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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Chrysalis Vct Plc | LSE:CYS | London | Ordinary Share | GB0030348683 | 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% | 32.50 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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Chrysalis VCT plc
LEI: 2138009FVDWULSIOX404
20 June 2019
Half-Yearly Report for the six months ended 30 April 2019
Recent performance summary
30 April 30 April 31 October
2019 2018 2018
Pence Pence Pence
Net Asset Value per share 70.80 78.00 73.40
Cumulative dividends paid per share 86.70 78.70 83.45
-------- -------- ----------
Total Return (Net Asset Value per Share plus cumulative
dividends) 157.50 156.70 156.85
======== ======== ==========
CHAIRMAN'S STATEMENT
Introduction
I am pleased to present my statement for the six months ended 30 April
2019. The portfolio has performed satisfactorily over the period.
Net asset value and results
At 30 April 2019, the net asset value per Share ("NAV") stood at 70.8p,
an increase of 0.65p (0.9%) since the previous year end of 31 October
2018, after adding back the 3.25p dividend paid on 29 March 2019.
The Total Return (NAV plus cumulative dividends) to Shareholders who
invested at the launch of the Company in 2000 is now 157.5p, compared
to the original cost (net of income tax relief) of 80.0p per Share.
The return on activities after taxation for the Company for the period
was GBP166,000, comprising a revenue profit of GBP64,000 and a capital
return of GBP102,000.
Venture capital portfolio
Valuations
The Board has reviewed the valuations of the unquoted portfolio and a
number of adjustments have been made accordingly. As a whole, the fair
value movements in respect of the Venture Capital investments amounted
to a net uplift of GBP193,000.
The most significant fair value adjustment was in respect of Enthuse
Holdings Limited, formerly MyTime Media Holdings, which owns and
publishes a range of magazines. The Enthuse group underwent a
significant restructuring process in recent months, in order to
centralise the operations of its magazine businesses. Enthuse has also
now completed a deal to acquire a majority interest in AA Media Limited.
These positive developments have led to a valuation uplift of
GBP803,000.
As Shareholders will be aware, the VCT portfolio includes three
restaurant and catering businesses which constitute 16.2% of the
portfolio (including cash). The restaurant trade in particular is a very
competitive sector and several large and established names have suffered
of late. Whilst trading conditions are challenging, the three businesses
in the Chrysalis portfolio have, as a whole, performed in line with
expectations during the period. Locale Enterprises Limited, the operator
of a chain of Italian restaurants in London, was reduced in value by
GBP568,000 due to a decline in profitability during the period. However,
management have now taken steps to rationalise the business in order to
focus on the more successful restaurant sites. Difficult trading
conditions have also impacted the performance of Life's Kitchen Limited,
a provider of event management and catering services, and the investment
has been reduced in value by GBP100,000 as a result. K10 (London)
Limited, the operator of a chain of Japanese restaurants in London, has
continued to perform satisfactorily against budget, leading to a
valuation uplift of GBP24,000.
As highlighted in the summary on page 3 of the Half-Yearly Report,
Coolabi Group Limited ("Coolabi"), an international media group, now
constitutes 25.2% of the portfolio, an increase from 24.1% as at 31
October 2018. The Board is mindful that concentration in the portfolio
is likely to increase as the number of investments decreases. The Board
pays detailed and specific attention to the valuation of Coolabi and
having assessed the valuation at the half-year stage considers there to
have been no movement since 31 October 2018, when the Company last
reported to Shareholders.
Other valuation movements in the venture capital gave rise to a net
uplift of GBP34,000.
Portfolio activity
A small amount of retention proceeds, relating to the historic sale of
Autocue Limited, was received during the period.
There were no other disposals from or additions to the venture capital
portfolio during the period.
Cash, fixed income and other listed investments
The Company held GBP4.8 million in cash, fixed income securities and
other listed investments as at 30 April 2019.
One of the two remaining fixed income securities matured during the
period, generating proceeds of GBP688,000 and resulting in a loss
against cost of GBP58,000. However, this loss has been more than offset
by the income received over the last five years, as this bond has
yielded 7% per annum.
Share buybacks
The Company operates a policy of buying in Shares that become available
in the market at a discount of approximately 15% to the latest published
NAV, subject to market conditions and liquidity constraints. I am
pleased to report that the level of buybacks undertaken during the
period has been manageable, with 184,000 Ordinary Shares repurchased for
a total consideration of GBP113,000.
