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
