Share Name Share Symbol Market Type Share ISIN Share Description
Foresight Solar LSE:FTSV London Ordinary Share GB00B640GZ49 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 90.00p 87.00p 93.00p 90.00p 89.25p 90.00p 0 14:00:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Equity Investment Instruments 0.7 1.1 0.3 300.0 34.49

FORESIGHT SOLAR & INFRASTRUCTURE VCT PLC ORD 1P Foresight Solar & Infrastructure Vct Plc : Half-year Report

29/03/2018 1:25pm

UK Regulatory (RNS & others)


 
TIDMFTSV 
 
 
   FORESIGHT SOLAR & INFRASTRUCTURE VCT PLC 
 
   Financial Highlights 
 
 
   -- Ordinary Shares Total Net Assets as at 31 December 2017: GBP26.9m 
 
   -- C Shares Total Net Assets as at 31 December 2017: GBP11.2m 
 
   -- D Shares Total Net Assets as at 31 December 2017: GBP5.4m 
 
 
   Ordinary Shares Fund 
 
 
   -- An interim dividend of 3.0p per share was paid on 24 November 2017. 
 
   -- Net Asset Value per Ordinary Share at 31 December 2017 was 99.6p (30 June 
      2017: 95.9p). 
 
   -- At 31 December 2017, the Ordinary Shares fund held positions in four UK 
      solar assets, with a total installed capacity of 35.7MW. During the 
      period the portfolio generated 16.1Gwh of clean energy, sufficient to 
      power approximately 5,200 UK homes for a year. 
 
   -- During the period two UK solar assets were acquired, increasing the 
      portfolio's capacity by 19.2MW. 
 
   -- In November 2017, the sale of the four UK FiT solar assets was completed. 
 
   -- An interim dividend of 3.0p per share will be paid on 27 April 2018, 
      based on an ex-dividend date of 12 April 2018 and a record date of 13 
      April 2018. 
 
 
   C Shares Fund 
 
 
   -- An interim dividend of 2.5p per share was paid on 24 November 2017. 
 
   -- Net Asset Value per C Share at 31 December 2017 was 90.0p (30 June 2017: 
      90.1p). 
 
   -- At 31 December 2017, the C Shares fund held positions in three UK solar 
      assets and one US solar asset, with a combined capacity of 16.8MW. During 
      the period the portfolio generated 8.7Gwh of clean energy, sufficient to 
      power approximately 2,810 UK homes for a year. 
 
   -- Post-period end, in January 2018, the sale of the EOSOL solar asset in 
      California was completed. 
 
   -- An interim dividend of 2.5p per share will be paid on 27 April 2018, 
      based on an ex-dividend date of 12 April 2018 and a record date of 13 
      April 2018. 
 
 
   D Shares Fund 
 
 
   -- Net Asset Value per D Share at 31 December 2017 was 95.1p (30 June 2017: 
      96.8p). 
 
   -- In November 2017, GBP0.4 million was invested in a 400kW rooftop solar 
      installation in Campania, Italy. 
 
 
 
 
 
   Dividend History 
 
 
 
 
Ordinary Shares     Dividend per share 
24 November 2017                  3.0p 
7 April 2017                      3.0p 
18 November 2016                  3.0p 
8 April 2016                      3.0p 
13 November 2015                  3.0p 
10 April 2015                     3.0p 
14 November 2014                  3.0p 
4 April 2014                      3.0p 
25 October 2013                   3.0p 
12 April 2013                   2.5p 
31 October 2012                 2.5p 
Total                          32.0p 
 
C Shares Fund     Dividend per share 
24 November 2017                2.5p 
7 April 2017                    2.5p 
18 November 2016                2.5p 
8 April 2016                    2.5p 
13 November 2015                2.5p 
10 April 2015                   2.5p 
14 November 2014                2.5p 
Total                          17.5p 
 
 
   Chairman's Statement 
 
   I am pleased to present the Unaudited Half-Yearly Financial Report for 
Foresight Solar & Infrastructure VCT Plc and to provide you with an 
update on the positive progress made. During the period the disposal of 
the older Feed-in Tariff solar assets was completed at a favourable 
price, and new projects acquired with potential for further returns. 
These activities support the Company's objective of delivering its 
target dividends and maximising long-term future returns for 
Shareholders. 
 
   Although irradiation was 5.7% below expectations during the period, the 
solar assets in the portfolio have performed efficiently, with 
production just 2.7% below expectations at 24.8 Gigawatt hours of 
electricity. This is enough to power approximately 8,000 UK homes for a 
year. 
 
   The following statement is divided into three sections, each providing 
an update on the respective share class funds within the Company. 
 
   Ordinary Shares 
 
   Performance and Dividends 
 
   The Net Asset Value per Ordinary Share increased to 99.6p at 31 December 
2017, compared to 95.9p per share at 30 June 2017. 
 
