Get startedLog in
    Picture of Triple Point Income VCT logo

    TPVE — Triple Point Income VCT News Story

    0.000.00%
    gb flag iconLast trade - 00:00
    FinancialsSpeculativeMicro Cap
    All News

    Triple Point Inc VCT - Half Yearly Report - Part 1

    Picture of Triple Point Income VCT logoTriple Point Income VCT
    12/11/2015 17:13
    RNS Number : 5771F

Triple Point Income VCT PLC

12 November 2015

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 2015.

For further information please contact Claire Ainsworth 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


    UnauditedAuditedUnaudited
    6 months ended 30 September 2015Year ended 31 March 20156 months ended 30 September 2014
    Ord. SharesA SharesC SharesD SharesTotalOrd. SharesA SharesC SharesD SharesTotalOrd. SharesA SharesC SharesTotal
    '000'000'000'000'000'000'000'000'000'000'000'000'000'000
    Net assets16,2422,11513,59713,68145,63516,6494,46513,4095,19839,72115,5743,91013,23232,716
    Net asset value per share83.40p41.22p101.16p99.85pn/a85.49p87.01p99.76p98.15pn/a79.97p76.19p98.45pn/a
    Net profit/(loss) before tax568(43)2351358951,327576127(9)2,02121517(95)137
    Dividend paid(5.00p)(45.00p)--n/a-(6.20p)--n/a-(6.20p)-n/a
    Earnings/(loss) per share2.91p(0.79p)1.40p0.75pn/a6.34p11.06p0.78p(0.72p)n/a0.84p0.24p(0.60p)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.

 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.

Unaudited Interim Financial Report - Chairman's Statement

I am writing to present the Unaudited Interim Financial Report for the Company for the period ended 30 September 2015.

Qualifying investments account for 79% of the Company's overall portfolio. The VCT maintains its VCT qualifying status through satisfying the test of being at least 70% invested in VCT qualifying investments.

Ordinary Share Class and A Share Class

The solar PV companies in which the Ordinary Share Class and A Share Class invested disposed of a significant proportion of their portfolios of roof-mounted solar systems during the year ended 31 March 2015 which resulted in an uplift to the valuation of the Company's investments of an aggregate 1.4 million, equivalent to 10.15p per A Share and 4.36p per Ordinary Share. Subsequently all but one of these investments has been sold. More information is given in the Investment Manager's Report.

In June the Company completed the sale of its investments in three Anaerobic Digestion companies for 4.8 million resulting in an uplift in the valuation of 0.6 million equivalent to 2.75p per Ordinary Share and 1.76p per A Share.

Ordinary Share Class

During the period the Ordinary Share Class invested 1.6 million into companies in the hydro electric power sector and 3.8 million into companies in energy generation and infrastructure from the proceeds of the disposals of solar PV companies.

During the period a dividend of 5p per share, equivalent to 973,744, was paid to the Ordinary Class Shareholders.

As at 30 September 2015 the net asset value stood at 83.40p per share. Adding back the total dividends of 9.11p paid to Ordinary Class Shareholders takes the total return including net asset value to 92.51p per share, which compares to a weighted average share price at acquisition or conversion of 83.6p. This compares favourably with the total targeted return to investors in 2018 of 90.4p per share.

A Share Class

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. The second dividend was as a result of the disposals detailed above.

As at 30 September 2015 the net asset value stood at 41.22p per share. Adding back the dividends paid to A Class Shareholders of 56.2p per share takes the total return including net asset value to 97.42p per share, which compares to a weighted average share price at conversion of 86.4p. This compares favourably with the total targeted return to investors in 2017 of 97.6p per share.

C Share Class

The C Share Class has invested 13.5 million into companies investing in small scale hydro electric power projects in Scotland. The investment programme for the C Share Fund portfolio is complete.

At 30 September 2015 the net asset value stood at 101.16p per share.

D Share Class

Last year shareholders approved the proposal for a new share class. The Offer closed on 30 April 2015 with a total of 13,701,636 D Shares being issued and 14.3 million of funds raised.

The D Share Class has invested 13.7 million into companies in the hydro electric power sector of which 7.5 million is invested in companies that have commenced construction.

At 30 September 2015 the net asset value stood at 99.85p per share.

Risks

The Board believes that the principal risks facing the Company are:

 risk of failure to maintain approval as a VCT

 investment risk associated with making and holding VCT qualifying investments

The Board and the Investment Manager continue to work to minimise the likelihood and potential impact of these risks.

