the total dividends paid to date takes the total return including the net asset value to 114.92p per share.
D Share Class
The D Share Class has investments in five companies in the Hydroelectric Power sector which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have now been commissioned and are operating in line with expectations. The D Share Class has also invested in two companies providing funding to SMEs, one of which focuses on the Hydroelectric Power sector.
The D Share Class has recorded a profit over the period of 1.71p per share. At 30 September 2017 the net asset value stood at 101.90p per share. The Company paid its first dividend to D Class Shareholders of 685,082, equal to 5p per share, on 14 July 2017. Adding back this dividend takes the total return including the net asset value to 106.90p per share.
E Share Class
The E Share Class offer closed on 15 May 2017 raising just under 30 million with a total of 28,949,575 E Shares being issued. The E Share Class recorded a loss over the period of 0.74p per share due to the administrative costs incurred whilst suitable investment opportunities are sought. At 30 September 2017 the net asset value stood at 99.25p per share.
Risks
The Board believes that the principal risks currently facing the Company are:
investment risk associated with holding VCT qualifying investments;
risk of failure to maintain approval as a VCT;
risk of ability to invest the E Share Class funds in line with expectations as a result of the Treasury review of the rules governing EIS and VCT investments; and
risk of ability to return funds to investors in line with expectations.
The Board and the Investment Manager continue to work to minimise the likelihood and the potential impact of these risks.
Outlook
The Company and the Investment Manager continue to monitor the performance of the Ordinary Share portfolio and to progress an exit for the A Class Shareholders.
The Company's focus on the C and D Share Class investments in the Hydroelectric Power sector is on enhancing the operation of the sites now they have been completed and are fully operational.
The Company's focus on the E Share Class is to invest the funds raised into unquoted investments as soon as possible.
If you have any questions or comments, please do not hesitate to contact Triple Point on 020 7201 8989.
David Frank
Chairman
9 November 2017
Investment Manager's Review
Sector Analysis
The unquoted investment portfolio can be analysed as follows:
Electricity Generation
SME Funding
Industry Sector
Cinema Digitisation
Crematorium Management
Hydro Electric Power
Other Electric Power
Hydro Electric Power
Other
Total Unquoted Investments
'000
'000
'000
'000
'000
'000
'000
Investments at 31 March 2017
Ord Shares
3,366
592
2,771
4,173
350
453
11,705
A Shares
-
-
-
789
-
957
1,746
C Shares
-
-
10,872
-
3,288
-
14,160
D Shares
-
-
11,113
-
1,206
806
13,125
E Shares
-
-
-
-
-
-
-
Total
3,366
592
24,861
4,967
4,734
2,216
40,736
Investments made during the period
Ord Shares
-
-
-
-
-
-
-
A Shares
-
-
-
-
-
-
-
C Shares
-
-
-
-
-
-
-
D Shares
-
-
-
-
-
-
-
E Shares
400
1,446
1,846
-
-
-
-
400
1,446
1,846
Investments realised during the period
Ord Shares
-
-
-
-
-
-
-
A Shares
-
-
-
(789)
-
(957)
(1,746)
C Shares
-
-
(26)
-
(400)
-
(426)
D Shares
-
-
-
-
-
-
-
E Shares
-
-
(26)
(789)
(400)
(957)
(2,172)
Investments valued during the period
Ord Shares
-
-
-
-
-
-
-
A Shares
-
-
-
-
-
-
-
C Shares
-
-
-
-
-
-
-
D Shares
-
-
-
-
-
-
-
E Shares
-
-
-
-
-
-
-
Investments at 30 September 2017
Ord Shares
3,366
592
2,771
4,173
350
453
11,705
A Shares
-
-
-
-
-
-
-
C Shares
-
-
10,846
-
2,888
-
13,734
D Shares
-
-
11,113
-
1,206
806
13,125
E Shares
-
-
-
-
400
1,446
1,846
Total
3,366
592
24,730
4,173
4,844
2,705
40,410
Total investments %
8.33%
1.46%
61.20%
10.33%
11.99%
6.69%
100.00%
At 30 September 2017 the Company continues to meet the condition that at least 70% of relevant funds must be invested in VCT qualifying investments within three years.