Any Shareholders wishing to either acquire more Shares, or to sell
existing holdings in the Company, are recommended to contact the
Company's broker, Nplus1 Singer Capital Markets.
Dividends
As outlined in the Annual Report to 31 October 2018, the Company will
maintain a dividend target of 5.0p per Share per annum. In addition to
this target, special dividends will be paid as and when realisations
from the portfolio have provided the Company with excess liquidity.
In line with the policy discussed above, the Company will pay a standard
interim dividend of 1.75p per Share, and in view of the bond redemption
that took place during the period, the Company will also pay a special
dividend of 2.25p per share, bringing the total to 4.0p per share. The
total dividend will be paid on 26 July 2019, to Shareholders on the
register at 28 June 2019.
Following the payment of the dividend, Shareholders who invested at
launch will have received distributions totalling 88.45p per Share.
I look forward to updating Shareholders on developments in my statement
in the Annual Report, which I expect to be published in January 2020.
Martin Knight
Chairman
SUMMARY OF INVESTMENT PORTFOLIO
as at 30 April 2019
% of
Valuation movement portfolio
Cost Valuation in the period by value
GBP'000 GBP'000 GBP'000
Top ten venture capital
investments
Coolabi Group Limited 3,456 5,144 - 25.2%
Locale Enterprises Limited 2,513 1,851 (568) 9.1%
Enthuse Holdings Limited 56 1,848 803 9.1%
Zappar Limited 300 1,623 - 8.0%
Driver Require Limited 520 1,271 (25) 6.2%
Cambridge Mechatronics
Limited 366 1,172 - 5.7%
K10 (London) Limited 950 1,135 24 5.6%
Green Star Media Limited 650 666 15 3.3%
IX Group Limited 250 372 21 1.8%
Life's Kitchen Limited 400 300 (100) 1.5%
------- --------- ------------------ ----------
9,461 15,382 170 75.5%
------- --------- ------------------ ----------
Other venture capital
investments 1,599 206 23 1.0%
Fixed income securities
Lloyds Banking Group 7%
perp 724 732 (7) 3.6%
724 732 (7) 3.6%
------- --------- ------------------ ----------
Other investments
Impact Healthcare REIT
Plc* 750 803 45 3.9%
------- --------- ------------------ ----------
750 803 45 3.9%
------- --------- ------------------ ----------
12,534 17,123 231 84.0%
======= ==================
Cash at bank and in hand 3,253 16.0%
--------- ----------
Total investments 20,376 100.0%
========= ==========
All venture capital investments are unquoted unless otherwise stated.
*Listed and traded on the Main Market of the London Stock Exchange.
SUMMARY OF INVESTMENT MOVEMENTS
for the six months ended 30 April 2019
Disposals
Gain/
(loss) Total
Value at Disposal against realised
Cost 1 Nov 2018 proceeds cost gains
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Venture capital
investments
Retention
Autocue Group Limited - - 1 1 1
Fixed income
securities
Disposal
Intermediate Capital
Group plc 7%
21/12/18 746 688 688 (58) -
746 688 689 (57) 1
======= =========== ========= ======== =========
UNAUDITED INCOME STATEMENT
for the six months ended 30 April 2019
Year
ended
Six months ended Six months ended 31 Oct
30 Apr 2019 30 Apr 2018 2018
Revenue Capital Total Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income 248 - 248 235 - 235 486
Net gains/(losses) on investments
- realised - 1 1 - 486 486 (99)
- unrealised - 231 231 - (10) (10) 633
------- ------- ------- ------- ------- ------- -------
248 232 480 235 476 711 1,020
Investment management fees (44) (132) (176) (49) (148) (197) (390)
Performance incentive fees - - - - (37) (37) (54)
Other expenses (138) - (138) (130) (1) (131) (267)
------- ------- ------- ------- ------- ------- -------
Return on ordinary activities
before taxation 66 100 166 56 290 346 310
Tax on total comprehensive
income and ordinary activities (2) 2 - (7) 7 - 9
------- ------- ------- ------- ------- ------- -------
Return attributable to equity
shareholders 64 102 166 49 297 346 319
======= ======= ======= ======= ======= ======= =======
Return per Share 0.2p 0.4p 0.6p 0.2p 1.0p 1.2p 7.3p
The total column within the Income Statement represents the profit and
loss account of the Company. No operations were acquired or discontinued
during the period.
A Statement of Total Recognised Gains and Losses has not been prepared
as all gains and losses are recognised in the Income Statement as noted
above.
