TIDMDDV2
Downing Distribution VCT 2 plc
Half-Yearly Report for the six months ended 30 September 2011
SHAREHOLDER INFORMATION
30 Sept 31 Mar 30 Sept
2011 2011 2010
Pence Pence Pence
Ordinary Shares of 1p each
Net asset value per share 93.1 104.5 101.9
Cumulative dividends paid since 1 April 2010 9.6 7.1 4.6
-----------------------------
Total return per share 102.7 111.6 106.5
-----------------------------
'D' Shares of 10p each
Net asset value per share 80.3 92.5 85.9
Cumulative dividends since launch of share pool 6.0 1.0 1.0
-----------------------------
Total return per share 86.3 93.5 86.9
-----------------------------
Pence per
Forthcoming Dividends Payable share
Ordinary Share interim dividend 30 March 2012 2.5
No 'D' Share dividend has been declared at this time.
CHAIRMAN'S STATEMENT
I present the Company's Half-Yearly Report for the period ended 30 September
2011. Since the last year end, stock markets have experienced another period of
instability with the FTSE AIM All Share Index falling substantially. Although
the Company has less exposure to the AIM market than in the past, the
performance of its AIM and PLUS-quoted stocks has had a significant influence on
performance over the period.
Net asset value ("NAV")
The NAV per Ordinary Share at 30 September 2011 stood at 93.1p, a decrease of
8.9p per Ordinary Share (8.6%) compared to the year end position and after
taking into account the 2.5p dividend paid during the period.
The NAV per 'D' Share stood at 80.3p, a decrease of 7.2p per 'D' Share (7.8%)
compared to the year end position and after taking into account the 5.0p
dividend paid during the period.
Venture capital investment portfolio
Ordinary Share pool
During the period, GBP886,000 was invested in two new investments and four follow-
on investments.
The Investment Manager has continued to rationalise the quoted portfolio and has
made a number of disposals generating proceeds of GBP506,000. Partial redemptions
of loan stock also took place from four unquoted companies, with proceeds
thereon amounting to GBP272,000. Additionally, IS Pharma plc was acquired in a
share-for-share takeover by Sinclair IS Pharma plc.
In terms of valuations, AIM and PLUS-quoted investments in the Ordinary Share
pool fell by GBP775,000 over the period. In addition, a number of adjustments
were made to the unquoted investment valuations with the net effect being an
unrealised loss of GBP318,000.
The largest fall in value amongst the unquoted investments has been in respect
of Camandale Limited, a business which owns and operates two pubs in Kilmarnock,
Scotland. It has recently become clear that one of the pubs has been trading
very poorly. The previous management were replaced and steps have been taken to
try stabilise the business. The company has recently been put into
administration and a strategy is now being drawn as to the best way to recover
value. The Board has made a provision of GBP147,000 against the Ordinary Share
pool's investment at this time.
'D' Share pool
During the period, GBP42,000 was invested in two follow-on investments.
The Investment Manager took opportunities to reduce the holdings in two AIM-
quoted stocks. The pool also benefited from a number of partial loan stock
redemptions at par. Total disposal proceeds for the pool were GBP154,000.
As with the Ordinary Share pool, the 'D' Share pool's holding in IS Pharma plc
was also acquired in a share-for-share takeover by Sinclair IS Pharma plc.
Over the period, the 'D' Share pool's AIM investments fell in value by GBP125,000.
Valuation adjustments to the unquoted investments showed a net unrealised loss
of GBP75,000. The largest single adjustment was a write down of GBP37,000 in
relation to the investment in Camandale as mentioned above.
Other investments
Ordinary Share pool
The remaining hedge fund investments held by the Ordinary Share pool were
disposed of during the period, with proceeds on disposal amounting to GBP177,000.
'D' Share pool
In line with the 'D' Share prospectus , the 'D' Share pool continues to hold a
FTSE index tracker product. At the period end, this investment was valued at
GBP516,000 with unrealised gains thereon of GBP4,000.
Results
The loss on ordinary activities after taxation for the period was GBP1.260
million, comprising a revenue return of GBP39,000 and a capital loss of GBP1.299
million. GBP1.054 million of the loss is attributable to the Ordinary Share pool
and GBP206,000 to the 'D' Share pool.
Share capital
The Company has a policy of purchasing its own shares that become available in
the market. The Board has currently set a price of a 15% discount to NAV for
such purchases but continues to monitor the market in the Company's shares and
may make adjustments to the policy as appropriate. Such purchases will be
subject to VCT regulations, company law, liquidity considerations and the
Listing Rules.
