Source - RNS
RNS Number : 4847T
Triple Point VCT 2011 Plc
12 October 2017
 

Triple Point VCT 2011 VCT plc

LEI: 213800AOOAQA5XQDEA89

 

Interim Results

 

The directors of Triple Point VCT 2011 VCT plc are pleased to announce its Interim results for the six months to 31 August 2017

 

For further information please contact Triple Point Investment Management LLP on 020 7201 8989. The Interim report will be available in full at www.triplepoint.co.uk

 

Financial Summary

 

6 months ended 31 August 2017







Unaudited


Ord Shares

A Shares

B Shares


Total

Net assets

£'000

875

10,190

6,806


17,871

Net asset value per share

Pence

4.30p

102.41p

99.73p


n/a

(Loss)/profit before tax

£'000

(2)

286

(3)


281

(Loss)/earnings per share

Pence

(0.02p)

2.34p

(0.03p)


n/a








Cumulative return to shareholders (p)






Net asset value per share


4.30p

102.41p

99.73p



Total dividends paid


110.75p

4.00p   

-   



Net asset value plus dividends paid


115.05p

106.41p

99.73p










Year ended 28 February 2017







Audited


Ord Shares

A Shares

B Shares


Total

Net assets

£'000

2,304

10,356

6,808


19,468

Net asset value per share

Pence

11.32p

104.07p

99.76p


n/a

(Loss)/profit before tax

£'000

(56)

431

(27)


348

Earnings/(loss) per share

Pence

0.06p

3.53p

(0.27p)


n/a








Cumulative return to shareholders (p)






Net asset value per share


11.32p

104.07p

99.76p



Total dividends paid


103.75p

-   

-   



Net asset value plus dividends paid


115.07p

104.07p

99.76p










6 months ended 31 August 2016







Unaudited


Ord Shares

A Shares

B Shares


Total

Net assets

£'000

7,108

10,157

6,788


24,053

Net asset value per share

Pence

34.93p

102.07p

99.47p


n/a

(Loss)/profit before tax

£'000

(106)

190

(36)


48

(Loss)/earnings per share

Pence

(0.33p)

1.53p

(0.67p)


n/a








Cumulative return to shareholders (p)






Net asset value per share


34.93p

102.07p

99.47p



Total dividends paid


79.75p

-   

-   



Net asset value plus dividends paid


114.68p

102.07p

99.47p



 

Triple Point VCT 2011 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 July 2010.

 

·      Ordinary Shares: On 28 April 2011 the Company raised £19.3 million and as at the date of this report has a total of 20,349,869 Ordinary Shares in issue from that offer. At 31 August 2017 a total of £16.2 million had been returned to the Ordinary Shareholders.

 

·      A Shares: On 30 April 2015 the A Share Class offer closed having raised £10.3 million with a total of 9,951,133 A Shares being issued.

 

·      B Shares: On 29 April 2016 the B Share Class offer closed having raised £6.97 million with a total of 6,824,266 B Shares being issued.

 

Chairman's Statement

 

I am writing to present the Financial Statements for Triple Point VCT 2011 plc ("the Company") for the period ended 31 August 2017.

 

During the period the Company completed the realisation of the investment portfolio attributable to the Ordinary Share Class, continued to monitor the ongoing operation of the A Share Class investments and continued to monitor the construction of the gas power plants in the B Share Class portfolio.

 

Investment Portfolio

 

The Company's funds at 31 August 2017 were 94% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 70% of relevant funds must be invested in qualifying investments. At 31 August 2017 qualifying investments represented 66% of the total Investment Portfolio and 86% of the funds that are required to meet the 70% condition.

 

The Investment Manager's review on pages 4 to 6 gives an update on the portfolio of investments in 12 small unquoted businesses.

 

Ordinary Share Class

 

The Company and the Investment Manager have successfully realised the remaining investments held by the Ordinary Share Class during the period.

 

At 31 August 2017 the net asset value ("NAV") per share stood at 4.30p. Taken together with the cumulative dividends paid of 110.75p per share this gives a total return per share of 115.05p. This compares to a minimum target return at launch of 108.4p per share.

 

On 13 April 2017 a dividend of £1.0 million equal to 5p per share was paid to Ordinary Class Shareholders and on 23 June 2017 a further dividend was paid to Ordinary Class Shareholders of £406,997 equal to 2p per share.

 

The Board has resolved to pay a further dividend to Ordinary Class Shareholders of £671,546 equal to 3.30p per share which will be paid on 24 November 2017 to shareholders on the register on 10 November 2017. This will bring the total paid by way of dividends to the Ordinary Class Shareholders to 114.05p per share. Following payment of this dividend the shares will be cancelled and a final distribution of 1p paid to Ordinary Class Shareholders during the first quarter of 2018.

 

A Share Class

 

The A Share Class has investments in six companies in the Hydroelectric Power sector which between them own seven hydroelectric schemes in the Scottish Highlands. All schemes have been successfully commissioned and are operational.

