We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Blue Planet Investment Trust Plc | LSE:BLP | London | Ordinary Share | GB0005327076 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Blue Planet Investment Trust plc
Half Yearly Report and Accounts
For the six months ended 31 October 2015
Officers and Advisors | |||||||||
Directors | Investment Manager, Administrator and Secretary | ||||||||
John Tyce (Non-Executive Chairman) | Blue Planet Investment Management Ltd | ||||||||
Victoria Killay (Non-Executive) | 18a Locker Street | ||||||||
Kenneth Murray (Non-Executive) | Sliema | ||||||||
SLM 3124, Malta | |||||||||
Telephone No: +356 2131 4309 | |||||||||
Facsimile No: +356 2131 5219 | |||||||||
Local call rate from UK 0845 527 7588, plus a Service Charge of 5p per call | |||||||||
E-mail: info@blueplanet.eu | |||||||||
www.blueplanet.eu | |||||||||
Registered Office | Registrars | ||||||||
Greenside House | Capita Asset Services Ltd | ||||||||
25 Greenside Place | The Registry | ||||||||
Edinburgh EH1 3AA | 34 Beckenham Road | ||||||||
Telephone No: +44 131 466 6666 | Beckenham | ||||||||
Facsimile No: +44 131 466 6677 | Kent BR3 4TU | ||||||||
E-mail: info@blueplanet.eu | Shareholder Helpline No: 0871 664 0300 (calls cost 10p | ||||||||
www.blueplanet.eu | per minute plus network extras, lines are open 8.30am-5.30pm (Mon-Fri)) | ||||||||
Overseas: +44 208 639 3399 | |||||||||
E-mail: ssd@capitaregistrars.com | |||||||||
www.capitaassetservices.com | |||||||||
Chartered Accountants & Statutory Auditors | Bankers | ||||||||
Deloitte LLP | Lloyds Banking Group | ||||||||
Saltire Court | 1st Floor | ||||||||
20 Castle Terrace | 48 Chiswell Street | ||||||||
Edinburgh EH1 2DB | London EC1Y 4XX | ||||||||
Custodians | Custodians | ||||||||
KAS Bank N.V. | Interactive Brokers Group Incorporated | ||||||||
Westferry House, 11 Westferry Circus | 5th Floor, One Carey Lane | ||||||||
London E14 4HD | London EC2V 8AE | ||||||||
Registered Number | |||||||||
SC192153 | |||||||||
Blue Planet Investment Trust plc is a member of the Association of Investment Companies.
Investment Policy and Objectives
The Company’s objective is to provide investors with a combination of capital growth and income. In order to achieve this it invests in securities (including equities, exchange traded funds, equity-related securities, bonds and derivatives) issued by companies, Governments and other types of issuers located throughout the world.
The Company has not set maximum exposures for any type of issuer, geographical regions or sectors. How the Company’s investments are allocated will depend on market conditions and the judgement of the Board as to what is in the best interests of Shareholders. This is to provide it with the flexibility that is necessary to deal with an ever changing economic environment. It would, however, normally be expected that most of the Company’s investments will be in equities, exchange traded funds, equity-related securities, preference shares, bonds and derivatives. However, the Company is not prohibited from investing in other types of securities. No more than 15 per cent of the Company’s portfolio may be invested in any one investment at the time the investment is made. There is no restriction on the amount that may be invested in any one country.
The Company may use derivatives (including, but not limited to, contracts for differences, futures and options), principally, but not exclusively, for efficient portfolio management, that is to reduce, transfer or eliminate investment risk in its investments, including protection against currency risks.
The Company’s Articles permit borrowing up to an amount not exceeding 75% of Shareholders’ funds. The Board may utilise borrowing up to this limit from time to time to enhance income and capital returns over the long term and may borrow in Sterling and other currencies.