Outlook

Following the successful disposal of the solar PV and anaerobic digestion companies we will be focused on managing our seasoned investment portfolio as well as on the development of our new investments in the hydro and wider generation sectors.

If you have any questions or comments, please do not hesitate to telephone Triple Point on 020 7201 8989.

David Frank

Chairman

12 November 2015

Unaudited Interim Financial Report -Investment Manager's Review

During the period 7 investee companies which generated renewable electricity from residential solar PV panels were sold and as a result of this sale, a total of 7.7m was realised from this portfolio. This was the first large scale sale of its kind in the UK VCT sector. We are pleased to report that the disposal contributed significantly to an uplift of 4.36p per Ordinary Share, equivalent to 850,000 on the net asset value of the Ordinary Share Class investments and 10.15p per A Share, equivalent to 520,000 on the net asset value of the A Share Class investments.Three companies generating electricity through anaerobic digestion were also sold in June realising 4.8m which contributed to an uplift of 2.75p per Ordinary Share equivalent to 535,000 on the net asset value and 1.76p per A Share equivalent to 90,000 on the net asset value.

The Company has maintained a portfolio of qualifying investments of net assets, ensuring that the Company continues to satisfy the regulatory requirement to be 70% invested in qualifying investments.

The VCT was established to fund small and medium sized enterprises and at the period end the overall portfolio comprised investments in 21 small, unquoted companies in four sectors: cinema digitisation; crematorium management; renewable electricity generation from hydro electric power and landfill gas; SME lending.

VCT Sector Portfolio

Cinema Digitisation

Over the six month period, TP Income's portfolio of cinema digitisation businesses continued to perform as intended, with the companies benefitting from regular and reliable revenues from their operations in the UK, Germany, Italy and Ireland.

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.

Landfill Gas

Craigahulliar Energy Ltd (CEL) and Aeris Power Ltd (APL) each generates renewable electricity from landfill gas at sites operated respectively by local councils and a large waste management company in Northern Ireland. Both businesses continue to generate electricity for export to the Grid, earning long term cash flows through the sale of electricity to a utility company and potentially to the site owners, and through the sale of the Renewables Obligation Certificates. CEL is generating in line with expectations while APL's generation is running slightly lower than expected due to lower than expected gas extraction. Management have taken actions to address this and while the company continues to be comfortably able to meet the VCT's interest payments, we have deemed it prudent to reflect slightly lower cash flow projections in the recent valuation.

Hydro Electric Power

27.6 million has been invested into companies in the hydro electric power sector of which 19.8 million is invested in companies that have commenced construction. Since the period end a further 0.8 million has been advanced to a company that has a hydro electric scheme in construction.

SME Lending

The C Share Fund has invested in Broadpoint 2 Ltd, a Company that is engaged in lending to small businesses in the Hydro Sector.

Energy Generation and Infrastructure

The Ordinary Share Class has invested 3.8 million into two companies pursuing opportunities in energy generation and infrastructure.

Sector Analysis

The unquoted investment portfolio can be analysed as follows:


    Electricity Generation
    Industry SectorCinema DigitisationCrematorium ManagementSolarAnaerobic DigestionEnergy Generation and InfrastructureLandfill GasHydro Electric PowerSME LendingTotal Unquoted Investments
    '000'000'000'000'000'000'000'000
    Investments at 31 March 2015
    Ordinary Shares3,3199886,1353,550--2,452-16,444
    A Ordinary Shares--2,698600-890--4,188
    C Ordinary Shares------9,7063,42013,126
    D Ordinary Shares------7,432-7,432
    Total3,3199888,8334,150-89019,5903,42041,190
    Investments made during the period
    Ordinary Shares----3,803-1,625-5,428
    A Ordinary Shares---------
    C Ordinary Shares------210149359
    D Ordinary Shares------6,283-6,283
    ----3,803-8,11814912,070
    Investments realised during the period
    Ordinary Shares-(100)(4,429)(4,102)--(48)-(8,679)
    A Ordinary Shares--(2,677)(693)----(3,370)
    C Ordinary Shares---------
    D Ordinary Shares---------
    -(100)(7,106)(4,795)--(48)-(12,049)
    Investments re-valued during the period
    Ordinary Shares--20552----572
    A Ordinary Shares--(21)93-(101)--(29)
    C Ordinary Shares---------
    D Ordinary Shares--------
    --(1)645-(101)--543
    Investments at 30 September 2015
    Ordinary Shares3,3198881,726-3,803-4,029-13,765
    A Ordinary Shares-----789--789
    C Ordinary Shares------9,9163,56913,485
    D Ordinary Shares------13,715-13,715
    Total3,3198881,726-3,80378927,6603,56941,754
    Total investments %7.95%2.13%4.13%0.00%9.10%1.89%66.25%8.55%100.00%
    