   The valuation of the UK portfolio increased by approximately GBP0.4m, 
which was in addition to deferred proceeds of GBP1.8m received 
post-period end in January 2018, which related to the sale of the fund's 
Italian solar assets in December 2016. This equates to a gain of GBP2.2m, 
which is detailed in the Portfolio Overview table on p14. The underlying 
Net Asset Value increased by 6.7p per Ordinary Share before deducting 
the 3.0p per Ordinary Share dividend that was paid on 24 November 2017. 
 
   The Board is pleased to announce that the next interim dividend, of 3.0p 
per Ordinary Share, will be paid on 27 April 2018. This will be based on 
an ex-dividend date of 12 April 2018 and a record date of 13 April 2018. 
This will bring the total dividends paid since launch to 35.0p per 
Ordinary Share, and a total return of 131.6p per Ordinary Share since 
launch. 
 
   The Board intends to pay an annual dividend of 5.0p per Ordinary Share 
each year, payable bi-annually via interim dividends of 2.5p per 
Ordinary Share in April and October. Since the launch of the Company, 
this target has been either achieved or exceeded in all years to date. 
The level of dividends is not, however, guaranteed. 
 
   Portfolio Activity 
 
   During the period, the fund's investee companies completed the 
acquisition of two UK solar assets, Littlewood and Laurel Hill, which 
are described in more detail in the Investment Manager's Report. The 
fund's investee companies also completed the planned sale of the four 
FiT assets, with the proceeds remaining available to finance both 
existing and new projects. 
 
   Management Fees 
 
   The annual management fee of the Ordinary Shares fund is calculated as 
1.5% of Net Assets and equated to GBP203,000 during the period. 
 
   Share Issues and Buybacks 
 
   During the period, 298,622 Ordinary Shares were repurchased for 
cancellation. No new Shares were issued. 
 
   C Shares 
 
   Performance and Dividends 
 
   During the period, the Net Asset Value of the C Shares fund decreased to 
GBP11.2m or 90.0p per share, down from GBP11.3m (90.1p per share) as at 
30 June 2017. However, this reduction also includes an accrual for a 
performance incentive fee to the investment manager of approximately 
1.9p per C Share, which would become payable should the total 
distributions on exit exceed 100p per C Share. 
 
   During the period the C Shares fund recognised net gains of GBP0.6m 
across its investments, a breakdown of which can be found in the 
Portfolio Overview table on page 14. This increase in valuation was 
largely driven by the Investment Manager's optimisation programme, which 
has led to lower Operations & Maintenance costs and improved Power 
Purchase Agreement terms. 
 
   The underlying Net Asset Value increased by 2.4p per C Share before 
deducting the 2.5p per C share dividend that was paid on 24 November 
2017. 
 
   The Board is pleased to announce that the next interim dividend, of 2.5p 
per C Share, will be paid on 27 April 2018 based on an ex-dividend date 
of 12 April 2018 and a record date of 13 April 2018. This will bring the 
total dividends paid since launch to 20.0p per C Share, and a total 
return of 107.5p per C Share since launch. 
 
   Portfolio Activity 
 
   In December 2017, the C Share fund exchanged on the sale of the EOSOL 
Solar Project, with the sale completing in January 2018 and generating a 
small gain. 
 
   Management Fees 
 
   The annual management fee of the C Shares fund is calculated as 1.75% of 
Net Assets and equated to GBP99,000 during the period (excluding the 
accrued performance incentive fee of GBP234,000). 
 
   Issues and Buybacks 
 
   During the period, 37,677 C Shares were repurchased for cancellation. No 
new shares were issued. 
 
   D Shares 
 
   In November 2017, the fund made its first investment into an 
unsubsidised 400kW Italian rooftop solar project. Further details are 
provided in the Investment Manager's Review on page 6. 
 
   Outlook 
 
   In light of the rules introduced to prohibit VCTs from making qualifying 
investments into companies which carry on the business of energy 
generation and the newly introduced risk-to capital condition, it is not 
possible to raise any more equity capital for investment in accordance 
with the original investment policy of the D Share fund. It is, 
accordingly, sub-optimal for deployment on a basis commensurate with the 
Ordinary Shares fund and the C Shares fund. The Company has applied to 
HMRC for clearances that the Company's three share classes can be merged 
with no adverse tax consequences as it is the Board's belief that a 
share class merger would benefit all classes of shareholders through 
enhanced liquidity and a reduction in the operating costs for each fund. 
If clearances are received the Board anticipates recommending proposals 
in this regard for the consideration of shareholders. 
 
   Operationally, the key focus of the Board remains the optimisation of 
the portfolio's performance and valuation through a number of 
initiatives. The Investment Manager continues to investigate 
opportunities to refinance assets at lower interest rates and to explore 
power price agreements (PPAs) that maximise revenues but retain 
flexibility to appropriately manage the portfolio. 
 
   David Hurst-Brown 
 
   Chairman 
 
   29 March 2018 
 
   Investment Manager's Review 
 
   Ordinary Shares Portfolio 
 
   During the period, existing investee companies acquired two solar 
projects, with a combined capacity of 19.2MW. They have been initially 
financed using borrowings. 
 
