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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Triple Point | LSE:TPV1 | London | Ordinary Share | GB00B29KPN29 | 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% | 50.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Feb 2020 to Feb 2025
TIDMTPV1
RNS Number : 6695H
Triple Point Income VCT PLC
16 November 2018
Triple Point Income VCT plc
LEI: 213800IXD8S5WY88L245
Interim Results
The Directors of Triple Point Income VCT plc are pleased to announce its Interim results for the six months to 30 September 2018.
For further information please contact Ben Beaton or Belinda Thomas at Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk
Unaudited Interim Financial Report - Financial Summary
Hot Features
Premium
6 months ended 30 September
2018
Unaudited Ord Shares A Shares C Shares D Shares E Shares Total
Net assets GBP'000 986 - 15,032 14,363 28,758 59,139
Net asset value per
share Pence 5.07p - 111.83p 104.82p 99.34p n/a
----------------------- ---------- ------------ ---------- ---------- ---------- ---------- --------
Net profit before
tax GBP'000 16 - 572 312 306 1,206
Earnings per share Pence 0.07p - 3.99p 1.84p 1.02p n/a
----------------------- ---------- ------------ ---------- ---------- ---------- ---------- --------
Cumulative return
to shareholders (p)
Net asset value per
share 5.07 - 111.83 104.82 99.34
Dividends paid 93.80 99.99 15.00 10.00 -
----------
Net asset value plus
dividends paid 98.87 99.99 126.83 114.82 99.34
----------------------------------- ------------ ---------- ---------- ---------- ---------- --------
Year ended 31 March
2018
Audited Ord Shares A Shares C Shares D Shares E Shares Total
Net assets GBP'000 12,795 - 15,166 14,794 28,463 71,218
Net asset value per
share Pence 65.74p - 112.84p 107.98p 98.32p n/a
----------------------- ---------- ------------ ---------- ---------- ---------- ---------- --------
Net profit/(loss)
before tax GBP'000 675 69 1,598 1,176 (575) 2,943
Earnings/(loss) per
share Pence 3.50p 1.52p 11.34p 7.79p (1.70p) n/a
----------------------- ---------- ------------ ---------- ---------- ---------- ---------- --------
Cumulative return
to shareholders (p)
Net asset value per
share 65.74 - 112.84 107.98 98.32
Dividends paid 33.06 99.99 10.00 5.00 -
----------
Net asset value plus
dividends paid 98.80 99.99 122.84 112.98 98.32
----------------------------------- ------------ ---------- ---------- ---------- ---------- --------
6 months ended 30 September
2017
Unaudited Ord Shares A Shares C Shares D Shares E Shares Total
Net assets GBP'000 12,210 964 14,103 13,962 28,734 69,973
Net asset value per
share Pence 62.73p 18.79p 104.92p 101.90p 99.25p n/a
----------------------- ---------- ------------ ---------- ---------- ---------- ---------- --------
Net profit/(loss)
before tax GBP'000 109 69 499 289 (266) 700
Earnings/(loss) per
share Pence 0.49p 1.33p 3.43p 1.71p (0.77p) n/a
----------------------- ---------- ------------ ---------- ---------- ---------- ---------- --------
Cumulative return
to shareholders (p)
Net asset value per
share 62.73 18.79 104.92 101.90 99.25
Dividends paid 33.06 81.20 10.00 5.00 -
Net asset value plus
dividends paid 95.79 99.99 114.92 106.90 99.25
----------------------------------- ------------ ---------- ---------- ---------- ---------- --------
Triple Point Income VCT plc ("the Company") is a Venture Capital Trust ("VCT"). The Investment Manager is Triple Point Investment Management LLP ("TPIM" and "Triple Point"). The Company was incorporated in November 2007.
-- Ordinary Shares: these are held by the shareholders that were in the Company prior to the merger on 21 November 2012; and by former TP70 2008(II) VCT plc shareholders; and shares that were held by the B Ordinary Shareholders which were converted to Ordinary Shares on 31 October 2013.
-- C Ordinary Shares: these are the shares issued in the Offer that closed on 27 May 2014. A total of GBP14.0 million was raised and 13,441,438 C Shares were issued.
-- D Ordinary Shares: these are the shares issued in the Offer that closed on 30 April 2015. A total of GBP14.3 million was raised and 13,701,636 D Shares were issued.
-- E Ordinary Shares: these are the shares issued in the Offer that closed on 15 May 2017. Just under GBP30 million was raised and 28,949,575 E Shares were issued.
Chairman's Statement
I am writing to present the Interim Financial Report for the Company for the period ended 30 September 2018.
Following the successful realisation of the A Ordinary Share Class portfolio towards the end of last financial year, the board and the Company are pleased to report the remaining share classes are all performing well, with each recording a profit for the period.
Investment Portfolio
The Company's funds at 30 September 2018 are 89% invested in a portfolio of VCT qualifying and non-qualifying quoted and unquoted investments. At 30 September 2018 the Company continues to meet the condition that at least 70% by value of the Company's investments are represented by qualifying holdings. For accounting periods beginning on or after 6 April 2019, the condition will require that 80% by value of the Company's investments are represented by qualifying holdings.
The Investment Manager's review on pages 5 to 8 gives an update on the portfolio of investments in 18 small unquoted businesses and 1 quoted Real Estate Investment Trust.
Ordinary Share Class
May 2018 marked the end of the five year minimum VCT holding period for this share class. Following the transfer of the majority of its portfolio to the E Share Class, at the period end the Ordinary Share Class had one remaining investment in a rooftop Solar PV company. This final investment was transferred to the E Share Class on 1(st) October 2018.
The Ordinary Share Class recorded a profit for the period of 0.07p per share. At 30 September 2018 the net asset value stood at 5.07p per share. Adding back the dividends paid to Ordinary Class Shareholders of 93.80p takes the total return including net asset value to 98.87p per share. This compares to a weighted average share price at acquisition or conversion of 83.60p and a minimum target return of 90.40p.
During the period, the Company paid a dividend to Ordinary Share Class shareholders on the register on 26(th) July 2018 of 60.74p per share. This dividend represents a significant return of value to shareholders.
In line with the exit strategy for the Ordinary Share Class holders, the Company has declared a final dividend to Ordinary Shareholders on the register at 30 November 2018 of 4.07p per Ordinary Share equivalent to GBP792,149 which will be payable on 14 December 2018. This will bring the total paid by way of dividends to the Ordinary Class Shareholders to 97.87p per share. Following payment of this dividend, the shares will be cancelled and a final distribution of 1p per share is expected to be paid by March 2019.
C Share Class
The C Share Class has investments in three companies in the Hydroelectric Power sector, which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have been successfully commissioned and are operating in line with expectations. The C Share Class has also invested in companies which provide SME funding in the Hydroelectric Power sector.
I am pleased to report the C Share Class has recorded a profit over the period of 3.99p per share. At 30 September 2018 the net asset value stood at 111.83p per share. Adding back the total dividends paid to date takes the total return, including the net asset value, to 126.83p per share.
During the period the Company paid a third dividend to C Class Shareholders of GBP672,072, equal to 5p per share.