`

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

12 November 2015

Unaudited Interim Financial Report - Investment Portfolio


    UnauditedAudited
    `30 September 201531 March 2015
    CostValuationCostValuation
    '000%'000%'000%'000%
    Unquoted Holdings
    Unquoted qualifying holdings35,39878.8635,59578.9934,24484.8936,10985.58
    Unquoted non-qualifying holdings6,19113.776,15913.645,11312.665,08112.04
    Financial assets at fair value through profit or loss41,58992.6341,75492.6339,35797.5541,19097.62
    Cash and cash equivalents3,3067.373,3067.379932.459932.38
    44,895100.0045,060100.0040,350100.0042,183100.00
    Unquoted Qualifying Holdings'000%'000%'000%'000%
    Cinema digitisation
    Digima Ltd1,2622.811,2912.871,2623.131,2913.06
    Digital Screen Solutions Ltd2,0204.502,0284.502,0205.012,0284.81
    Electricity Generation
    Solar
    Arraze Ltd----6001.498001.90
    Bandspace Ltd----1,2002.971,6503.91
    Bridge Power Ltd----7251.809682.29
    Campus Link Ltd----6901.718922.11
    Convertibox Services Ltd----1,0002.481,1702.77
    Core Generation Ltd----6001.498231.95
    C More Energy Ltd1,0002.231,1232.491,0002.481,1232.66
    Green Energy for Education Ltd4751.065981.331,0002.481,1282.67
    PJC Renewable Energy Ltd50.0150.0150.0150.01
    Trym Power Ltd----2000.502740.65
    Anaerobic Digestion
    Biomass Future Generation Ltd----2,1505.332,1505.10
    GreenTec Energy Ltd----1,0002.481,0002.37
    Katharos Organic Ltd----1,0002.481,0002.37
    Landfill Gas
    Aeris Power Ltd5251.174240.945251.305251.24
    Craigahulliar Energy Ltd3500.783650.813500.873650.87
    Hydro Electric Power
    Elementary Energy Ltd2,0604.592,0604.572,0605.112,0604.88
    Green Highland Allt Choire A Bhalachain (225) Ltd3,1306.973,1306.953,1307.763,1307.42
    Green Highland Allt Garbh Ltd2,7106.042,7106.01----
    Green Highland Allt GNF (385) Ltd2,7106.042,7106.01----
    Green Highland Allt Ladaidh (1148) Ltd3,5007.803,5007.773,5008.673,5008.30
    Green Highland Allt Luaidhe (228) Ltd1,9954.441,9954.431,9954.941,9954.73
    Green Highland Allt Phocachain (1015) Ltd3,9328.763,9328.733,9329.743,9329.32
    Green Highland Shenval Ltd1,6243.621,6243.60----
    Green Highland Renewables (Achnacarry) Ltd4,3009.584,3009.544,30010.664,30010.19
    Energy Generation and Infrastructure
    Green Highland Hydro Generation Ltd2,2004.902,2004.88----
    Green Highland Hydro Power Ltd1,6003.561,6003.55----
    35,39878.8635,59578.9934,24484.8936,10985.58
    


    UnauditedAudited
    30 September 201531 March 2015
    Unquoted Non-Qualifying HoldingsCostValuationCostValuation
    '000%'000%'000%'000%
    Broadpoint 2 Ltd3,5697.953,5697.923,4208.483,4208.11
    Crematorium Management
    Furnace Managed Services Ltd9202.058881.971,0202.539882.34
    Hydro Electric Power-
    Elementary Energy Ltd3440.773440.763920.973920.93
    Green Highland Allt Choire A Bhalachain (225) Ltd2940.652940.651620.401620.38
    Green Highland Allt Garbh Ltd ST Loan330.07330.07300.07300.07
    Green Highland Allt GNF (385) ST Loan330.07330.07300.07300.07
    Green Highland Allt Luaidhe (228) Ltd1010.221010.2250.0150.01
    Green Highland Allt Phocachain (1015) Ltd1320.291320.29540.13540.13
    Green Highland Shenval Ltd1-1-----
    Kinlochteacius Hydro Limited7611.707611.69----
    Energy Generation and Infrastructure
    Green Highland Hydro Generation Ltd2-2-----
    Green Highland Hydro Power Ltd1-1-----
    6,19113.776,15913.645,11312.665,08112.04
    