UNAUDITED BALANCE SHEET
as at 30 April 2019
30 Apr 30 Apr 31 Oct
2019 2018 2018
Note GBP'000 GBP'000 GBP'000
Fixed assets
Investments 17,123 18,868 17,580
------- ------- -------
Current assets
Debtors 129 88 102
Cash at bank and in hand 3,253 4,449 3,763
------- ------- -------
3,382 4,537 3,865
Creditors: amounts falling due within one
year (65) (84) (118)
------- ------- -------
Net current assets 3,317 4,453 3,747
------- ------- -------
Net assets 20,440 23,321 21,327
======= ======= =======
Capital and reserves
Called up share capital 6 288 299 290
Capital redemption reserve 100 89 98
Share premium 1,478 1,478 1,478
Merger reserve 7 529 1,357 529
Special reserve 7 127 562 406
Capital reserve - realised 7 11,283 13,443 12,222
Capital reserve - unrealised 7 6,049 5,569 5,782
Revenue reserve 7 586 524 522
------- ------- -------
Equity shareholders' funds 20,440 23,321 21,327
======= ======= =======
Net asset value per share 5 70.8p 78.0p 73.4p
UNAUDITED STATEMENT OF CHANGES IN EQUITY
for the six months ended 30 April 2019
Capital Capital Capital
Share Redemption Share Merger Special reserve reserve Revenue
Capital reserve premium reserve reserve -realised -unrealised reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 November
2017 299 89 1,478 1,357 602 13,715 5,902 505 23,947
Total
comprehensive
income - - - - - (435) 633 121 319
Transfers
between
reserves - - - (828) 354 1,227 (753) - -
Transactions
with owners
Purchase of
own shares (9) 9 - - (550) - - - (550)
Dividends paid - - - - - (2,285) - (104) (2,389)
---------- ------------- ---------- ---------- ---------- ----------- ------------- ---------- -------
At 31 October
2018 290 98 1,478 529 406 12,222 5,782 522 21,327
Total
comprehensive
income - - - - - (129) 231 64 166
Transfers
between
reserves - - - - (166) 130 36 - -
Transactions
with owners
Purchase of
own shares (2) 2 - - (113) - - - (113)
Dividends paid - - - - - (940) - - (940)
---------- ------------- ---------- ---------- ---------- ----------- ------------- ---------- -------
At 30 April
2019 288 100 1,478 529 127 11,283 6,049 586 20,440
========== ============= ========== ========== ========== =========== ============= ========== =======
UNAUDITED CASH FLOW STATEMENT
for the six months ended 30 April 2019
Six months ended Six months ended Year ended
30 Apr 2019 30 Apr 2018 31 Oct 2018
GBP'000 GBP'000 GBP'000
Cash flows from
operating activities
Return on ordinary
activities before
taxation 166 346 319
Gains on investments (232) (476) (534)
(Increase)/decrease in
other debtors (27) 92 78
(Decrease)/increase in
other creditors (53) 22 (1)
---------------- ---------------- ------------
Net cash outflow from
operating activities (146) (16) (138)
---------------- ---------------- ------------
Cash flows from
investing activities
Proceeds from disposal
of investments 689 878 2,223
Purchase of
investments - - -
---------------- ---------------- ------------
Net cash inflow from
investing activities 689 878 2,223
---------------- ---------------- ------------
Net cash inflow before
financing activities 543 862 2,085
Cash flows from
financing activities
Equity dividends paid (940) (972) (2,389)
Purchase of own shares (113) - (492)
Net cash outflow from
financing activities (1,053) (972) (2,881)
(Decrease)/increase in
cash (510) (110) (796)
================ ================ ============
Net movement in cash
Beginning of the
period 3,763 4,559 4,559
Net cash
(outflow)/inflow (510) (110) (796)
---------------- ---------------- ------------
End of the period 3,253 4,449 3,763
================ ================ ============
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
1. General information
Chrysalis VCT plc ("the Company") is a Venture Capital Trust established
under the legislation introduced in the Finance Act 1995 and is
domiciled in the United Kingdom and incorporated in England and Wales.
2. Accounting policies
Basis of accounting
The unaudited half-yearly results cover the six months to 30 April 2019
and have been prepared in accordance with the accounting policies set
out in the annual accounts for the year ended 31 October 2018 and in
accordance with the Financial Reporting Standard 102 ("FRS 102") and in
accordance with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies" revised November 2014
("SORP").
3. The comparative figures were in respect of the six months ended 30
April 2018 and the year ended 31 October 2018 respectively.
