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Share Name | Share Symbol | Market | Type |
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SGT German Private Equity GmbH & Co KGaA | TG:SGF | Tradegate | Ordinary Share |
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RNS Number:5708U Singer & Friedlander AIM VCT PLC 23 January 2004 Singer & Friedlander AIM VCT plc Performance Summary Total Net Assets of #5,865,315 (2002: #5,182,513) Net dividends of nil for the year (2002: #nil) Dividend return per ordinary share nil (2002: nil) Total dividends to date: 32.4p Chairman's Statement I am pleased to report on the first period for some time for which we have witnessed a sustained recovery in markets including the Alternative Investment Market (AIM). During the second half of our year the AIM Index increased by 38.5% and over the year as a whole by 24.2%. Your Net Asset Value (NAV) appreciated by 24.5% in the second 6 months and by 13.1% for the full year. Our NAV performance did not match the sharp recovery in the AIM index primarily due to the heavy exposure to cash and fixed interest investments (32.5%) and to a lesser extent unquoted investments (5.6%). The portfolio of listed investments rose by 49.3% during the second half year and by 27.5% over the full year. Our unquoted portfolio exhibited a steady performance. The investment climate is much improved since I last reported to you and confidence in economic recovery has increased. Company results and newsflow have improved over the last few months adding weight to the argument that conditions are improving. Markets still remain significantly below their historic highs and, in particular, and in spite of the recent strong rally, the AIM Index remains some 74% below the high reached during March 2000. As a result of the above factors your Board is confident that significant further recovery potential exists and I hope to be able to report on continued progress over the next year. The Trust has complied with the Combined Code during the last financial year but will not comply with the new recommendations for the current year. This failure to comply is largely as a result of the small size of the Board, which the Directors believe is appropriate for a Company of our size and type and is in keeping with a desire to minimise unnecessary costs. Further details regarding this subject appear in the Corporate Governance statement. In similar vein the Board has sought to reduce the costs of the Company and has had success in achieving reductions in Board costs, audit and monitoring fees and administration expenses. Much of the benefit of these savings will only be apparent in the current and future years. Shareholders should also be aware that due to the enforcement of the expense cap limiting the costs of the fund the investment manager, Singer & Friedlander, has not received a fee for management services. Following his retirement from the Board at the last AGM, I would like to take this opportunity to thank my predecessor Roger Pedder for his sound advice and guidance in the formative years of the Trust. Having received shareholder approval at the last AGM the Trust applied for Court approval for the ability to repurchase shares for cancellation. This exercise is designed to improve liquidity in the Company's shares as a service to shareholders. Court approval was received on the 10th December 2003. The Directors are not proposing to pay a dividend this year but I would like to reaffirm the Board's commitment to pay dividends from capital surpluses as and when these are available. This is becoming a more realistic possibility now that markets are recovering. Dividends totalling 32.4p have been paid to date. J. Carrington Chairman Manager's Report It is gratifying at long last to see a recovery in markets during the period. Our portfolio has benefited from the rising AIM although many shares have not yet responded to any great degree but we hope and believe that this will occur over the next reporting period. Our portfolio now comprises 27 "qualifying investments" which we believe gives a diversified exposure to most industrial sectors. As the market continues to recover I would anticipate more activity within the portfolio as we take advantage of share price advances with appropriate sales and look to reinvest in new investment opportunities. Over the last year we have taken profits in Aero Inventory and Connaught whilst retaining significant exposure to these companies which we continue to think have good prospects. We have used the proceeds to add to holdings of Maelor and Motion Media whilst also introducing a new investment in Cardpoint which manages a network of cash machines. All of these recent additions stand at a profit over cost particularly so in