D Share Class
The D Share Class has investments in five companies in the Hydroelectric Power sector, which between them own six hydroelectric schemes in the Scottish Highlands. All schemes have now been commissioned and are now operating in line with expectations. The D Share Class has also invested in two companies providing funding to SMEs, one of which focuses on the Hydroelectric Power sector.
I am pleased to report that the D Share Class has recorded a profit over the period of 1.84p per share. At 30 September 2018 the net asset value stood at 104.82p per share. Adding back the total dividends paid takes the total return including the net asset value to 114.82p per share.
During the period the Company paid a second dividend to D Class Shareholders of GBP685,082, equal to 5p per share.
E Share Class
At the beginning of the period the E Share Class was the recipient of a transfer of a diverse portfolio of investments previously held by the Ordinary Share Class. This established and income-producing portfolio has investments spanning Hydroelectric Power, Crematorium Management, Solar PV and SME Lending. The investments were valued at GBP11.01 million at 31 March 2018 and were transferred at this audited value on 1 April 2018.
Following the period end the E Share Class acquired a Solar PV company from the Ordinary Share Class.
The construction of Perfectly Fresh Cheshire Ltd's pioneering Vertical Growing facility continues and the first crop is expected to be delivered in Q1 2019. It is expected that further investment would be made by the Company into Perfectly Fresh Cheshire Ltd, as it progresses its plans to develop a second production facility.
The E Share Class also has a non-qualifying investment of GBP6m in Triple Point Social Housing REIT plc ("REIT"). This investment generates income from a widespread portfolio of long term, inflation linked, specialised supported housing property leases and is targeting a regular dividend to investors of 5p per share, per annum. During the period the E Share Class received dividends and property income from the REIT of GBP65,139 with a further 1.25p per share equal to GBP63,957 paid in October 2018.
I am pleased to report the E Share Class recorded a profit over the period of 1.02p per share. At 30 September 2018 the net asset value stood at 99.34p per share. The E Share Class is now 82% invested. As a result of this, we expect profits to begin to increase.
Specific Risks
The Board believes that the specific risks currently facing the Company are:
-- investment risk associated with holding VCT qualifying investments; -- risk of failure to maintain approval as a VCT; and -- risk of inability to realise investments in order to return funds to investors in line with expectations.
The Board believes these risks are manageable and, together with the Investment Manager, continues to work to minimise both the likelihood and any potential impact of these risks within the scope of the Company's established investment strategy.
Outlook
In the Financial Accounts for the year ended 31 March 2018 we highlighted changes to the VCT landscape with the government, through its 'Financing Growth in Innovative Firms' consultation ("the Patient Capital Review") emphasising the importance of VCTs in helping to provide investments into SMEs. Several changes were introduced, including increasing a VCT's minimum qualifying percentage threshold from 70% to 80% which will come into effect for the Company from 6 April 2019.
The Company, alongside the Investment Manager, has now begun to introduce new procedures to ensure the transition required will have a minimal effect on the Company. The Board is pleased to report that good progress has been made and that the Company is on track to implement the required changes.
The Company and the Investment Manager continue to progress an exit for the Ordinary Share portfolio and are on track to complete this exit by 31 March 2019.
The Company's focus on the C and D Share Class investments in the Hydroelectric Power sector remains on enhancing the operation of the sites now they have been completed and are fully operational.
The Company's focus on the E Share Class is to invest the remaining funds into unquoted investments as soon as possible. Good progress has been made in this area with the Company now targeting both follow-on and new investments into the Vertical Growing sector.
If you have any questions or comments, please do not hesitate to contact Triple Point on 020 7201 8989.
David Frank
Chairman
16 November 2018
Investment Manager's Review
Sector Analysis
The unquoted investment portfolio can be analysed as follows:
Electricity Generation SME Funding
------------- ------------------------ ---------------------
Hydro Other Hydro
Industry Crematorium Vertical Electric Electric Electric Quoted Total
Sector Management Growing Power Power Power Other** Investments Investments
------------- ---------- ------------ ---------- ---------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------- ---------- ---------- ------------ ---------- --------- ------------- -------------
Investments
at 31 March
2018
----------
Ord Shares 646 - 2,806 6,846 350 450 - 11,098
C Shares - - 11,702 - 2,888 - - 14,590
D Shares - - 11,717 - 1,206 800 - 13,723
E Shares - 5,000 - - 400 1,449 5,884 12,733
Total 646 5,000 26,225 6,846 4,844 2,699 5,884 52,144
-------------
Investments
made during
the period
------------- ----------
Ord Shares - - - - - - - -
C Shares - - - - - - - -
D Shares - - - - - - - -
E Shares 646 - 2,806 5,883 350 850 - 10,535
646 - 2,806 5,883 350 850 - 10,535
-------------
Investments
realised
during the
period
------------- ---------- ---------- --------- ------------- -------------
Ord Shares (646) - (2,806) (5,883) (350) (450) - (10,135)
C Shares - - (42) - - - - (42)
D Shares - - - - - (400) - (400)
E Shares (40) - (23) - - - - (63)
-------------
(686) - (2,871) (5,883) (350) (850) - (10,640)
-------------
Investments
valued
during
the period
------------- ---------- ---------- --------- ------------- -------------
Ord Shares - - - - - - - -
C Shares - - - - - - - -
D Shares - - - - - - - -
E Shares - - - - - - 250 250
-------------
- - - - - - 250 250
-------------
Investments
at 30
September
2018
Ord Shares - - - 963 - - - 963
C Shares - - 11,660 - 2,888 - - 14,548
D Shares - - 11,717 - 1,206 400 - 13,323
E Shares 606 5,000 2,783 5,883 750 2,299 6,134 23,455
Total 606 5,000 26,160 6,846 4,844 2,699 6,134 52,289
Total
investments
% 1.16% 9.56% 50.03% 13.09% 9.26% 5.17% 11.73% 100.00%
------------- ---------- ---------- ------------- -------------
** Other SME funding includes GBP400,000 of D Ordinary Share Class investment and GBP2,299,000 of E Ordinary Share Class investment into a UK based LLP which provides finance to small and medium sized enterprises.
The VCT was established to fund small and medium sized enterprises. At 30 September 2018 it had four share classes, each invested in their own portfolio as detailed on page 5. The overall portfolio comprised investments in 18 small, unquoted companies and one quoted Real Estate Investment Trust, across 5 sectors: crematorium management; electricity generation, vertical growing, SME Funding; and investment property.
At 30 September 2018 the Company continues to meet the condition that at least 70% of relevant funds must be invested in VCT qualifying investments within three years.
Review and Outlook
Ordinary Share Class
The Company and the Investment Manager are working towards facilitating an exit for Ordinary Class shareholders now they have reached the end of their five-year holding period. It is anticipated that a full exit will be achieved for these shareholders by the end of the financial year.
Solar
The Ordinary Share Class held an investment in Green Energy For Education Limited ("GEFE"), a company that owns a portfolio of rooftop solar PV systems. Due to the good weather experienced for much of the period, the PV systems have been outperforming their electricity generation targets and the investment has provided an attractive exposure to a business benefitting from low risk Feed in Tariffs. The rights and obligations arising from this investment were transferred to the E Share Class on 1 October 2018.
C Share Class
The Company and the Investment Manager continue to monitor the ongoing operation and efficiency of the C Share Class investments. The C Share Class has investments in three hydroelectric companies which, between them, own six schemes in the Scottish Highlands. Further updates on the Hydroelectric Power sector are detailed below.
