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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Core Vct V | LSE:CR5 | London | Ordinary Share | GB00B1GJY496 | ORD 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 45.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCR5 Core VCT V PLC From: Core VCT V PLC Date: 29 August 2013 Half-Yearly Financial Report for the six months ended 30 June 2013 Performance Summary Ordinary Shares 30 June 2013 30 June 2012 31 December 2012 Net asset value per share 45.65 pence 55.03 pence 49.51 pence Total return to date per share(1) 63.15 pence 72.53 pence 67.01 pence Share price (mid market) 22.50 pence 34.00 pence 20.50 pence Ongoing charges ratio(2) 0.98% 0.96% 2.28% 1. Total return per share comprises closing net asset value per share plus cumulative dividends per share paid to date. 2. Ongoing charges ratio is calculated by taking the operating costs of the Group (excluding trail commission, third party transaction costs and costs associated with corporate transactions) divided by the average NAV for the period. Chairman's Statement Results In the six months to 30 June 2013, the Net Asset Value (NAV) Total Return per Ordinary Share was 63.15p, comprising a NAV of 45.65p and cumulative dividends paid of 17.50p per Ordinary Share. This represents a decrease from the Combined NAV Total Return to 31 December 2012 of 5.8%, (3.86p) per Ordinary Share. This reduction is attributable to the interim valuation of our unquoted investments, in which we use International Private Equity and Venture Capital ("IPEVC") valuation guidelines based upon most recently available financial information on trading. Investments Core Capital I LP ("CCILP") During the period a further GBP3.75 million was drawn down from the Institutional Investors in CCILP. The main recipient of these funds were Ark Home Healthcare Limited GBP1.75 million, Colway Limited GBP1.2 million and SPL Services Limited GBP0.8 million. As at 30 June 2013, GBP4.1 million remains to be called (net of General Partner Fee). During the period, the valuation reduced by 2.55p. Within the portfolio, the underlying strategic plans have not changed significantly, but several of the underlying budgets have had to be revised, especially in the case of SPL, and these revisions have been reflected in the valuations. During the period, the main focus has been to drive through operational efficiencies and management change to prepare the investments for exit over the next couple of years. Allied International Holdings Limited ("Allied") Allied, an investment directly held by Core VCT V plc, required further funding to progress with its turnaround plan. Both Core V plc and Core VCT IV plc did not participate in the further funding due to their cash constraints and GBP150,000 was injected by Core VCT plc, by way of a loan to provide preference on the capital. As a result the valuation reduced by GBP193,000 (1.75p per share). The Manager's Review provides an update on all the investments held in the Company including those held in CCILP. Dividends Future capital dividends will only be paid to shareholders following the successful exit of investments within the portfolio, when we plan to distribute all the realised proceeds available, subject to working capital and VCT requirements. Share Price and Share Buy Backs We would remind shareholders that we view the NAV Total Return, rather than the share price, as the preferred measure of performance, as it encompasses the value of the current portfolio and the amount of cash distributed to shareholders over the life of their investment. It is disappointing to report that the NAV Total Return has fallen by 5.8% over the period. However, we believe that the underlying portfolio performance will improve as the strategic business plans and operational efficiencies are implemented over the next 12-18 months. We are conscious that the mid price of the shares continues to be at a significant discount to the NAV (51% at 30 June 2013). Whilst the Company has the ability to buy back its own shares, the Boards' view remains that surplus cash should be returned to all shareholders by way of a distribution. The Ordinary Shares (CR5) are fully listed shares. Prices are available on www.thelondonstockexchange.com. Outlook The outlook for the UK economy remains subdued but there appears to be some encouraging signs. Against this backdrop, it is reassuring that the vast majority of our investments are funded through their next growth phases, the level of debt in our underlying portfolio is relatively low and additionally that management teams have been strengthened where required. Together with the further capital that has either recently been invested or remains available, our largest investee companies, in particular, are well placed to deliver growth. Your Board and Manager remain focused on operating improvements in our investments with the intention of seeking realisations for our shareholders over the medium term. Greg Aldridge Chairman 29 August 2013 Statement of Principal Risks and Uncertainties The Company's assets consist of unquoted