 

The A Share Class has recorded a profit over the period of 2.34p per share and as at 31 August 2017 the NAV per share stood at 102.41p. The Board are conscious that the share class, during the initial deployment stage, targets a cash return to investors of £1 by the end of year six from a combination of the initial income tax rebate, tax free dividends and a capital realisation. At the outset an average annual dividend of 5p per share was anticipated.  On 23 June 2017 the A Class Shareholders were paid their first dividend of £398,045 equal to 4p per share, which was restricted by the amount of distributable reserves in the Company. In order to go some way toward alleviating this restriction on future periods, TPIM have agreed not to charge their management fees for the A share class for the financial year ending 28 February 2018. This will enable the A Share Class to build up distributable reserves improving the share class ability to make dividend payments for this financial next year.

 

B Share Class 

 

The B Share Class has invested £5.1 million into two companies that reached financial close during May 2017. Both companies are constructing gas power plants which are due to be operational in Q1 2018.

 

The B Share Class has recorded a small loss over the period of 0.03p per share due to running costs exceeding income while investments are under construction. The NAV per share stood at 99.73p.

 

TPIM have agreed not to charge its management fees from 1 January 2017 on the amounts invested in gas power projects, which represents circa 75% of the B Share Class NAV, until these investments start to generate income for the B Share Class.

 

Principal Risks

 

The Board believes that the principal risks facing the Company are:

 

·    investment risk associated with the VCT's portfolio of unquoted investments;

·    risk of failure to maintain approval as a qualifying VCT;

·    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, with the Investment Manager, continues to work to minimise either the likelihood or potential impact of these risks within the scope of the Company's established investment strategy.

 

Outlook

 

The Company and the Investment Manager continue to focus on fully exiting the Ordinary Share Class; monitoring ongoing operation of the A Share Class investments in Hydroelectricity generation businesses; and ensuring that the companies in which the B Share Class has invested, construct respective facilities on time and within budget.

 

If you have any questions about your investment, please do not hesitate to contact Triple Point on 020 7201 8990.

 

Jane Owen

Chairman

12 October 2017

 

Investment Manager's Review

Sector Analysis

 

The unquoted investment portfolio can be analysed as follows:



Electricity Generation

SME Funding


Industry Sector

Cinema Digitisation

Hydro Electric Power

Other

Hydro Electric Power

Other

Total Unquoted Investments


£'000

£'000

£'000

£'000

£'000

£'000

Investments at 28 February 2017







Ordinary Shares

191

-  

-  

-  

5

196

A shares

-  

6,432

-  

1,852

1,518

9,802

B shares

-  

-  

5,100

-  

1,686

6,786


191

6,432

5,100

1,852

3,209

16,784

Investments made during the period







Ordinary Shares

-  

-  

-  

-  

-  

-  

A Shares

-  





-  

B Shares

-  





-  


-  

-  

-  

-  

-  

-  

Investments disposed of during the period







Ordinary Shares

(191)




(5)

(196)

A shares

-  



(298)


(298)

B Shares

-  





-  


(191)

-  

-  

(298)

(5)

(494)

Investment revaluations during the period







Ordinary Shares






-  

A shares





6

6

B Shares






-  


-  

-  

-  


6

6

Investments at 28 February 2017







Ordinary Shares

-  

-  

-  

-  

-  

-  

A Shares

-  

6,432

-  

1,554

1,524

9,510

B Shares

-  

-  

5,100

-  

1,686

6,786


-  

6,432

5,100

1,554

3,210

16,296

Unquoted Investments %

0.00%

39.46%

31.30%

9.54%

19.70%

100.00%

 

The Company's funds at 31 August 2017 were 94% invested in a portfolio of VCT qualifying and non-qualifying unquoted investments. It continues to meet the condition that 70% of relevant funds must be invested in qualifying investments. At 31 August 2017 qualifying investments represented 66% of the total Investment Portfolio and 86% of the funds that are required to meet the 70% condition.

 

The VCT was established to fund small and medium sized enterprises. It has three share classes with separate portfolio as detailed on page 4. At the year end the overall portfolio comprised investments in 12 small, unquoted companies in two sectors: electricity generation and SME funding.

 

The Company's portfolio is spread between businesses which are at start-up stage and those which are more mature. Generally performance during the year across the portfolio has been in line with expectations, with the A Share Class recording an uplift in net asset value from the performance of its portfolio.

 

Review & Outlook

                                                                                                                            

Ordinary Share Class

 

April 2016 marked the end of the Company's five year minimum VCT holding period. The successful realisation of the Ordinary Share Class investments was completed during the period.  

 

To date the Company has distributed to the Ordinary Class Shareholders 110.75p per share. A dividend of 3.30p per share has been declared, payable on 24 November 2017. The Company will apply to cancel the Ordinary shares and make a final payment to the Ordinary Shareholders during the first half 2018.

 

A Share Class

 

The A Share Class has investments in six companies which between them own seven hydroelectric schemes in the Scottish Highlands. All seven schemes have been commissioned and are operational.

 

In 2016 the autumn and winter periods were uncharacteristically dry, and river levels were significantly below the long term average which resulted in reduced generation in the first full year of operation. The performance during 2017 has improved, in particular during the last quarter when rainfall has been above average.

 

Some contractual issues have arisen at one of the recently commissioned plants which the investee company is attempting to resolve and the Board of the VCT are monitoring the situation.