Financial Record | Six months ended 31 October 2015 (unaudited) |
Six months ended 31 October 2014 (unaudited) |
Year ended 30 April 2015 (audited) |
Shareholders’ funds (£’000) | 23,640 | 24,860 | 28,436 |
Net asset value per share (p) | 47.78 | 50.25 | 57.47 |
Share price (p) (Bid) | 34.00 | 34.00 | 39.75 |
Discount (%) | 28.84 | 32.34 | 30.84 |
Gearing (%)* | 50.54 | 46.59 | 42.95 |
Return available for shareholders (£’000) | 961 | 529 | 1,469 |
Capital return in the period (£’000) | (4,361) | (1,899) | 737 |
Revenue return per share (p) | 1.94 | 1.07 | 2.97 |
Total return per share (p) | (6.87) | (2.77) | 4.46 |
Dividend per share (p) | - | - | 2.82 |
Dividend yield on our shares (%) | N/A | N/A | 7.09 |
Ongoing Charges (%) ** | 3.72 | 3.81 | 3.77 |
* Net debt as a percentage of shareholders’ funds
** Ongoing charges figure has been prepared in accordance with the AIC’s recommended methodology.
The Investment Manager
Under the recently introduced Alternative Investment Fund Management Directive legislation the Trust has elected to be its own AIF manager but has delegated the day to day management of the investment portfolio and administration to Blue Planet Investment Management Ltd which is a Malta based investment management company. It is an independent firm that specialises in advising and managing investment and family trusts. It has a great deal of expertise in managing investments on a worldwide basis. It is regulated by the Malta Financial Services Authority.
Blue Planet Investment Management Ltd is the investment manager of the Company and receives an annual fee of 1.50% per annum of the total assets of the company which is paid monthly. Blue Planet Investment Management Ltd also receives £196,000 per annum in respect of administration and secretarial services. The investment management, administration and secretarial services agreements may only be terminated on receipt of two years notice.
Website Information
Please take the time to visit our website:
www.blueplanet.eu
Subscribe to our monthly fact sheet service:
http://www.blueplanet.eu/blueplanet_downloads.136.html
To download historical Annual and Interim reports and past monthly fund fact sheets:
http://www.blueplanet.eu/blueplanet_downloads.124.html
To view stock market RNS announcements:
http://www.blueplanet.eu/blueplanet_news.8.html
Retail Distribution of Investment Company Shares
Blue Planet Investment Trust plc currently conducts its affairs so that the shares issued by the Company can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future.
The shares are excluded from the Financial Conduct Authority’s restrictions which apply to non-mainstream investment products because they are shares in an investment trust.
Interim Management Report – Portfolio Information
As at 31 October 2015 | |||
Country | Valuation (£) | % of Portfolio | |
Ordinary Shares | |||
Arista Networks Incorporated | United States | 1,538,999 | 4.5 |
General Motors Co | United States | 1,515,844 | 4.5 |
Melrose Industries plc | United Kingdom | 1,317,195 | 3.9 |
Infinera Corp. | United States | 1,280,057 | 3.8 |
Beazley plc | United Kingdom | 1,090,800 | 3.2 |
ETRACS 2x Leveraged Long Wells Fargo Business Development Company Index ETN | United States | 1,084,068 | 3.2 |
Mobileye NV | United States | 1,001,335 | 2.9 |
Synchronoss Technologies Inc. | United States | 957,379 | 2.8 |
American Airlines Inc. | United States | 947,920 | 2.8 |
Lancashire Holdings Limited | United Kingdom | 947,344 | 2.8 |
Aegean Airlines SA | Greece | 934,207 | 2.7 |
Engie SA | France | 848,186 | 2.5 |
Barclays plc | United Kingdom | 840,420 | 2.5 |
Och-Ziff Capital Management Group LLC | United States | 799,462 | 2.3 |
Bank of America Corporation | United States | 728,667 | 2.1 |
Allianz SE | Germany | 679,221 | 2.0 |
SSE plc | United Kingdom | 666,160 | 1.9 |
Baidu Inc. | China | 643,976 | 1.9 |
National Grid plc | United Kingdom | 619,616 | 1.8 |
Enagas SA | Spain | 609,209 | 1.8 |
Rio Tinto plc | United Kingdom | 601,418 | 1.8 |