D Share Class
The D Share Class has investments in five hydroelectric companies which between them own six hydroelectric schemes in the Scottish Highlands. All six schemes have been commissioned and are operational.
Hydroelectric Power
All of the hydroelectric schemes are "run of river" plants which capture river flow agreed above a certain level as determined by the Scottish Environment Protection Agency (SEPA). Water flow is generally captured before a descent and flows down the penstock to a turbine engine which produces electricity. The water is then returned to the river. The hydro companies benefit from government backed Feed-in Tariff payments based on output and also from the sale of the electricity produced to utilities or other power companies under Power Purchase Agreements (PPAs). The companies have continued to obtain better power prices than were originally forecast, currently earning an average of 6.19 pence per kWh compared to an expected 5 to 5.5 pence per kWh at the outset.
The hydro companies remain highly focussed on seeking further efficiencies and operating improvements.
The companies, together with other industry members and the British Hydropower Association, are continuing to lobby the Scottish Government to recognise the concern on business rates in the Hydro sector.
Two schemes received rateable values for business rates at the end of 2017-18 and the Scottish Government has applied a 25% relief for this year. From 1(st) April 2018, a 60% relief on business rates for hydro schemes has been applied. Longer term, the Scottish Government has confirmed that it will work alongside industry organisations to fast track a review of the Plant and Machinery Order, which should address business rates in the Hydro sector.
Although it was very dry during May, June and July, overall we are pleased with the performance of the portfolio to date and we believe that, as the portfolio matures, there remains the opportunity to further enhance its value through continued strategic operational management.
E Share Class
During the period the E Share Class has successfully deployed 82% of its funds into various investments in a diverse range of sectors. Further information on these sectors is detailed below.
Going forward, the Company and the Investment Manager are focused on ensuring that the remaining funds are invested in line with the Company's strategy and the requirements of the VCT legislation.
Hydroelectric Power
The E Share Class has investments in two companies which own, either directly or indirectly, hydroelectric schemes in the Scottish Highlands. Further updates on this sector are detailed above.
Vertical Growing
The E Share Class has invested in Perfectly Fresh Cheshire Ltd, a company which is building a pioneering vertical growing facility. Vertical Growing is the practice of producing food in an indoor growing facility where all inputs (water, light and nutrients) meet the optimum needs of the crop. Vertical Growing facilities are designed to have a sealed environment, meaning that the product is grown in a controlled manner, with positive air pressure to prevent any pests entering the facility. This ensures that insects and other pests cannot access the crop, thus removing the need to use pesticides on the crop being grown. A large variety of produce can be grown including herbs and salad leaves.
The construction of the Vertical Growing facility based in Cheshire continues, and the first crop is expected to be delivered in Q1 2019. The completion date has been delayed by a month, but we continue to monitor progress closely and consider that plans are realistic and expectations well managed.
Plans are being developed to construct and operate further Vertical Growing facilities in the UK and Perfectly Fresh Cheshire Ltd is in a good position to consider expansion into new, larger sites with successful and ongoing trials and strong interest in the product from supermarkets and manufacturers of convenience foods. This will require further funding.
Gas Power
The E Share Class has invested in a company that has constructed a gas fired energy centre. During the period the energy centre was fully constructed and was successfully commissioned in May 2018.
The power plant utilises tried and tested technology, provided by Rolls Royce, to provide a reliable and secure energy supply. The energy centre is a containerised gas combustion engine that generates electricity for onward sale, especially at times when there is high demand for power. The UK is aiming to close its coal-fired power plants by 2025 and it is expected that there will be a shortage in the supply of energy in the UK. Although renewable energy makes an increasing contribution, the irregular nature of its production means that other baseload sources will also be required to make up the deficit.
The company has taken advantage of a gap in the market by constructing and operating a gas fired energy centre to produce and sell electricity to customers.
Gas will be purchased from the National Transmission System and combusted in the engines. The electricity will then be exported to the National Grid and sold under a power purchase agreement. The Company will receive revenues from the sale of electricity and income from embedded benefits.
Embedded benefits cover a range of payments available to small electricity generators connected to the distribution network, rather than the transmission grid. Benefits can be earned for generating at peak times and for local distribution.
In addition, generators can earn additional revenues by operating outside of the peak 4-7pm hours to take advantage of 'intraday' and 'post-gate closure' price volatility.
A more detailed review will be included once the energy centre has sufficient operating history for meaningful analysis.
Non-Qualifying Investments
Real Estate Investment Trust ("REIT")
Triple Point Social Housing REIT plc invests in social housing assets within the UK, in particular homes in the supported housing sector. These homes are adapted to provide care and support to vulnerable tenants with specific requirements, and provide tenants with greater independence than institutional care accommodation. The REIT has a portfolio of properties which benefit from long-term index linked leases of at least twenty years to Approved Providers, such as housing associations, who are bodies that receive their funding from central and local government. Through these long leases it is able to offer its shareholders an attractive and consistent level of inflation-linked income.
SME Funding
The Company has non-qualifying investments in four companies which provide finance to SME businesses. Two of these companies are non-bank SME lending businesses which aim to address the financing needs of the UK SME market by providing business critical loans and asset finance to over 60,000 UK Corporate and SME customers. The remaining two companies provide finance in the hydroelectric power sector.
Crematorium Management
The Company has an investment in a business that provides crematory and mercury abatement services for the crematoria of a London Borough. In line with expectations for the sector this investment has delivered a modest but steady return over the 7 years that it has been held. During the period the Company received GBP40,000 from Furnace Managed Services by way of a capital reduction.
If you have any questions, please do not hesitate to call us on 020 7201 8989.