 

In February 2017, the Scottish Government announced a 12.5% limit on business rates increases in the hydro sector for up to 1 MW for the year to 31 March 2018.  The British Hydropower Association continued to lobby the Scottish Government and on 12 September 2017, the Scottish Government announced 60% relief on business rates for small-scale hydro schemes from 1 April 2018.  The Company has two schemes above 1MW and the position for such schemes still remains unclear.  Longer term, the Scottish Government has recognised the anomalies in setting rates for hydro schemes and will work alongside industry organisations to fast track a review of the Plant and Machinery Order, which should address these issues.

 

With all seven schemes now operational an Asset Manager has been appointed with a view to further enhance the operational performance. Their work includes reviewing the scheme layout, hydrology data, performance data and reporting on any inefficiencies and making recommendations on where improvement could be made to enhance performance.

 

In addition to earning RPI-linked Feed-in Tariffs, the schemes have also earned revenue through the sale of electricity under Power Purchase Agreement (PPA). Six of the seven PPA contract terms expired on 30 September 2017, and, due to the export market rising, the companies were able to secure terms better than were originally forecast,

 

Looking forward to the coming year, we will focus our attention on looking at ways to increase performance through asset management, and working with Green Highland Renewables and the British Hydro Association to assess and potentially challenge the proposed new business rates.

 

TPIM have agreed not to charge their management fees for the A share class for the financial year ending 28 February 2018, this will enable the A Share Class to build up distributable reserves improving the share class ability to make dividend payments for this financial year.

 

B Share Class

 

The Company has invested in two companies constructing gas power plants. The power plants utilise simple technology, typically provided by Clarke Energy or Rolls Royce, to provide a reliable and secure energy supply. Both companies are expecting to be operational in Q1 2018. A more detailed review will be included once the plants are commissioned.

 

TPIM have agreed not to charge their management fees from 1 January 2017 on the amounts invested in gas power projects, which represents circa 75% of the B Share Class NAV, until these investments start to generate income for the B Share Class.

 

Non Qualifying Investments

 

SME Funding

The Company has investments in four finance companies which provide short and medium term funding to a range of small and medium sized businesses.

 

If you have any questions, please do not hesitate to call us on 020 7201 8990.

 

Ben Beaton

Managing Partner

For Triple Point Investment Management LLP

12 October 2017

 

Investment Portfolio

 


Unaudited


Audited


31 August 2017


28 February 2017


        Cost 

     Valuation


        Cost 

     Valuation


£'000

£'000


£'000

£'000

Unquoted Qualifying Holdings

11,423

66.33

11,435

66.17


11,723

63.85

11,626

63.51

Unquoted Non Qualifying Holdings

4,811

27.93

4,861

28.13


5,109

27.84

5,158

28.18


16,234

94.26

16,296

94.30


16,832

91.69

16,784

91.69

Cash and cash equivalents

986

5.74

985

5.70


1,525

8.31

1,525

8.31


17,220

100.00

17,281

100.00


18,357

100.00

18,309

100.00

Unquoted Qualifying Holdings










Cinema Digitisation










DLN Digital Ltd

-  

-  

-  

-  


300

1.63

191

1.04

Hydro Electric Power










Green Highland  Allt Choire A Bhalachain Ltd

30

0.17

29

0.17


30

0.16

29

0.16

Green Highland Allt Garbh Ltd

2,250

13.07

2,250

13.02


2,250

12.26

2,250

12.29

Green Highland Allt Ladaidh (1148) Ltd

1,470

8.54

1,470

8.51


1,470

8.01

1,470

8.03

Green Highland Allt Luaidhe (228) Ltd

855

4.97

877

5.07


855

4.66

877

4.79

Green Highland Allt Phocachain (1015) Ltd

858

4.98

849

4.91


858

4.67

849

4.64

Green Highland Shenval Ltd

860

4.99

860

4.98


860

4.68

860

4.70

Gas Power










Distributed Generators Ltd

3,200

18.58

3,200

18.52


3,200

17.43

3,200

17.48

Green Peak Generation Ltd

1,900

11.03

1,900

10.99


1,900

10.35

1,900

10.38


11,423

66.33

11,435

66.17


11,723

63.85

11,626

63.51

Unquoted Non Qualifying Holdings










Hydro Electric Power










Green Highland  Allt Choire A Bhalachain Ltd

3

0.02

3

0.02


3

0.02

3

0.02

Green Highland Allt Ladaidh (1148) Ltd

30

0.17

30

0.17


30

0.16

30

0.16

Green Highland Allt Luaidhe (228) Ltd

61

0.35

61

0.35


61

0.33

61

0.33

Green Highland Allt Phocachain (1015) Ltd

2

0.01

2

0.01


3

0.02

3

0.02

Kinlochteacius Hydro Ltd

-  

-  

-  

-  


47

0.26

47

0.26

SME Funding:










Hydro Electric Power










Broadpoint 2 Ltd

550

3.19

550

3.18


800

4.36

800

4.37

Broadpoint 3 Ltd

1,005

5.84

1,005

5.82


1,005

5.47

1,005

5.49

Other










Broadpoint Ltd

-  

-  

-  

-  


-  

-  

5

0.03

Funding Path Ltd

1,000

5.81

1,016

5.88


1,000

5.45

1,010

5.52

Modern Power Generation Ltd

2,160

12.54

2,194

12.70


2,160

11.77

2,194

11.98


4,811

27.93

4,861

28.13


5,109

27.84

5,158

28.18

 

Directors' Responsibility Statement

 

The Directors have elected to prepare the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ("IFRS").