the case of Motion Media where we acquired the new shares at 3.5p and at our year end they stood at 12p. In general and in fundamental terms most of our investments have performed in line with expectations over the last year and several companies have achieved profitability demonstrating the growing maturity of the Trust's investment portfolio. A.N. Banks Singer & Friedlander Investment Management Limited Investment Portfolio Summary AIM Quoted Companies Sector Nature of Cost at Valuation Percentage Percentage business acquisition at of of company 30th portfolio managed by September Investment 2003 Manager # # % % Access Plus Media & Print related 348,500 129,625 2.21 5.31 photography marketing services Aero Inventory Distributors Distribution of 119,153 422,179 7.20 10.44 aircraft components Blooms of General retailers Garden centres 517,434 164,943 2.81 8.01 Bressingham Cardpoint Speciality & other Independent ATM 27,565 41,087 0.70 4.32 finance deployer Connaught Support services Facilities 150,000 256,875 4.38 0.82 management Hartford Group Leisure Restaurant and 100,000 65,250 1.11 1.07 entertainment & bar operator hotel Intelligent Software & Web solutions 679,230 338,273 5.77 13.01 Environment computer services Maelor Health Pharmaceutical 200,157 113,292 1.93 1.00 and medical devices Myratech.net Software & Solutions 468,000 12,150 0.21 1.27 computer services provider and web enabler Pennant Software & Simulation 218,446 20,378 0.35 0.44 International Group computer services training Protec Support services Security 133,936 240,283 4.10 2.25 equipment & management Pubs 'n' Bars Leisure Managed pubs 418,942 386,358 6.59 7.87 entertainment & hotel SamedayBooks.co.uk General retailers On-line book 237,501 24,470 0.42 1.84 retailer Springhealth Leisure Leisure Health & 344,250 51,638 0.88 3.40 entertainment & fitness clubs hotel Systems Union Group Software & Financial 292,500 214,875 3.66 0.46 computer services management and business software solutions Thomson Intermedia Support services Media 299,250 76,950 1.31 1.99 monitoring company Transcomm Telecommunication Vehicle 292,932 139,808 2.38 2.50 services tracking and monitoring Vianet Group Information Remote 530,285 51,354 0.87 10.40 technology & monitoring of hardware equipment Winchester Media & Film developer 219,774 52,121 0.89 1.65 Entertainment photography Xpertise Support services I.T. training 615,000 112,979 1.93 19.40 company 6,212,855 2,914,888 49.70 All investments are in ordinary shares Fully Listed Sector Nature of Cost at Valuation at Percentage Percentage of Companies business acquisition of portfolio company 30th managed by September Investment 2003 Manager # # % % IS Solutions Software & Web/IT management 380,000 22,500 0.38 0.81 computer services services Motion Media Information Video 350,375 198,129 3.38 1.03 technology & communication hardware technology provider XKO Group Software & e-Business 300,000 176,250 3.00 0.89 computer solutions services 1,030,375 396,879 6.76 All investments are in ordinary shares OFEX Quoted Sector Nature of Cost at Valuation at Percentage Percentage of Companies business acquisition 30th September of portfolio company managed by Investment 2003 Manager # # % % Aquilo Health Accident 391,550 98,011 1.67 11.34 management services 391,550 98,011 1.67 All investments are in ordinary shares Private Companies Sector Nature of Cost at Valuation at Percentage of Percentage of business acquisition 30th portfolio company September managed by 2003 Investment Manager # # % % Flexbenefits* Software & Employee 327,000 65,000 1.11 9.78 computer benefits and services financial services Sportsweb Ltd Support Health & 200,000 240,120 4.09 11.36 services leisure recruitment Wineworld Beverages World of wine 340,908 25,000 0.43 0.96 leisure attraction 867,908 330,120 5.63 All investments are in ordinary shares Fixed Income Sector Nature of Cost at Valuation at Percentage Percentage Investments and business acquisition 30th of portfolio of company other September managed by Non-qualifying 2003 Investment investments Manager # # % % Debentures and loan stocks Barclays Bank 6.5% BDS 2004 357,355 353,185 6.02 0.53 UK Government loans Treasury 5% stock 1,388,100 1,413,020 24.09 0.60 2004 Other Non qualifying Investments Aquilo** Health Accident 21,813 4,985 0.08 11.34 management services Aquilo Loan 25,000 25,000 0.43 50.00 Notes** Aero Inventory Distributors Distribution of 39,840 108,485 1.85 10.44 aircraft components Blooms of General Garden center 47,492 41,500 0.71 8.01 Bressingham retailers Blooms of Bressingham Loan Notes** 2,508 1,900 0.03 23.95 Hartford Group** Leisure Restaurant & bar 372,250 34,104 0.58 1.07 entertainment & operator hotel 2,254,358 1,982,179 33.79 Investments held at nil valuation Affinity Internet Software & Internet Service 239,240 - - - computer Provider services ASAP International Support Consultancy, 500,000 - - - services recruitment & training Firmgrowth (ITM Software & Student careers 293,600 - - Communications) computer directory and services internet portal Global Money Speciality & Money transfer 250,000 - - - Transfer other finance service Monotub Industries Household goods Washing machine 237,425 - - - & textiles manufacturer Old Monk Leisure Managed pubs 150,000 - - - entertainment & hotel Quadranet Software & EPOS and 463,994 - - - computer reservation services system provider for restaurants Stenoak Associates Construction & Services to the 615,000 - - - building infrastructure materials industry Topnotch Health Leisure Health and 403,406 - - - Club entertainment & fitness clubs hotel Travelstore.com Transport On-line travel 100,000 - - - company 3,252,665 - - - Summary Cost at acquisition Valuation at 30th September Percentage of portfolio 2003 # # % Total Qualifying Portfolio 8,502,688 3,739,898 63.77 Fixed Interest/Non Qualifying 2,254,358 1,982,179 33.79 Portfolio Investments held at nil valuation 3,252,665 - - Sub Total 14,009,711 5,722,077 97.56 Net Current Assets 143,238 2.44 Total 14,009,711 5,865,315 100.00 * Changed name from Eurobenefits. ** Qualifying holdings must be first issued to the VCT and not purchased at a later date in the secondary market. These holdings represent additional purchases in the secondary market where the Investment Manager has made the decision to increase the overall holding in these stocks. Table of largest ten investments by value. Name of undertaking Percentage of Percentage held Profit/Loss before Retained profit/ Net asset Portfolio by company tax accumulated loss value % % #000's #000's #000's Treasury 5% Stock 24.08 0.02 - - - 2004 Aero Inventory 7.20 1.09 2,815 2,308 18,106 Pubs 'n' Bars 6.59 4.34 1,254 1,820 13,496 Barclays Bank 6.5% 6.02 0.07 - - - BDS 2004 Intelligent 5.77 2.92 (2,874) (22,103) 96 Environment Connaught 4.38 0.40 3,126 5,862 29,821 Protec 4.10 1.17 12 (1,593) 7,474 Sportsweb 4.09 6.20 160 (35) 542 Systems Union 3.66 0.22 4,316 14,328 80,924 Motion Media 3.38 0.78 (6,849) (20,105) 6,592 The aggregate value of these top ten holdings is #4,063,297. All figures are taken from the most recently available audited accounts of the underlying entity. * All the above fixed interest investments are AAA rated with the exception of Barclays 2004, which remains AA2. Sector analysis Cost at acquisition Valuation at 30th September Percentage of portfolio 2003 # # % Beverages 340,908 25,000 0.43 Construction & building materials 615,000 - - Distributors 158,993 530,664 9.05 General retailers 804,935 232,813 3.97 Health 638,520 241,288 4.11 Household goods & textiles 237,425 - - Information technology & hardware 880,660 290,570 4.95 Leisure entertainment & hotel 1,788,848 537,350 9.16 Media & photography 568,274 181,746 3.10 Software & computer services 3,662,010 849,426 14.48 Speciality & other finance 277,565 - - Support services 1,898,186 927,207 15.83 Telecommunication services 292,932 139,808 2.38 Transport 100,000 - - Fixed interest investments 1,745,455 1,766,205 30.10 14,009,711 5,722,077 97.56 Net current assets 143,238 2.44 Total 14,009,711 5,865,315 100.00 Access Plus Access Plus is a Bristol based provider of print related marketing services and products. The company was admitted to AIM in November 1996 and has demonstrated a consistent record of growth since that time. The company has recently completed a merger with AIM listed competitor Triple Arc. Aquilo (formerly Accidentcare) Aquilo has been formed from the merger of Ecom Group and Accidentcare. Accidentcare provides a wide range of motor accident management related services to individuals via brokers, affinity groups and insurers. It also provides outsource claims management services to insurers and corporates. Ecom specialises in providing smart IT solutions to the financial services sector. Its services include academic research and development, consultancy, project management and systems design/build. Aero Inventory Aero Inventory is primarily engaged in procurement and inventory management for the aerospace industry. The company has consistently won new business since its admission to AIM and has recently signed a contract with SR Technic. Results to June 2003 showed profits up 74% and a dividend increase of 23%. The aerospace industry continues to focus on costs and improving efficiency, which should lead to a continuation of new business wins. Blooms of Bressingham Following the disposal of its smaller sites Blooms now operates 7 retail garden centres. It also has one greenfield site awaiting development. Blooms is active in the development of new plant varieties, having won a