4. Basic and diluted return per Share
Six months ended Six months ended Year ended
30 Apr 2019 30 Apr 2018 31 Oct 2018
Return per Share
based on:
Net revenue return
for the period
(GBP'000) 64 49 121
================ ================ ============
Capital return per
Share based on:
Net capital gain
for the period
(GBP'000) 102 297 198
================ ================ ============
Weighted average
number of Shares 28,970,909 29,917,025 29,697,929
================ ================ ============
5. Basic and diluted net asset value per share
30 Apr 2019 30 Apr 2018 31 Oct 2018
Net asset value per share
based on:
Net assets (GBP'000) 20,440 23,321 21,327
=========== =========== ===========
Number of shares in issue at
the period end 28,860,025 29,917,025 29,044,025
=========== =========== ===========
Net asset value per share 70.8p 78.0p 73.4p
=========== =========== ===========
6. Called up share capital
Shares in issue GBP'000
Period ended 30 April 2019 28,860,025 288
=======
Period ended 30 April 2018 29,917,025 299
=======
Year ended 31 October 2018 29,044,025 290
=======
7. Reserves
The special reserve is available to the Company to enable the purchase
of its own shares in the market without affecting its ability to pay
dividends, and also allows the Company to make transfers between
reserves to offset realised capital losses arising on disposals and
impairments.
Distributable reserves are calculated as follows:
Six months ended Six months ended Year ended
30 Apr 2019 30 Apr 2018 31 Oct 2018
GBP'000 GBP'000 GBP'000
Special reserve 127 562 406
Capital reserve - realised 11,283 13,443 12,222
Revenue reserve 586 524 522
Merger reserve -- distributable element 276 276 276
Unrealised losses -- excluding unrealised unquoted
gains (688) (338) (147)
---------------- ---------------- ------------
11,584 14,467 13,278
================ ================ ============
8. Risks and uncertainties
Under the Disclosure and Transparency Directive, the Board is required
in the Company's half year results to report on principal risks and
uncertainties facing the Company over the remainder of the financial
year.
The Board has concluded that the key risks facing the Company over the
remainder of the financial period are as follows:
- investment risk associated with investing in small and immature
businesses; and
- failure to maintain approval as a VCT.
In both cases, the Board is satisfied with the Company's approach to
these risks. As a VCT, the Company is forced to have significant
exposure to relatively immature businesses. This risk is mitigated to
some extent by holding a well-diversified portfolio.
The Company's compliance with the VCT regulations is continually
monitored by the Administration Manager, who regularly reports to the
Board on the current position. The Company also retains Philip Hare and
Associates LLP to provide regular reviews and advice in this area. The
Board considers that this approach reduces the risk of a breach of the
VCT regulations to a minimal level.
9. Going concern
The Company has sufficient financial resources at the period end, and
holds a diversified portfolio of investments. As a consequence, the
Directors believe that the Company is well placed to manage its business
risks successfully despite the current uncertain economic outlook.
The Directors confirm that they are satisfied that the Company has
adequate resources to continue in business for the foreseeable future.
For this reason, they believe that the Company continues to be a going
concern and that it is appropriate to apply the going concern basis in
preparing the financial statements.
10. The Directors confirm that, to the best of their knowledge, the
half-yearly financial statements have been prepared in accordance with
FRS 104 Interim Financial Reporting and the Half-Yearly Report includes
a fair review of the information required by:
- DTR 4.2.7R of the Disclosure and Transparency Rules, being an
indication of important events that have occurred during the first six
months of the financial year and their impact on the condensed set of
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the year; and
- DTR 4.2.8R of the Disclosure and Transparency Rules, being related
party transactions that have taken place in the first six months of the
current financial year and that have materially affected the financial
position or performance of the entity during that period, and any
changes in the related party transactions described in the last annual
report that could do so.
11. The unaudited financial statements set out herein do not constitute
statutory accounts within the meaning of Section 434 of the Companies
Act 2006 and have not been delivered to the Registrar of Companies. The
figures for the year ended 31 October 2018 have been extracted from the
financial statements for that year, which have been delivered to the
Registrar of Companies; the Independent Auditor's Report on those
financial statements was unqualified.
12. Copies of the unaudited half yearly report will be sent to
Shareholders shortly. Further copies can be obtained from the Company's
registered office and will be available for download from
www.chrysalisvct.co.uk.
(END) Dow Jones Newswires
June 20, 2019 02:00 ET (06:00 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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