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LEM Lyxor Asset Management

12.798
-0.076 (-0.59%)
20 Dec 2024 - Closed
Delayed by 15 minutes
Name Symbol Market Type
Lyxor Asset Management EU:LEM Euronext Exchange Traded Fund
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.076 -0.59% 12.798 12.60 13.20 12.856 12.683 12.793 29,851 16:40:00

Interim Results

24/09/2003 10:10am

UK Regulatory


RNS Number:1015Q
Leisure & Media VCT PLC
24 September 2003

          
LEISURE & MEDIA VCT PLC 
 
PRELIMINARY ANNOUNCEMENT OF RESULTS 
 
The Directors announce the statement of results for the period ended 30 June 2003 as follows: 
 

Chairman's statement

 
I am pleased to present to shareholders the results for the six months ended 30 June 2003. During the first quarter
of 2003 the Company completed two investments in the children's nursery sector, totalling #1.3 million, and in the
second quarter a further health & fitness investment was made of #500,000, bringing the total number of private
equity investments made by your Company to eight. Following the end of the period a #750,000 pub investment was
completed.  
 
Together with the Company's investments in sub funds of J O Hambro Capital Management Umbrella Fund plc, 83% of the
net funds raised has now been invested and the proportion of funds invested in eligible shares for VCT purposes
stands at approximately 70%. 
 
The Company's portfolio now includes investments in two health and fitness businesses, two pub companies, the UK's
largest football caterer, one holiday village company, the largest supplier of EPOS equipment to pubs and
restaurants, and two children's nursery groups. The Investment Manager has several additional opportunities under
review, including in the media sector, and hopes to complete at least one more investment before the end of 2003. 
 
At 30 June 2003, the net asset value per share including current period revenue was 94.6 pence, compared with the
initial 95.0 pence raised (net of issue expenses) and 93.5 pence at 31 December 2002. 
 
 
 

Andrew Wates

Chairman 
 
24 September 2003 

 

STATEMENT OF TOTAL RETURN (UNAUDITED) 
(*incorporating the revenue account) for the six months ended 30 June 2003 
 

                                                                                                                      
                                        1 January 2003 to 30 June 2003              1 January 2002 to 30 June 2002      
                                           Revenue     Capital     Total               Revenue     Capital     Total  
                                             #'000       #'000     #'000                 #'000       #'000     #'000  

  Gains/(losses) on                              -         219       219                     -          (9)       (9) 
  investments                                                                                                 
  Dividends and interest                        53           -        53                   118           -       118  
  Investment management fees                   (20)        (59)      (79)                  (18)        (55)      (73) 
  Operating expenses                           (99)          -       (99)                  (88)          -       (88) 

  Net return on ordinary                                                                                              
  activities before taxation                   (66)        160        94                    12         (64)      (52) 

  Taxation on ordinary                                                                                                
  activities                                     -           -         -                    (2)          2         -  

  Return on ordinary                                                                                                  
  activities after taxation                    (66)        160        94                    10         (62)      (52) 

  Dividend                                       -           -         -                     -           -         -  

  Transfer (from)/to reserves                  (66)        160        94                    10         (62)      (52) 
                                             pence       pence     pence                 pence       pence     pence  
                                                                                                                      
  Return per Ordinary share                  (0.73)       1.76      1.03                  0.11       (0.68)    (0.57) 
 
* The revenue column of this statement is the revenue account of the Company. 
 
All revenue and capital items in the above statement derive from continuing operations. 
 
. 
BALANCE SHEET 
as at 30 June 2003  
 

                                                                                                               
                                                            30 June 2003     31 December 2002    30 June 2002  
                                                                Unaudited             Audited        Unaudited 
                                                                   #'000                #'000           #'000  
         Fixed assets                                                                                          
         Investments at valuation                                  7,541               7,997            8,231  

         Current assets                                                                                        
         Debtors                                                      21                  33               33  
         Cash at bank                                              1,119                 545              127  
                                                                   1,140                 578              160  

         Creditors: amounts falling due within one year              (94)                (82)             (70) 
         Net current assets                                        1,046                 496               90  
         Total assets less current liabilities                     8,587               8,493            8,321  

         Capital and reserves                                                                                  
         Called-up share capital                                      91                  91               91  
         Share premium account                                         -               8,536            8,536  
         Special reserve                                           8,536                   -                -  
         Capital reserves - realised                                (301)               (242)            (187) 
         - unrealised                                                319                 100             (150) 
         Revenue reserve                                             (58)                  8               31  
         Equity shareholders' funds                                8,587               8,493            8,321  
                                                                   pence               pence            pence  
                                                                                                               
         Net asset value per Ordinary share                         94.6                93.5             91.6  
                                                                                                               
                                                                                                                      
  SUMMARISED STATEMENT OF CASH FLOWS                                                                                  
                                                     1 January 2003 to 30 June 2003    1 January 2002 to 30 June 2002 
                                                                             #'000                             #'000  

  Net cash outflow from operating activities                                  (100)                              (66) 
  Capital expenditure and financial investment                                                                        

  Purchases of fixed asset investments                                      (1,808)                           (2,500) 
  Purchases of treasury bills                                               (4,074)                           (6,476) 
  Proceeds from the sale of fixed asset                                          -                             2,069  
  investments                                                                                                         
  Proceeds from the sale of treasury bills                                   6,556                             7,033  
  Net cash inflow from capital expenditure and                                                                        
  financial investments                                                        674                               126  
  Equity dividends paid                                                          -                               (73) 
  Net cash inflow/(outflow) before and after                                   574                               (13) 
  financing                                                                                                           
  Increase/(decrease) in cash                                                  574                               (13) 
 
Notes: 
 
The interim financial information has been prepared on the basis of the accounting policies set out in the statutory
accounts for the year ended 31 December 2002. 
 
The calculation of basic revenue return per Ordinary share for the six months ended 30 June 2003 is based on the net
deficit after taxation of #66,000 (six months to 30 June 2002: net revenue of #10,000) and 9,081,460 shares being the
number of Ordinary shares in issue during the periods. The calculation of the basic capital return per Ordinary share
for the six months ended 30 June 2003 is based on the net capital gain of #160,000 (six months to 30 June 2002: loss
of #62,000) and 9,081,460 shares likewise. 
 
The net asset value per Ordinary share is based on net assets of #8,587,000 (31 December 2002: #8,493,000; 30 June
2002: #8,321,000) and 9,081,460 Ordinary shares in issue at the period end (31 December 2002 and 30 June 2002:
9,081,460). 
 
The Company cancelled its share premium account by Certificate of Registration of Order of the High Court of Justice,
Chancery Division registered at Companies House dated 27 June 2003 and a special reserve of #8.536 million was
created being the sum equal to the amount arising on the cancellation of the share premium account. This is a
distributable reserve which the Company can use to fund the purchase of own shares. 
 
The financial information set out above does not constitute full statutory financial statements as defined in Section
240 of the Companies Act 1985. The financial information for the six months ended 30 June 2003 and the six months 30
June 2002 has not been audited. 
 
The Interim Report will be posted to shareholders and those on the mailing list as soon as practicable after
printing. The Interim Report will also be available on request from the Company Secretary at the Company's Registered
Office, Ground Floor, Ryder Court, 14 Ryder Street, London SW1Y 6QB. 
 
 
 
 
 
 
END  







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

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