During the period, the Company purchased 252,129 Ordinary Shares for an average
price of 86.4p per share at a cost of GBP219,000, and 43,000 'D' Shares for an
average price of 76.1p per share at a cost of GBP33,000 (both approximately equal
to a 15% discount to the most recently published NAV). These shares were
subsequently cancelled.
Dividends
In line with the Company's intention of paying annual dividends of 5.0p per
Ordinary Share, 2.5p will be paid on 30 March 2012 to Shareholders on the
register at 2 March 2012.
No 'D' Share dividend is being declared at this time. The focus of the strategy
for the 'D' Share pool remains that of returning at least a further 24p per
share to investors in 2012.
Risks and uncertainties
Under the Disclosure and Transparency Directive, the Board is required, in the
Company's half year results, to report on principal risks and uncertainties
facing the Company over the remainder of the financial year.
The Board has concluded that the key risks are:
(i) investment risk associated with investing in small businesses;
(ii) investment risk arising from market volatility; and
(iii) failure to maintain approval as a VCT.
In the case of (i) and (ii) the Board is satisfied with the Company's approach
to these risks. As a VCT, the Company has significant exposure to relatively
small businesses. However, by seeking to hold a well-diversified portfolio of
businesses with strong management teams, the impact of falling markets and
challenging economic conditions should be mitigated as much as possible given
the Company's status as a VCT and its investment policy.
The Company's compliance with the VCT regulations is continually monitored by
the Manager, who regularly reports to the Board on the current position. The
Company also retains PricewaterhouseCoopers to provide regular reviews and
advice in this area. The Board considers that this approach reduces the risk of
a breach of the VCT regulations to a minimal level.
Going concern
The Company has sufficient financial resources at the period end, and holds a
diversified portfolio of investments. As a consequence, the Directors believe
that the Company is well placed to manage its business risks successfully,
despite the current uncertain economic outlook.
The Directors have a reasonable expectation that the Company has adequate
resources to continue in operational existence for the foreseeable future. Thus,
they continue to adopt the going concern basis of accounting in preparing the
financial statements.
Outlook
After a period of relative stability, volatile stock market conditions have
returned fuelled by, amongst other things, fears of a "double-dip" recession and
the growing Eurozone crisis. Although the AIM market has recovered a little
during October, it has since fallen back and the FTSE AIM All Share Index
remains well below its level from earlier in the year. With a gloomy outlook
for the economy, portfolio companies are likely to continue to face challenging
conditions for some time to come.
The Company is currently close to fully invested and therefore is not in a
position to consider making many new investments. Despite the economic
conditions, the Investment Manager reports that it is continuing to see a steady
flow of good quality potential investments opportunities. In order that the
Company is able to take advantage of some of these opportunities, a new
fundraising for the coming VCT season is being planned. It is expected that the
fundraising will be undertaken as a new share class and should increase the size
of the VCT such that the Company's fixed running costs can be spread over a
greater asset base. Further details will be sent to all Shareholders in due
course.