Unaudited Interim Financial Report - 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 2015, 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

12 November 2015

Non-Statutory Analysis - The Ordinary Share Fund


    Statement of Comprehensive Income
    UnauditedAudited
    6 months endedYear ended
    Note30 September 201531 March 2015
    RevenueCapitalTotalRevenueCapitalTotal
    '000'000'000'000'000'000
    Investment income4482-482702-702
    Realised gain on investments-341341---
    Unrealised (loss)/gain on investments-(5)(5)-926926
    Investment return4823368187029261,628
    Investment management fees5(98)(33)(131)(175)(58)(233)
    Other expenses(101)(18)(119)(68)-(68)
    Profit before taxation2832855684598681,327
    Taxation7(10)6(4)(99)13(86)
    Profit after taxation2732915643608811,241
    Total comprehensive income for the period2732915643608811,241
    Basic and diluted earnings per share81.40p1.51p2.91p1.84p4.50p6.34p
    Balance SheetNote30 September 201531 March 2015
    '000'000
    Non-current assets
    Financial assets at fair value through profit or loss13,1677,887
    Current assets
    Assets held for sale5988,557
    Receivables32133
    Cash and cash equivalents92,328334
    3,2478,924
    Current liabilities
    Payables(172)(162)
    Net assets16,24216,649
    Equity attributable to equity holders16,24216,649
    Net asset value per share1183.40p85.49p
    Statement of Changes in Shareholders' Equity
    30 September 201531 March 2015
    '000'000
    Opening shareholders' funds16,64915,587
    Purchase of own shares-(179)
    Issue of new shares3-
    Profit for the period5641,241
    Dividend paid(974)-
    Closing shareholders' funds16,24216,649
    

Non-Statutory Analysis - The Ordinary Share Fund


    Investment PortfolioUnauditedAudited
    30 September 201531 March 2015
    CostValuationCostValuation
    '000%'000%'000%'000%
    Unquoted qualifying holdings12,24677.3012,52977.8513,91288.8715,06489.78
    Unquoted non-qualifying holdings1,2688.011,2367.691,4129.011,3808.23
    Financial assets at fair value through profit or loss13,51485.3113,76585.5415,32497.8816,44498.01
    Cash and cash equivalents2,32814.692,32814.463342.123341.99
    15,842100.0016,093100.0015,658100.0016,778100.00
    Unquoted Qualifying Holdings'000%'000%'000%'000%
    Cinema digitisation
    Digima Ltd1,2627.971,2918.021,2628.061,2917.69
    Digital Screen Solutions Ltd2,02012.752,02812.602,02012.902,02812.09
    Solar
    Bandspace Ltd----1,2007.661,6509.83
    Bridge Power Ltd----1250.801671.00
    Campus Link Ltd----6904.418925.32
    Convertibox Services Ltd----1,0006.391,1706.97
    C More Energy Ltd1,0006.311,1236.981,0006.391,1236.69
    Green Energy for Education Ltd4753.005983.721,0006.391,1286.72
    PJC Renewable Energy Ltd50.0350.0350.0350.03
    Anaerobic Digestion
    Biomass Future Generation Ltd----1,5509.901,5509.24
    GreenTec Energy Ltd----1,0006.391,0005.96
    Katharos Organic Ltd----1,0006.391,0005.96
    Hydro Electric Power
    Elementary Energy Ltd2,06013.002,06012.802,06013.162,06012.28
    Green Highland Shenval Ltd1,62410.251,62410.09----
    Energy Generation and Infrastructure
    Green Highland Hydro Generation Ltd2,20013.892,20013.67----
    Green Highland Hydro Power Ltd1,60010.101,6009.94----
    12,24677.3012,52977.8513,91288.8715,06489.78
    Unquoted Non-Qualifying Holdings'000%'000%'000%'000%
    Crematorium Management
    Furnace Managed Services Ltd9205.818885.521,0206.519885.89
    Hydro Electric Power
    Elementary Energy Ltd3442.173442.143922.503922.34
    Green Highland Shenval Ltd10.0110.01----
    Energy Generation and Infrastructure
    Green Highland Hydro Generation Ltd20.0120.01----
    Green Highland Hydro Power Ltd10.0110.01----
    1,2688.011,2367.691,4129.011,3808.23
    