Claire Ainsworth
Partner
for Triple Point Investment Management LLP
16 November 2018
Investment Portfolio
Unaudited Audited
30 September 2018 31 March 2018
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 33,704 61.35 37,075 63.43 33,705 50.06 37,075 52.52
Quoted non-qualifying holdings 6,001 10.92 6,134 10.50 6,001 8.91 5,884 8.34
Unquoted non-qualifying
holdings 9,080 16.53 9,080 15.54 9,185 13.63 9,185 13.01
Financial assets at fair value
through profit or loss 48,785 88.80 52,289 89.47 48,891 72.60 52,144 73.87
Cash and cash equivalents 6,152 11.20 6,152 10.53 18,448 27.40 18,448 26.13
54,937 100.00 58,441 100.00 67,339 100.00 70,592 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Solar
Digima Ltd 1,262 2.30 1,621 2.77 1,262 1.87 1,621 2.30
Digital Screen Solutions Ltd 2,020 3.68 2,062 3.53 2,020 3.00 2,062 2.92
Green Energy for Education
Ltd 475 0.86 963 1.65 475 0.71 963 1.36
Hydro Electric Power
Elementary Energy Ltd 2,060 3.75 2,310 3.95 2,060 3.06 2,310 3.27
Green Highland Allt Choire
A Bhalachain (225) Ltd 3,130 5.70 3,504 6.00 3,130 4.65 3,504 4.96
Green Highland Allt Garbh
Ltd 2,710 4.93 2,710 4.64 2,710 4.02 2,710 3.84
Green Highland Allt Ladaidh
(1148) Ltd 3,500 6.37 4,092 7.00 3,500 5.20 4,092 5.80
Green Highland Allt Luaidhe
(228) Ltd 1,995 3.63 2,165 3.70 1,996 2.96 2,165 3.07
Green Highland Allt Phocachain
(1015) Ltd 3,932 7.16 4,187 7.16 3,932 5.84 4,187 5.93
Green Highland Shenval Ltd 1,120 2.04 692 1.18 1,120 1.66 692 0.98
Green Highland Renewables
(Achnacarry) Ltd 4,300 7.83 5,569 9.53 4,300 6.39 5,569 7.89
Gas Power
Green Peak Generation Ltd 2,200 4.00 2,200 3.76 2,200 3.27 2,200 3.12
Vertical Growing
Perfectly Fresh Cheshire Ltd 5,000 9.10 5,000 8.56 5,000 7.43 5,000 7.08
33,704 61.35 37,075 63.43 33,705 50.06 37,075 52.52
========= ======== ========= ======== ========= ======== ========= ========
Financial Assets including those held for sale are measured at fair value through profit or loss. The initial best estimate of fair value of these investments that are either quoted or unquoted on an active market is the transaction price (i.e. cost). The fair value of these investments is subsequently measured by reference to the enterprise value of the investee company, which is best deemed to reflect the fair value. Where the Board considers the investee company's enterprise value to remain unchanged since acquisition, investments continue to be held at cost less any loan repayments received. Where the Board considers the investee company's enterprise value has changed since acquisition, investments are held at a value measured using a discounted cash flow model or the value to be realised on disposal which is equivalent to fair value.
Unaudited Audited
30 September 2018 31 March 2018
-------------------------------------- --------------------------------------
Cost Valuation Cost Valuation
Non-Qualifying Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Quoted
Investment property
TP Social Housing REIT Plc
Equity 6,001 10.92 6,134 10.50 6,001 8.91 5,884 8.34
6,001 10.92 6,134 10.50 6,001 8.91 5,884 8.34
========= ======= ========= ======= ========= ======= ========= =======
Unquoted
Crematorium Management
Furnace Managed Services Ltd 580 1.06 605 1.04 620 0.92 646 0.92
Hydro Electric Power
Elementary Energy Ltd 263 0.48 263 0.45 285 0.42 285 0.40
Green Highland Allt Choire
A Bhalachain (225) Ltd 304 0.55 304 0.52 318 0.47 318 0.45
Green Highland Allt Luaidhe
(228) Ltd 185 0.34 185 0.32 185 0.27 185 0.26
Green Highland Allt Phocachain
(1015) Ltd 133 0.24 133 0.23 143 0.21 143 0.20
Green Highland Renewables
(Achnacarry)
Ltd 46 0.08 47 0.08 65 0.10 65 0.09
SME Funding
Hydroelectric Power:
Broadpoint 2 Ltd 2,834 5.16 2,834 4.85 2,834 4.21 2,834 4.01
Broadpoint 3 Ltd 2,010 3.66 2,010 3.44 2,010 2.98 2,010 2.85
Other:
Aeris Power Ltd 525 0.96 499 0.85 525 0.78 499 0.71
Funding Path Ltd 2,200 4.00 2,200 3.76 2,200 3.27 2,200 3.12
9,080 16.53 9,080 15.54 9,185 13.63 9,185 13.01
--------- ------- --------- ------- --------- ------- --------- -------
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 30 September 2018, the Directors confirm that, to the best of their knowledge, this condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" as adopted by the European Union and that the Chairman's statement on pages 3 and 4 includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8 of the Disclosure and Transparency rules of the United Kingdom's Financial Conduct Authority namely:
a) 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 specific risks and uncertainties for the remainder of the accounting period;
b) 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;
c) the Interim Financial Report includes a fair review of related party transactions and changes therein. There were no related party transactions for the accounting period; and
d) 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 expectations that the Company has adequate resources to continue in operational existence for at least the next 12 months. 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.
David Frank
Chairman
16 November 2018
Statement of Comprehensive Income
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September
2018 31 March 2018 30 September 2017
------------------------------- ------------------------------- -------------------------------
Note Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
Investment
income 4 1,649 - 1,649 2,620 - 2,620 1,446 - 1,446
Gain arising on
the disposal of
investments
during
the year - - - - 108 108 - 76 76
Gain arising on
the revaluation
of investments
at the period
end - 250 250 - 2,096 2,096 - 65 65
Investment
return 1,649 250 1,899 2,620 2,204 4,824 1,446 141 1,587
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Expenses
Investment
management
fees 5 400 133 533 986 329 1,315 589 190 779
Financial and
regulatory
costs 20 - 20 42 - 42 19 - 19
General
administration 86 - 86 191 153 344 4 - 4
Legal and
professional
fees 26 - 26 86 38 124 58 - 58
Directors'
remuneration 6 28 - 28 56 - 56 27 - 27
Operating
expenses 560 133 693 1,361 520 1,881 697 190 887
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit/(loss)
before
taxation 1,089 117 1,206 1,259 1,684 2,943 749 (49) 700
Taxation 7 (131) 25 (106) (189) 99 (90) (92) 36 (56)
Profit/(loss)
after
taxation 958 142 1,100 1,070 1,783 2,853 657 (13) 644
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Profit and total
comprehensive
income/(loss)
for the period 958 142 1,100 1,070 1,783 2,853 657 (13) 644
--------- --------- --------- --------- --------- --------- --------- --------- ---------
Basic and
diluted
earnings/(loss)
per share
(pence)
Ordinary Share 8 0.06p 0.01p 0.07p 0.73p 2.77p 3.50p 0.37p 0.12p 0.49p
A Share 8 - - - (0.22p) 1.74p 1.52p (0.19p) 1.53p 1.33p
C Share 8 4.22p (0.23p) 3.99p 5.02p 6.32p 11.34p 3.65p (0.22p) 3.43p
D Share 8 2.02p (0.18p) 1.84p 3.85p 3.94p 7.79p 1.92p (0.21p) 1.71p
E Share 8 0.35p 0.67p 1.02p (0.92p) (0.78p) (1.70p) (0.57p) (0.20p) (0.77p)
The Total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS). The supplementary Revenue Return and Capital columns have been prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations.This Statement of Comprehensive Income includes all recognised gains and losses.The accompanying notes are an integral part of this statement.
Balance Sheet
Company No: 06421083
Unaudited Audited Unaudited
30 September 31 March 30 September
2018 2018 2017
Note GBP'000 GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or
loss 52,289 52,144 40,410
-------------- ---------- ---------------
Current assets
Receivables 1,383 1,376 1,243
Cash and cash equivalents 9 6,152 18,448 29,166
7,535 19,824 30,409
-------------- ---------- ---------------
Total Assets 59,824 71,968 70,819
-------------- ---------- ---------------
Current liabilities
Payables and accrued expenses 490 659 531
Current taxation payable 195 91 315
685 750 846
-------------- ---------- ---------------
Net Assets 59,139 71,218 69,973
============== ========== ===============
Equity attributable to equity
holders of the parent
Share capital 10 756 756 807
Share redemption reserve 2 2 2
Share premium 44,968 44,968 44,968
Special distributable reserve 11,370 23,968 24,391
Capital reserve 1,085 942 (854)
Revenue reserve 958 582 659
Total equity 59,139 71,218 69,973
============== ========== ===============
Shareholder' funds
Ordinary Share 11 5.07p 65.74p 62.73p
A Share 11 - - 18.79p
C Share 11 111.83p 112.84p 104.92p
D Share 11 104.82p 107.98p 101.90p
E Share 11 99.34p 98.32p 99.25p
The statements were approved by the Directors and authorised for issue on 16 November 2018 and are signed on their behalf by:
David Frank
Chairman
16 November 2018
The accompanying notes are an integral part of this statement.