Andrew Griffiths
Chairman
UNAUDITED BALANCE SHEET
as at 30 September 2011
As at As at
30 Sep 2010 31 Mar
Note As at 30 Sep 2011 2011
Ordinary 'D'
Shares Shares Total Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Investments 9,620 2,069 11,689 11,590 13,094
-------------------------------------------
Current assets
Debtors 41 68 109 148 48
Cash at bank and in hand 1,086 125 1,211 2,973 1,837
-------------------------------------------
1,127 193 1,320 3,121 1,885
Creditors: amounts falling
due within one year (153) (19) (172) (309) (234)
-------------------------------------------
Net current assets 974 174 1,148 2,812 1,651
-------------------------------------------
Net assets 10,594 2,243 12,837 14,402 14,745
-------------------------------------------
Capital and reserves
Called up share capital 7 113 280 393 401 400
Capital redemption reserve 8 3,611 4 3,615 3,606 3,608
Share premium account 8 1,971 - 1,971 1,823 1,940
Special reserve 8 3,552 1,966 5,518 6,869 6,537
Capital reserve - realised 8 2,637 53 2,690 2,505 2,448
Revaluation reserve 8 (1,107) (24) (1,131) (519) 70
Revenue reserve 8 (494) (36) (530) (594) (569)
Merger reserve 8 311 - 311 311 311
-------------------------------------------
Equity shareholders' funds 6 10,594 2,243 12,837 14,402 14,745
-------------------------------------------
Net asset value per:
Ordinary Share 6 93.1p 101.9p 104.5p
'D' Share 6 80.3p 85.9p 92.5p
INCOME STATEMENT
for the six months ended 30 September 2011
Company position
Year
Six months ended Six months ended ended
Note 30 September 2011 30 September 2010 31 March
2011
Revenue Capital Total Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
- continuing 187 - 187 77 - 77 214
operations
- acquisitions - - - 68 - 68 145
(Losses)/gains on
investments
- continuing - (1,224) (1,224) - (18) (18) 239
operations
- acquisitions - - - - 811 811 1,280
Net gain on acquisition
of net
assets - - - - 3,494 3,494 3,512
------------------------- ------------------------ -------
187 (1,224) (1,037) 145 4,287 4,432 5,390
Investment management (23) (73) (96) (28) (85) (113) (210)
fees
Other expenses (125) (2) (127) (126) (1) (127) (238)
------------------------- ------------------------ -------
(Loss)/return on
ordinary
activities before
taxation 39 (1,299) (1,260) (9) 4,201 4,192 4,942
Taxation - - - - - - -
------------------------- ------------------------ -------
(Loss)/return 4
attributable
to equity
shareholders 39 (1,299) (1,260) (9) 4,201 4,192 4,942
------------------------- ------------------------ -------
(Loss)/return
per:
Ordinary Share 4 0.3p (9.4p) (9.1p) 0.1p 36.3p 36.4p 41.3p
'D' Share 4 - (7.3p) (7.3p) (0.6p) (3.2p) (3.8p) 2.9p
The total column within the Income Statement represents the profit and loss
account of the Company.
A Statement of Total Recognised Gains and Losses has not been prepared as all
gains and losses are recognised in the Income Statement as noted above.
INCOME STATEMENT
for the six months ended 30 September 2011
Split as:
Ordinary Shares Year
ended
Six months ended Six months ended 31
30 September 2011 30 September 2010 March
2011
Revenue Capital Total Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Income
- continuing operations 161 - 161 64 - 64 167
- acquisitions - - - 68 - 68 145
(Losses)/gains on
investments
- continuing operations - (1,031) (1,031) - 56 56 122
- acquisitions - - - - 811 811 1,280
Net gain on acquisition of
net
assets - - - - 3,494 3,494 3,512
----------------------------------------------- ------
161 (1,031) (870) 132 4,361 4,493 5,226
Investment management fees (19) (60) (79) (23) (68) (91) (172)
Other expenses (103) (2) (105) (102) (1) (103) (194)
----------------------------------------------- ------
(Loss)/return on ordinary
activities before taxation 39 (1,093) (1,054) 7 4,292 4,299 4,860
Taxation - - - - - - -
----------------------------------------------- ------
(Loss)/return attributable
to
equity shareholders 39 (1,093) (1,054) 7 4,292 4,299 4,860
----------------------------------------------- ------
'D' Shares
Income
- continuing operations 26 - 26 13 - 13 47
(Losses)/gains on
investments
- continuing operations - (193) (193) - (74) (74) 117
----------------------------------------------- ------
26 (193) (167) 13 (74) (61) 164
Investment management fees (4) (13) (17) (5) (17) (22) (38)
Other expenses (22) - (22) (24) - (24) (44)
