Half-yearly Report
09 Ottobre 2008 - 4:24PM
UK Regulatory
Keydata AIM VCT 2 plc
KEYDATA AIM VCT 2 plc
Unaudited Interim Results for the six month period ending 31 August 2008
Chairman's Statement
During the six month period, the FTSE AIM All Share index fell by 21.4%. Against
this backdrop, the Company substantially outperformed with NAV down only 1.9% in
the period.
Results
The net asset value per ordinary share decreased by 1.9% to 91.85 pence during
the period, after adjusting for the 4 pence dividend paid in June 2008. The loss
per ordinary share for the period was 1.88 pence (comprising revenue earnings of
0.46 pence and capital losses of 2.34 pence).
The Investment Manager invested �0.1 million in 1 qualifying AIM company during
the period (Advanced Computer Software) together with a further �4.0m in 22
non-qualifying equities, 17 of which were disposed (in full or in part)
realising a net gain on sale of �0.066 million in the period. The bid value of
qualifying investments at 31 August 2008 was �0.62 million invested in 9 AIM
companies. Our holding in Clerkenwell Ventures became non-qualifying in
September 2008. The bid value of non-qualifying investments at 31 August 2008
was �0.58 million invested in 10 listed or AIM companies. �2.64 million was held
on short dated treasury stock. With respect to the 70% investment test, as at 31
August 2008, 23.5% of the Company's investments were in qualifying companies. We
have until 28 February 2010 to meet the 70% test.
Dividend
No interim dividend is proposed in respect of the period.
Shares repurchased
During the period 10,300 ordinary shares were repurchased for cancellation at a
cost of �9,175.
Outlook
The outlook for the UK economy has deteriorated sharply in the last 6 months.
Against this difficult backdrop, our heavy weighting towards UK gilts (68.8% of
investments) continues to protect the fund from the decline in equity values.
The latest published NAV at 30 September 2008 was 89.32 pence. We remain
confident that we will achieve our required 70% investment in qualifying
companies by 28 February 2010.
Shareholder Communication
The Company's daily share price can be found on various financial websites under
the EPIC code "KEYT", or on our own dedicated website at
www.keydataaimvct2.co.uk
Sir Aubrey Brocklebank Bt
Chairman
9 October 2008
Income Statement for the six month period to 31 August 2008 (unaudited)
For the six month period to
31 August 2008 (unaudited)
Revenue Capital Total
�000 �000 �000
Realised gains on investments 66 66
Unrealised losses on investments - (157) (157)
Income 75 75
-------- ---------- --------
75 (91) (16)
Management fee (5) (17) (22)
Other expenses (49) (49)
-------- ---------- --------
(54) (17) (71)
-------- -------- --------
Profit (loss) before taxation 21 (108) (87)
Taxation - - -
-------- -------- --------
Profit (loss) after taxation 21 (108) (87)
-------- -------- --------
Earnings (loss) per share (Note 2) 0.46p (2.34)p (1.88)p
The total column of this statement is the income statement of the Company. All
revenue and capital items in the above statement derive from continuing operations.
Income Statement for the period from 20 September 2006 to 31 August 2007
(unaudited)
For the six month period to
31 August 2007 (unaudited)
Revenue Capital Total
�000 �000 �000
Realised gains on investments 151 151
Unrealised gains on investments - 13 13
Income 94 94
-------- ---------- --------
94 164 258
Management fee (5) (15) (20)
Other expenses (67) (67)
-------- ---------- --------
(72) (15) (87)
-------- -------- --------
Profit before taxation 22 149 171
Taxation (4) 4 -
-------- -------- --------
Profit after taxation 18 153 171
-------- -------- --------
Earnings per share (Note 2) 0.38p 3.33p 3.71p
The total column of this statement is the income statement of the Company. All
revenue and capital items in the above statement derive from continuing operations.
