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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Keydata 2 | LSE:KIV2 | London | Ordinary Share | GB00B07T4H43 | 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% | 37.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
KEYDATA INCOME VCT 2 plc Unaudited Interim Results for the six month period ending 31 August 2008 Chairman's Statement Investment Update Progress in the six month period has been frustratingly slow on the construction of the renewable energy project in St Helens. The main contractor notified us on 30 October that it is not able to complete construction on our project until it receives additional finance. The outcome of any refinancing will clearly have a direct impact on the timing of this project. It is clear however that this will delay our anticipated date for completion and grid connection previously targeted for March 2009. Results The net asset value per share at 31 August 2008 was 97.23 pence, an increase of 2.33% in the period adjusted for dividends paid of 3p. The total return is 101.56 pence adjusting for cumulative dividends paid to date of 4.33 pence, a 6.9% uplift since launch. Earnings per share for the period were 2.23 pence per share (comprising revenue earnings of 2.23 pence and capital earnings of nil). The directors do not propose to recommend an interim dividend for the period. A final dividend is anticipated based on the profit for the full year. We continue to operate within the tax guidelines for preserving VCT tax status with 93% of the fund invested in qualifying investments, comfortably ahead of the required 70% test. Shareholder Communication I will update shareholders on progress in the Annual Report and Accounts that will be sent to you in May 2009. The Company's daily share price can be found on various financial websites under the EPIC code"KIV2"or on our own dedicated website at www.keydataincomevct.co.uk Stephen Oxenbridge Chairman 3 November 2008 Consolidated income statement for the six month period ending 31 August 2008 For the six month period to 31 August 2008 (unaudited) Revenue£000 Capital£000 Total£000 Realised losses on -- -- -- investmentsUnrealised losses on investments Investment income 279-------- -------- 279-------- 279 - 279 Management fees - - - Other expenses (73) - (73) -------- -------- -------- Profit before taxation 206 - 206 Taxation (43) - (43) -------- -------- -------- Profit after taxation 163-------- --------- 163-------- Earnings per share (Note 2) 2.23p 0.00p 2.23p The total column of this statement is the income statement of the Group. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period Consolidated income statement for the six month period ending 31 August 2007 For the six month period to 31 August 2007 (unaudited) Revenue£000 Capital£000 Total£000 Realised losses on -- (16)(3) (16)(3) investmentsUnrealised losses on investments Investment income 222-------- -------- 222-------- 222 (19) (203) Management fees - - - Other expenses (74) - (74) -------- -------- -------- Profit before taxation 148 (19) 129 Taxation (28) 28 - -------- -------- -------- Profit after taxation 120-------- 9-------- 129-------- Earnings per share (Note 2) 1.64p 0.12p 1.76p The total column of this statement is the income statement of the Group. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period Balance sheet as at 31 August 2008 Group and Company 31 August 31 August 2008(unaudited) 2007(unaudited) £000 £000 Fixed assets Investments 6,230 6,832 Current assets Prepayments and accrued income 592 120 Cash 439------- 181-------- 1,031 301 Creditors: amounts falling due within one year Accruals and deferred income (157)------- (80)-------- Net current assets 874 221 ------- -------- Net assets 7,104------- 7,053-------- Capital and Reserves Called up share capital 73 73 Share premium - 6,847 Special reserveCapital reserve- realised 6,847- -12 Capital reserve - unrealised - (3) Revenue reserve 184------- 124-------- Equity shareholders'funds 7,104------- 7,053-------- Net asset value per share (Note 4) 97.23p 96.53p Cash flow statement for the six month period ending 31 August 2008 Group and Company For the six month For the six month period to 31 August period to 31 August 2008(unaudited) 2007(unaudited) £000 £000 Profit before taxation 206 148 Increase in debtors (273) (52) Increase in creditors 32 17 ------- -------- Net cash (outflow) inflow from (35) 113 operating activitiesFinancial investment: Purchase of investments - (10,871) Sale of investments - 4,020 ------------- --------- - (6,851) Financing activities: Dividends paid (219)------- (73)-------- (Decrease)/ increase in (254)693 (6,811)6,992 cashOpening cash ------- -------- 439 181 Closing cash ------- -------- Statement of changes in equity for the six month period ending 31 August 2008 Group and Company ShareCapi SpecialReser RevenueReser Total tal ve ve £000 £000 £000 £000 At 1 March 2008 73 6,847 240 7,160 Profit after taxation for -- -- 163- 163- periodTaxation Realised losses on -- -- -- -- investmentsUnrealised losses on investments Dividends paid -------- -------- (219)------- (219)-------- At 31 August 2008 73------- 6,847------- 184------- 7,104-------- Investment portfolio summary as at 31 August 2008 Qualifying investments Equity Loan Book cost£000 Valuation % net assets% £000 Note£000 £000 Nevin Energy Resources Ltd 283 660 943 943 15.2 Cooke Generation Ltd 283 660 943 943 15.1 Burley Energy Ltd 283 660 943 943 15.1 Boyle Electrical Generation 283 660 943 943 15.1 Ltd Hughes Power Ltd 143 333 476 476 7.7 Clarke Power Services Ltd 302 698 1,000 1,000 16.1 Spencer Energy Services Ltd 292------- 681------- 973-------- 973-------- 15.6-------- Total qualifying investments 1,869 4,352 6,221 6,221 99.9 Non-qualifying investments Clarke Power Services Ltd - 6 6 6 0.1 Docherty Heat & Energy 3 - 3 3 0.0 Distributor Ltd ------ ------ -------- ------- -------- Total non-qualifying 3 6 9 9 0.1 investments ------ ------ -------- ------- -------- Total investments 1,872------ 4,358------ 6,230-------- 6,230-------- 100.0-------- Notes to the interim report 1 The group's interim accounts have been prepared in accordance with International Financial Reporting Standards (IFRSs). The accounting policies used in preparing this report are consistent with those which will be adopted at the year end. 2 The earnings per share of 2.23 pence (2007: 1.76 pence) is based on the profit after tax for the period of £163,000 (2007: £129,000) and the weighted average number of shares in issue over the period to 31 August 2008 of 7,306,320 (2007: 7,036,320). 3 The results should not be taken as a guide to the results for the year ending 28 February 2009. 4 The net asset value per ordinary share of 97.23 pence (2007: 96.53 pence) is based on net assets of £7,104,000 (2007: £7,053,000) and on 7,306,320 (2007: 7,306,320) shares, being the number of shares in issue as at 31 August 2008. 5 The financial information contained in the 31 August 2008 consolidated income statement, balance sheet, cash flow statement and statement of changes in equity does not constitute full financial statements and has not been audited. For further information please contact: Craig McNeil Company Secretary Keydata Income VCT 2 plc 0141 228 6310
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