----------------------------------------------- ------
(Loss)/return on ordinary
activities before taxation - (206) (206) (16) (91) (107) 82
Taxation - - - - - - -
----------------------------------------------- ------
(Loss)/return attributable
to equity shareholders - (206) (206) (16) (91) (107) 82
----------------------------------------------- ------
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 30 September 2011
Note 30 Sep 2011 30 Sep 2010 31 Mar 2011
Ordinary 'D'
Shares Shares Total Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening Shareholders' funds 12,121 2,624 14,745 7,083 7,083
Issue of share capital on - - - 3,914 3,913
acquisition
Proceeds of new share issue 33 - 33 25 163
Share issue costs (2) - (2) - (19)
Repurchase of own shares (219) (33) (252) (262) (498)
Total recognised (losses)
/gains for (1,053) (207) (1,260) 4,192 4,942
the period
Dividends paid 5 (286) (141) (427) (550) (839)
------------------------------------------------
Closing Shareholders' funds 10,594 2,243 12,837 14,402 14,745
------------------------------------------------
UNAUDITED CASH FLOW STATEMENT
for the six months ended 30 September 2011
Note 30 Sep 2011 30 Sep 2010 31 Mar 2011
Ordinary 'D'
Shares Shares Total Total Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Net cash outflow from
operating activities 9 (62) (25) (87) (30) (80)
----------------------------------------------
Capital expenditure
Purchase of investments (887) (42) (929) (2,447) (4,902)
Disposal of investments 955 99 1,054 1,985 3,772
----------------------------------------------
Net cash inflow/(outflow)
from 68 57 125 (462) (1,130)
capital expenditure
----------------------------------------------
Equity dividends paid (285) (142) (427) (550) (841)
----------------------------------------------
Acquisitions
Cash acquired - - - 1,990 1,990
Merger costs (4) - (4) (156) (200)
----------------------------------------------
(4) - (4) 1,834 1,790
----------------------------------------------
Net cash (outflow)/inflow
before financing (283) (110) (393) 792 (261)
----------------------------------------------
Financing
Proceeds of new share issue 25 - 25 25 168
Share issue costs (6) - (6) - (12)
Purchase of own shares (219) (33) (252) (262) (476)
----------------------------------------------
Net cash outflow from (200) (33) (233) (237) (320)
financing
----------------------------------------------
(Decrease)/increase in cash 10 (483) (143) (626) 555 (581)
----------------------------------------------
SUMMARY OF INVESTMENT PORTFOLIO
as at 30 September 2011
Unrealised
gain/(loss)
in the %
ORDINARY SHARE POOL Cost Valuation period of portfolio
GBP'000 GBP'000 GBP'000
Top ten venture capital investments (by value)
Ludorum plc 1,127 952 (307) 8.9%
Cadbury House Holdings Limited * 974 930 (79) 8.6%
Elektron Technology plc 549 732 (169) 6.8%
Helcim Group Limited * 547 547 - 5.1%
Mears Group plc ** 551 522 58 4.9%
Domestic Solar Limited * 500 500 - 4.7%
Tracsis plc 351 483 132 4.5%
Accumuli Group plc 400 462 (61) 4.3%
Leytonstone Pub Limited * 453 453 - 4.2%
Pennant International plc 212 390 (56) 3.7%
-------- --------- ----------- -------------
5,664 5,971 (482) 55.7%
Other venture capital investments 5,063 3,649 (611) 34.2%
-------- --------- ----------- -------------
10,727 9,620 (1,093) 89.9%
-------- -----------
Cash at bank and in hand 1,086 10.1%
--------- -------------
Total investments 10,706 100.0%
--------- -------------
*unquoted
**quoted on the London Stock Exchange full list
Unrealised gain/(loss) %
'D' SHARE POOL Cost Valuation in the period of portfolio
GBP'000 GBP'000 GBP'000
Top ten venture capital investments (by value)
Animalcare Group plc 83 242 8 11.0%
Ludorum plc 183 220 (64) 10.0%
Cadbury House Holdings 160 165 (14) 7.5%
Limited *
Leytonstone Pub Limited 129 129 - 5.9%
*
Tristel plc 113 110 (41) 5.0%
Hoole Hall Country Club 96 96 - 4.4%
Holdings Limited *
The 3D Pub Co Limited * 83 83 - 3.8%
Tramps Nightclub Limited 80 83 3 3.8%
*
Future Biogas (SF) 81 81 - 3.7%
Limited *
Aminghurst Limited * 75 75 - 3.4%
------------------------------------------------------
1,083 1,284 (108) 58.5%
Other venture capital 478 269 (92) 12.3%
investments
Other investments 531 516 4 23.5%
------------------------------------------------------
2,092 2,069 (196) 94.3%
------- --------------------------
Cash at bank and in hand 125 5.7%
----------- -------------