Non-Statutory Analysis - The A Share Fund


    Statement of Comprehensive Income
    UnauditedAudited
    6 months endedYear ended
    Note30 September 201531 March 2015
    RevenueCapitalTotalRevenueCapitalTotal
    '000'000'000'000'000'000
    Investment income4463-463124-124
    Realised loss on investments-(362)(362)-(1)(1)
    Unrealised (loss)/gain on investments-(101)(101)-541541
    Investment return463(463)-124540664
    Investment management fees5(25)(8)(33)(53)(17)(70)
    Other expenses(7)(3)(10)(18)-(18)
    Profit/(loss) before taxation431(474)(43)53523576
    Taxation7112(12)4(8)
    Profit/(loss) after taxation432(473)(41)41527568
    Total comprehensive income for the period432(473)(41)41527568
    Basic and diluted earnings per share88.43p(9.22p)(0.79p)0.82p10.24p11.06p
    Balance SheetNote30 September 201531 March 2015
    '000'000
    Non-current assets
    Financial assets at fair value through profit or loss789890
    Current assets
    Assets held for sale-3,298
    Receivables3015
    Cash and cash equivalents91,047301
    1,3483,604
    Current liabilities
    Payables(22)(29)
    Net assets2,1154,465
    Equity attributable to equity holders2,1154,465
    Net asset value per share1141.22p87.01p
    Statement of Changes in Shareholders' Equity30 September 201531 March 2015
    '000'000
    Opening shareholders' funds4,4654,215
    Issue of new shares--
    (Loss)/profit for the period(41)568
    Dividend paid(2,309)(318)
    Closing shareholders' funds2,1154,465
    


    Investment PortfolioUnauditedAudited
    30 September 201531 March 2015
    CostValuationCostValuation
    '000%'000%'000%'000%
    Unquoted qualifying holdings87545.5378942.973,47592.034,18893.29
    Unquoted non-qualifying holdings--------
    Financial assets at fair value through profit or loss87545.5378942.973,47592.034,18893.29
    Cash and cash equivalents1,04754.471,04757.033017.973016.71
    1,922100.001,836100.003,776100.004,489100.00
    Unquoted Qualifying Holdings'000%'000%'000%'000%
    Electricity Generation
    Solar
    Arraze Ltd----60015.8980017.82
    Bridge Power Ltd----60015.8980117.84
    Core Generation Ltd----60015.8982318.33
    Trym Power Ltd----2005.302746.10
    Anaerobic Digestion-
    BioMass Future Generation Ltd----60015.8960013.37
    Landfill Gas-
    Aeris Power Ltd52527.3242423.0952513.9052511.70
    Craigahulliar Energy Ltd35018.2136519.883509.273658.13
    87545.5378942.973,47592.034,18893.29
    

Non-Statutory Analysis - The C Share Fund


    Statement of Comprehensive IncomeUnauditedAudited
    6 months endedYear ended
    Note30 September 201531 March 2015
    RevenueCapitalTotalRevenueCapitalTotal
    '000'000'000'000'000'000
    Investment income4407-407467-467
    Investment management fees5(114)(38)(152)(217)(72)(289)
    Other expenses(20)-(20)(51)-(51)
    Profit/(loss) before taxation273(38)235199(72)127
    Taxation7(55)8(47)(40)14(26)
    Profit/(loss) after taxation218(30)188159(58)101
    Total comprehensive income for the period218(30)188159(58)101
    Basic and diluted earnings/(loss) per share81.63p(0.23p)1.40p1.22p(0.44p)0.78p
    Balance SheetNote30 September 201531 March 2015
    '000'000
    Non current assets
    Financial assets at fair value through profit or loss13,48513,126
    Current assets
    Receivables11765
    Cash and cash equivalents9157331
    274396
    Current liabilities
    Payables(162)(113)
    Net assets13,59713,409
    Equity attributable to equity holders13,59713,409
    Net asset value per share11101.16p99.76p
    Statement of Changes in Shareholders' Equity30 September 201531 March 2015
    '000'000
    Opening shareholders' funds13,4096,873
    Issue of new shares-6,435
    Profit for the period188101
    Closing shareholders' funds13,59713,409
    