investments, cash and liquid resources. It principal risks are therefore market risk, credit risk and liquidity risk. Other risks faced by the Company include economic risk, the loss of approval as a Venture Capital Trust, failure to comply with other regulatory requirements, and broader risks such as reputational, operational, and financial risks. These risks and the way in which they are managed, are described in more detail in the Annual Report for the year ended 31 December 2012, in note 16 to the accounts. The Company's principal risks and uncertainties have not changed materially since the date of that report and it is not envisaged that there will be any changes to the risks and uncertainties in the remaining six months of the financial year. Statement of Directors' Responsibilities in Respect of the Half Year Report We confirm to the best of our knowledge: the condensed set of financial statements have been -- prepared in accordance with IAS 34 'Interim Financial Reporting' and give a true and fair view of the assets, liabilities, financial position and loss of the Company; the interim management report includes a fair review -- of the information required by the Disclosure and Transparency Rules ('DTR') 4.2.7R, being an indication of important events that have occurred during the first six months of the financial year and their impact on the financial statements; the Statement of Principal Risks and Uncertainties -- shown above is a fair review of the information required by DTR 4.2.7R; and the condensed set of financial statements includes -- a fair review of the information required by DTR 4.2.8R, being related party transactions that have taken place in the first six months of the financial year and that have materially affected the financial position or performance of the Company during the period, and any changes in the related party described in the last Annual Report that could do so. For and behalf of the Board: Greg Aldridge Chairman 29 August 2013 Unaudited Consolidated Statement of Comprehensive Income For the Six Months ended 30 June 2013 Revenue Capital Total Return Return Notes GBP GBP GBP Income Investment Income 3 85,325 - 85,325 Other Income 3 917 - 917 Losses on investments held at fair value 6 - (461,332) (461,332) Total Income 86,242 (461,332) (375,090) Expenditure Other expenses (50,465) - (50,465) Total expenditure (50,465) - (50,465) Profit/(loss) before taxation 35,777 (461,332) (425,555) Taxation - - - Profit/(loss) for period/total comprehensive income 5 35,777 (461,332) (425,555) Return per ordinary share (pence): 5 0.32 (4.18) (3.86) Unaudited Consolidated Statement of Comprehensive Income For the Six Months ended 30 June 2012 Revenue Capital Total Return Return Notes GBP GBP GBP Income Investment Income 3 77,513 - 77,513 Other Income 3 142 - 142 Losses on investments held at fair value - (677,030) (677,030) Total Income 77,655 (677,030) (599,375) Expenditure Other expenses (73,860) - (73,860) Total expenditure (73,860) - (73,860) Profit/(loss) before taxation 3,795 (677,030) (673,235) Taxation - - - Profit/(loss) for period/total comprehensive income 5 3,795 (677,030) (673,235) Return per ordinary share (pence): 5 0.03 (6.14) (6.11) Audited Consolidated Statement of Comprehensive Income for the year ended 31 December 2012 Revenue Capital Total Return Return Notes GBP GBP GBP Income Investment Income 3 159,949 - 159,949 Other Income 3 334 - 334 Losses on investments held at fair value - (1,287,667) (1,287,667) Total Income 160,283 (1,287,667) (1,127,384) Expenditure Other expenses (155,105) - (155,105) Total expenditure (155,105) - (155,105) Profit/(loss) before taxation 5,178 (1,287,667) (1,282,489) Taxation - - - Profit/(loss) for year/total comprehensive income 5 5,178 (1,287,667) (1,282,489) Return per ordinary share (pence): 5 0.05 (11.68) (11.63) Consolidated Balance Sheet As at As at As at 30 June 2013 30 June 2012 31 December 2012 Notes (unaudited) (unaudited) (audited) GBP GBP GBP Non-current assets Investments at fair value 6 4,576,279 5,648,872 5,038,235 Current assets Other receivables 49,769 45,786 44,382 Cash 433,759 409,203 427,255 483,528 454,989 471,637 Current liabilities Other payables (27,264) (36,509) (51,774) Net current assets 456,264 418,480 419,863 Net assets 5,032,543 6,067,352 5,458,098 Capital and reserves Called-up Ordinary share capital 1,102 1,102 1,102 Capital reserve (3,776,534) (2,704,568) (3,315,205) Special distributable reserve 8,751,749 8,751,749 8,751,749 Revenue reserve 56,226 19,069 20,452 Shareholders' funds 7 5,032,543 6,067,352 5,458,098 Net asset value per 0.01p 7 45.65p 55.03p 49.51p ordinary share Consolidated Statement of Changes in Equity As at 30 June 2013 Called up Ordinary Special Share Capital Distributable Revenue Capital Reserve Reserve Reserve Total GBP GBP GBP GBP GBP For the six months ended 30 June 2013 (unaudited) Net assets at 1 January 2013 1,102 (3,315,205) 8,751,749 20,452 5,458,098 (Loss)/profit for the period/total comprehensive income - (461,332) - 35,777 (425,555) Net assets at 30 June 2013 1,102 (3,776,537) 8,751,749 56,229 5,032,543 Called