 

In preparing the Interim Financial Report for the 6 month period to 31 August 2017, the Directors confirm that to the best of their knowledge:

a)  the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, "Interim Financial Reporting" issued by the International Accounting Standards Board;

b)  the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of principal risks and uncertainties for the remainder of the accounting period;

c)  the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006; 

d)  the Interim Financial Report includes a fair review of related party transactions and changes therein. There were no related party transactions for the accounting period; and

e)  the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook.

The Directors have reasonable 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.

 

Jane Owen

Chairman

12 October 2017

 

Non-Statutory Analysis - The Ordinary Share Fund

 

Statement of Comprehensive Income


Unaudited


Audited


6 months ended 31 August 2017


Year ended 28 February 2017



Revenue

Capital

Total


Revenue

Capital

Total



£'000

£'000

£'000


£'000

£'000

£'000

Investment income


(1)

-  

(1)


685

-  

685

Realised (loss) on investments


-  

(17)

(17)


-  

(429)

(429)

Unrealised (loss) on investments


-  

-  

-  


-  

(74)

(74)

Investment return


(1)

(17)

(18)


685

(503)

182

Investment management fees


(2)

19

17


(80)

(92)

(172)

Other expenses


(5)

4

(1)


(66)

-  

(66)

(Loss)/profit before taxation


(8)

6

(2)


539

(595)

(56)

Taxation


2

(4)

(2)


11

57

68

(Loss)/profit after taxation


(6)

2

(4)


550

(538)

12

Profit and total comprehensive (loss)/income for the period


(6)

2

(4)


550

(538)

12

Basic and diluted (loss)/earnings per share


(0.03p)

0.01p

(0.02p)


2.71p

(2.65p)

0.06p




Unaudited



Audited

Balance Sheet


31 August 2017


28 February 2017





£'000




£'000

Non-current assets









Financial assets at fair value through profit or loss




-  




5










Current assets









Assets held for sale




-  




191

Receivables




-  




674

Corporation tax




-  




68

Cash and cash equivalents




909




1,448





909




2,381

Current liabilities









Payables




(34)




(82)

Net assets




875




2,304










Equity attributable to equity holders



875




2,304

Net asset value per share




4.30p




11.32p

Statement of Changes in Shareholders' Equity











31 August 2017



28 February 2017





£'000




£'000

Opening shareholders' funds




2,304




7,176

(Loss)/profit for the period




(4)




12

Dividend paid




(1,425)




(4,884)

Closing shareholders' funds




875




2,304

 

Investment Portfolio

Unaudited


Audited


31 August 2017


28 February 2017


        Cost 

     Valuation


        Cost 

     Valuation


£'000

£'000


£'000

£'000

Unquoted Qualifying Holdings

-  

-  

-  

-  


300

17.16

191

11.62

Unquoted Non Qualifying Holdings

-  

-  

-  

-  


-  

-  

5

0.30


-  

-

-  

-


300

17.16

196

11.92

Cash and cash equivalents

909

100.00

909

100.00


1,448

82.84

1,448

88.08


909

100.00

909

100.00


1,748

100.00

1,644

100.00

Unquoted Qualifying Holdings










Cinema Digitisation










DLN Digital Ltd

-  

-  

-  

-  


300

17.16

191

11.62


-  

-  

-  

-  


300

17.16

191

11.62

Unquoted Non Qualifying Holdings










Other










Broadpoint Ltd

-  

-  

-  

-  


-  

-  

5

0.30


-  

-

-  

-


-  

-

5

0.30

 

Non-Statutory Analysis - The A Share Fund

 

Statement of Comprehensive Income


Unaudited


Audited



6 months ended 31 August 2017


Year ended 28 February 2017



Revenue

Capital

Total


Revenue

Capital

Total



£'000

£'000

£'000


£'000

£'000

£'000

Investment income


324

-  

324


663

-  

663

Unrealised gain on investments


-  

6

6


-  

30

30

Investment return


324

6

330


663

30

693

Investment management fees


(10)

-  

(10)


(163)

(47)

(210)

Other expenses


(32)

(2)

(34)


(52)

-  

(52)

Profit/(loss) before taxation


282

4

286


448

(17)

431

Taxation


(54)

-  

(54)


(90)

10

(80)

Profit/(loss) after taxation


228

4

232


358

(7)

351

Profit and total comprehensive income/(loss) for the period


228

4

232


358

(7)

351

Basic and diluted earnings/(loss) per share


2.29p

0.05p

2.34p


3.61p

(0.08p)

3.53p




Unaudited



Audited

Balance Sheet


31 August 2017


28 February 2017





£'000




£'000

Non-current assets









Financial assets at fair value through profit or loss




9,510




9,802










Current assets









Receivables




688




678

Cash and cash equivalents




64




29





752




707

Current liabilities









Payables




(15)




(73)

Corporation Tax




(57)




(80)