    Investment PortfolioUnauditedAudited
    30 September 201531 March 2015
    CostValuationCostValuation
    '000%'000%'000%'000%
    Unquoted qualifying holdings9,43069.129,43069.129,43070.079,43070.07
    Unquoted non-qualifying holdings4,05529.734,05529.733,69627.453,69627.45
    Financial assets at fair value through profit or loss13,48598.8513,48598.8513,12697.5213,12697.52
    Cash and cash equivalents1571.151571.153312.483312.48
    13,642100.0013,642100.0013,457100.0013,457100.00
    Unquoted Qualifying Holdings'000%'000%'000%'000%
    Hydro Electric Power
    Green Highland Allt Choire A Bhalachain (225) Ltd3,13022.943,13022.943,13023.263,13023.26
    Green Highland Allt Phocachain (1015) Ltd2,00014.662,00014.662,00014.862,00014.86
    Green Highland Renewables (Achnacarry) Ltd4,30031.524,30031.524,30031.954,30031.95
    9,43069.129,43069.129,43070.079,43070.07
    Unquoted Non-Qualifying Holdings'000%'000%'000%'000%
    Broadpoint 2 Ltd3,56926.163,56926.163,42025.413,42025.41
    Hydro Electric Power
    Green Highland Allt Choire A Bhalachain (225) Ltd2942.162942.161621.201621.20
    Green Highland Allt Garbh Ltd ST Loan300.22300.22300.22300.22
    Green Highland Allt GNF (385) ST Loan300.22300.22300.22300.22
    Green Highland Allt Phocachain (1015) Ltd1320.971320.97540.40540.40
    4,05529.734,05529.733,69627.453,69627.45
    

Non-Statutory Analysis - The D Share Fund


    Statement of Comprehensive IncomeUnauditedAudited
    6 months endedYear ended
    Note30 September 201531 March 2015
    RevenueCapitalTotalRevenueCapitalTotal
    '000'000'000'000'000'000
    Investment income4317-31720-20
    Investment management fees5(63)(21)(84)(15)(5)(20)
    Other expenses(50)(48)(98)(9)-(9)
    Profit/(loss) before taxation204(69)135(4)(5)(9)
    Taxation7(41)4(37)112
    Profit/(loss) after taxation163(65)98(3)(4)(7)
    Total comprehensive income/(loss) for the period163(65)98(3)(4)(7)
    Basic and diluted loss per share81.26p(0.50p)0.75p(0.28p)(0.44p)(0.72p)
    Balance SheetNote30 September 201531 March 2015
    '000'000
    Non current assets
    Financial assets at fair value through profit or loss13,7157,432
    Current assets
    Receivables27762
    Cash and cash equivalents9(226)27
    5189
    Current liabilities
    Payables(85)(2,323)
    Net assets13,6815,198
    Equity attributable to equity holders13,6815,198
    Net asset value per share1199.85p98.15p
    Statement of Changes in Shareholders' Equity30 September 201531 March 2015
    '000'000
    Opening shareholders' funds5,198-
    Issue of new shares8,3855,205
    Profit/(loss) for the period98(7)
    Closing shareholders' funds13,6815,198
    


    Investment PortfolioUnauditedAudited
    30 September 201531 March 2015
    CostValuationCostValuation
    '000%'000%'000%'000%
    Unquoted qualifying holdings12,84795.2412,84795.247,42755.067,42755.06
    Unquoted non-qualifying holdings8686.438686.4350.0450.04
    Financial assets at fair value through profit or loss13,715101.6713,715101.677,43255.107,43255.10
    Cash and cash equivalents(226)(1.67)(226)(1.67)2744.902744.90
    13,489100.0013,489100.007,459100.007,459100.00
    Unquoted Qualifying Holdings'000%'000%'000%'000%
    Hydro Electric Power
    Green Highland Allt Garbh Ltd2,71020.092,71020.09----
    Green Highland Allt GNF (385) Ltd2,71020.092,71020.09----
    Green Highland Allt Ladaidh (1148) Ltd3,50025.953,50025.953,50025.953,50025.95
    Green Highland Allt Luaidhe (228) Ltd1,99514.791,99514.791,99514.791,99514.79
    Green Highland Allt Phocachain (1015) Ltd1,93214.321,93214.321,93214.321,93214.32
    12,84795.2412,84795.247,42755.067,42755.06
    Unquoted Non-Qualifying Holdings'000%'000%'000%'000%
    Hydro Electric Power----
    Green Highland Allt Garbh Ltd30.0230.02----
    Green Highland Allt GNF (385) Ltd30.0230.02----
    Green Highland Allt Luaidhe (228) Ltd1010.751010.7550.0450.04
    Kinlochteacius Hydro Limited7615.647615.64----
    8686.438686.4350.0450.04
    