up Ordinary Special Share Capital Distributable Revenue Capital Reserve Reserve Reserve Total GBP GBP GBP GBP GBP For the six months ended 30 June 2012 (unaudited) Net assets at 1 January 2012 1,102 (2,027,538) 8,751,749 15,274 6,740,587 (Loss)/profit for the period/total comprehensive income - (677,030) - 3,795 (673,235) Net assets at 30 June 2012 1,102 (2,704,568) 8,751,749 19,069 6,067,352 Called up Ordinary Special Share Capital Distributable Revenue capital Reserve Reserve Reserve Total GBP GBP GBP GBP GBP For the year ended 31 December 2012 (audited) Net assets at 1 January 2012 1,102 (2,027,538) 8,751,749 15,274 6,740,587 (Loss)/profit for the year/total comprehensive income - (1,287,667) - 5,178 (1,282,489) Net assets at 31 December 2012 1,102 (3,315,205) 8,751,749 20,452 5,458,098 Consolidated Cash Flow Statement for the six months ended 30 June 2013 As at As at As at 30 Jun 2013 30 Jun 2012 31 Dec 2012 (unaudited) (unaudited) (audited) GBP GBP GBP Net cash inflow/(outflow) from operating activities 6,504 (52,816) (34,764) Net increase/(decrease) in cash and cash equivalents 6,504 (52,816) (34,764) Cash and cash equivalents at beginning of period 427,255 462,019 462,019 Cash and cash equivalents at the end of period 433,759 409,203 427,255 Reconciliation of loss before taxation to net cash inflow/(outflow) from operating activities Loss before taxation (425,555) (673,235) (1,282,489) Losses on investments 461,332 677,030 1,287,667 Increase in accrued income and prepayments (5,387) (3,474) (2,070) Decrease in other payables (23,886) (53,137) (37,872) Net cash inflow/(outflow) from operating activities 6,504 (52,816) (34,764) Notes: 1. Accounting policies 1.1 Basis of Preparation The unaudited interim results have been prepared in accordance with IAS 34 Interim Financial Reporting and the accounting policies set out in the audited statutory accounts of the Group for the year ended 31 December 2012, except for the adoption of new standards and interpretations effective as at 1 January 2013. The Group applies, for the first time, certain standards and amendments. These include IAS 1 Presentation of Financial Statements and IFRS 13 Fair Value Measurement. The Group had not adopted IFRS 10 Consolidated Financial Statements and IAS 27 Separate Financial Statements as this standard has not yet been adopted by the EU. As required by IAS 34, the nature and effect of these changes are disclosed below. IAS 1 Presentation of Items of Other Comprehensive Income - Amendment to IAS 1 introduce a grouping of items presented in other comprehensive income (OCI). As the Group has no OCI the amendment had no impact to the financial statements. IFRS 13 Fair Value Measurement establishes a single source of guidance under IFRS for all fair value measurements. IFRS 13 does not change when an entity is required to use fair value, but rather provides guidance on how to measure fair value under IFRS when fair value is required or permitted. Several other new standards and amendments apply for the first time in 2013. However, they do not impact the annual consolidated financial statements of the Group or the interim consolidated financial statements of the Group. The functional currency of the Group is UK pounds sterling as this is the currency of primary economic environment in which the Group operates. Accordingly, the financial statements are prepared in UK pounds sterling. The interim consolidated financial statements do not include all the information required for full annual accounts and should be read in conjunction with the consolidated Accounts of the Group for the year ended 31 December 2012, which were prepared under full IFRS requirements. 1.2 Going concern These statements have been prepared on a going concern basis and nothing has happened that would change the Directors' going concern assessment from the last audited financial statements of 31 December 2012. In arriving at this conclusion the Directors have considered the liquidity of the Company and its ability to meet obligations as they fall due for a period of twelve months from the date these financial statements were approved. As at 30 June 2013, the Company held cash balances of GBP0.4 million. Cashflow projections have been reviewed and show that the Company has sufficient funds to meet its contracted expenditure. 1.3 Use of estimates The preparation of financial statements requires the Group to make estimates and assumptions that affect the items reported in the balance sheet and statement of comprehensive income and the disclosure of financial assets and liabilities at the date of the financial statements. Although these estimates are based on management's best knowledge of current facts, circumstances and, to some extent, future events and actions, the Group's actual results may ultimately differ from those estimates, possibly significantly. 2. Earnings for the six months should not be taken as a guide to the results of the financial year to 31 December 2013. 