   The Littlewood solar plant (5MW) in Mansfield, Nottinghamshire, was 
purchased from its constructor Goldbeck in August 2017. Littlewood 
presented an attractive investment opportunity given the quality of 
Goldbeck projects and the fact that Foresight already had precedent 
contracts from which to transact. The site connected to the grid in 
March 2017 and all revenues generated from the point of connection are 
to the benefit of the Company. 
 
   In September 2017, the Company also acquired Laurel Hill, a 14.2MW 
construction stage solar plant located near Donaghcloney, Northern 
Ireland. Post-period end, the plant successfully connected to the grid 
at the end of February 2018, qualifying for 1.4 ROCs under the regime's 
grace period. The project was acquired from solar developer BNRG, which 
Foresight has worked with previously. The Investment Manager is 
exploring opportunities to refinance Laurel Hill, with RBS expected to 
provide this facility by the end of March 2018. 
 
   In November 2017 the Company successfully sold four of the portfolio's 
older assets, which qualified for the Feed-in Tariff subsidy, to a 
Korean investor. This was a profitable exit for the Company and the 
proceeds have been retained to finance Littlewood and Laurel Hill. 
 
   C Shares Portfolio 
 
   Post-period end, in January 2018, after a long tender process, the 
Investment Manager reached an agreement with Greenbacker Renewable 
Energy Company to sell the Company's interests in the 3.6MW EOSOL asset 
in California. The decision was taken to enable the Investment Manager 
to capitalise on the current strong USD exchange rate and high demand 
for operational solar assets in the US. 
 
   Portfolio Performance 
 
   For the period 1 July 2017 to 31 December 2017 total production was 3.1% 
below expectations for the period against levels of irradiation that 
were 4.7% below expectations. 
 
   D Shares Portfolio 
 
   In November, the fund made its first investment of GBP0.4m, to finance 
the construction of a 400kW rooftop solar installation in Campania, 
Italy. The solar panels are being installed on the roof of a building 
owned by Telecomponenti, which manufactures plastic products for the 
telecom and energy industry. This is the Company's first unsubsidised 
project, with the majority of the electricity generated being sold to 
Telecomponenti at a fixed price under a long-term contract. Construction 
of the project is underway. Once the project is operational, it is 
intended to fund a second stage, adding a further 500kW of capacity. 
 
   As detailed in the Chairman's Statement on page 5, in light of the 
change in VCT regulations, a merger with the Ordinary and C Share 
classes is currently being explored, which would benefit all classes of 
shareholders through enhanced liquidity and a reduction in the operating 
costs for each fund. 
 
   Regulatory and Market Changes 
 
   The key development in 2017 was the closure of the UK Renewable 
Obligation scheme on 31 March 2017, which brought to an end a period of 
significant growth for the UK's solar market. However, with total 
installed capacity of over 12GW, the UK has a large and increasingly 
mature solar sector that is expected to continue to provide potential 
acquisition targets, albeit on an increasingly opportunistic basis. 
 
   During the second half of the year, there was increased discussion about 
the future funding of the lowest cost renewables, onshore wind and 
solar. Government announcements coinciding with the results of the 
Contracts for Difference ("CfD") auction in September confirmed the 
expectation that solar and onshore wind will continue to be excluded 
from Pot 1 (established technologies) during the third auction round 
expected in Spring 2019. In October, the release of the Clean Growth 
Strategy (the Government's plan to grow the UK's national income while 
cutting greenhouse gas emissions) also excluded any mention of future 
support for onshore wind and ground mounted solar. 
 
   There has been growing support to reconsider the use of subsidies, 
including proposals for technology neutral auctions from diverse groups 
including backbench Conservative MPs, the Committee for Climate Change, 
Energy UK, Dieter Helm's cost of energy review and a variety of NGOs and 
energy trade associations. Meanwhile, a report from the Committee on 
Climate Change in June 2017 highlighted that the UK is significantly 
behind its 2030 targets to reduce carbon emissions and could fail to 
meet the legally binding commitments set out in the UK's Fifth Carbon 
Budget. Despite this, the Investment Manager believes there will be 
limited Governmental support for new ground mounted solar projects for 
the foreseeable future. 
 
   In December 2017, Ofgem published a consultation which is broadly 
supportive of the co-location of battery storage facilities with ROC 
accredited renewable energy installations, lifting concerns that this 
could invalidate existing ROC accreditations. The Investment Manager 
will continue to monitor the progress of these market developments and 
its potential to accelerate the transition to a decentralised energy 
system. 
 
   There remains political uncertainty following the UK's vote to withdraw 
from the European Union and the UK snap general election held on 8 June 
2017. 
 
   Although formal Brexit negotiations started on 19 June 2017, it remains 
unclear to what extent the UK power market will continue to be 
integrated with the wider EU power market and therefore what the impact 
on wholesale power prices will be. The most noticeable impact of Brexit 
for the Company so far has been sterling's depreciation. This has had 
the effect of increasing UK power prices as the cost of natural gas and 
electricity imported from Europe has risen. The Company will continue to 
carefully monitor any potential political effects from Brexit, however 
current indications suggest that the UK Government remains committed to 
a carbon reduction agenda. 
 