Total investments 2,194 100.0%
----------- -------------
All venture capital investments are listed on AIM unless otherwise stated
* unquoted
SUMMARY OF INVESTMENT MOVEMENTS
for the six months ended 30 September 2011
Additions
Ordinary 'D'
Share Share pool
pool Total
GBP'000 GBP'000 GBP'000
Venture Capital investments
Financial News Publishing Limited * 60 - 60
Future Biogas (SF) Limited * 10 6 16
Helcim Group Limited * 172 - 172
Hoole Hall Country Club Holdings Limited * 144 36 180
Kidspace Adventures Limited * 150 - 150
Sinclair IS Pharma plc ** 246 114 360
Tracsis plc 350 - 350
--------------------------------
1,132 156 1,288
--------------------------------
All venture capital investments are listed on AIM unless otherwise stated
* unquoted
** arising on share for share takeover of IS Pharma plc
SUMMARY OF INVESTMENT MOVEMENTS (continued)
for the six months ended 30 September 2011
Disposals
Market value Total
at 1 April Profit/ realised
2011 * Disposal (loss) vs gain/
Cost proceeds cost (loss)
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
ORDINARY SHARE
POOL
Venture capital
investments
@UK plc 300 87 77 (223) (10)
Electron 117 192 230 113 38
Technology plc
Global 3 Digital - - 28 28 28
Limited
Hoole Hall Spa 158 158 158 - -
and Leisure Ltd
IS Pharma plc ** 225 236 246 21 10
Ludlow Taverns 75 75 75 - -
Springhill Ltd
Sinclair IS 115 115 103 (12) (12)
Pharma plc
Synergy Health 65 86 96 31 10
plc
Tramps Nightclub 11 11 11 - -
Limited
---------------------------------------------------------------
1,066 960 1,024 (42) 64
---------------------------------------------------------------
Other investments
Goldman Sachs 182 163 162 (20) (1)
Signet Global 20 16 15 (5) (1)
Fixed Inc Strat.
---------------------------------------------------------------
202 179 177 (25) (2)
---------------------------------------------------------------
---------------------------------------------------------------
1,268 1,139 1,201 (67) 62
---------------------------------------------------------------
'D' SHARE POOL
Venture capital
investments
Animalcare Group 20 52 55 35 3
plc
Hoole Hall Spa 23 23 23 - -
and Leisure Ltd
IS Pharma plc ** 100 109 114 14 5
Ludlow Taverns 25 25 25 - -
Springhill Ltd
Sinclair IS 53 53 48 (5) (5)
Pharma plc
Tramps Nightclub 3 3 3 - -
Limited
---------------------------------------------------------------
224 265 268 44 3
---------------------------------------------------------------
*after adjusting for purchases in the period
**share-for-share takeover by Sinclair IS Pharma plc
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
for the six months ended 30 September 2011
1. The unaudited half yearly financial results cover the six months to 30
September 2011 and have been prepared in accordance with the accounting policies
set out in the statutory accounts for the year ended 31 March 2011, which were
prepared under UK Generally Accepted Accounting Practice and in accordance with
the Statement of Recommended Practice "Financial Statements of Investment Trust
Companies and Venture Capital Trusts" January 2009.
2. The Company has only one class of business and derives its income from
investments made in shares, securities and bank deposits.
3. The comparative figures were in respect of the six months ended 30 September
2010 and the year ended 31 March 2011.
4. Return per share
Ordinary Shares 'D' Shares
Shares
30 Sept 30 Sept 31 Mar 30 Sept 30 Sept 31 Mar
2011 2010 2011 2011 2010 2011
Return per share based on:
Net revenue
return/(loss) 39 7 81 - (16) (7)
for the period
( GBP'000)
---------------------------------- ------------------------------
Net capital
(loss)/gain for (1,093) 4,292 4,779 (206) (91) 89
the period
( GBP'000)
---------------------------------- ------------------------------
Weighted
average number
of shares in 11,564,236 11,825,670 11,767,213 2,831,952 2,836,269 2,836,269
issue
---------------------------------- ------------------------------
5. Dividends
Ordinary Shares 30 September 2011 31 March
Paid in the period 2011
Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000
2011 final 29/09/2011: 2.5p - 286 286 -
2011 interim 25/03/2011: 2.5p - - - 289
2011 Special 21/05/2010: 4.6p* - - - 550
--------- --------- ---------------
- 286 286 839
--------- --------- ---------------
* The special dividend was 1.5p per Original Ordinary Share, equivalent to 4.6p
per Ordinary Share.