Net assets




10,190




10,356










Equity attributable to equity holders


10,190




10,356

Net asset value per share




102.41p




104.07p

Statement of Changes in Shareholders' Equity












Unaudited



Audited



31 August 2017



28 February 2017





£'000




£'000

Opening shareholders' funds




10,356




10,005

Profit for the period




232




351

Dividend paid




(398)




-  

Closing shareholders' funds




10,190




10,356

 

Investment Portfolio

Unaudited


Audited


31 August 2017


28 February 2017


        Cost 

     Valuation


        Cost 

     Valuation


£'000

£'000


£'000

£'000

Unquoted Qualifying Holdings

6,323

66.29

6,335

66.16


6,323

64.51

6,335

64.44

Unquoted Non Qualifying Holdings

3,151

33.03

3,175

33.16


3,449

35.18

3,467

35.27


9,474

99.32

9,510

99.32


9,772

99.69

9,802

99.71

Cash and cash equivalents

64

0.68

64

0.68


29

0.31

29

0.29


9,538

100.00

9,574

100.00


9,801

100.00

9,831

100.00

Unquoted Qualifying Holdings










Hydro Electric Power










Green Highland  Allt Choire A Bhalachain Ltd

30

0.31

29

0.30


30

0.31

29

0.29

Green Highland Allt Garbh Ltd

2,250

23.59

2,250

23.50


2,250

22.96

2,250

22.89

Green Highland Allt Ladaidh (1148) Ltd

1,470

15.41

1,470

15.35


1,470

15.00

1,470

14.95

Green Highland Allt Luaidhe (228) Ltd

855

8.96

877

9.16


855

8.72

877

8.92

Green Highland Allt Phocachain (1015) Ltd

858

9.00

849

8.87


858

8.75

849

8.64

Green Highland Shenval Ltd

860

9.02

860

8.98


860

8.77

860

8.75


6,323

66.29

6,335

66.16


6,323

64.51

6,335

64.44












Unaudited


Audited


31 August 2017


28 February 2017


        Cost 

     Valuation


        Cost 

     Valuation


£'000

£'000


£'000

£'000

Unquoted Non Qualifying Holdings










Hydro Electric Power










Green Highland  Allt Choire A Bhalachain Ltd

3

0.03

3

0.03


3

0.03

3

0.03

Green Highland Allt Ladaidh (1148) Ltd

30

0.31

30

0.31


30

0.31

30

0.31

Green Highland Allt Luaidhe (228) Ltd

61

0.64

61

0.64


61

0.62

61

0.62

Green Highland Allt Phocachain (1015) Ltd

2

0.02

2

0.02


3

0.03

3

0.03

Kinlochteacius Hydro Ltd

-  

-  

-  

-  


47

0.48

47

0.48

SME Funding:










Hydro Electric Power










Broadpoint 2 Ltd

550

5.77

550

5.74


800

8.16

800

8.14

Broadpoint 3 Ltd

1,005

10.54

1,005

10.50


1,005

10.25

1,005

10.22

Other










Funding Path Ltd

1,000

10.48

1,016

10.61


1,000

10.20

1,010

10.27

Modern Power Generation Ltd

500

5.24

508

5.31


500

5.10

508

5.17


3,151

33.03

3,175

33.16


3,449

35.18

3,467

35.27

 

Non-Statutory Analysis - The B Share Fund

 

Statement of


Unaudited


Audited

Comprehensive Income


6 months ended 31 August 2017


Year ended 28 February 2017



Revenue

Capital

Total


Revenue

Capital

Total



£'000

£'000

£'000


£'000

£'000

£'000

Investment income


41

-  

41


89

-  

89

Unrealised gain on investments


-  

-  

-  


-  

26

26

Investment return


41

-  

41


89

26

115

Investment management fees


(19)

(4)

(23)


(87)

(25)

(112)

Other expenses


(21)

-  

(21)


(30)

-  

(30)

(Loss)/profit before taxation


1

(4)

(3)


(28)

1

(27)

Taxation


-  

1

1


6

5

11

(Loss)/profit after taxation


1

(3)

(2)


(22)

6

(16)

Loss and total comprehensive (loss)/income for the year


1

(3)

(2)


(22)

6

(16)

Basic and diluted (loss)/earnings per share


0.01p

(0.04p)

(0.03p)


(0.37p)

0.10p

(0.27p)




Unaudited



Audited

Balance Sheet


31 August 2017


28 February 2017





£'000




£'000

Non-current assets









Financial assets at fair value through profit or loss




6,786




6,786










Current assets









Receivables




17




23

Corporation Tax




1




11

Cash and cash equivalents




12




48





30




82

Current liabilities









Payables




(10)




(60)

Net assets




6,806




6,808










Equity attributable to equity holders



6,806




6,808

Net asset value per share




99.73p




99.76p

Statement of Changes in Shareholders' Equity












Unaudited



Audited



31 August 2017



28 February 2017





£'000




£'000

Opening shareholders' funds




6,808




-  

Issue of new shares




-




6,824

Loss for the period




(2)




(16)

Closing shareholders' funds




6,806




6,808

 