The VCT was established to fund small and medium sized enterprises. At 30 September 2017 it had five share classes, each invested in their own portfolio as detailed on page 5. The overall portfolio comprised investments in 19 small, unquoted companies in four sectors: cinema digitisation; crematorium management; electricity generation; and SME Funding.
Generally performance during the period has been in line with expectation across the portfolio with all established share classes recording an uplift in net asset value.
Review and Outlook
Ordinary Share Class
The Company and the Investment Manager will continue to focus on monitoring the performance of the Ordinary Share Class investment portfolio and on maintaining or improving the performance of the Share Class within its target range. May 2018 marks the end of the five year minimum VCT holding period for this share class. In line with the investment strategy we will be working towards facilitating an exit for shareholders as soon as possible after this date.
Cinema Digitisation
The Company maintains two holdings in cinema digitisation businesses which provide cinema digitisation services in the UK, Germany and Ireland. These businesses continue to look for opportunities to grow and diversify.
Solar
The Company holds an investment in Green Energy For Education Limited ("GEFE"), a company that owns a portfolio of rooftop PV systems. The PV systems have been outperforming their electricity generation targets and the investment continues to provide an attractive exposure to a business benefitting from low risk Feed in Tariffs. The Company also holds an investment in Cmore Energy Limited ("Cmore"), a ground mount solar farm located in Herefordshire. Revenues are earned from the sale of Renewable Obligation Certificates and the sale of electricity. Cmore's revenues have been protected from the wider decline in wholesale electricity prices due to a long term Power Purchase Agreement.
Hydroelectric Power
The Ordinary Share Class has investments in two companies which between them own two hydroelectric schemes in the Scottish Highlands. Further updates on this sector are detailed on page 7.
Gas Power
The Company has invested in a company that is constructing a gas power plant. The power plant utilises tried and tested technology provided by Rolls Royce, to provide a reliable and secure energy supply. The power plant is under construction and expected to be operational in Q1 2018.
A Share Class
April 2017 marked the end of the five year minimum VCT holding period for this share class and, in line with its investment strategy, the Company and the Investment Manager have been working towards facilitating a rapid exit for shareholders. The realisations are now complete and the A Class Shareholders will be paid a final dividend of 17.79p per share on 8 December 2017, bringing the total dividends paid to 98.99p per share. The shares will then be cancelled with a final distribution of 1p per share paid to shareholders expected in Q1 2018.
C Share Class
The Company and the Investment Manager will monitor the ongoing operation and efficiency of the C Share Class investments. The C Share Class has investments in three hydroelectric companies which between them own six schemes in the Scottish Highlands. Further updates on this sector are detailed below.
D Share Class
We are pleased to report that the final of six Hydro schemes located in the Scottish Highlands held by the D Share Class was commissioned on time and within budget during August 2017. Our focus now turns to improving operation and efficiency of the schemes.
Hydroelectric Power
In 2016 the autumn and winter periods were uncharacteristically dry and river levels significantly below the long term average which resulted in reduced generation. The performance of each company has improved during 2017, in particular during the most recent quarter when rainfall has been above average.
Some contractual issues have arisen at one of the recently commissioned plants which the relevant investee company is working to resolve. The Board of the VCT is monitoring the situation.
In February 2017, the Scottish Government announced a 12.5% limit on business rates increases in the hydro sector for schemes up to 1 MW for the year to 31 March 2018. The British Hydropower Association continued to lobby the Scottish Government and on 12 September 2017, the Scottish Government announced 60% relief on business rates for small-scale hydro schemes from 1 April 2018. The Company has two schemes above 1MW and the position for such schemes still remains unclear. Longer term, the Scottish Government has recognised the anomalies in setting rates for hydro schemes and will work alongside industry organisations to fast track a review of the Plant and Machinery Order, which should address these issues.
With all schemes now operational an Asset Manager has been appointed with a view to further enhancing the operational performance. Their work includes reviewing the scheme layout, hydrology data and performance data, reporting on any inefficiencies and making recommendations on where improvements could be made to boost performance.
In addition to earning RPI linked Feed in Tariffs, the schemes have also earned revenue through the sale of electricity under Power Purchase Agreements (PPA's). Seven of the eleven PPA contract terms expired on 30 September 2017 and, due to the export market rising, the companies were able to secure terms better than were originally forecast.