Statement of Changes in Shareholders' Equity
Special
Issued Share Redemption Share Distributable Capital Revenue
Capital Reserve Premium Reserve Reserve Reserve Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 30
September
2018
Opening balance 756 2 44,968 23,968 942 582 71,218
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Dividends paid - - - (12,597) - (582) (13,179)
Transactions with
owners - - - (12,597) - (582) (13,179)
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Profit for the
period - - - - 142 958 1,100
Other
comprehensive
income - - - - - - -
Profit and total
comprehensive
income for the
period - - - - 142 958 1,100
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Balance at 30
September
2018 756 2 44,968 11,371 1,084 958 59,139
========== ================== ========== ================ ========== ========== ==========
Capital reserve
consists
of:
Investment holding
gains 3,505
Other realised
losses (2,421)
1,084
==========
Year ended 31
March
2018
Opening balance 518 2 16,307 27,301 (841) 1,192 44,479
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Issue of new
shares 289 - 29,441 - - - 29,730
Cost of issue - - (780) - - - (780)
Purchase of own
shares (51) - - - - - (51)
Dividend paid - - - (3,333) - (1,680) (5,013)
Transactions with
owners 238 - 28,661 (3,333) - (1,680) 23,886
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Profit for the
year - - - 1,783 1,070 2,853
Other
comprehensive
income - - - - - -
Profit and total
comprehensive
income for the
year - - - 1,783 1,070 2,853
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Balance at 31
March
2018 756 2 44,968 23,968 942 582 71,218
========== ================== ========== ================ ========== ========== ==========
Capital reserve
consists
of:
Investment holding
gains 3,250
Other realised
losses (2,308)
942
==========
6 months ended 30
September
2017
Opening balance 518 2 16,307 27,301 (841) 1,192 44,479
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Issue of new
shares 289 - 28,661 - - - 28,950
Dividend paid - - - (2,910) - (1,190) (4,100)
Transactions with
owners 289 - 28,661 (2,910) - (1,190) 24,850
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
(Loss)/profit for
the
period - - - - (13) 657 644
(Loss)/profit and
total
comprehensive
income
for the period - - - - (13) 657 644
---------- ------------------ ---------- ---------------- ---------- ---------- ----------
Balance at 30
September
2017 807 2 44,968 24,391 (854) 659 69,973
========== ================== ========== ================ ========== ========== ==========
Capital reserve
consists
of:
Investment holding
gains 1,440
Other realised
losses (2,294)
(854)
==========
The capital reserve represents the proportion of Investment Management fees charged against capital and realised/unrealised gains or losses on the disposal/revaluation of investments. The unrealised capital reserve, share redemption reserve and share premium reserve are not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue, special distributable and realised capital reserves are distributable by way of dividend.
At 31 March 2018 the total reserves available for distribution are GBP9,908,000. This consists of the distributable revenue reserve net of the realised capital loss and the special distributable reserve.
Statement of Cash Flows
Unaudited Audited Unaudited
6 months ended Year ended 6 months ended
30 September 31 March 30 September
2018 2018 2017
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit before taxation 1,206 2,943 700
(Gain) arising on the disposal
of investments during the period - (108) (76)
(Gain) arising on the revaluation
of investments at the period end (250) (2,096) (65)
Cash flow generated by operations 956 739 559
(Increase) in receivables (7) (210) (78)
(Decrease)/increase in payables (169) 406 278
Taxation (2) (263) (5)
Net cash flows from operating activities 778 672 754
-------------- ------------ ----------------
Cash flow from investing activities
Purchase of financial assets at
fair value through profit or loss - (11,001) -
Proceeds of sale of financial assets
at fair value through profit or
loss 105 2,357 1,028
Net cash flows from investing activities 105 (8,644) 1,028
-------------- ------------ ----------------
Cash flows from financing activities
Issue of new shares - 29,730 28,950
Cost of issue - (780) -
Repayment of capital - (51) -
Dividends paid (13,179) (5,013) (4,100)
Net cash flows from financing activities (13,179) 23,886 24,850
-------------- ------------ ----------------
Net increase/(decrease) in cash
and cash equivalents (12,296) 15,914 26,632
============== ============ ================
Reconciliation of net cash flow
to movements in cash and cash equivalents
Opening cash and cash equivalents 18,448 2,534 2,534
Net (decrease)/increase in cash
and cash equivalents (12,296) 15,914 26,632
Closing cash and cash equivalents 6,152 18,448 29,166
============== ============ ================
The accompanying notes are an integral part of this statement.
Non-Statutory Analysis - The Ordinary Share Fund
Statement of Comprehensive
Income Unaudited Audited
6 months ended Year ended
30 September 2018 31 March 2018
-------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 22 - 22 382 - 382
Realised gain on investments - - - - 76 76
Unrealised gain on investments - - - - 639 639
Investment return 22 - 22 382 715 1,097
Investment management
fees 6 3 9 (175) (179) (354)
Other expenses (15) - (15) (30) (38) (68)
Profit before taxation 13 3 16 177 498 675
Taxation (2) (1) (3) (34) 41 7
Profit after taxation 11 2 13 143 539 682
--------- --------- ---------- --------- --------- ---------
Profit and total comprehensive
income for the period 11 2 13 143 539 682
--------- --------- ---------- --------- --------- ---------
Basic and diluted earnings
per share 0.06p 0.01p 0.07p 0.73p 2.77p 3.50p
--------- --------- ---------- --------- --------- ---------
Balance Sheet 6 months ended Year ended
30 September 2018 31 March 2018
GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or
loss 963 11,098
---------- ---------
Current assets
Receivables 42 62
Cash and cash equivalents 38 1,868
Corporation tax 5 7
85 1,937
---------- ---------
Current liabilities
Payables (62) (240)
Corporation tax - -
---------- ---------
Net assets 986 12,795
---------- ---------
Equity attributable to
equity holders 986 12,795
---------- ---------
Net asset value per share 5.07p 65.74p
---------- ---------
Statement of Changes in
Shareholders' Equity
6 months ended Year ended
30 September 2018 31 March 2018
GBP'000 GBP'000
Opening shareholders'
funds 12,795 13,573
Profit for the period 13 682
Dividends paid (11,822) (1,460)
Closing shareholders'
funds 986 12,795
---------- ---------
Unaudited Audited
Investment Portfolio 30 September 2018 31 March 2018
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 475 92.59 963 96.20 8,376 70.10 9,367 72.25
Unquoted non-qualifying
holdings - - - - 1,705 14.28 1,731 13.35
Financial assets at fair
value through profit or
loss 475 92.59 963 96.20 10,081 84.38 11,098 85.60
Cash and cash equivalents 38 7.41 38 3.80 1,868 15.62 1,868 14.40
513 100.00 1,001 100.00 11,949 100.00 12,966 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Rooftop Solar Systems
Digima Ltd - - - - 1,262 10.56 1,621 12.50
Digital Screen Solutions
Ltd - - - - 2,020 16.91 2,062 15.90
Solar
Green Energy for Education
Ltd* 475 92.59 963 96.20 475 3.98 963 7.43
Hydro Electric Power
Elementary Energy Ltd - - - - 2,060 17.24 2,310 17.82
Green Highland Shenval Ltd - - - - 359 3.00 211 1.63
Gas Power
Green Peak Generation Ltd - - - - 2,200 18.41 2,200 16.97
475 92.59 963 96.20 8,376 70.10 9,367 72.25
========= ======== ========= ======== ========= ======== ========= ========
Non-Qualifying Holdings
Unquoted
Crematorium Management
Furnace Managed Services
Ltd - - - - 620 5.19 646 4.98
Hydro Electric Power
Elementary Energy Ltd - - - - 285 2.39 285 2.20
SME Funding
Hydro Electric Power:
Broadpoint 2 Ltd - - - - 350 2.93 350 2.70
Other:
Funding Path Ltd - - - - 450 3.77 450 3.47
- - - - 1,705 14.28 1,731 13.35
========= ======== ========= ======== ========= ======== ========= ========
* Following the balance sheet date, on 1 October 2018, the Ordinary Shares investment in Green Energy for Education Ltd was transferred to the E Share Class.