Delta Lloyd NV | Netherlands | 599,230 | 1.8 |
Direct Line Insurance Group | United Kingdom | 532,170 | 1.6 |
AXA SA | France | 520,116 | 1.5 |
Bank Of Ireland | Eire | 479,349 | 1.4 |
KCAP Financial Incorporated | United States | 285,847 | 0.8 |
Ausdrill Limited | Australia | 172,628 | 0.5 |
Gfinity plc | United Kingdom | 60,000 | 0.2 |
22,300,823 | 65.5 | ||
Preference Shares | |||
Lloyds Banking Group 9.25% | United Kingdom | 1,086,410 | 3.2 |
NatWest Bank 9% | United Kingdom | 667,500 | 2.0 |
Santander UK plc 10.375% | United Kingdom | 416,770 | 1.2 |
Standard Chartered 8.25% | United Kingdom | 360,000 | 1.1 |
Santander UK plc 8.625% | United Kingdom | 246,000 | 0.7 |
RSA Insurance 7.375% Cumulative Preference Share | United Kingdom | 58,000 | 0.2 |
2,834,680 | 8.4 | ||
Debt Securities | |||
Federal Republic of Brazil 10% 01/01/2025 | Brazil | 2,371,342 | 7.0 |
Lloyds Bank plc 7.625% 22/04/25 | United Kingdom | 777,759 | 2.3 |
Aviva plc 6.875% 20/05/58 | United Kingdom | 768,712 | 2.3 |
Gulf Keystone Petroleum Ltd 13% 18/04/17 | Bermuda | 700,214 | 2.1 |
Bank of Ireland 13.375% Perpetual | Eire | 678,680 | 2.0 |
Baggot Securities 10.24% Perpetual | Eire | 677,760 | 2.0 |
BNP Paribas 4.875% 29/10/49 | France | 599,860 | 1.8 |
Phoenix Group 6.625% 18/12/25 | United Kingdom | 576,880 | 1.7 |
Santander UK 10.0625% 29/10/49 | United Kingdom | 490,088 | 1.4 |
Petrobras 6.85% 05/06/2115 | Brazil | 346,296 | 1.0 |
Friends Life Group 12% 21/05/21 | United Kingdom | 319,504 | 0.9 |
Petrobras 6.25% 14/12/26 | Brazil | 318,313 | 0.9 |
Sea Trucks Group 9% 26/03/18 | Nigeria | 210,642 | 0.6 |
8,836,050 | 26.0 | ||
Listed Investments | 33,971,553 | 99.9 | |
Cash | 17,623 | 0.1 | |
Total | 33,989,176 | 100.0 |
Interim Management Report (continued)
Performance
In the six months to 31st October 2015 we generated a NAV total return of -12.0%, this is after account has been taken of the dividend of 2.82p per share that was paid to shareholders on the 28th August 2015. Over the same period the FTSE 100 generated a total return of -6.9%. Our share price total return over the period was -7.4%.
The period under review was marred by persistent uncertainties that led to near continuous market weakness. First there were the UK elections with the inherent threat of a Labour Government and a return to catastrophic economic mismanagement. Thankfully that risk was averted when a Conservative Government was elected. Its commitment to sound economic management, albeit with much smaller cuts to public spending than we believe are necessary to ensure a really successful, dynamic and vibrant economy, was a relief and markets responded positively to it.
However, this was soon overshadowed by fears about Syriza in Greece, another incompetent, left wing party, and its threats to default on the Greek Government’s debt. Fears that were in our view absurd given the tiny size and inconsequential nature of the Greek economy. Nevertheless, this led to months of uncertainty until finally the beleaguered Greek Government reached agreement with its creditors on the terms of a third bailout, this time for EUR 86 billion. Had this not happened the Greek economy would have certainly collapsed and its access to finance would have been cut off with devastating consequences for the Greek people. They, like so many others, are paying a very high price for allowing economies to be run by politicians who are grossly incompetent and who have little or no understanding of economics. If MP’s were appointed on merit rather than on the back of false promises and misrepresentations, these problems could be avoided and we would all be better off.
Good second quarter earnings ought to have boosted the market but they were not enough to overcome the bearish mood that had set in and the sell-off accelerated in August with European indices suffering their worst monthly decline in 4 years. The US fared even worse with the Dow Jones Index posting its worst August performance in 17 years.