Looking forward to the comingyear, we will focus our attention on looking at ways to increase performance through asset management, and working with Green Highland Renewables and the British Hydro Association to assess and potentially challenge the proposed new business rates.
E Share Class
During the period the E Share Class reached its maximum subscription and raised just under 30 million. Going forward, the Company and the Investment Manager are focused on ensuring that the funds are invested in line with the Company's strategy and the requirements of the VCT legislation. The E Share Class has invested in three companies that are non-qualifying investments.
Non-Qualifying Investments
SME Funding
The Company has invested in four companies which provide funding to a range of small and medium sized businesses. Two of these companies focus on the Hydroelectric Power sector. All three companies are performing in line with expectations.
Crematorium Management
The Company has an investment in a business that provides crematory and mercury abatement services for the crematoria of a London Borough. In line with expectations for the sector this investment has delivered a modest but steady return over the 7 years that it has been held.
If you have any questions, please do not hesitate to call us on 020 7201 8989.
Ben Beaton
Managing Partner
for Triple Point Investment Management LLP
9 November 2017
Investment Portfolio
Unaudited
Audited
30 September 2017
31 March 2017
Cost
Valuation
Cost
Valuation
'000
%
'000
%
'000
%
'000
%
Unquoted Holdings
Unquoted qualifying holdings
29,709
43.60
31,197
44.83
30,584
73.01
31,986
73.92
Unquoted non-qualifying holdings
9,261
13.58
9,213
13.25
8,762
20.92
8,750
20.23
Financial assets at fair value through profit or loss
38,970
57.18
40,410
58.08
39,346
93.93
40,736
94.15
Cash and cash equivalents
29,166
42.82
29,166
41.92
2,534
6.07
2,534
5.85
68,136
100.00
69,576
100.00
41,880
100.00
43,270
100.00
Unquoted Qualifying Holdings
'000
%
'000
%
'000
%
'000
%
Cinema digitisation
Digima Ltd
1,262
1.85
1,296
1.86
1,262
3.01
1,296
3.00
Digital Screen Solutions Ltd
2,020
2.96
2,070
2.98
2,020
4.82
2,070
4.78
Solar
Cmore Energy Ltd
1,000
1.47
1,221
1.75
1,000
2.39
1,221
2.82
Green Energy for Education Ltd
475
0.70
752
1.08
475
1.13
752
1.74
PJC Renewable Energy Ltd
5
0.01
-
-
5
0.01
-
-
Landfill Gas
Aeris Power Ltd
-
-
-
-
525
1.25
424
0.98
Craigahulliar Energy Ltd
-
-
-
-
350
0.84
365
0.84
Hydro Electric Power
-
-
Elementary Energy Ltd
2,060
3.02
2,102
3.02
2,060
4.92
2,102
4.86
Green Highland Allt Choire A Bhalachain (225) Ltd
3,130
4.59
3,038
4.37
3,130
7.47
3,038
7.02
Green Highland Allt Garbh Ltd
2,710
3.98
2,710
3.90
2,710
6.47
2,710
6.26
Green Highland Allt Ladaidh (1148) Ltd
3,500
5.14
3,500
5.03
3,500
8.36
3,500
8.09
Green Highland Allt Luaidhe (228) Ltd
1,995
2.93
2,047
2.94
1,995
4.76
2,047
4.73
Green Highland Allt Phocachain (1015) Ltd
3,932
5.77
3,941
5.66
3,932
9.39
3,941
9.11
Green Highland Shenval Ltd
1,120
1.64
1,120
1.61
1,120
2.67
1,120
2.59
Green Highland Renewables (Achnacarry) Ltd
4,300
6.31
5,200
7.47
4,300
10.27
5,200
12.02
Gas Power
Green Peak Generation Ltd
2,200
3.23
2,200
3.16
2,200
5.25
2,200
5.08
29,709
43.60
31,197
44.83
30,584
73.01
31,986
73.92
Unaudited 30 September 2017
Audited 31 March 2017
Cost
Valuation
Cost
Valuation
Unquoted Non-Qualifying Holdings
'000
%
'000
%
'000
%
'000
%
Crematorium Management
Furnace Managed Services Ltd