'D' Shares 30 September 2011 31 March
Paid in the period 2011
Revenue Capital Total Total
GBP'000 GBP'000 GBP'000 GBP'000
2011 final 29/09/2011: 5p - 141 141 -
----------- ----------- --------- -----------
6. Net asset value per share
Ordinary Shares 30 Sept 30 Sept 31 Mar
2011 2010 2011
NAV per share based on:
Net Assets ( GBP'000) 10,594 11,967 12,121
------------ ------------ -----------
Number of Ordinary Shares in issue
at period end 11,376,204 11,738,314 11,598,424
------------ ------------ -----------
NAV per share 93.1p 101.9p 104.5p
------------ ------------ -----------
'D' Shares
NAV per share based on:
Net Assets ( GBP'000) 2,243 2,435 2,624
------------- ------------- ------------
Number of 'D' Shares in issue at 2,793,269 2,836,269 2,836,269
period end
------------- ------------- ------------
NAV per share 80.3p 85.9p 92.5p
------------- ------------- ------------
7 Called up share capital
Shares GBP'000
Ordinary Shares of 1p each
As at 1 April 2011 11,598,424 116
Shares issued in period 29,909 -
Shares bought back and cancelled (252,129) (3)
---------------------
As at 30 September 2011 11,376,204 113
---------------------
'D' Shares of 10p each
As at 1 April 2011 2,836,269 284
New shares issued in period - -
Shares bought back and cancelled (43,000) (4)
---------------------
As at 30 September 2011 2,793,269 280
---------------------
8. Reserves
Capital Share Special Capital
redemption premium reserve reserve Revaluation Revenue Merger
reserve account - reserve reserve reserve
realised
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Company
position
At 1 April 2011 3,608 1,940 6,537 2,448 70 (569) 311
Proceeds of new
share issue - 33 - - - - -
Share issue - (2) - - - - -
costs
Shares 7 - (252) - - - -
repurchased
Capital - - - (75) - - -
expenses
Gains/(losses)
on - - - 65 (1,289) - -
investments
Realisation of
revaluations
from - - - (88) 88 - -
previous years
Transfer
between - - (767) 767 - - -
reserves
Dividends paid - - - (427) - - -
Retained net - - - - - 39 -
revenue
-----------------------------------------------------------------
At 30 September 3,615 1,971 5,518 2,690 (1,131) (530) 311
2011
-----------------------------------------------------------------
The special reserve is available to the Company to enable the purchase of its
own shares in the market without affecting its ability to pay dividends/capital
distributions.
Distributable reserves comprise the special reserve, capital reserve - realised,
revenue reserve, and the merger reserve and are reduced by revaluation reserve
losses of GBP1,385,000 (31/03/2011: GBP124,000). At the period end there were
GBP6,604,000 (31/03/2011: GBP8,503,000) of reserves available for distribution.
9. Cash outflow from operating activities and returns on investments
30 Sept 30 Sept 31 Mar
2011 2010 2011
GBP'000 GBP'000 GBP'000
(Loss)/return on ordinary activities
before taxation (1,260) 4,192 4,942
(Losses)/gains on investments 1,224 (793) (1,519)
Net gain on acquisition of net assets - (3,494) (3,512)
Increase in other debtors (6) (12) (21)
(Decrease)/increase in other creditors (45) 77 30
------------------------------
Net cash outflow from operating (87) (30) (80)
activities
------------------------------
10. Analysis of net funds
30 Sept 30 Sept 31 Mar
2011 2010 2011
GBP'000 GBP'000 GBP'000
Beginning of period 1,837 2,418 2,418
Net cash (outflow)/inflow (626) 555 (581)
----------- ----------- ---------
End of period 1,211 2,973 1,837
----------- ----------- ---------
11. The unaudited financial statements set out herein do not constitute
statutory accounts within the meaning of Section 434 of the Companies Act 2006
and have not been delivered to the Registrar of Companies. The figures for the
year ended 31 March 2011 have been extracted from the financial statements for
that year, which have been delivered to the Registrar of Companies; the
auditors' report on those financial statements was unqualified.
12. The Directors confirm that, to the best of their knowledge, the half yearly
financial report has been prepared in accordance with the "Statement: Half
Yearly Financial Reports" issued by the UK Accounting Standards Board and the
half yearly financial report includes a fair review of the information required
by:
a. DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of
important events that have occurred during the first six months of the financial
year and their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the year; and
b. DTR 4.2.8R of the Disclosure and Transparency Rules, being related party
transactions that have taken place during the first six months of the current
financial year and that have materially affected the financial position or
performance of the entity during that period, and any changes in the related
party transactions described in the last annual report that could do so.
13. Copies of the unaudited half yearly financial results will be sent to
Shareholders shortly. Further copies can be obtained from the Company's
Registered Office and will be available for download from www.downing.co.uk.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Downing Distribution VCT 2 plc via Thomson Reuters ONE
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