Keen to find reasons to justify this sell-off, the media cited concerns about emerging markets, slowing economic growth in China, falling commodity prices and the prospect of a rise in US interest rates. Emerging Markets, such as Brazil and Russia, which have large US dollar borrowings and whose export earnings have declined as a result of falling commodity prices, were particularly hard hit.
While investors are right to be concerned about these factors, we feel that the sell-off was overdone and indiscriminate. US monetary policy will only be tightened in the event that the US economy is fundamentally strong and getting stronger. That would be bullish, not bearish; so it is as absurd to worry about that as it was to worry about Greece. In addition, while falling commodity prices and rising US interest rates will harm some economies, it will also benefit others, notably those that are net consumers of raw materials such as the UK, Europe, US, Japan, China and creditor nations. That being the case, rational investors should have been disinvesting in those economies/companies that stand to suffer from these changes and buying into those that will benefit from them, but instead everything was sold. That suggests to us that the sell-off was primarily driven by sentiment rather than any rational consideration of the facts. In other words, it was a typical late, bull market bout of nerves. The facts, however, suggest that this bull run has further to go. Critically, corporate earnings are growing and are likely to continue to do so even after US rates are tightened. The US economy, which is the largest in the World, is doing very well with Q2 GDP growth being revised up from 2.3% to 3.7% and jobless claims dropping to the lowest levels seen in many years. The European economy is also strengthening, with Euro area unemployment recently marking a four year low of 10.8% whilst the manufacturing and services sectors continue to improve and are consistent with GDP growth of nearly 2%.
Income and Dividends
Although stock markets have been weak over the past six months, our income from investments has continued to grow strongly. In the six months to 31st October 2015 income rose by 40.5% to £1,389,304 (October 2014 - £988,978). Your Board is committed to paying as high a dividend as is prudent and, subject to no unforeseen eventualities, we expect the dividend for the year to 30th April 2016 to match or improve on the 2.82p per share we paid last year. It must, however, be stressed that these are projections made in good faith with the purpose of informing shareholders and they should not be relied upon. The actual outcomes may be worse or better than this.
Outlook
We expect markets to settle down and push higher as the year advances, and we look forward to an improved NAV performance in the second half of our financial year. We expect US interest rates to rise either later this year or early next year, and have been re-allocating our capital and amending our currency hedging policy to take advantage of this. In particular, we have been investing in bank shares. This is because increasing interest rates will boost their profitability, and with their capital ratios now at very high levels, they will be able to substantially increase their dividend payments in the coming years. We have also reduced our USD hedges in anticipation of a stronger dollar. We have also been allocating capital to undervalued assets such as Brazilian Government Debt. In terms of nominal GDP, Brazil is the 9th largest economy in the world, similar to Italy. On 13th October of this year we commenced investing in Federal Republic of Brazil 10% 01/01/2025 bonds. At the time the exchange rate was 6.06 BRL to 1 GBP and the yield to maturity on the bond was 15.82%. We did so because we believed that the Brazilian Real was oversold against the GBP and that the yields to maturity on Brazilian Government debt were excessive given the credit risk and were therefore likely to fall. Since then the Brazilian Real has strengthened to 5.63 BRL to 1 GBP and the yield to maturity has fallen to 15.20%, giving rise to an 8.5% capital gain for us in a little over a month. We expect much more from this investment in the future. To fund these investments we have been taking profits on some of our technology investments.
We also continue to monitor and analyse the Oil and Mining sectors so that when those markets do bottom we are in a position to allocate capital to those investments we judge to be the best for us in the sector. We are also looking at Government debt in countries that have been badly managed but where, as a result of political change, there is the prospect of improved economic management and a re-rating of the country's debt. In addition, we continue to look for good investments in the technology and biotechnology sectors. We are excited by what we see and look forward to the future with confidence.
Gearing and Capital Allocation
At the end of the six month period to 31st October 2015 the Trust had gearing, net of cash, equal to 50.5% of NAV and its portfolio was allocated as follows: 65.5% was invested in ordinary shares; 26.0% in bonds; 8.4% preference shares and 0.1% in cash. Figure 1 shows the movement in the allocation of our capital across those four different asset classes, ordinary shares, bonds, preference shares and cash, since our year end 30th April 2015.