   Power Prices 
 
   The average power price achieved across the portfolio during the period 
1 July 2017 to 31 December 2017 was GBP45.36 per MWh, which compares 
favourably to GBP41.36 for the year to 30 June 2017. 
 
   Power prices experienced some volatility during the second half of 2017. 
Having dipped during the summer months, prices rose during the fourth 
quarter. The average power price in December 2017 was GBP53.24 per MWh, 
compared to GBP41.05 per MWh during the summer period. 
 
   Wholesale gas prices, a key driver of UK electricity prices, climbed 
after the UK's main gas storage supply, Centrica's Rough facility, 
closed after decades of use. In December 2017, gas prices jumped after a 
double blow to key infrastructure following an explosion at a natural 
gas hub in Baumgarten in Austria and the closure of a pipeline in the 
North Sea that feeds the UK market. This, combined with December's cold 
snap across the Continent, caused major concerns around the gas supply, 
pushing energy prices higher. 
 
   During the period 1 July 2017 to 31 December 2017 there was a downward 
movement of 4.4% in the medium to long term power price forecast. The 
Investment Manager uses forward looking power price assumptions to 
assess the likely future income of the portfolio assets for valuation 
purposes. The Company's assumptions are formed from a blended average of 
the forecasts provided by third party consultants and are updated on a 
quarterly basis. The Investment Manager's forecasts continue to assume 
an increase in power prices in real terms over the medium to long-term 
of 1.3% per annum (30 June 2017: 1.7%), driven by higher gas and carbon 
prices. 
 
   During the period, 77.9% of the Company's operational portfolio revenue 
came from the FiT subsidy or sale of ROCs and other green benefits to an 
offtaker. These revenues are directly and explicitly linked to inflation 
for 20 years from the accreditation date under the ROC regime and 
subject to Retail Price Index ("RPI") inflationary increases applied by 
Ofgem in April of each year. 
 
   The majority of the remaining 22.1% of revenues derive from electricity 
sales, which are subject to wholesale electricity price movements. 
Electricity prices in the UK are a component of the RPI index basket of 
goods and services and as a result present a degree of correlation with 
the long term RPI. This direct indexation of revenues derived from ROC 
benefits and the degree of inflation linkage of the wholesale 
electricity price provides a significant percentage of cash flows 
correlated with long-term inflation. 
 
   PPAs are entered into between each individual solar power asset and 
offtakers in the UK electricity supply market. Under the PPAs, each 
asset will sell the entirety of the generated electricity and ROCs to 
the designated offtaker. 
 
   The Company's PPA strategy seeks to optimise revenues from the power 
generated, while keeping the flexibility to manage the portfolio 
appropriately. As at 31 December 2017, all of the UK sites have variable 
price PPAs in place and have subsequently benefitted from higher power 
prices during the period. However, as part of the Investment Manager's 
ongoing efforts to maximise the commercial performance of the portfolio, 
the Investment Manager is constantly reassessing conditions in the 
electricity market and updating its view on likely future movements. The 
Company retains the option to fix the PPAs of its portfolio assets at 
any time. 
 
   Outlook 
 
   Although the lack of regulatory support for new large scale solar 
projects in the UK has halted the flow of primary solar assets to market, 
the Company continues to see opportunities to acquire existing 
operational assets currently being held by short term investors. The 
Investment Manager expects future growth in the UK solar market to be 
driven by falling installation costs. In addition, the prospect of 
co-locating lithium-ion battery facilities with solar projects should 
further support the solar market as capex costs for this technology also 
reduce. 
 
   The second half of 2017 saw some re-positioning of the portfolio from 
the sale of the four FiT assets and subsequent sale of the US asset in 
Q1 2018. In an increasingly competitive market, the Investment Manager 
will continue to maintain its strong discipline and only acquire assets 
that meet the Company's return requirements. It may be the case that 
further opportunities arise in the Italian market this year. 
 
   The Investment Manager will continue to focus on maximising the 
operating performance of the portfolio from a technical perspective 
while seeking to secure improved commercial terms, as well as closely 
monitoring the progress of the new assets. 
 
   Dan Wells 
 
   Partner 
 
   29 March 2018 
 
   Unaudited Half-Yearly Financial Report and Responsibility Statements 
 
   Principal Risks and Uncertainties 
 
   The principal risks faced by the Company can be divided into various 
areas as follows: 
 
 
   -- Performance 
 
   -- Regulatory 
 
   -- Operational; and 
 
   -- Financial 
 
 
   The Board reported on the principal risks and uncertainties faced by the 
Company in the Annual Report and Accounts for the year ended 30 June 
2017. A detailed explanation can be on found on page 24 of the Annual 
Report and Accounts which is available at www.foresightgroup.eu or by 
writing to Foresight Group at The Shard, 32 London Bridge Street, London, 
SE1 9SG. 
 
   In the view of the Board, save as mentioned on page 6 in the Investment 
Manager's Summary review of the D Share Portfolio, there have been no 
changes to the fundamental nature of these risks since the previous 
report and these principal risks and uncertainties are equally 
applicable to the remaining six months of the financial year as they 
were to the six months under review. 
 