Non-Statutory Analysis - The C Share Fund
Statement of Comprehensive Income Unaudited Audited
6 months ended Year ended
30 September 2018 31 March 2018
------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 762 - 762 1,048 - 1,048
Unrealised gain on investments - - - - 907 907
Investment return 762 - 762 1,048 907 1,955
Investment management
fees (134) (38) (172) (251) (72) (323)
Other expenses (18) - (18) (34) - (34)
Profit/(loss) before taxation 610 (38) 572 763 835 1,598
Taxation (41) 7 (34) (88) 14 (74)
Profit/(loss) after taxation 569 (31) 538 675 849 1,524
--------- --------- --------- --------- --------- ---------
Profit and total comprehensive
income for the period 569 (31) 538 675 849 1,524
--------- --------- --------- --------- --------- ---------
Basic and diluted earnings
per share 4.22p (0.23p) 3.99p 5.02p 6.32p 11.34p
--------- --------- --------- --------- --------- ---------
Balance Sheet 6 months ended Year ended
30 September 2018 31 March 2018
GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or
loss 14,548 14,590
--------- ---------
Current assets
Receivables 195 187
Cash and cash equivalents 491 551
686 738
Current liabilities
Payables (94) (87)
Corporation tax (108) (75)
--------- ---------
Net assets 15,032 15,166
--------- ---------
Equity attributable to
equity holders 15,032 15,166
--------- ---------
Net asset value per share 111.83p 112.84p
--------- ---------
Statement of Changes in 6 months ended Year ended
Shareholders' Equity 30 September 2018 31 March 2018
GBP'000 GBP'000
Opening shareholders'
funds 15,166 14,314
Profit for the period 538 1,524
Dividends paid (672) (672)
Closing shareholders'
funds 15,032 15,166
--------- ---------
Unaudited Audited
Investment Portfolio 30 September 2018 31 March 2018
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 9,430 70.95 11,176 74.31 9,430 70.40 11,176 73.81
Unquoted non-qualifying
holdings 3,371 25.37 3,372 22.42 3,414 25.49 3,414 22.54
Financial assets at fair value
through profit or loss 12,801 96.32 14,548 96.73 12,844 95.89 14,590 96.35
Cash and cash equivalents 491 3.68 491 3.27 551 4.11 551 3.65
13,292 100.00 15,039 100.00 13,395 100.00 15,141 100.00
========= ======== ========= ======== ========= ======== ========= ========
Qualifying Holdings
Unquoted
Hydro Electric Power
Green Highland Allt Choire
A Bhalachain (225) Ltd 3,130 23.55 3,504 23.30 3,130 23.37 3,504 23.14
Green Highland Allt Phocachain
(1015) Ltd 2,000 15.05 2,103 13.98 2,000 14.93 2,103 13.89
Green Highland Renewables
(Achnacarry)
Ltd 4,300 32.35 5,569 37.03 4,300 32.10 5,569 36.78
9,430 70.95 11,176 74.31 9,430 70.40 11,176 73.81
========= ======== ========= ======== ========= ======== ========= ========
Non-Qualifying Holdings
Unquoted
Hydro Electric Power
Green Highland Allt Choire
A Bhalachain (225) Ltd 304 2.29 304 2.02 318 2.37 318 2.10
Green Highland Allt Phocachain
(1015) Ltd 133 1.00 133 0.88 143 1.07 143 0.94
Green Highland Renewables
(Achnacarry)
Ltd 46 0.35 47 0.31 65 0.49 65 0.43
SME Funding
Hydro Electric Power:
Broadpoint 2 Ltd 2,084 15.68 2,084 13.86 2,084 15.56 2,084 13.76
Broadpoint 3 Ltd 804 6.05 804 5.35 804 6.00 804 5.31
3,371 25.37 3,372 22.42 3,414 25.49 3,414 22.54
========= ======== ========= ======== ========= ======== ========= ========
Non-Statutory Analysis - The D Share Fund
Statement of Comprehensive Income Unaudited Audited
6 months ended Year ended
30 September 2018 31 March 2018
------------------------------- -------------------------------
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 467 - 467 933 - 933
Unrealised gain on investments - - - - 598 598
Investment return 467 - 467 933 598 1,531
Investment management fees (109) (30) (139) (250) (71) (321)
Other expenses (16) - (16) (34) - (34)
Profit/(loss) before taxation 342 (30) 312 649 527 1,176
Taxation (65) 6 (59) (124) 14 (110)
Profit/(loss) after taxation 277 (24) 253 525 541 1,066
--------- --------- --------- --------- --------- ---------
Profit/(loss) and total
comprehensive income for
the period 277 (24) 253 525 541 1,066
--------- --------- --------- --------- --------- ---------
Basic and diluted earnings/(loss)
per share 2.02p (0.18p) 1.84p 3.85p 3.94p 7.79p
--------- --------- --------- --------- --------- ---------
Balance Sheet 6 months ended Year ended
30 September 2018 31 March 2018
GBP'000 GBP'000
Non-current assets
Financial assets at fair
value through profit or
loss 13,323 13,723
--------- ---------
Current assets
Receivables 1,138 1,093
Cash and cash equivalents 146 253
1,284 1,346
--------- ---------
Current liabilities
Payables (75) (165)
Corporation tax (169) (110)
--------- ---------
Net assets 14,363 14,794
--------- ---------
Equity attributable to
equity holders 14,363 14,794
--------- ---------
Net asset value per share 104.82p 107.98p
--------- ---------
Statement of Changes in 6 months ended Year ended
Shareholders' equity 30 September 2018 31 March 2018
GBP'000 GBP'000
Opening shareholders' funds 14,795 14,413
Profit for the period 253 1,066
Dividends paid (685) (685)
Closing shareholders' funds 14,363 14,794
--------- ---------
Unaudited Audited
Investment Portfolio 30 September 2018 31 March 2018
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 10,898 84.90 11,532 85.61 10,899 81.68 11,532 82.51
Unquoted non-qualifying
holdings 1,791 13.96 1,791 13.29 2,191 16.43 2,191 15.67
Financial assets at fair value
through profit or loss 12,689 98.86 13,323 98.90 13,090 98.11 13,723 98.18
Cash and cash equivalents 146 1.14 146 1.10 253 1.89 253 1.82
12,835 100.00 13,469 100.00 13,343 100.00 13,976 100.00
Qualifying Holdings
Unquoted
Hydro Electric Power
Green Highland Allt Garbh
Ltd 2,710 21.11 2,710 20.12 2,710 20.31 2,710 19.39
Green Highland Allt Ladaidh