Unaudited Statement of Comprehensive Income


    UnauditedAuditedUnaudited
    6 months endedYear ended6 months ended
    30 September 201531 March 201530 September 2014
    NoteRev.Cap.TotalRev.Cap.TotalRev.Cap.Total
    '000'000'000'000'000'000'000'000'000
    Income
    Investment income41,669-1,6691,313-1,313492-492
    (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)-1,4671,467---
    Investment return1,669(127)1,5421,3131,4662,779492(1)491
    Expenses
    Investment management fees530010040046015261221571286
    Financial and regulatory costs14-1423-2311-11
    General administration6-615-156-6
    Legal and professional fees21699054-5427-27
    Directors' remuneration624-2448-4824-24
    Interest payable113-1136-6---
    Operating expenses47816964760615275828371354
    Profit/(loss) before taxation1,191(296)8957071,3142,021209(72)137
    Taxation7(105)19(86)(150)32(118)(50)16(34)
    Profit/(loss) after taxation1,086(277)8095571,3461,903159(56)103
    Profit/(loss) and total comprehensive income for the period1,086(277)8095571,3461,903159(56)103
    Basic and diluted earnings per share8n/an/an/an/an/an/an/an/an/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
    		UnauditedAuditedUnaudited
    30 September 201531 March 201530 September 2014
    Note'000'000'000
    Non-current assets
    Financial assets at fair value through profit or loss41,15629,33526,682
    Current assets
    Assets held for sale59811,855-
    Receivables1,0161653,337
    Cash and cash equivalents93,3069933,003
    4,92013,0136,340
    Total Assets46,07642,34833,022
    Current liabilities
    Payables and accrued expenses2452,511174
    Current taxation payable196116132
    4412,627306
    Net Assets45,63539,72132,716
    Equity attributable to equity holders of the parent
    Share capital10518434381
    Share redemption reserve451451451
    Share premium41,09332,40527,253
    Special distributable reserve4,3386,9976,997
    Capital reserve(1,850)(1,573)(2,975)
    Revenue reserve1,0851,007609
    Total equity45,63539,72132,716
    Net asset value per sharen/an/an/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 CapitalShare Redemption ReserveShare PremiumSpecial Distributable ReserveCapital ReserveRevenue ReserveTotal
    '000'000'000'000'000'000'000
    6 months ended 30 September 2015
    Opening balance43445132,4056,997(1,573)1,00739,721
    Issue of new shares84-8,688(384)--8,388
    Dividends paid---(2,275)-(1,008)(3,283)
    Transactions with owners84-8,688(2,659)-(1,008)5,105
    (Loss)/profit for the year----(277)1,086809
    (Loss)/profit and total comprehensive income for the period----(277)1,086809
    Balance at 30 September 201551845141,0934,338(1,850)1,08545,635
    Capital reserve consists of:
    Investment holding gains165
    Other realised losses(2,015)
    (1,850)
    Year ended 31 March 2015
    Opening balance31844920,8757,502(2,919)45026,675
    Issue of new shares118-11,530(8)--11,640
    Purchase of own shares(2)2-(179)--(179)
    Dividend paid---(318)--(318)
    Transactions with owners116211,530(505)--11,143
    Profit for the year---1,3465571,903
    Profit and total comprehensive income for the year---1,3465571,903
    Balance at 31 March 201543445132,4056,997(1,573)1,00739,721
    Capital reserve consists of:
    Investment holding gains1,833
    Other realised losses(3,406)
    (1,573)
    6 months ended 30 September 2014
    Opening balance31844920,8757,502(2,919)45026,675
    Issue of new shares65-6,378(8)--6,435
    Purchase of own shares(2)2-(179)--(179)
    Dividend paid---(318)--(318)
    Transactions with owners6326,378(505)--5,938
    (Loss)/profit for the period----(56)159103
    (Loss)/profit and total comprehensive income for the period----(56)159103
    Balance at 30 September 201438145127,2536,997(2,975)60932,716
    Capital reserve consists of:
    Investment holding gains366
    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