Figure 1: Portfolio movements – by asset class
Security Type |
Oct-15 | Apr-15 |
Ordinary Shares | 65.5% | 75.9% |
Bonds | 26.0% | 16.4% |
Preference Shares | 8.4% | 7.7% |
Cash | 0.1% | 0.0% |
Total |
100.0% | 100.0% |
Figure 2: Portfolio movements – by geography
Country Name | Oct-15 | Apr-15 | ||
United Kingdom | 36.6% | 36.0% | ||
United States | 29.9% | 29.0% | ||
Brazil | 8.9% | 0.0% | ||
France | 5.8% | 13.5% | ||
Eire | 5.4% | 6.6% | ||
Greece | 2.7% | 1.6% | ||
Bermuda | 2.1% | 2.2% | ||
Germany | 2.0% | 1.7% | ||
China | 1.9% | 4.6% | ||
Spain | 1.8% | 0.0% | ||
Netherlands | 1.8% | 2.5% | ||
Nigeria | 0.6% | 0.6% | ||
Australia | 0.5% | 0.6% | ||
Argentina | 0.0% | 1.1% | ||
100.0% | 100.0% |
Dividend
In accordance with established policy no interim dividend has been declared for the first half of the year.
Risk
Your Company is, and will continue to be, exposed to a number of risks which are detailed in full in the Strategic Report on page 6 of the Annual Report and have not changed up to the date of this report. The key market risk arises from the uncertainty regarding the future price performance of the securities held by your Company. If gearing is employed this risk is magnified.
The prices of the individual securities in the portfolio are monitored on a daily basis and the Board, which meets quarterly, imposes borrowing limits to ensure gearing levels are appropriate to market conditions. When gearing is employed the potential impact of changes in interest rates is taken into consideration. The securities dealt in are all listed on recognised exchanges and are readily realisable.
The Fund is exposed to currency risk, due to the range of currencies in which investments are held. A substantial proportion of the Company’s assets are held in assets denominated in foreign currencies and movements in these currencies can significantly affect the Sterling value of the Company’s foreign denominated income and assets. The fund manager tracks currency movements on a regular basis and hedging is considered on a case-by-case basis.
Where investments are made in emerging markets there is a risk of higher volatility in the price performance of these equities and their associated currencies. Political risk and adverse economic circumstances are more likely to arise, putting the value of the investment at a higher risk. The registration and settlement arrangements in emerging markets may be less developed than in more mature markets so operational risks of investing are higher.
Going Concern
The Company’s business activities, together with the risk factors likely to affect its future position are set out in this report. The Directors consider that the Company has adequate financial resources in the form of readily realizable listed securities, including cash and credit facilities to continue in operational existence for the foreseeable future. For this reason, they continue to use the going concern basis in preparing the accounts
Borrowings, Gearing and Liquidity
The Fund ended the period with gearing net of cash of 50.5%. The Company financed its gearing by means of credit facilities with KAS Bank N.V. and Interactive Brokers Group.
Generally, gearing beneficially affects the Company’s NAV when the value of its investments is rising, but adversely affects it when the value of investments is falling.
Blue Planet Services and Price Information Sources
Shareholders can view the Company’s share price and additional information about the Fund on the website of Blue Planet Investment Management Ltd (www.blueplanet.eu) and the London Stock Exchange (www.londonstockexchange.com). To find the Company’s share price on the London Stock Exchange website go to the Home page and type “BLP” in the “Price Search” field.
I would like to thank all shareholders for your continuing support.