(1148) Ltd 3,500 27.27 4,092 30.38 3,500 26.23 4,092 29.28
Green Highland Allt Luaidhe
(228) Ltd 1,995 15.54 2,165 16.07 1,996 14.96 2,165 15.49
Green Highland Allt Phocachain
(1015) Ltd 1,932 15.05 2,084 15.47 1,932 14.48 2,084 14.91
Green Highland Shenval Ltd 761 5.93 481 3.57 761 5.70 481 3.44
10,898 84.90 11,532 85.61 10,899 81.68 11,532 82.51
Non-Qualifying Holdings
Unquoted
Hydro Electric Power
Green Highland Allt Luaidhe
(228) Ltd 185 1.44 185 1.37 185 1.39 185 1.32
SME Funding
Hydro Electric Power:
Broadpoint 3 Ltd 1,206 9.40 1,206 8.95 1,206 9.04 1,206 8.63
Other:
Funding Path Ltd 400 3.12 400 2.97 800 6.00 800 5.72
1,791 13.96 1,791 13.29 2,191 16.43 2,191 15.67
Non-Statutory Analysis - The E Share Fund
Statement of Comprehensive
Income Unaudited Audited
6 months ended Year ended
30 September 2018 31 March 2018
Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investment income 398 - 398 225 - 225
Realised gain on investments - - - - - -
Unrealised loss on investments - 250 250 - (113) (113)
Investment return 398 250 648 225 (113) 112
Investment management fees (240) (68) (308) (483) (137) (620)
Other expenses (34) - (34) (67) - (67)
Profit/(loss) before taxation 124 182 306 (325) (250) (575)
Taxation (23) 13 (10) 62 26 88
Profit/(loss) after taxation 101 195 296 (263) (224) (487)
Profit/(loss) and total comprehensive
income for the period 101 195 296 (263) (224) (487)
Basic and diluted earnings/(loss)
per share 0.35p 0.67p 1.02p (0.92p) (0.78p) (1.70p)
Balance Sheet 6 months ended Year ended
30 September 2018 31 March 2018
GBP'000 GBP'000
Non-current assets
Financial assets at fair value
through profit or loss 23,455 12,733
Current assets
Receivables 8 34
Cash and cash equivalents 5,477 15,776
Corporation tax 77 87
5,562 15,897
Current liabilities
Payables (259) (167)
Net assets 28,758 28,463
Equity attributable to equity
holders 28,758 28,463
Net asset value per share 99.34p 98.32p
Statement of Changes in 6 months ended Year ended
Shareholders' equity 30 September 2018 31 March 2018
GBP'000 GBP'000
Opening shareholders' funds 28,462 -
Issue of new shares - 28,950
Profit for the period 296 (487)
Closing shareholders' funds 28,758 28,463
Unaudited Audited
Investment Portfolio 30 September 2018 31 March 2018
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted qualifying holdings 12,901 45.59 13,404 46.32 5,000 17.45 5,000 17.45
Quoted non-qualifying holdings 6,001 21.21 6,134 21.20 6,001 20.94 5,884 20.54
Unquoted non-qualifying
holdings 3,918 13.85 3,917 13.53 1,875 6.55 1,849 6.46
Financial assets at fair value
through profit or loss 22,820 80.65 23,455 81.05 12,876 44.94 12,733 44.45
Cash and cash equivalents 5,477 19.35 5,477 18.95 15,776 55.06 15,776 55.55
28,297 100.00 28,932 100.00 28,652 100.00 28,509 100.00
Qualifying Holdings
Unquoted
Rooftop Solar Systems
Digima Ltd 1,262 4.46 1,621 5.60 - - - -
Digital Screen Solutions Ltd 2,020 7.14 2,062 7.13 - - - -
Hydro Electric Power
Elementary Energy Ltd 2,060 7.28 2,310 7.98 - - - -
Green Highland Shenval Ltd 359 1.27 211 0.73 - - - -
Gas Power
Green Peak Generation Ltd 2,200 7.77 2,200 7.60 - - - -
Vertical Growing
Perfectly Fresh Cheshire Ltd 5,000 17.67 5,000 17.28 5,000 17.45 5,000 17.45
12,901 45.59 13,404 46.32 5,000 17.45 5,000 17.45
Non-Qualifying Holdings
Quoted
Investment Property
TP Social Housing REIT Plc
Equity 6,001 21.21 6,134 21.20 6,001 20.94 5,884 20.54
6,001 21.21 6,134 21.20 6,001 20.94 5,884 20.54
Unquoted
Crematorium Management
Furnace Managed Services Ltd 580 2.05 605 2.09 - - - -
Hydro Electric Power
Elementary Energy Ltd 263 0.93 263 0.91 - - - -
SME Funding
Hydro Electric Power:
Broadpoint 2 Ltd 750 2.65 750 2.59 400 1.40 400 1.40
Other:
Funding Path Ltd 1,800 6.36 1,800 6.22 950 3.32 950 3.32
Aeris Power Ltd 525 1.86 499 1.72 525 1.83 499 1.74
3,918 13.85 3,917 13.53 1,875 6.55 1,849 6.46
Notes to the Unaudited Interim Financial Report
1. Corporate information
The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2018 was authorised for issue in accordance with a resolution of the Directors on 16 November 2018.
The Company is listed on the London Stock Exchange.
Triple Point Income VCT plc is incorporated and domiciled in Great Britain. The address of Triple Point Income VCT plc's registered office, which is also its principal place of business, is 18 St. Swithin's Lane, London, EC4N 8AD.
Triple Point Income VCT plc's Unaudited Interim Financial Report is presented in Pounds Sterling (GBP) which is also the functional currency of the Company, rounded to the nearest thousand.
The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006.
The principal activity of the Company is investment. The Company's investment strategy is to offer combined exposure to cash or cash based funds and venture capital investments focused on companies with contractual revenues from financially secure counterparties.
2. Basis of preparation and accounting policies
Basis of preparation
The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2018 has been prepared in accordance with IAS 34: Interim Financial Reporting. The same accounting policies and methods of computation are followed in the Interim Financial Report as were followed in the most recent Financial Statements. It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 31 March 2018.
Estimates
The preparation of the Interim Report requires the Board to make judgements, estimates and assumptions that reflect the application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. However, actual results may differ from these estimates.
3. Segmental reporting
The Directors are of the opinion that the Company only has a single operating segment of business, being investment activity. All revenues and assets are generated and held in the UK.