total of 24 gold medals at Chelsea. The company received a bid approach earlier this year although acceptable terms could not be negotiated. Cardpoint Cardpoint is an independent owner and operator of over 1700 ATMs in the UK. The company makes a modest charge for cash withdrawals with the customer's permission. The group is a member of LINK and its machines are located in areas not typically served by the banks. Connaught Connaught is a facilities management group providing a range of services to the owners and occupiers of property across mainland UK. The services include maintenance, fit-out, refurbishment and cleaning. In addition, following last year's acquisition of GasForce it is the UK's largest industrial and commercial gas appliance maintenance specialist. The company's order book has continued to grow over the last year. Flexbenefits (formerly Eurobenefits) Flexbenefits has developed a system for the management, delivery and communication of employee benefits and financial services information in the UK and Europe. These services enable employers to reduce costs and improve employee communication and understanding. Following the sale of UK rights to the product to Aegon the company has carried out a share buyback, which should enhance shareholder value going forward. The shares are valued on the basis of a discount to guaranteed future revenues. Hartford Group Hartford operates a portfolio of restaurants and style-led bars within London and the Home Counties. The acquisition of competitor Jamies Bars which had 17 London based properties has enabled the company to move into profitability following the elimination of duplicated overhead and other economies of scale. Intelligent Environments Intelligent Environments is a leading provider of integrated e-finance products for the payment card and retail investment markets and has an excellent list of 'blue chip' clients. Market conditions have recently begun to improve and the company reported its first profit with its last results. IS Solutions IS Solutions deliver web services and projects and IT facilities management services. The company has a 'blue chip' customer base including Marks & Spencer, Toshiba, the NHS and the London Stock Exchange. The markets in which the company operates have continued to be difficult during the last year although some improvement is expected next year. The company continues to be debt free and cash generative. Maelor Maelor is a medical company developing healthcare products in niche areas, utilising novel technology that will improve infusion of fluids and off-patent medicines. The company also produces medical products and devices with innovative delivery systems thereby offering significant advantages over current products. The company is beginning to see the development of substantial revenues as its products come to markets in the UK and overseas. Motion Media Motion Media is a world leader in the design and development of visual communications technology and products, providing innovative and practical solutions for business, healthcare, security and the home. The company provides a full range of affordable, easy-to-use products with outstanding video and audio quality. The company hopes to announce significant orders for its new products in the coming year. Myratech.net Myratech is now focussed on the established market of IT products and services and is a Sage software value added re-seller (VAR). Current trading remains difficult but the company has further reduced costs and believes profitability and cash generation are achievable. Pennant International Group Pennant designs, develops, produces, installs and supports simulation and training products for specialist engineering applications. The principal markets for its products are in the defence and aerospace industries. The company recently announced a return to profits and enjoys a significant and growing order book. Protec The group's activities incorporate SDA which designs, supplies, installs and maintains integrated security systems. Additionally Security Support Services (SSS) specialises in the provision of facilities management services and Falcon develops bespoke security products and surveillance systems. The company has recently received an investment from a major property investor which it is anticipated will result in Protec being able to invest in attractive PFI projects using its security expertise. Pubs 'n' Bars Pubs 'n' Bars is a chain of community style pubs primarily in the London area but also with several units in the West Country. The company has over 60 pubs most of which are managed although some are tenanted. The management's strategy and skill lies in adding value with the development of unutilised space through the introduction of food, accommodation and improvement of operational management. Recent trading has been satisfactory compared to many of their peers and plans to take on the management of another pub chain are being discussed. Samedaybooks.co.uk Samedaybooks has a combined internet and High Street approach to retailing books. Interim results to March 2003 showed good growth in turnover and profit. The company is optimistic about the outcome for the full year but continues to consider its strategic options. Sportsweb Ltd Sportsweb is a specialist recruitment consultancy to the fitness and leisure industries. The company has an established traditional recruitment business and has extended this to the internet. Sportsweb has several major clients who are actively using the website to successfully recruit staff achieving significant benefits over traditional methods. The company is trading profitably and will seek a listing or trade sale in due course. The shares are valued at the same level as the last funding round carried out in March 2001 but with reference to budgeted profitability compared to a peer group for its current financial year. Springhealth Leisure Springhealth is a health and fitness club operator, which owns 14 clubs in the UK. The management team's strategy is to maximise performance from its existing clubs and taking the opportunity to reduce debt with the sale of certain non-core clubs if opportunities arise. The last set of results saw an improvement in operating results. Systems Union Group Systems Union is a leading international financial management and business software solutions provider which owns the SunSystems and Pegasus brands. The company has undergone considerable change since flotation on AIM in 1999. The group continues to generate healthy cashflows and profitability and is in a position to pay a dividend this year. Thomson Intermedia Thomson provides media monitoring services, accessed by or delivered to subscribers via the internet. By superseding paper based information systems with its proprietary software and delivery over the web, Thomson enables subscribers to enjoy more up-to-date and timely information than traditional methods allow. The customer can also analyse, search and manipulate the data provided and as such it is far more useful. Recent interim results showed further strong growth in turnover and orders and a close to break even position. The company expects to be profitable in the second half and beyond. Transcomm Transcomm is a wireless data network business and owns the Mobitex network. Interim results to June 2003 showed a continuation of earnings growth together with further cash generation and the elimination of debt. The company recently announced a takeover approach which the Board is considering. Vianet Group Vianet is a provider of telemetry-based solutions for maintaining and supplying automatic vending machines. The company offers the machine operators and brand owners a data management service to improve machine usage and profitability. The product has been trialled by several customers and rollouts are ongoing, the company has recently entered into an agreement with Alcatel who will market the product significantly aiding credibility. Winchester Entertainment Winchester has been building and exploiting an international portfolio of commercial entertainment based intellectual properties. The company now focuses on feature film production and UK film distribution. The company has suffered from the downturn in the industry and is currently in discussions with a similar business regarding a merger. Wineworld London plc Wineworld has created a visitor attraction dedicated to the world of wine. The operation called Vinopolis City of Wine is based in Southwark on the South Bank of the Thames. The attraction consists of an audio/visual tour of the world's wine regions together with wine tasting halls. In addition the company earns revenues from its restaurants, wine bars and retail facilities as well as corporate hospitality. The company is now generating cash from operations and expects to be profitable this year. The shares are valued at the level of the last funding round carried out in July 2002 supported by a reference to the company's estimated current net asset value. XKO Group XKO offers an end to end IT service to mid-range corporates and SMEs. The group has an increasing installed base of systems producing recurring revenues. In spite of difficult market conditions the company has grown in a profitable and cash generative manner. Several strategic and earnings enhancing acquisitions have been made and the recent final dividend was increased by 40%. Xpertise Group Xpertise is a leader in providing accredited technical IT training to business customers from centres in the North