3. Income As at As at As at 30 Jun 2013 30 Jun 2012 31 Dec 2012 (unaudited) (unaudited) (audited) GBP GBP GBP Investment Income 85,325 77,513 159,949 Other Income Deposit interest 917 142 334 86,242 77,655 160,283 4. Taxation There will be no tax charge due by the Company since total expenses (including brought forward unutilised management expenses) are expected to be more than income. 5. Earnings and return per share As at As at As at 30 Jun 2013 30 Jun 2012 31 Dec 2012 (unaudited) (unaudited) (audited) GBP GBP GBP (i) Basic return from ordinary activities after taxation (425,555) (673,235) (1,282,489) Basic return per share (3.86)p (6.11)p (11.63)p Net revenue return from ordinary activities after (ii) taxation 35,777 3,795 5,178 Revenue return per share 0.32p 0.03p 0.05p Net capital return from ordinary activities after (iii) taxation (461,332) (677,030) (1,287,667) Capital return per share (4.18)p (6.14)p (11.68)p Weighted average number of ordinary shares in issue (iv) in the period 11,024,969 11,024,969 11,024,969 6. Investments Financial assets measured at fair value Unlisted (level 3) Total GBP GBP Equity instruments 1,010,000 1,010,000 Debt instruments 1,515,633 1,515,633 LP interest 2,050,626 2,050,626 Total 4,576,279 4,576,279 Valuation at 31 December 2012 5,038,235 5,038,235 Sale proceeds (624) (624) Gain on sale 624 624 Investment written off (50,915) (50,915) Investment holding losses (411,041) (411,041) Valuation at 30 June 2013 4,576,279 4,576,279 Book Cost 30 June 2013 6,264,488 6,264,488 Investment holding losses at 30 June 2013 (1,688,209) (1,688,209) Valuation at 30 June 2013 4,576,279 4,576,279 7. Net asset value As at As at As at 30 Jun 2013 30 Jun 2012 31 Dec 2012 (unaudited) (unaudited) (audited) GBP GBP GBP Net assets 5,032,543 6,067,352 5,458,098 Number of shares in issue 11,024,969 11,024,969 11,024,969 Net asset value per share 45.65p 55.03p 49.51p 8. Financial Instruments and Fair Value Set out below is an overview of financial instruments, other than cash and short-term deposits, held by the Group as at 30 June 2013 and their fair value. The carrying value is the same as the fair value and has not been disclosed. As at 30 June 2013 (Fair Value) GBP Assets at fair value through profit and loss Investments (level 3) 4,576,279 Total non current 4,576,279 Other receivables 49,769 Total current 49,769 Total 4,626,048 Financial liabilities: Other payables 27,264 Total current 27,264 Total 27,264 Fair Value Hierarchy All financial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 - Quoted market prices in an active market (that are unadjusted) for identical assets or liabilities Level 2 - Valuation techniques (for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable) Level 3 - Valuation techniques (for which the lowest level input that is significant to the fair value measurement is unobservable) The level 3 reconciliation is provided in note 6 to the accounts. Valuation techniques The fair value of the unquoted investments has been determined adopting a variety of valuation methodologies which are consistent with the IPEVC valuation guidelines published in 2009. The valuation process requires management to make certain assumptions about unobservable inputs which are disclosed below: Fair Value as at Valuation Unobservable Description 30 June 2013 Technique(s) input Range GBP Marketability Private equity Market discount 10-20% investments 4,576,279 Comparable Companies Multiple of: EBITDA 5.4-7.5x Gross Profit 1.0x FUM 1.5x Net asset value n/a n/s Provision n/a n/a A change of the multiples or the marketability discount shown above would change the effective multiple and therefore lead to a change in the valuations as illustrated below: 10% increase +GBP317,000 in effective multiple 10% decrease -GBP317,000 in effective multiple The valuation technique includes the investments held in CCILP, albeit the Group has a 3.09% interest in CCILP. 9. Related Party Transaction Details of the carried interest arrangements between the Company and the Manager are set out in the Annual Report for the year ended 31 December 2012. Following the launch of Core Capital I LP, the general partner of the LP, will receive GBP750,000 per annum until the fourth anniversary, payable out of the assets of Core Capital I LP. 10. The financial information for the six months ended 30 June 2013 and 30 June 2012 has neither been audited nor reviewed. 11. These are not statutory accounts in terms of Section 434 of the Companies Act 2006. Statutory accounts for the year to 31 December 2012, which received an unqualified audit report and did not contain a statement under sections 498(2) or (3) of the Companies Act 2006, have been lodged with the Registrar of Companies. No statutory accounts in respect of any period after 31 December 2012 have been reported on by the Company's auditors or delivered to the Registrar of Companies. 12. Copies of this statement are being sent to all shareholders. Further copies are available free of charge from the Company's registered office, 9 South Street, London, W1K 2XA. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Core VCT V plc via Thomson Reuters ONE HUG#1724599 http://www.core-cap.com/
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