Investment Portfolio

Unaudited


Audited


31 August 2017


28 February 2017


        Cost 

     Valuation


        Cost 

     Valuation


£'000

£'000


£'000

£'000

Unquoted Qualifying Holdings

5,100

75.31

5,100

75.02


5,100

74.91

5,100

74.62

Unquoted Non Qualifying Holdings

1,660

24.51

1,686

24.80


1,660

24.38

1,686

24.67


6,760

99.82

6,786

99.82


6,760

99.29

6,786

99.29

Cash and cash equivalents

12

0.18

12

0.18


48

0.71

48

0.71


6,772

100.00

6,798

100.00


6,808

100.00

6,834

100.00

Unquoted Qualifying Holdings










Gas Power










Distributed Generators Ltd

3,200

47.25

3,200

47.07


3,200

47.00

3,200

46.82

Green Peak Generation Ltd

1,900

28.06

1,900

27.95


1,900

27.91

1,900

27.80


5,100

75.31

5,100

75.02


5,100

74.91

5,100

74.62

Unquoted Non Qualifying Holdings










SME Funding










Other










Modern Power Generation Ltd

1,660

24.51

1,686

24.80


1,660

24.38

1,686

24.67


1,660

24.51

1,686

24.80


1,660

24.38

1,686

24.67

 

 

 


Unaudited Statement of Comprehensive Income

 

 



Unaudited


Audited


Unaudited



Year ended


Year ended


6 months ended



31 August 2017


28 February 2017


31 August 2016


Note

Revenue

Capital

Total


Revenue

Capital

Total


Revenue

Capital

Total



£'000

£'000

£'000


£'000

£'000

£'000


£'000

£'000

£'000














Investment income

4

364

-  

364


1,437

-  

1,437


507

-  

507

(Loss)/gain arising on the realisation of investments during the period


-  

(17)

(17)


-  

(429)

(429)


-  

88

88

Gain/(loss) arising on the revaluation of investments at the period end


-  

6

6


-  

(18)

(18)


-  

(124)

(124)

Investment return


364

(11)

353


1,437

(447)

990


507

(36)

471

Investment management fees

31

(15)

16


330

164

494


187

123

310

Financial and regulatory costs


12

-  

12


28

-  

28


14

-  

14

General administration


2

-  

2


4

-  

4


1

-  

1

Legal and professional fees


20

(2)

18


69

-  

69


76

-  

76

Directors' remuneration


24

-  

24


47

-  

47


22

-  

22

Operating expenses


89

(17)

72


478

164

642


300

123

423

Profit/(loss) before taxation


275

6

281


959

(611)

348


207

(159)

48

Taxation

7

(52)

(3)

(55)


(73)

72

(1)


(36)

36

-  

Profit/(loss) after taxation


223

3

226


886

(539)

347


171

(123)

48

Profit and total comprehensive income/(loss) for the period


223

3

226


886

(539)

347


171

(123)

48

Basic & diluted earnings per share

8

n/a

n/a

n/a


n/a

n/a

n/a


n/a

n/a

n/a

 

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 in accordance with the Association of Investment Companies Statement of Recommended Practice (AIC SORP). 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.


Unaudited Balance Sheet

 

 

 








 


Unaudited          31 August 2017


Audited              28 February 2017


Unaudited            31 August 2016


Note

£'000


£'000


£'000








Non current assets







Financial assets at fair value through profit or loss


16,296


16,593


18,335








Current assets







Assets held for sale


-  


191


-  

Receivables


705


1,375


1,202

Cash and cash equivalents

9

985


1,525


4,808



1,690


3,091


6,010

Total assets


17,986


19,684


24,345








Current liabilities







Payables and accrued expenses


59


215


292

Current taxation payable


56


1


-  



115

-  

216

-  

292

Net assets

 

11

17,871


19,468


24,053








Equity attributable to equity holders







Share capital

10

371


371


371

Share Premium


16,683


16,683


16,683

Chare redemption reserve


1


1


1

Special distributable reserve


-  


255


4,900

Capital reserve


593


1,443


1,859

Revenue reserve


223


715


239

Total equity


17,871


19,468


24,053

 

 

The statements were approved by the Directors and authorised for issue on 12 October 2017 and are signed on their behalf by:

 

Jane Owen

Chairman

12 October 2017

 

The accompanying notes are an integral part of this statement.

 

Unaudited Statement of Changes in Shareholders' Equity

 


Issued Capital

Share Premium

Share Redemption Reserve

Special Distributable Reserve

Capital Reserve

Revenue Reserve

Total


£'000



£'000

£'000

£'000

£'000

6 months ended 31 August 2017








Opening balance

371

16,683

1

255

1,443

715

19,468

Dividends paid

-  

-  

-  

(255)

(853)

(715)

(1,823)

Transactions with owners

-  

-  

-  

(255)

(853)

(715)

(1,823)

Profit after taxation

-  

-  

-  

-  

3

223

226

Total comprehensive (loss)/profit for the period

-  

-  

-  

-  

3

223

226

Balance at 31 August 2017

371

16,683

1

-

593

223

17,871

The Capital Reserve consists of:








Investment holding gains





62



Other realised gains




531








593



Year ended 28 February 2017








Opening balance

303

9,927

1

4,900

1,982

68

17,181

Issue of share capital

68

6,904

-  

-  

-  

-  

6,972

Cost of issue of shares

-  

(148)

-  

-  

-  

-  

(148)