   Directors' Responsibility Statement: 
 
   The Disclosure and Transparency Rules ('DTR') of the UK Listing 
Authority require the Directors to confirm their responsibilities in 
relation to the preparation and publication of the Unaudited Half-Yearly 
Financial Report for the six months ended 31 December 2017. 
 
   The Directors confirm to the best of their knowledge that: 
 
   (a)      the summarised set of financial statements has been prepared in 
accordance with the pronouncement on interim reporting issued by the 
Accounting Standards Board; 
 
   (b)      the Unaudited Half-Yearly Financial Report for the six months 
ended 31 December 2017 includes a fair review of the information 
required by DTR 4.2.7R (indication of important events during the first 
six months of the year and a description of principal risks and 
uncertainties that the Company faces for the remaining six months of the 
year); 
 
   (c)      the summarised set of financial statements give a true and fair 
view of the assets, liabilities, financial position and profit or loss 
of the Company as required by DTR 4.2.4R; and 
 
   (d)      the interim management report includes a fair review of the 
information required by DTR 4.2.8R (disclosure of related parties' 
transactions and changes therein). 
 
   Going Concern 
 
   The Company's business activities, together with the factors likely to 
affect its future development, performance and position are set out in 
the Strategic Report in the 30 June 2017 Annual Report and Accounts. The 
financial position of the Company, its cash flows, liquidity position 
and borrowing facilities are described in the Chairman's Statement, 
Strategic Report and Notes to the Accounts of the 30 June 2017 Annual 
Report and Accounts. In addition, the Annual Report and Accounts 
includes the Company's objectives, policies and processes for managing 
its capital; its financial risk management objectives; details of its 
financial instruments and hedging activities; and its exposures to 
credit risk and liquidity risk. 
 
   The Company has considerable financial resources together with 
investments and income generated therefrom, which benefit from 
Feed-in-Tariffs guaranteed by the UK Government. As a consequence, the 
Directors believe that the Company is well placed to manage its business 
risks successfully despite the current uncertain economic outlook. 
 
   Cash flow projections have been reviewed and show that the Company has 
sufficient funds to meet both its contracted expenditure and its 
discretionary cash outflows in the form of the share buy-back programme 
and dividend policy. The Company has no external loan finance in place 
and therefore is not exposed to any gearing covenants. 
 
   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 annual financial statements. 
 
   The Half-Yearly Financial Report for the six months ended 31 December 
2017 has not been audited or reviewed by the auditors. 
 
   On behalf of the Board 
 
   David Hurst-Brown 
 
   Chairman 
 
   29 March 2018 
 
 
 
   Unaudited Non-Statutory Analysis of the Share Classes 
 
   Income Statements 
 
   for the six months ended 31 December 2017 
 
 
 
 
                  Ordinary Shares Fund           C Shares Fund              D Shares Fund 
                Revenue  Capital   Total   Revenue  Capital   Total   Revenue  Capital   Total 
                GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
    Investment 
       holding 
         gains        -    2,188    2,188        -      620      620        -        -        - 
      Realised 
     losses on 
   investments        -        -        -        -        -        -        -        -        - 
        Income      253        -      253      107        -      107       14        -       14 
    Investment 
    management 
          fees     (51)    (152)    (203)     (25)    (308)    (333)     (12)     (36)     (48) 
      Interest 
       payable    (200)        -    (200)        -        -        -        -        -        - 
Other expenses    (158)        -    (158)     (83)        -     (83)     (58)        -     (58) 
 (Loss)/return 
   on ordinary 
    activities 
        before 
      taxation    (156)    2,036    1,880      (1)      312      311     (56)     (36)     (92) 
      Taxation        -        -        -        -        -        -        -        -        - 
 (Loss)/return 
   on ordinary 
    activities 
         after 
      taxation    (156)    2,036    1,880      (1)      312      311     (56)     (36)     (92) 
 (Loss)/return 
     per share   (0.6)p     7.5p     6.9p   (0.0)p     2.5p     2.5p   (1.0)p   (0.6)p   (1.6)p 
 
   Balance Sheets 
 
   at 31 December 2017 
 
 
 
 
                                                     Ordinary 
                                                      Shares     C Shares   D Shares 
                                                       Fund        Fund       Fund 
                                                     GBP'000     GBP'000     GBP'000 
Fixed assets 
Investments held at fair value through profit and 
 loss                                                   42,792      11,285      1,620 
Current assets 
Debtors                                                    108         162        435 
Money market securities and other deposits                   9           -          - 
Cash                                                        10          70      4,536 
                                                           127         232      4,971 
Creditors 
Amounts falling due within one year                      (990)       (291)    (1.232) 
Net current (liabilities)/assets                         (863)        (59)      3,739 
 
Creditors 
Amounts falling due greater than one year             (15,000)           -          - 
Net assets                                              26,929      11,226      5,359 
Capital and reserves 
Called-up share capital                                    270         125         56 
Share premium                                                -       1,528      5,522 
Capital redemption reserve                                 115           -          - 
Profit and loss account                                 26,544       9,573      (219) 
Equity shareholders' funds                              26,929      11,226      5,359 
Number of shares in issue                           27,026,216  12,471,570  5,636,181 
Net asset value per share                                99.6p       90.0p      95.1p 
 
 
   At 31 December 2017 there was an inter-share debtor/creditor of 
GBP393,000 which has been eliminated on aggregation. 
 