West, the North East, the Midlands and London. The company has suffered along with its competitors from poor market conditions but following the acquisition of Power Education earlier this year further consolidation is likely which should enable the company to be profitable next year. Financial Statements Profit and Loss Account Notes Year Ended Year Ended 30th September 30th September 2003 2002 # # Revenue received on investments 2 137,199 156,445 Administrative expenses: Investment management fees 3 - (72,993) Other expenses 4 (196,248) (213,181) (196,248) (286,174) Net expense (59,049) (129,729) Income from fixed asset investments Gains on disposal of investments 8 57,997 141,285 (Loss)/profit on ordinary activities before taxation (1,052) 11,556 Tax on ordinary activities 6 - 8,048 (Loss)/profit on ordinary activities after taxation (1,052) 19,604 Dividends - Revenue - - - Capital - - (Sustained loss)/retained profit (1,052) 19,604 Transfer to capital reserve 13 (57,997) (86,540) Sustained loss for the financial year (59,049) (66,936) Basic and Diluted earnings per share 7 (0.01)p 0.12p Statement of Total Recognised Gains and Losses Year Ended Year Ended 30th September 30th September 2003 2002 # # (Loss)/profit for the year (1,052) 19,604 Unrealised gains/(losses) on revaluation of investments 8 683,854 (3,013,484) Total recognised gains/(losses) during the year 682,802 (2,993,880) Total recognised gain/(loss) per share 4.14p (18.16)p Note of Historical Cost Profits and Losses Year Ended Year Ended 30th September 30th September 2003 2002 # # (Loss)/profit for the year (1,052) 11,556 Add: realisation of unrealised gains in previous years 13 131,176 5,887 Historical cost profit before taxation 130,124 17,443 Historical cost profit retained after taxation and dividends 130,124 25,491 All returns are derived from continuing operations. Balance Sheet Notes As at As at 30th September 30th September 2003 2002 # # Fixed Assets Investments 8 5,722,077 5,152,769 Current Assets Debtors 9 56,781 55,858 Cash at bank and in hand 16 146,866 40,400 203,647 96,258 Creditors: amounts falling due within one year 10 (60,409) (66,514) Net current assets 143,238 29,744 Net assets 5,865,315 5,182,513 Capital and reserves Called-up share capital 12 824,500 824,500 Share premium account 13 14,544,974 14,544,974 Special reserve 13 - 296,026 Capital reserve - realised 13 (1,256,523) (1,445,696) Capital reserve - unrealised 13 (8,287,634) (8,840,312) Revenue reserve 13 39,998 (196,979) Equity shareholders' funds 17 5,865,315 5,182,513 Net asset value per ordinary share 14 35.57p 31.43p Cash Flow Statement Notes 2003 2002 # # Operating activities Investment income received 133,336 160,077 Deposit interest received 4,206 4,197 Other income received 2,500 362 Investment management fees paid (21,100) (104,723) Other expenses paid (185,019) (241,018) Net cash outflow 15 (66,077) (181,105) Taxation UK corporation tax received - 106,080 Net cash inflow - 106,080 Capital expenditure and financial investment Purchase of investments 8 (132,829) (671,795) Disposals of investments 8 305,372 718,328 Net cash inflow 172,543 46,533 Net cash inflow/(outflow) before liquid resources 106,466 (28,492) Management of liquid resources Movement in money market 16 (92,321) 25,429 Increase/(Decrease) in cash 16 14,145 (3,063) Notes to the Financial Statements 1 Accounting policies A summary of the principal accounting policies, all of which have been applied consistently throughout the period, is set out below (2002: same). a. Investment Company Status In order to enable the Company to make a capital distribution, the Company has revoked its Investment Company status and is accordingly unable to take advantage of the accounting exemptions that the status permits. The results of the Company set out on pages 24 to 26 have been prepared in accordance with Schedule IV of the Companies Act 1985. Reference to revenue and capital in the notes to these financial statements reflect the basis upon which taxation is calculated and the treatment applied in determining the amount available for revenue dividend distribution. b. Basis of accounting The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed asset investments, and in accordance with applicable Accounting Standards in the United Kingdom. c. Investments Listed investments and investments traded on AIM and OFEX are stated at middle market prices as at close of business on 30th September 2003. The directors are conscious of the fact that because shares are traded on AIM and OFEX this does not guarantee their liquidity. The nature of AIM and OFEX investments is that the prices can be volatile and realisation may not achieve current book value, especially when such shares represent a significant proportion of the company's