John Tyce
Chairman
25 November 2015
Balance Sheet
At 31 October 2015 £ (unaudited) |
At 31 October 2014 £ (unaudited) |
At 30 April 2015 £ (audited) |
|
Fixed assets |
|||
Listed equity investments | 25,135,503 | 32,816,023 | 33,678,872 |
Listed non - equity investments | 8,836,050 | 4,552,066 | 6,630,707 |
33,971,553 | 37,368,089 | 40,309,579 | |
Current assets |
|||
Debtors | 1,714,265 | 182,672 | 634,686 |
Cash at bank and in hand | 17,623 | 294,911 | 2,018 |
Creditors: amounts falling due within one year (note 7) |
(12,063,235) | (12,985,341) | (12,510,887) |
Net current liabilities |
(10,331,347) | (12,507,758) | (11,874,183) |
Net assets |
23,640,206 | 24,860,331 | 28,435,396 |
Capital and reserves |
|||
Called-up share capital |
497,820 | 497,820 | 497,820 |
Share premium account |
18,426,406 | 18,426,406 | 18,426,406 |
Other reserves | |||
Capital reserve – realised |
(2,681,701) | (6,075,676) | (4,526,388) |
Capital reserve – investment holding gains |
(1,896,522) | 3,223,225 | 4,309,452 |
Capital redemption reserve |
8,167,389 | 8,167,389 | 8,167,389 |
Revenue reserve |
1,126,814 | 621,167 | 1,560,717 |
Shareholders’ funds |
23,640,206 | 24,860,331 | 28,435,396 |
Net asset value per ordinary share (note 4) |
47.78p | 50.25p | 57.47p |
Statement of Directors’ responsibilities
The Directors confirm that this set of condensed financial statements has been prepared in accordance with FRS 104 “Interim Financial Reporting” and that the interim management report herein includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R.
On behalf of the Board
John Tyce
Chairman
25 November 2015
Income Statement
For the six months ended 31 October 2015 (unaudited) |
For the six months ended 31 October 2014 (unaudited) |
For the year ended 30 April 2015 (audited) |
|||||||
Revenue £ |
Capital £ |
Total £ |
Revenue £ |
Capital £ |
Total £ |
Revenue £ |
Capital £ |
Total £ |
|
Capital (losses) / gains on investment | |||||||||
Net realised gains | - | 2,387,759 | 2,387,759 | - | 1,093,414 | 1,093,414 | - | 2,304,360 | 2,304,360 |
Unrealised losses | - | (6,534,638) | (6,534,638) | - | (3,190,247) | (3,190,247) | - | (1,916,065) | (1,916,065) |
Exchange (losses) / gains | - | (44,308) | (44,308) | - | 391,711 | 391,711 | - | 728,558 | 728,558 |
Net capital (losses) / gains on investment | - | (4,191,187) | (4,191,187) | - | (1,705,122) | (1,705,122) | - | 1,116,853 | 1,116,853 |
Income from investments | 1,389,304 | - | 1,389,304 | 988,978 | - | 988,978 | 2,252,202 | - | 2,257,202 |
Bank interest receivable | 111 | - | 111 | 14,588 | - | 14,588 | 16,139 | - | 16,139 |
Gross revenue and capital (losses) / gains | 1,389,415 | (4,191,187) | (2,801,772) | 1,003,566 | (1,705,122) | (701,566) | 2,273,341 | 1,116,853 | 3,390,194 |
Administrative expenses | (338,591) | (141,145) | (479,736) | (370,332) | (152,192) | (522,524) | (712,715) | (303,445) | (1,016,160) |
Net return before interest payable and taxation |
1,050,824 | (4,332,332) | (3,281,508) | 633,234 | (1,857,314) | (1,224,080) | 1,560,626 | 813,408 | 2,374,034 |
Interest payable | (28,955) | (28,955) | (57,910) | (41,537) | (41,537) | (83,074) | (76,744) | (76,744) | (153,488) |
Return on ordinary activities before taxation |
1,021,869 | (4,361,287) | (3,339,418) | 591,697 | (1,898,851) | (1,307,154) | 1,483,882 | 736,664 | 2,220,546 |
Taxation on ordinary activities (note 3) | (60,581) | - | (60,581) | (62,209) | - | (62,209) | (14,844) | - | (14,844) |
Return on ordinary activities after taxation | 961,288 | (4,361,287) | (3,399,999) | 529,488 | (1,898,851) | (1,369,363) | 1,469,038 | 736,664 | 2,205,702 |
Return per ordinary share (note 4) | 1.94p | (8.82)p | (6.87)p | 1.07p | (3.84)p | (2.77)p | 2.97p | 1.49p | 4.46p |
The Total column of the income statement represents the profit & loss account of the Company.