Dividend Paid

-  

-  

-  

(4,645)

-  

(239)

(4,884)

Transactions with owners

68

6,756

-  

(4,645)

-  

(239)

1,940

(Loss)/profit after taxation

-  

-  

-  

-  

(539)

886

347

Total comprehensive (loss)/profit for the period

-  

-  

-  

-  

(539)

886

347

Balance at 28 February 2017

371

16,683

1

255

1,443

715

19,468

The Capital Reserve consists of:








Investment holding losses





(48)



Other realised gains




1,491








1,443



6 months ended 31 August 2016








Opening balance

303

9,927

1

4,900

1,982

68

17,181

Issue of share capital

68

6,904

-  

-  

-  

-  

6,972

Cost of issue of shares

-  

(148)

-  

-  

-  

-  

(148)

Transactions with owners

68

6,756

-  

-  

-  

-  

6,824

(Loss)/profit after taxation

-  

-  

-  

-  

(123)

171

48

Total comprehensive (loss)/profit for the period

-  

-  

-  

-  

(123)

171

48

Balance at 31 August 2016

371

16,683

1

4,900

1,859

239

24,053

The Capital Reserve consists of:








Investment holding losses





(154)



Other realised gains




2,013








1,859



 

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 is not distributable. The special distributable reserve was created on court cancellation of the share premium account. The revenue reserve, realised capital reserve and special distributable reserve are distributable by way of dividend.

 

Unaudited Statement of Cash Flows

 

 


Unaudited


Audited


Unaudited

 


6 months ended

Year ended


6 months ended

 

31 August 2017


28 February 2017


31 August 2016

 


£'000


£'000


£'000

 







Cash flows from operating activities






 

Profit before taxation

281


348


48

 

Loss/(profit) arising on the disposal of investments during the period

17


429


(88)

 

(Gain)/loss arising on the revaluation of investments at the period end

(6)


18

124

 

Cash generated by operations

292


795


84

 

Decrease/(Increase) in receivables

16


(424)


(244)

 

(Decrease)/increase in payables

(156)


93


170

 

Net cash flows from operating activities

152


464


10

 

Cash flows from investing activities






 

Purchase of financial assets at fair value through profit or loss

-  


(5,850)


(5,850)

 

Sales of financial assets at fair value through profit or loss

1,131


4,634


3,487

 

Net cash flows from investing activities

1,131


(1,216)


(2,363)

 

Cash flows from financing activities






 

Issue of shares

-  


6,824


6,824

 

Dividends paid

(1,823)


(4,884)


-  

 

Net cash flows from financing activities

(1,823)


1,940


6,824

 

Net increase in cash and cash equivalents

(540)


1,188


4,471

 

Reconciliation of net cash flow to movements in cash and cash equivalents






 

Cash and cash equivalents at 1 March 2017

1,525


337


337

 

Net increase in cash and cash equivalents

(540)


1,188


4,471

 

Cash and cash equivalents at 31 August 2017

985


1,525


4,808

 

 

 

The accompanying notes are an integral part of this statement.

 

Notes to the Unaudited Interim Financial Report

 

1.      Corporate information             

 

The Unaudited Interim Financial Report of the Company for the 6 months ended 31 August 2017 was authorised for issue in accordance with a resolution of the Directors on 12 October 2017.

 

The Company is listed on the London Stock Exchange.

 

Triple Point VCT 2011 plc is incorporated and domiciled in Great Britain. The address of Triple Point VCT 2011 plc's registered office, which is also its principal place of business, is 18 St. Swithin's Lane, London, EC4N 8AD.

 

Triple Point VCT 2011 plc's Unaudited Interim Financial Report is presented in Pounds Sterling (£) 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 31 August 2017 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 28 February 2017.

                                    

Estimates

 

The preparation of the Unaudited Interim Financial Report requires management 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 Company only has one class of business, being investment activity. All revenues and assets are generated and held in the UK. 

 

4.           Investment income

 


Unaudited


Audited


6 months ended 31 August 2017


Year ended 28 February 2017


Ord Shares

A Shares

B Shares


Total


Ord Shares

A Shares

B Shares


Total


£'000

£'000

£'000


£'000


£'000

£'000

£'000


£'000

Loan interest

(4)

324

41


361


52

663

89


804

Other investment income

3

-  

-  


3


-  

-  

-  


-  

Dividends received

-  

-  

-  


-  


633

-  

-  


633


(1)

324

41


364


685

663

89


1,437

 

5.      Investment management fees

 

TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 23 September 2010 and a deed of variation to that agreement effective 23 December 2015.

 

Ordinary Shares: The agreement provides for an investment management fee of 2.25% per annum of net assets payable quarterly in arrear for Ordinary Shares until 1 October 2016 and thereafter a 1% exit fee on funds returned to shareholders.

A Shares: The agreement provides for an investment management fee of 2.00% per annum of net assets payable quarterly in arrear for A Shares. For A Shares the appointment shall continue for a period of at least 6 years from the admission of those shares.

B Shares: The agreement provides for an investment management fee of 1.90% per annum of net assets payable quarterly in arrear for B Shares. For B Shares the appointment shall continue for a period of at least 6 years from the admission of those shares.