market capital. Nevertheless, on the grounds that the investments are not intended for immediate realisation, they regard mid-market price as the most objective and appropriate method of valuation. Unquoted investments are stated at the Directors' valuation. Investments in unquoted companies are valued in accordance with the British Venture Capital Association ("BVCA") guidelines, where appropriate. New BVCA guidelines came into effect from 1 August 2003 and these have been adopted in the current year accounts. Where the trading in the securities of an investee company is suspended, the investment is valued at the Board's estimate of its net realisable value. d. Revenue Dividends receivable on quoted equity shares are brought into account on the ex-dividend date. Dividends receivable on unquoted equity shares are brought into account when the Company's rights to receive payment is established and there is no reasonable doubt that payment will be received. Fixed returns on non-equity shares and debt securities are recognised on a time apportionment basis so as to reflect the effective yield, provided there is no reasonable doubt that payment will be received in due course. e. Expenses All expenses are accounted on an accruals basis. Expenses are charged through the revenue account except as follows: * expenses which are incidental to the acquisition of an investment are included within the cost of the investment; * expenses which are incidental to the disposal of an investment are deducted from the disposal proceeds on an investment. * expenses are charged to capital reserve - realised, where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In this respect the investment management fee has been allocated 75% to capital reserve and 25% to revenue account, in line with the Board's expected long-term split of returns, in the form of capital gains and income respectively, from the investment portfolio of the Company. f Taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future have occurred at the balance sheet date. Timing differences are differences between the Company's taxable profits and its results as stated in the financial statements. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on the tax rates and laws that have been enacted or substantially enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. Any tax relief obtained in respect of management fees allocated to capital is reflected in the "Capital reserve - realised" and a corresponding amount is charged against revenue. The tax relief is the amount by which the corporation tax payable is reduced as a result of these capital expenses. Deferred tax assets are recognised where it is more likely than not there will be sufficient profits to recover against. g Capital Reserve Realised The following are accounted for in this reserve: * Gains and losses on realisation of investments; * Expenses and finance costs, together with the related tax effect to this reserve in accordance with the policies; and * Realised gains and losses on transactions undertaken to hedge an exposure of a capital nature. Unrealised The following are accounted for in this reserve: * Increases and decreases in the valuation of investments held at the period end; * Unrealised gains and losses on transactions undertaken to hedge an exposure of a capital nature 2 Dividend The Directors are not proposing to pay a dividend for the year ended 30th September 2003 (2002: #nil). 3 Earnings per share Basic earnings per ordinary share is based on the loss on ordinary activities after taxation of #1,052 (2002: profit #19,604) divided by 16,490,000 (2002: 16,490,000) being the weighted average number of ordinary shares in issue during the year There is no difference between basic earnings per share and diluted earnings per share due to no dilutive shares in issue. 4 Annual General Meeting The Annual General Meeting of the Company will be held at 21 New Street, Bishopsgate, London EC2M 4HR on Tuesday 2nd March 2004 at 11.30 am. 5 Statutory Report and Accounts The financial information set out above does not constitute the Company's statutory accounts for the year ended 30th September 2003. Statutory accounts for 2003 will be finalised on the basis of the financial information presented by the Directors in this preliminary announcement and will be delivered to the Registrar of Companies following the Company's Annual General Meeting. The Company will be circulating the full Report and Accounts to shareholders shortly and copies will be available from the Registered Office of the Company, 21 New Street, Bishopsgate, London EC2M 4HR. This information is provided by RNS The company news service from the London Stock Exchange END FR SEWFFDSLSEDF
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