All revenue and capital items in the above statement derive from continuing operations.
There were no recognised gains and losses other than those disclosed above. Accordingly a statement of total recognised gains and losses is not required.
Cash Flow Statement
For the six months ended 31 October 2015 £ (unaudited) |
For the six months ended 31 October 2014 £ (unaudited) |
For the year ended 30 April 2015 £ (audited) |
|
Operating activities | |||
Investment income received | 1,267,945 | 1,072,113 | 2,167,568 |
Interest received | 111 | 14,588 | 16,139 |
Investment management and administration fees paid | (386,844) | (405,365) | (801,995) |
Cash paid to and on behalf of directors | (21,967) | (21,500) | (43,000) |
Other cash payments | (97,849) | (118,469) | (179,961) |
Exchange differences on foreign currency cash balances | (44,308) | 391,711 | 728,558 |
Net cash inflow from operating activities (note 6) | 717,088 | 933,078 | 1,887,309 |
Servicing of finance |
|||
Interest paid | (60,672) | (83,437) | (154,355) |
Taxation | |||
Taxation recovered | - | 39,101 | 126,034 |
Capital expenditure and financial investment | |||
Purchase of investments | (24,043,540) | (9,401,860) | (33,352,758) |
Sale of investments | 25,047,113 | 9,928,919 | 32,280.340 |
Cash inflow before financing |
1,659,989 | 1,415,801 | 786,570 |
Equity dividend paid (note 5) | (1,395,191) | (1,137,922) | (1,137,922) |
Financing | |||
Loan (repaid) / drawn down | (249,192) | 1,294 | 337,632 |
Increase / (decrease) in cash |
15,606 | 279,173 | (13,720) |
Statement of Changes in Equity
For the six months ended 31 October 2015 (unaudited) | ||||||||
Called-up Share capital (£) |
Share premium (£) |
Capital reserve-realised (£) |
Capital reserve- investment holding losses (£) |
Capital Redemption reserve (£) |
Revenue reserve (£) |
Total shareholders’ funds (£) |
||
Shareholders’ funds at 1 May 2015 | 497,820 | 18,426,406 | (4,526,388) | 4,309,452 | 8,167,389 | 1,560,717 | 28,435,396 | |
Return on ordinary activities after taxation | - | - | 1,844,687 | (6,205,974) | - | 961,288 | (3,399,999) | |
Dividend paid during the period | - | - | - | - | - | (1,395,191) | (1,395,191) | |
Shareholders’ funds at 31 October 2015 | 497,820 | 18,426,406 | (2,681,701) | (1,896,522) | 8,167,389 | 1,126,814 | 23,640,206 | |
For the six months ended 31 October 2014 (unaudited) | |||||||
Called-up Share capital (£) |
Share premium (£) |
Capital reserve-realised (£) |
Capital reserve- investment holding losses (£) |
Capital Redemption reserve (£) |
Revenue reserve (£) |
Total shareholders’ funds (£) |
|
Shareholders’ funds at 1 May 2014 | 497,820 | 18,426,406 | (7,384,125) | 6,430,525 | 8,167,389 | 1,229,601 | 27,367,616 |
Return on ordinary activities after taxation | - | - | 1,308,449 | (3,207,300) | - | 529,488 | (1,369,363) |
Dividend paid during the period |
- | - | - | - | - | (1,137,922) | (1,137,922) |
Shareholders’ funds at 31 October 2014 | 497,820 | 18,426,406 | (6,075,676) | 3,223,225 | 8,167,389 | 621,167 | 24,860,331 |
For the year ended 30 April 2015 (audited) | ||||||||
Called-up Share capital (£) |
Share premium (£) |
Capital reserve-realised (£) |
Capital reserve- investment holding losses (£) |
Capital Redemption reserve (£) |
Revenue reserve (£) |
Total shareholders’ funds (£) |
||
Shareholders’ funds at 1 May 2014 | 497,820 | 18,426,406 | (7,384,125) | 6,430,525 | 8,167,389 | 1,229,601 | 27,367,616 | |
Return on ordinary activities after taxation | - | - | 2,857,737 | (2,121,073) | - | 1,469,038 | 2,205,702 | |
Dividend paid during the period |
- | - | - | - | - | (1,137,922) | (1,137,922) | |
Shareholders’ funds at 30 April 2015 |
497,820 |
18,426,406 |
(4,526,388) |
4,309,452 |
8,167,389 |
1,560,717 |
28,435,396 |
|
Notes
1. The financial statements for the six months to 31st October 2015 have been prepared on the basis of the accounting policies set out in the Company’s Annual Report and Accounts as at 30th April 2015 in accordance with FRS 104 “Interim Financial Reporting” and applicable to UK law and accounting standards.