   Reconciliations of Movements in Shareholders' Funds 
 
   for the six months ended 31 December 2017 
 
 
 
 
              Called-up      Share       Capital 
                share       premium    redemption        Profit 
               capital      account      reserve     and loss account   Total 
Ordinary 
Shares 
Fund           GBP'000      GBP'000      GBP'000         GBP'000       GBP'000 
As at 1 
 July 2017           273            -          112             25,812   26,197 
Expenses in 
 relation 
 to prior 
 year share 
 issues                -            -            -               (41)     (41) 
Repurchase 
 of shares           (3)            -            3              (290)    (290) 
Dividends              -            -            -              (817)    (817) 
Return for 
 the 
 period                -            -            -              1,880    1,880 
As at 31 
 December 
 2017                270            -          115             26,544   26,929 
 
               Called-up        Share      Capital 
                   share      premium   redemption             Profit 
                 capital      account      reserve   and loss account    Total 
C Shares 
Fund             GBP'000      GBP'000      GBP'000            GBP'000  GBP'000 
As at 1 
 July 2017           125        1,535            -              9,607   11,267 
Expenses in 
 relation 
 to prior 
 year share 
 issues                -          (7)            -                  -      (7) 
Repurchase 
 of shares             -            -            -               (32)     (32) 
Dividends              -            -            -              (313)    (313) 
Return for 
 the 
 period                -            -            -                311      311 
As at 31 
 December 
 2017                125        1,528            -              9,573   11,226 
 
               Called-up        Share      Capital 
                   share      premium   redemption             Profit 
                 capital      account      reserve   and loss account    Total 
D Shares 
Fund             GBP'000      GBP'000      GBP'000            GBP'000  GBP'000 
As at 1 
 July 2017            56        5,526            -              (127)    5,455 
Expenses in 
 relation 
 to prior 
 year share 
 issues                -          (4)            -                  -      (4) 
Repurchase 
of shares              -            -            -                  -        - 
Dividends              -            -            -                  -        - 
Loss for 
 the 
 period                -            -            -               (92)     (92) 
As at 31 
 December 
 2017                 56        5,522            -              (219)    5,359 
 
 
 
 
 
   Unaudited Income Statement 
 
   for the six months ended 31 December 2017 
 
 
 
 
                    Six months ended           Six months ended              Year ended 
                     31 December 2017           31 December 2016             30 June 2017 
                       (unaudited)                (unaudited)                 (audited) 
                Revenue  Capital   Total   Revenue  Capital   Total   Revenue  Capital   Total 
                GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000  GBP'000 
Investment 
 holding 
 gains                -    2,808    2,808        -    7,014    7,014        -    7,938    7,938 
Realised 
 losses on 
 investments          -        -        -        -  (3,319)  (3,319)        -  (3,318)  (3,318) 
Income              374        -      374      438        -      438      871        -      871 
Investment 
 management 
 fees              (88)    (496)    (584)     (99)    (928)  (1,027)    (205)  (1,668)  (1,873) 
Interest 
 payable          (200)        -    (200)        -        -        -     (30)        -     (30) 
Other expenses    (299)        -    (299)    (233)        -    (233)    (537)        -    (537) 
(Loss)/return 
 on ordinary 
 activities 
 before 
 taxation         (213)    2,312    2,099      106    2,767    2,873       99    2,952    3,051 
Taxation              -        -        -        -        -        -     (33)       33        - 
(Loss)/return 
 on ordinary 
 activities 
 after 
 taxation         (213)    2,312    2,099      106    2,767    2,873       66    2,985    3,051 
(Loss)/return 
per share: 
Ordinary Share   (0.6)p     7.5p     6.9p     0.4p     3.9p     4.3p     0.3p     3.2p     3.5p 
C Share          (0.0)p     2.5p     2.5p   (0.2)p    10.4p    10.2p     0.0p    14.9p    14.9p 
D Share          (1.0)p   (0.6)p   (1.6)p   (0.4)p   (0.6)p   (1.0)p   (1.7)p   (1.4)p   (3.1)p 
 
 
   The total column of this statement is the profit and loss account of the 
Company and the revenue and capital columns represent supplementary 
information. 
 
   All revenue and capital items in the above Income Statement are derived 
from continuing operations. No operations were acquired or discontinued 
in the period. 
 
   The Company has no recognised gains or losses other than those shown 
above, therefore no separate statement of total recognised gains and 
losses has been presented. 
 
 
 
   Unaudited Balance Sheet 
 
   at 31 December 2017 
 
   Registered Number: 07289280 
 
 
 
 
                                 As at              As at            As at 
                            31 December 2017   31 December 2016   30 June 2017 
                              (unaudited)        (unaudited)       (audited) 
                                GBP'000            GBP'000          GBP'000 
Fixed assets 
Investments held at fair 
 value through profit or 
 loss                                 55,697             53,011         53,752 
Current assets 
Debtors                                  312                621            432 
Money market securities 
 and other deposits                        9                  9              9 
Cash                                   4,616              4,256          5,694 
                                       4,937              4,886          6,135 
Creditors 
Amounts falling due 
 within one year                     (2,120)            (4,504)        (1,968) 
Net current assets                     2,817                382          4,167 
 
Creditors 
Amounts falling due 
 within one year                    (15,000)                  -       (15,000) 
Net assets                            43,514             53,393         42,919 
Capital and reserves 
Called-up share capital                  451                543            454 
Share premium account                  7,050              5,005          7,061 
Capital redemption 
 reserve                                 115                  2            112 
Profit and loss account               35,898             47,843         35,292 
Equity shareholders' 
 funds                                43,514             53,393         42,919 
Net asset value per share 
Ordinary Share                         99.6p             101.7p          95.9p 
C Share                                90.0p              88.1p          90.1p 
D Share                                95.1p              98.9p          96.8p 
 
   Unaudited Reconciliation of Movements in Shareholders' Funds 
 
   for the six months ended 31 December 2017 
 
 
 
 
                Called-up       Share        Capital      Profit and 
                  share        premium      redemption       loss 
Company          capital       account       reserve       account      Total 
                 GBP'000       GBP'000       GBP'000       GBP'000     GBP'000 
As at 1 July 
 2017                   454         7,061           112        35,292   42,919 
Expenses in 
 relation to 
 prior year 
 share 
 issues                   -          (11)             -          (41)     (52) 
Repurchase of 
 shares                 (3)             -             3         (322)    (322) 
Dividends                 -             -             -       (1,130)  (1,130) 
Return for 
 the period               -             -             -         2,099    2,099 
As at 31 
 December 
 2017                   451         7,050           115        35,898   43,514 
 
 
 
 
 
   Unaudited Cash Flow Statement 
 
   for the six months ended 31 December 2017 
 
 
 
 
                                                                                              Year 
                                                                                              ended 
                                                     Six months ended    Six months ended    30 June 
                                                      31 December 2017   31 December 2016      2017 
                                                        (unaudited)           (unaudited)   (audited) 
                                                          GBP'000                 GBP'000    GBP'000 
Cash flow from operating activities 
Deposit and similar interest received                                2                  -            1 
Investment management fees paid                                  (462)              (391)        (723) 
Performance incentive fee paid                                       -                  -      (3,323) 
Secretarial fees paid                                            (177)              (111)        (150) 
Other cash payments                                              (513)              (165)        (341) 
Taxation                                                             -                  -            - 
Net cash outflow from operating activities                     (1,150)              (667)      (4,536) 
Returns on investing activities 
Purchase of investments                                          (149)                  -         (32) 
Net proceeds on sale of investments                              1,012              2,366        2,649 
Investment income received                                         484                391        1,047 
Net capital inflow from investing activities                     1,347              2,757        3,664 
Financing 
Proceeds of fund raising                                             -              1,887        4,058 
Proceeds from borrowing on long term debt                            -                  -       15,000 
Expenses of fund raising                                          (67)              (130)        (298) 
Expenses in relation to tender offer                                 -                  -        (156) 
Repurchase of own shares                                          (78)                  -     (10,986) 
Equity dividends paid                                          (1,130)            (1,462)      (2,923) 
 Net cash (outflow)/inflow from financing 
  activities                                                   (1,275)                295        4,695 
Net (outflow)/inflow of cash in the year                       (1,078)              2,385        3,823 
Reconciliation of net cash flow to movement in net 
 funds 
(Decrease)/increase in cash for the period                     (1,078)              2,385        3,823 
Net cash at start of period                                      5,703              1,880        1,880 
Net cash at end of period                                        4,625              4,265        5,703 
Analysis of changes in net debt 
                                                                1 July                     31 December 
                                                                  2017          Cash flow         2017 
                                                               GBP'000            GBP'000      GBP'000 
Cash and cash equivalents                                        5,703            (1,078)        4,625 
 
 
 
 
 
   Notes to the Unaudited Half-Yearly Financial Report 
 
   for the six months ended 31 December 2017 
 
   1   The Unaudited Half-Yearly results have been prepared on the basis of 
accounting policies set out in the statutory accounts of the Company for 
the year ended 30 June 2017. Unquoted investments have been valued in 
accordance with International Private Equity and Venture Capital 
Valuation guidelines. 
 
   2   These are not statutory accounts in accordance with S436 of the 
Companies Act 2006 and the financial information for the six months 
ended 31 December 2017 and 31 December 2016 has been neither audited nor 
reviewed. Statutory accounts in respect of the year to 30 June 2017 have 
been audited and reported on by the Company's auditor and delivered to 
the Registrar of Companies and included the report of the auditor which 
was unqualified and did not contain a statement under S498(2) or S498(3) 
of the Companies Act 2006. No statutory accounts in respect of any 
period after 30 June 2017 have been reported on by the Company's auditor 
or delivered to the Registrar of Companies. 
 
   3   Copies of the Unaudited Half-Yearly Financial Report for the six 
months ended 31 December 2017 have been sent to shareholders and are 
available for inspection at the Registered Office of the Company at The 
Shard, 32 London Bridge Street, London, SE1 9SG. Copies are also 
available electronically at www.foresightgroup.eu. 
 
   4   Net asset value per share 
 
   The net asset value per share is based on net assets at the end of the 
period and the number of shares in issue at that date. 
 
 
 
 
            Ordinary Shares Fund       C Shares Fund           D Shares Fund 
                       Number of               Number of               Number of 
           Net assets  Shares in   Net assets  Shares in   Net assets  Shares in 
             GBP'000     issue       GBP'000     issue       GBP'000     issue 
31 
 December 
 2017          26,929  27,026,216      11,226  12,471,570       5,359  5,636,181 
31 
 December 
 2016          38,933  38,290,862      11,020  12,509,247       3,440  3,478,171 
30 June 
 2017          26,197  27,324,838      11,267  12,509,247       5,455  5,636,181 
 
 
   5   Return per share 
 
   The weighted average number of shares for the Ordinary Shares, C Shares 
and D Share funds used to calculate the respective returns are shown in 
the table below: 
 
 
 
 
                    Ordinary Shares Fund    C Shares Fund      D Shares Fund 
                      Number of Shares     Number of Shares   Number of Shares 
Six months ended 
 31 December 2017             27,324,838         12,509,247          5,636,181 
Six months ended 
 31 December 2016             38,290,862         12,509,247          2,591,629 
Year ended 30 June 
 2017                         37,041,226         12,509,247          3,761,042 
 
 
   6   Income 
 
 
 
 
                                                                Year 
                                                                ended 
                       Six months ended   Six months ended     30 June 
                        31 December 2017   31 December 2016     2017 
                          (unaudited)        (unaudited)      (audited) 
                            GBP'000            GBP'000         GBP'000 
Loan stock interest                  300                437         786 
Dividends receivable                  72                  -          84 
Bank interest                          2                  1           1 
                                     374                438         871 
 
 
   7   Investments held at fair value through profit or loss 
 
 
 
 
                                Ordinary 
                                 Shares   C Shares  D Shares 
                                  Fund      Fund      Fund    Company 
Company                          GBP'000   GBP'000   GBP'000   GBP'000 
Book cost as at 1 July 2017       22,743     8,316     1,620    32,679 
Investment holding gains          17,762     3,311         -    21,079 
Valuation at 1 July 2017          40,505    11,627     1,620    53,752 
Movements in the period: 
Purchases at cost                    149         -         -       149 
Disposal proceeds                   (50)     (962)         -   (1,012) 
Investment holding gains           2,188       620         -     2,808 
Valuation at 31 December 2017     42,792    11,285     1,620    53,697 
Book cost at 31 December 2017     22,842     7,354     1,620    31,816 
Investment holding gains          19,950     3,931         -    23,881 
Valuation at 31 December 2017     42,792    11,285     1,620    55,697 
 
 
   8   Transactions with the manager 
 
   Details of arrangements of the Company with Foresight Group are given in 
the Annual Report and Accounts for the year ended 30 June 2017, in the 
Directors' Report and Notes 3 and 13. 
 
   Foresight Group, which acts as investment manager to the Company in 
respect of its venture capital investments earned management fees of 
GBP350,000 in the six months ended 31 December 2017 (31 December 2016: 
GBP396,000; 30 June 2017: GBP820,000). Foresight Group are also a party 
to the performance incentive agreement described in Note 13 of the 
Annual Report and Accounts for the year ended 30 June 2017. 
 
   Foresight Group also provides administration services to the Company, 
and received fees excluding VAT of GBP99,000 during the six months ended 
31 December 2017 (31 December 2016: GBP96,000; 30 June 2017: 
GBP211,000). The annual administration and accounting fee (which is 
payable together with any applicable VAT) is 0.3% of the net funds 
raised (subject to a minimum index-linked fee of GBP60,000 for each of 
the Ordinary, C and D Shares funds). 
 
   At the balance sheet date there was GBP40,000 due from Foresight Group 
(31 December 2016: GBP29,000 due to Foresight Group; 30 June 2017: 
GBP204,000 due to Foresight Group). 
 
   Foresight Group are responsible for external costs such as legal and 
accounting fees, incurred on transactions that do not proceed to 
completion ('abort expenses'). In line with industry practice, Foresight 
Group retain the right to charge arrangement and syndication fees and 
Directors' or monitoring fees ('deal fees') to companies in which the 
Company invests. 
 
   9   Related party transactions 
 
   There were no related party transactions in the period. 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: Foresight Solar & Infrastructure VCT plc via Globenewswire 
 
 
  http://www.foresightgroup.eu/ 
 

(END) Dow Jones Newswires

March 29, 2018 08:25 ET (12:25 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.

1 Year Foresight Solar Chart

1 Year Foresight Solar Chart

1 Month Foresight Solar Chart

1 Month Foresight Solar Chart
Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P:40 V:gb D:20180527 05:14:37