620
0.91
592
0.85
620
1.48
592
1.37
Hydro Electric Power
Elementary Energy Ltd
310
0.45
310
0.45
310
0.74
310
0.72
Green Highland Allt Choire A Bhalachain (225) Ltd
341
0.50
341
0.49
342
0.82
342
0.79
Green Highland Allt Luaidhe (228) Ltd
185
0.27
185
0.27
185
0.44
185
0.43
Green Highland Allt Phocachain (1015) Ltd
153
0.22
153
0.22
161
0.38
161
0.37
Green Highland Renewables (Achnacarry) Ltd
83
0.12
83
0.12
100
0.24
100
0.23
SME Funding
Hydro electric Power:
Broadpoint 2 Ltd
2,834
4.16
2,834
4.07
2,834
6.77
2,834
6.55
Broadpoint 3 Ltd
2,010
2.95
2,010
2.89
2,010
4.80
2,010
4.65
Other:
-
-
Aeris Power Ltd
525
0.77
489
0.70
-
-
-
-
Funding Path Ltd
2,200
3.23
2,216
3.19
2,200
5.25
2,216
5.12
9,261
13.58
9,213
13.25
8,762
20.92
8,750
20.23
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 2017 the Directors confirm, to the best of their knowledge, that:
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 at least the next 12 months. 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
9 November 2017
Non-Statutory Analysis - The Ordinary 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
189
-
189
421
-
421
Realised gain on investments
-
44
44
-
-
-
Unrealised gain on investments
-
-
-
-
258
258
Investment return
189
44
233
421
258
679
Investment management fees
(84)
(25)
(109)
(163)
(43)
(206)
Other expenses
(15)
-
(15)
(44)
-
(44)
Profit before taxation
90
19
109
214
215
429
Taxation
(17)
5
(12)
(43)
12
(31)
Profit after taxation
73
24
97
171
227
398
Profit and total comprehensive income for the period
73
24
97
171
227
398
Basic and diluted earnings per share
0.37p
0.12p
0.49p
0.88p
1.17p
2.05p
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
11,705
11,705
Current assets
Receivables
82
334
Cash and cash equivalents
533
1,632
615
1,966
Current liabilities
Payables
(61)
(62)
Corporation tax
(49)
(36)
Net assets
12,210
13,573
Equity attributable to equity holders
12,210
13,573
Net asset value per share
62.73p
69.74p
Statement of Changes in Shareholders' Equity
6 months ended
Year ended
30 September 2017
31 March 2017
'000
'000
Opening shareholders' funds
13,573
13,175
Profit for the period
97
398
Dividends paid
(1,460)
-
Closing shareholders' funds
12,210
13,573
Investment Portfolio
Unaudited
Audited
30 September 2017
31 March 2017
Cost
Valuation
Cost
Valuation
'000
%
'000
%
'000
%
'000
%
Unquoted qualifying holdings
9,381
80.56
10,000
81.71
9,381
73.62
10,000
74.98
Unquoted non-qualifying holdings
1,730
14.85
1,705
13.93
1,730
13.58
1,705
12.78
Financial assets at fair value through profit or loss
11,111
95.41
11,705
95.64
11,111
87.20
11,705
87.76
Cash and cash equivalents
533
4.59
533
4.36
1,632
12.80
1,632
12.24
11,644
100.00
12,238
100.00
12,743
100.00
13,337
100.00
Unquoted Qualifying Holdings
'000
%
'000
%
'000
%
'000
%
Cinema digitisation
Digima Ltd
1,262
10.84
1,296
10.59
1,262
9.90
1,296
9.72
Digital Screen Solutions Ltd
2,020
17.35
2,070
16.91
2,020
15.85
2,070
15.52
Solar
Cmore Energy Ltd
1,000
8.59
1,221
9.98
1,000
7.85
1,221
9.15
Green Energy for Education Ltd
475
4.08
752
6.14
475
3.73
752
5.64
PJC Renewable Energy Ltd
5
0.04
-
-
5
0.04
-
-
Hydro Electric Power
Elementary Energy Ltd
2,060
17.69
2,102
17.18
2,060
16.17
2,102
15.76
Green Highland Shenval Ltd
359
3.08
359
2.93
359
2.82
359
2.69
Gas Power
Green Peak Generation Ltd
2,200
18.89
2,200
17.98
2,200
17.26
2,200
16.50
9,381
80.56
10,000
81.71
9,381
73.62
10,000
74.98
Unquoted Non-Qualifying Holdings