2. All expenses are charged to the revenue account with the exception of management fees and interest charges on borrowings, one half of which less the appropriate tax relief is charged to capital. Investment Management and Administrators fees totalled £380,290 in the period (2014 Full year - £802,890)
3. The taxation charge arises wholly from overseas withholding tax on investment income and in the year to 30th April 2015 includes a refund of Polish and French withholding tax.
4. The return per ordinary share is based upon the following figures:
31 October 2015 (unaudited) |
31 October 2014 (unaudited) |
30 April 2015 (audited) |
|
Revenue return | £961,288 | £529,488 | £1,469,038 |
Capital return | £(4,361,287) | £(1,898,851) | £736,664 |
Weighted average number of ordinary shares in issue during the period | 49,474,863 | 49,474,863 | 49,474,863 |
The net asset value per ordinary share is calculated on 49,474,863 ordinary shares in issue at the end of the period after deducting treasury shares.
5. No interim dividend is proposed.
6. Cash Flow Statement
Reconciliation of net revenue return to net cash inflow from operating activities | 31 October 2015 £ (unaudited) |
31 October 2014 £ (unaudited) |
30 April 2015 £ (audited) |
Net return before interest payable and taxation | 1,050,824 | 633,234 | 1,560,626 |
Administrative expenses charged to capital | (141,145) | (152,192) | (303,445) |
(Increase) / decrease in other debtors | (67,771) | 150,145 | 24,104 |
Decrease in other creditors | (17,966) | (15,217) | (8,584) |
Tax suffered on investment income | (62,546) | (74,603) | (113,950) |
Exchange differences on foreign currency cash balances | (44,308) | 391,711 | 728,558 |
Net cash inflow from operating activities | 717,088 | 933,078 | 1,887,309 |
Reconciliation of net cash flow to movement in net funds / (debt) | 31 October 2015 £ (unaudited) |
31 October 2014 £ (unaudited) |
30 April 2015 £ (unaudited) |
Increase / (decrease) in cash balances | 15,606 | 279,173 | (13,720) |
Loan repaid / (drawn down) | 249,192 | (1,294) | (337,632) |
Changes in net funds / (debt) resulting from cash flows | 264,798 | 277,879 | (351,352) |
Movement in net funds / (debt) in the period | 264,798 | 277,879 | (351,352) |
7. The Company has credit facilities with KAS Bank N.V and Interactive Brokers Group Incorporated. Both loans are secured against the investments held in custody accounts with the respective lender. As at 31st October 2014 the prevailing rate of interest on KAS Bank N.V facility was 1.2% and on Interactive Brokers Group Incorporated the rate was 0.7%. At 31 October 2015 the amount outstanding with these facilities was £11,965,059 (2014 - £12,214,252)
8. The total number of shares held in treasury is 307,125. These shares have no voting rights, do not rank for dividend and are excluded from the calculation of net asset value and return per ordinary share. At 31st October 2015 the Company had the authority to purchase a further 7,467,000 of its own shares. A resolution to renew this authority will be proposed at the Annual General Meeting in 2016.
9. The figures and financial information for the period ended 30th April 2015 are extracted from the latest published accounts of the Company and do not constitute statutory accounts for the period as defined in section 434 of the Companies Act 2006. Those accounts have been delivered to the Registrar of Companies and include the report of the auditors which was unqualified and did not contain a statement either under section 498(2) or 498(3) of the Companies Act 2006. The half yearly Report and Account have not been audited or reviewed by the Company’s Auditors.
Copyright r 30 PR Newswire
1 Year Blue Planet Investment Chart |
1 Month Blue Planet Investment Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions