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Name | Symbol | Market | Type |
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Citi Fun 32 | LSE:TP10 | London | Medium Term Loan |
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The portfolio includes investments in 13 businesses in the solar PV sector which generate renewable electricity from residential solar PV panels. Over the last six months these businesses have continued to deliver results in line with expectations, generating revenues for the Company. All of these businesses derive their income from the receipt of index-linked Feed-in Tariffs (FiTs). Our portfolio monitoring team continues to work closely with these companies to ensure the effective running of their operations.
Anaerobic Digestion
In April 2012 the Company made investments into two renewable energy businesses; GreenTec Energy Ltd and Katharos Organic Ltd. Each operates a 1 MW on-farm anaerobic digestion plant, which generates green electricity attracting both Feed-in Tariffs and power export revenues. FITs provide for a long term RPI-linked revenue stream, consistent with the objectives of the Company. The good 2014 season maize harvest should enable the plants to continue to operate in line with expectations.
Landfill Gas
The portfolio also includes holdings in two small businesses Craigahulliar Energy Ltd and Aeris Power Ltd; each generates renewable electricity from landfill gas at sites owned respectively by local councils and a large waste management company in Northern Ireland. Both businesses generate electricity for export to the National Grid, earning long term, reliable cash flows through the sale of electricity to a utility company and potentially to the site owners, and through the sale of the Renewables Obligation Certificates.
SME Lending
The Company has a GBP3.9 million investment in Broadpoint Limited, a finance company which provides short and medium term funding to businesses in the telecoms, finance, cinema and renewable energy sectors.
Outlook
We continue to work closely with the management teams of all the portfolio businesses to ensure that they continue to meet the investment strategy for the VCT and shareholders' objectives.
In June next year all shareholders will have held their shares for the five years required in order to secure the upfront Income Tax relief associated with their investment in the VCT. Consequently, looking ahead to this date, we will be working with the portfolio of companies in order to realise the VCT's investments so that funds can be returned to shareholders as soon as is practical after this date.
If you have any questions, please do not hesitate to call us on 020 7201 8989.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
16 October 2014
Investment Portfolio
Unaudited Audited 31 August 2014 28 February 2014 ---------------------------------------- ---------------------------------------- Cost Valuation Cost Valuation GBP'000 % GBP'000 % GBP'000 % GBP'000 % Unquoted investments Qualifying holdings 20,438 83.65 21,316 84.21 21,388 84.03 22,266 85.19 Non-qualifying holdings 3,933 16.09 3,933 15.54 4,015 15.76 3,805 14.56 Financial assets at fair value through profit or loss 24,371 99.74 25,249 99.75 25,403 99.79 26,071 99.75 Cash and cash equivalents 58 0.26 58 0.25 61 0.21 61 0.25 24,429 100.00 25,307 100.00 25,464 100.00 26,132 100.00 ========= ======== ========= ======== ========= ======== ========= ======== Unquoted Qualifying Holdings Cinema Digitisation Cinematic Services Ltd 1,855 7.59 1,855 7.33 1,855 7.28 1,855 7.10 Digima Ltd 1,620 6.63 1,620 6.40 1,620 6.36 1,620 6.20 Digital Screen Solutions Ltd 1,025 4.20 1,025 4.05 1,675 6.58 1,675 6.41 DLN Digital Ltd 1,000 4.09 1,079 4.26 1,000 3.93 1,079 4.13 Hydro Project Management Highland Hydro Services Ltd 813 3.33 903 3.57 813 3.19 903 3.46 Electricity Generation Solar AH Power Ltd 800 3.27 802 3.17 800 3.14 802 3.07 Arraze Ltd 1,300 5.32 1,410 5.57 1,300 5.11 1,410 5.40 Bandspace Ltd 1,000 4.09 1,127 4.45 1,000 3.93 1,127 4.31 Bridge Power Ltd 750 3.07 806 3.18 750 2.95 806 3.08 Campus Link Ltd 1,000 4.09 1,103 4.36 1,000 3.93 1,103 4.22 Core Generation Ltd 750 3.07 811 3.20 750 2.95 811 3.10 Druman Green Ltd 750 3.07 801 3.17 750 2.95 801 3.07 Fellman Solar Ltd 750 3.07 797 3.15 750 2.95 797 3.05 Flowers Power Ltd 600 2.46 646 2.55 600 2.36 646 2.47 Haul Power Ltd 750 3.07 795 3.14 750 2.95 795 3.04 Helioflair Ltd 1,000 4.09 994 3.93 1,000 3.93 994 3.80 Ranmore Environmental Ltd 1,000 4.09 998 3.94 1,000 3.93 998 3.82 Trym PowerLtd 750 3.07 798 3.15 750 2.95 798 3.05 Anaerobic Digestion GreenTec Energy Ltd 1,500 6.14 1,500 5.93 1,500 5.89 1,500 5.74 Katharos Organic Ltd 725 2.97 725 2.86 725 2.85 725 2.77 Landfill Aeris Power Ltd 500 2.05 500 1.98 500 1.96 500 1.91 Craigahulliar Energy Ltd 200 0.82 221 0.87 500 1.96 521 1.99 20,438 83.65 21,316 84.21 21,388 84.03 22,266 85.19 ========= ======== ========= ======== ========= ======== ========= ======== Cost Valuation Cost Valuation GBP'000 % GBP'000 % GBP'000 % GBP'000 % Unquoted Non-Qualifying Holdings Cinema Digitisation Digima Ltd 1 - 1 - 1 - 1 - Digital Screen Solutions Ltd 35 0.14 35 0.14 35 0.14 35 0.13 Anaerobic digestion - Drumnahare Biogas Ltd - - - - 225 0.88 15 0.06 SME lending - Broadpoint Ltd 3,897 15.95 3,897 15.40 3,754 14.74 3,754 14.37 3,933 16.09 3,933 15.54 4,015 15.76 3,805 14.56 ========= ======== ========= ======== ========= ======== ========= ========
Directors' Responsibility Statement
The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").
In preparing the Interim Financial Report for the 6 month period to 31 August 2014, the Directors confirm that to the best of their knowledge:
a) the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, "Interim Financial Reporting" issued by the International Accounting Standards Board;
b) the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of principal risks and uncertainties for the remainder of the accounting period;
c) the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006;
d) the Interim Financial Report includes a fair review of related party transactions and changes therein. There are no related party transactions; and
e) The Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.
The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the Financial Statements.
This Interim Financial Report has not been audited or reviewed by the auditors.
Robin Morrison
Chairman
16 October 2014
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