4. Investment income
Ord Shares A Shares C Shares D Shares E Shares Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 30 September
2018
Loan stock interest 4 - 368 467 257 1,096
Dividends receivable - - 393 - - 393
Interest receivable on bank
and other balances 18 - 1 - 20 39
Other Investment Income - - - - 58 58
Property Income - - - - 63 63
22 - 762 467 398 1,649
Ord Shares A Shares C Shares D Shares E Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Audited
Year ended 31 March 2018
Loan stock interest 379 31 748 933 93 2,184
Dividends receivable - - 299 - - 299
Interest receivable on bank
balances 3 1 1 - 103 108
Other Investment Income - - - - 9 9
Property Income - - - - 20 20
382 32 1,048 933 225 2,620
5. Investment management fees
TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 6 February 2008 and deeds of variation to that agreement effective 21 November 2012, 28 October 2014 and 7 October 2016.
Ordinary Shares: The agreement provides for an investment management fee of 1.5% per annum of net assets payable quarterly in arrear for the Ordinary Shares. For the Ordinary Shares issued under the 2007 offer the agreement ran until 6 February 2014 after which the management fee of 1.5% has not been charged. For all other Ordinary Shares the appointment continued to 30 April 2018 after which there is a 1% exit fee on all funds returned to shareholders.
C shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the C Shareholders exceeding the C Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.
D shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the D Shareholders exceeding the D Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.
E shares: The agreement provides for an administration and investment management fee of 2% per annum of net assets payable quarterly in arrear for an appointment of at least six years from the admission of those shares. Subject to distributions to the E Shareholders exceeding the E Share hurdle, the Investment Manager will be entitled to a performance incentive fee of 20%.
To date there have been no performance fees paid.
An administration fee equal to 0.25% per annum of the Company's net assets is payable quarterly in arrear.
Ord Shares A Shares C Shares D Shares E Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 30 September 2018
Unaudited
Investment Management
Fees (12) - 153 120 272 533
(12) - 153 120 272 533
Ord Shares A Shares C Shares D Shares E Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Year ended 31 March
2018
Audited
Investment Management
Fees 191 3 287 285 549 1,315
191 3 287 285 549 1,315
6. Directors' remuneration
Ord Shares A Shares C Shares D Shares E Shares Total
Unaudited GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
6 months ended 30 September
2018
David Frank 2 - 2 2 4 10
Simon Acland 2 - 2 2 3 9
Michael Stanes 1 - 2 2 4 9
5 - 6 6 11 28
Audited
Year ended 31 March 2018
David Frank 4 - 4 4 8 20
Simon Acland 3 - 4 3 8 18
Michael Stanes 3 1 3 4 7 18
10 1 11 11 23 56
The only remuneration received by the Directors was their Directors' fees. The Company has no employees other than the Non-Executive Directors. The average number of Non-Executive Directors in the period was three.
7. Taxation
Ord Shares A Shares C Shares D Shares E Shares Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Unaudited
6 months ended 30 September
2018
Profit on ordinary activities
before tax 16 - 572 312 306 1,206
Corporation tax @ 19% 3 - 109 59 58 229
Effect of:
Capital (gains) not taxable - - - - (48) (48)
Income received not taxable - - (75) - - (75)
Tax charge/(credit) 3 - 34 59 10 106
Audited
Year ended 31 March 2018
Profit/(loss) on ordinary
activities before tax 675 69 1,598 1,176 (575) 2,943
Corporation tax @ 20% 129 13 304 224 (110) 560
Effect of:
Capital (gains) not taxable (136) (18) (173) (114) 22 (419)
Income received not taxable - - (57) - - (57)
Disallowed expenditure - 6 - - - 6
Tax charge (7) 1 74 110 (88) 90
Capital gains and losses are exempt from corporation tax due to the Company's status as a Venture Capital Trust.
8. Earnings per share
The earnings per share for Ordinary Shares is based on the profit after tax of GBP13,000, and on the weighted average number of shares in issue during the period of 19,463,120, which is equal to the number of shares at 30 September 2018.
The earnings per share for C Shares is based on the profit after tax of GBP538,000, and on the weighted average number of shares in issue during the period of 13,441,438, which is equal to the number of shares at 30 September 2018.
The earnings per share for D Shares is based on the profit after tax of GBP253,000, and on the weighted average number of shares in issue during the period of 13,701,636, which is equal to the number of shares at 30 September 2018.
The earnings per share for E Shares is based on the profit after tax of GBP296,000, and on the weighted average number of shares in issue during the period of 28,949,575, which is equal to the number of shares at 30 September 2018.
9. Cash and cash equivalents
Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc and Cater Allen Private Bank.
10. Share capital
30 September
2018 31 March 2018
Ordinary Shares of GBP0.01
each
Issued & Fully Paid
No. Of Shares 19,463,120 19,463,120
Par Value GBP'000 195 195
C Ordinary Shares of GBP0.01
each
Issued & Fully Paid
Number of shares 13,441,438 13,441,438
Par Value GBP'000 135 135
D Ordinary Shares of GBP0.01
each
Issued & Fully Paid
Number of shares 13,701,636 13,701,636
Par Value GBP'000 137 137
E Ordinary Shares of GBP0.01
each
Issued & Fully Paid
Number of shares 28,949,575 28,949,575
Par Value GBP'000 290 290
11. Net asset value per share
The calculation of the Company's net asset value per share for Ordinary Shares is based on the Company's net assets attributable to the Ordinary Shares of GBP986,000 divided by the 19,463,120 Ordinary Shares in issue.
The calculation of the Company's net asset value per share for C Shares is based on the Company's net assets attributable to the C Shares of GBP15,032,000 divided by the 13,441,438 C Shares in issue.
The calculation of the Company's net asset value per share for D Shares is based on the Company's net assets attributable to the D Shares of GBP14,363,000 divided by the 13,701,636 D Shares in issue.
The calculation of the Company's net asset value per share for E Shares is based on the Company's net assets attributable to the E Shares of GBP28,758,000 divided by the 28,949,575 E Shares in issue.
12. Commitments and contingencies
The Company had no commitments or contingent liabilities at 30 September 2018.
13. Relationship with Investment Manager
During the period, TPIM charged GBP533,000 (which has been expensed by the Company) for providing management services to the Company.
Fees paid to the Investment Manager for administrative and Company Secretarial services during the period was GBP80,000
At 30 September 2018 GBP409,022 was due to TPIM.
14. Related party transactions
There are no related party transactions.
15. Post balance sheet events
Following the Balance Sheet date, the investment held by the Ordinary Shares in Green Energy for Education Ltd was transferred to the E Share Class. The transfer took place on 1 October 2018.
16. Dividends
Ordinary Shares:
The Company paid a dividend to Ordinary Class Shareholders of GBP11,821,899, equal to 60.74p per share, on 26 July 2018.
The company has declared a final dividend for shareholders on the register on 30 November 2018 of 4.07p equivalent to GBPGBP792,149. Which will be payable on 14 December 2018.
C Shares:
The Company paid a dividend to C Class Shareholders of GBP672,072, equal to 5p per share, on 26 July 2018.
D Shares:
The Company paid a dividend to D Class Shareholders of GBP685,082, equal to 5p per share, on 26 July 2018.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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