 

An administration fee of £37,500 per annum is payable quarterly in arrear.

                                                                                                                            

6.      Directors' remuneration


Unaudited


Audited


6 months ended 31 August 2017


Year ended 28 February 2017


Ord Shares

A Shares

B Shares


Total


Ord Shares

A Shares

B Shares


Total


£'000

£'000

£'000


£'000


£'000

£'000

£'000


£'000

Jane Owen

1

5

3


9


4

8

5


17

Chad Murrin

1

4

3


8


4

7

4


15

Tim Clarke

-  

4

3


7


4

7

4


15


2

13

9


24


12

22

13


47

 

7.      Taxation


Unaudited


Audited


6 months ended 31 August 2017


Year ended


Ord Shares

A Shares

B Shares


Total


Ord Shares

A Shares

B Shares


Total


£'000

£'000

£'000


£'000


£'000

£'000

£'000


£'000

Profit/(loss) on ordinary activities before tax

(2)

286

(3)


281


(56)

431

(27)


348

Corporation tax @ 19% /(20%)

(1)

55

(1)


53


(11)

87

(6)


70

Effect of:












Utilisation of tax losses brought forward

-  

-  

-  


-  


(38)

-  

-  


(38)

Capital losses/(gains) not taxable

4

(1)

-  


3


100

(7)

(5)


88

Disallowed expenditure

(1)

-  

-  


(1)


7

-  

-  


7

Tax (charge)/credit for the period

2

54

(1)


55


(68)

80

(11)


1

 

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 loss per Ordinary Share is 0.02p and is based on a loss from ordinary activities after tax of £4,630, and on the weighted average number of Ordinary Shares in issue during the period of 20,349,869.

 

The earnings per A Share is 2.34p and is based on a profit from ordinary activities after tax of £232,730, and on the weighted average number of A Shares in issue during the period of 9,951,133.

 

The loss per B Share is 0.03p, and is based on a loss from ordinary activities after tax of £2,640, and on the weighted average number of B Shares in issue during the period of 6,824,266.

 

There were no changes to the number of shares in issue during the period therefore the weighted average number of shares in issue during for all share classes is equal to the number of shares at 31 August 2017.

 

9.      Cash and cash equivalents

 

Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc.

 

10.    Share capital


Unaudited

Audited


31 August 2017

28 February 2017




Ordinary Shares of £0.01 each



Issued & Fully Paid



Number of shares

20,349,869

20,349,869

Par Value £'000

203

203

Authorised



Number of shares

60,000,000

60,000,000

Par Value £'000

600

600




A Ordinary Shares of £0.01 each



Issued & Fully Paid



Number of shares

9,951,133

9,951,133

Par Value £'000

100

100

Authorised



Number of shares

10,000,000

10,000,000

Par Value £'000

100

100  




B Ordinary Shares of £0.01 each



Issued & Fully Paid



Number of shares

6,824,266

6,824,266

Par Value £'000

68

68

Authorised



Number of shares

10,000,000

10,000,000

Par Value £'000

100

100




11.    Net asset value per share

 

The net asset value per share for the Ordinary Shares is 4.30p per share and is calculated based on net assets of £875,000 divided by the 20,349,869 Ordinary Shares in issue.

 

The net asset value per share for the A Shares is 102.41p and is calculated based on net assets of £10,190,000 divided by the 9,951,133 A Shares in issue.

 

The net asset value per share for the B Shares is 99.73p and is calculated on net assets of £6,806,000 divided by the 6,824,266 B Shares in issue.

 

12.    Commitments and contingencies                                                                                     

                                                                                                                                     

The Company has no contingent liabilities or commitments.

 

13.    Relationship with Investment Manager                          

 

During the period, TPIM received £34,968 (which has been expensed by the Company) for providing management and administrative services to the Company. TPIM have agreed not to charge their management fees for the A Share Class for the current financial year ending 28 February 2018, to enable the A Share Class to build up distributable reserves. TPIM have agreed not to charge their management fees from 1 January 2017 on the amounts invested into two companies constructing gas power plants, which represents circa 75% of the B Share Class NAV, until these investments start to generate income for the B Share Class.

 

14.    Related party transactions                         

 

There were no related party transactions during the period.

 

15.    Post balance sheet events

 

There were no post balance sheet events.

 

16.    Dividend

 

Ordinary Share Class:

On 13 April 2017 a dividend of £1m equal to 5p per share was paid to the Ordinary Class Shareholders. On 23 June 2017 a dividend of £406,997 equal to 2p per share was paid to the Ordinary Class Shareholders.

 

The Board has resolved to pay a further dividend to Ordinary Class Shareholders of £671,546 equal to 3.30p per share which will be paid on 24 November 2017 to shareholders on the register on 10 November 2017. This will bring the total paid by way of dividends to the Ordinary Class Shareholders to 114.05p per share. Following payment of this dividend the shares will be cancelled and a final distribution paid to Ordinary Class Shareholders during the first quarter of 2018.

 

A Share Class:

On 23 June 2017 a dividend of £398,045 equal to 4p per share was paid to the A Class Shareholders.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR BSBDGDSBBGRD

Related Charts

Triple Point VCT 2011 (TPO)

0.00 (0.00%)
delayed 05:00AM