    UnauditedAuditedUnaudited
    6 months endedYear ended6 months ended
    30 September 201531 March 201530 September 2014
    '000'000'000
    Cash flows from operating activities
    Profit before taxation8952,021137
    Loss arising on the disposal of investments during the period2111
    Loss/(gain) arising on the revaluation of investments at the period end106(1,467)-
    Cashflow generated by operations1,022555138
    (Increase)/decrease in receivables(851)5(3,167)
    (Decrease)/Increase in payables(2,266)2,35316
    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 loss11,378520320
    Net cash flows from investing activities(691)(20,387)(7,346)
    Cash flows from financing activities
    Issue of new shares8,38811,6406,435
    Purchase of own shares-(179)(179)
    Dividends paid(3,283)(318)(318)
    Net cash flows from financing activities5,10511,1435,938
    Net increase/(decrease) in cash and cash equivalents2,313(6,433)(4,423)
    Reconciliation of net cash flow to movements in cash and cash equivalents
    Opening cash and cash equivalents9937,4267,426
    Net increase/(decrease) in cash and cash equivalents2,313(6,433)(4,423)
    Closing cash and cash equivalents3,3069933,003
    

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


    AuditedUnaudited
    6 months endedYear ended
    30 September 201531 March 2015
    Ord.ACDOrd.ACD
    SharesSharesSharesSharesTotalSharesSharesSharesSharesTotal
    '000'000'000'000'000'000'000'000'000'000
    Loan stock interest24927405315996690121458201,289
    Dividends receivable231435--666-----
    Interest receivable on bank balances212271239-24
    4824634073171,669702124467201,313
    

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


    AuditedUnaudited
    6 months endedYear ended
    30 September 201531 March 2015
    Ord.ACDOrd.ACD
    SharesSharesSharesSharesTotalSharesSharesSharesSharesTotal
    '000'000'000'000'000'000'000'000'000'000
    David Frank31329927-18
    Simon Acland31217726-15
    Michael Stanes31228725115
    Total93752423618148
    

Directors' remuneration is allocated proportionately against each share class.

7. Taxation


    UnauditedAudited
    6 months endedYear ended
    30 September 201531 March 2015
    Ord.ACDOrd.ACD
    SharesSharesSharesSharesTotalSharesSharesSharesSharesTotal
    '000'000'000'000'000'000'000'000'000'000
    Profit/(loss) on ordinary activities before tax568(42)2351358961,327576127(9)2,021
    Corporation tax @ 20%113(9)472717826511526(2)404
    Effect of:
    Capital gains not taxable(67)93--26(185)(108)--(293)
    Capital losses not taxable(46)(87)-10(123)-----
    Disallowed expenditure415-----
    Prior year adjustment-----61--7
    Tax charge/credit for the period4(2)47378686826(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 SharesA Shares
    SharesNo. OfWeightedSharesNo. OfWeighted
    IssuedDaysAverageIssuedDaysAverage
    Current Year
    01-Apr-1519,474,88318319,474,8835,131,3533655,131,353
    30-Sep-1519,474,88318319,474,8835,131,3533655,131,353
    C SharesD Shares
    SharesNo. OfWeightedSharesNo. OfWeighted
    IssuedDaysAverageIssuedDaysAverage
    Current Year
    01-Apr-1513,441,43818313,441,4388,467,5981838,467,598
    02-Apr-15--382,400182380,310
    14-Apr-15--579,246170538,097
    01-May-15--4,097,5671533,425,835
    11-May-15--174,825143136,612
    30-Sep-1513,441,43818313,441,43813,701,63618312,948,452
    

9. Cash and cash equivalents

Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.

10. Share capital


    Issued & Fully PaidOrdinary SharesA SharesC SharesD SharesTotal
    Number of shares in issue at 1 April 201519,474,8835,131,35313,441,4385,296,57443,344,248
    Movements during the period:
    Shares issued under the D Share Offer---8,405,0628,405,062
    Number of Shares in issue at 30 September 201519,474,8835,131,35313,441,43813,701,63651,749,310
    Par Value '000 at 30 September 201519551135137518
    

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

The company news service from the London Stock Exchange

  END

IR GGGWAGUPAGQP

    Recent news on Triple Point Income VCT

    See all news