Crematorium Management
Furnace Managed Services Ltd
620
5.32
592
4.84
620
4.87
592
4.44
Hydro Electric Power
Elementary Energy Ltd
310
2.66
310
2.53
310
2.43
310
2.32
SME Funding
Hydro Electric Power:
Broadpoint 2 Ltd
350
3.01
350
2.86
350
2.75
350
2.62
Other:
Funding Path Ltd
450
3.86
453
3.70
450
3.53
453
3.40
1,730
14.85
1,705
13.93
1,730
13.58
1,705
12.78
Non-Statutory Analysis - The A 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
32
-
32
110
-
110
Realised gain on investments
-
32
32
-
-
-
Unrealised gain on investments
-
65
65
-
7
7
Investment return
32
97
129
110
7
117
Investment management fees
(5)
(23)
(28)
(30)
(8)
(38)
Other expenses
(32)
-
(32)
(6)
-
(6)
Profit/(loss) before taxation
(5)
74
69
74
(1)
73
Taxation
(5)
4
(1)
(15)
3
(12)
Profit/(loss) after taxation
(10)
78
68
59
2
61
Profit/(loss) and total comprehensive income for the period
(10)
78
68
59
2
61
Basic and diluted earnings/(loss) per share
(0.19p)
1.53p
1.33p
1.15p
0.03p
1.18p
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
-
957
Current assets
Assets held for sale
-
789
Receivables
-
311
Cash and cash equivalents
1,018
146
1,018
1,246
Current liabilities
Payables
(54)
(11)
Corporation tax
-
(13)
Net assets
964
2,179
Equity attributable to equity holders
964
2,179
Net asset value per share
18.79p
42.46p
Statement of Changes in Shareholders' Equity
6 months ended
Year ended
30 September 2017
31 March 2017
'000
'000
Opening shareholders' funds
2,179
2,118
Profit for the period
68
61
Dividends paid
(1,283)
-
Closing shareholders' funds
964
2,179
Investment Portfolio
Unaudited 30 September 2017
Audited 31 March 2017
Cost
Valuation
Cost
Valuation
'000
%
'000
%
'000
%
'000
%
Unquoted qualifying holdings
-
-
-
-
875
44.40
789
41.70
Unquoted non-qualifying holdings
-
-
-
-
950
48.20
957
50.58
Financial assets at fair value through profit or loss
-
-
-
-
1,825
92.60
1,746
92.28
Cash and cash equivalents
1,018
100.00
1,018
100.00
146
7.40
146
7.72
1,018
100.00
1,018
100.00
1,971
100.00
1,892
100.00
Unquoted Qualifying Holdings
Landfill Gas
-
Aeris Power Ltd
-
-
-
-
525
26.64
424
22.41
Craigahulliar Energy Ltd
-
-
-
-
350
17.76
365
19.29
-
-
-
-
875
44.40
789
41.70
Unquoted Non-Qualifying Holdings
SME Funding
Other:
Funding Path Ltd
-
-
-
-
950
48.20
957
50.58
-
-
-
-
950
48.20
957
50.58
Non-Statutory Analysis - The C 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
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
Unaudited 30 September 2017
Audited 31 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
Unaudited 30 September 2017
Audited 31 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
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
Investment Management Fees
89
3
145
145
281
663
Administration Fees
17
3
18
18
35
91
Exit Fees
3
22
-
-
-
25
109
28
163
163
316
779
Year ended 31 March 2017
Audited
Investment Management Fees
173
32
279
273
-
757
Administration Fees
33
6
35
34
-
108
Exit Fees
-
-
-
-
-
-
206
38
314
307
-
865
6. Directors' remuneration
Ord Shares
A Shares
C Shares
D Shares
E Shares
Total
Unaudited
'000
'000
'000
'000
'000
'000
6 months ended 30 September 2017
David Frank
2
-
2
2
4
10
Simon Acland
2
-
2
2
3
9
Michael Stanes
1
1
1
1
4
8
5
1
5
5
11
27
Audited
Year ended 31 March 2017
David Frank
6
1
6
5
-
18
Simon Acland
5
1
5
5
-
16
Michael Stanes
5
-
5
6
-
16
16
2
16
16
-
50
Directors' remuneration is allocated proportionately against each share class.
7. Taxation
Ord Shares
A Shares
C Shares
D Shares
E Shares
Total
'000
'000
'000
'000
'000
'000
Unaudited
6 months ended 30 September 2017
Profit/(loss) on ordinary activities before tax
109
69
499
289
(266)
700
Corporation tax @ 19%
21
13
95
55
(51)
133
Effect of:
Capital (gains) not taxable
(8)
(18)
-
-
-
(26)
Income received not taxable
-
-
(57)
-
-
(57)
Disallowed expenditure
-
6
-
-
-
6
Tax charge/(credit)
13
1
38
55
(51)
56
Audited
Year ended 31 March 2017
Profit on ordinary activities before tax
429
73
957
652
-
2,111
Corporation tax @ 20%
86
15
192
130
-
423
Effect of:
Capital (gains) not taxable
(52)
(2)
(103)
(7)
-
(164)
Prior year adjustment
(3)
(1)
-
(9)
-
(13)
Tax charge
31
12
89
114
-
246
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 97,000, and on the weighted average number of shares in issue during the period of 19,463,120, which is equal to the number of shares at 30 September 2017.
The earnings per share for A Shares is based on the profit after tax of 68,000, and on the weighted average number of shares in issue during the period of 5,131,353, which is equal to the number of shares at 30 September 2017.
The earnings per share for C Shares is based on the profit after tax of 461,000, and on the weighted average number of shares in issue during the period of 13,441,438, which is equal to the number of shares at 30 September 2017.
The earnings per share for D Shares is based on the profit after tax of 234,000, and on the weighted average number of shares in issue during the period of 13,701,636, which is equal to the number of shares at 30 September 2017.
The loss per share for E Shares is based on the loss after tax of 216,000, and on the weighted average number of shares in issue during the period of 28,125,594.
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.
10. Share capital
30 September 2017
31 March 2017
Ordinary Shares of 0.01 each
Issued & Fully Paid
No. Of Shares
19,463,120
19,463,120
Par Value '000
195
195
A Ordinary Shares of 0.01 each
Issued & Fully Paid
Number of shares
5,131,353
5,131,353
Par Value '000
51
51
C Ordinary Shares of 0.01 each
Issued & Fully Paid
Number of shares
13,441,438
13,441,438
Par Value '000
135
135
D Ordinary Shares of 0.01 each
Issued & Fully Paid
Number of shares
13,701,636
13,701,636
Par Value '000
137
137
E Ordinary Shares of 0.01 each
Issued & Fully Paid
Number of shares
28,949,575
-
Par Value '000
290
-
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 12,210,000 divided by the 19,463,120 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 964,000 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 14,103,000 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 13,962,000 divided by the 13,701,636 D Shares in issue.
The calculation of the Company's net asset value per share for E Shares is based on the Company's net assets attributable to the E Shares of 28,734,000 divided by the 28,949,575 E Shares in issue.
12. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30 September 2017.
13. Relationship with Investment Manager
During the period TPIM provided investment management and administration services to the Company for a fee amounting to 778,554. At 30 September 2017 466,121 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.
16. Dividends
Ordinary Shares:
The Company paid a dividend to Ordinary Class Shareholders of 1,459,734, equal to 7.5p per share, on 14 July 2017. This included a special dividend of 2.5p per share in addition to the regular annual dividend of 5p per share.
A Shares:
The Company paid a dividend to A Class Shareholders of 1,282,838, equal to 25p per share, on 14 July 2017. The Board has resolved to pay a further dividend to A Class Shareholders of 912,868, equal to 17.79p per share on 8 December 2017 to shareholders on the register on 24 November 2017. Following payment of this dividend the shares will be cancelled and a final distribution of 1p per share paid in the first quarter of 2018.
C Shares:
The Company paid a dividend to C Class Shareholders of 672,072, equal to 5p per share, on 14 July 2017.
D Shares:
The Company paid the first dividend to D Class Shareholders of 685,082, equal to 5p per share, on 14 July 2017.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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