Balance sheet as at 31 August 2008 (unaudited)
31 August 31
2008 August
(unaudited 2007
(unaudited)
�000 �000
Fixed assets
Investments 3,835 872
------- --------
Current assets
Prepayments and accrued income 64 20
Cash at bank and on deposit 354 3,707
------ --------
418 3,727
Creditors: amounts falling due within one
year
Accruals and deferred income (37) (58)
------ --------
Net current assets 381 3,669
------ --------
Net assets 4,216 4,541
------ --------
Capital and Reserves
Called up share capital 46 46
Share premium - 4,325
Capital reserve - realised 50 140
Capital reserve - unrealised (228) 13
Special reserve 4,315 -
Revenue reserve 33 17
------ --------
Equity shareholders' funds 4,216 4,541
------ --------
Net asset value per share (Note 4) 91.85p 98.71p
Cash flow statement for the six month period to 31 August 2008 (unaudited)
2008 2007
�000 �000
(Loss) profit before taxation (87) 170
Realised gains on investments (66) (150)
Unrealised losses on investments 157 (13)
Decrease (increase) in debtors 18 (20)
Increase in creditors 1 58
------- --------
Net cash outflow from operating
activities
Financial investment: 23 45
Purchase of investments (6,862) (2,195)
Sale of investments 6,951 1,486
-------- --------
Net financial investment
Dividends paid
89 (709)
Cash outflow before management of liquid
resources (184) -
------- --------
Financing (72) (664)
Net proceeds from issue of share capital - 4,371
Purchase of shares for cancellation (9) -
------- -------
Net financing (9) 4,371
------- --------
Decrease/(increase) in cash (81) 3,707
------- --------
Reconciliation of movements in shareholders' funds for the six month period to
31 August 2008 (unaudited)
Share Capital Capital Special Revenue
Capital Reserve Reserve Reserve Reserve
Realised Unrealised
�000 �000 �000 �000 �000
At beginning of period 46 168 (71) 4,325 27
Proceeds from issue of shares - - - - -
Costs related to issue of shares - - - - -
Realised gains on investments - 66 - - -
Unrealised losses on investments - - (157) - -
Management fee charged to capital - (16) - - -
Equity dividends paid - (168) - - (16)
Shares repurchased for cancellation - - - (10) -
Profit after taxation for the period 21
-------- -------- -------- --------- --------
At end of period 46 50 (228) 4,315 33
------ ------ ------ -------- --------
Reconciliation of movements in shareholders' funds for the period from 20
September 2006 to 31 August 2007 (unaudited)
Share Capital Capital Share Revenue
Capital Reserve Reserve Premium Reserve
Realised Unrealised
�000 �000 �000 �000 �000
At beginning of period - - - - -
Proceeds from issue of shares 46 - - 4,555 -
Costs related to issue of shares - - - (230) -
Realised gains on investments - 151 - - -
Unrealised gains on investments - - 13 - -
Management fee charged to capital - (15) - - -
Tax relief - 4 - - -
Profit after taxation for the period 17
-------- -------- -------- ---------- --------
At end of period 46 140 13 4,325 17
------ ------ ------ -------- --------
Notes to the interim report
1 The accounts of the company are prepared in accordance with Accounting Standards
applicable in the United Kingdom. The accounting policies used in preparing this
report are consistent with those to be adopted at the year end. All AIM investments
are valued at bid price.
2 The loss per ordinary share of 1.88p is based on the loss after tax for the period of
�87,000 and the weighted average number of ordinary shares in issue over the period
of 4,595,450.
3 The results should not be taken as a guide to the results for the financial period
ending 28 February 2009.
4 The net asset value per ordinary share at 31 August 2008 of 91.85p is based on net
assets of �4,216,000 and on 4,590,340 shares, being the number of ordinary shares in
issue as at 31 August 2008.
5 The financial information contained in the 31 August 2008 income statement, balance
sheet, cash flow statement and reconciliation of movements in shareholders' funds
does not constitute full financial statements and has not been audited.
Investment portfolio summary as at 31 August 2008
Qualifying investments Book cost Valuation Valuation
�000 �000 %
Optare 116 123 3.2
Animalcare 100 96 2.5
Advanced Computer Software 100 94 2.4
Mount Engineering 75 70 1.8
Plastics Capital 100 68 1.8
Intercede 96 67 1.7
Relax 100 60 1.6
Image Scan 93 22 0.6
Alterian 45 15 0.4
-------- -------- --------
Total qualifying investments 825 615 16.0
Non-qualifying investments
Clerkenwell Ventures 202 201 5.2
Amec 130 126 3.3
Home Retail Group 126 125 3.3
Agrifirma Brazil 51 55 1.4
Cohort 36 49 1.3
Richoux 33 19 0.5
Axeon 10 7 0.2
Gallahad Gold 1 1 0.0
Optare 1 0 0.0
Relax 1 0 0.0
-------- -------- --------
Non-qualifying equity investments 591 583 15.2
Treasury 4% 2009 2,647 2,637 68.8
-------- -------- --------
Total non-qualifying investments 3,238 3,220 84.0
-------- ------- --------
Total investments 4,063 3,835 100.0
-------- -------- --------
Qualifying investments at 31 August 2008 by valuation
Optare plc 20p
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Investment date September 2007 Unaudited results for 6 mths to June 08
Equity held 0.57% Turnover (�'000) -
Purchase Price 14.7p Profit before tax (�'000) -
Cost (�'000) 116 Net assets (�'000) -
Valuation (�'000) 123
Optare plc is a leading name in the UK bus and coach industry. The company specializes in the
design, manufacture and supply of single and double deck buses, coaches and smaller vehicles,
and also offers a comprehensive after sales service. Optare acquired Darwen Holdings plc via
reverse takeover on 14 July 08.
Animalcare plc 53p
----------------------- -------------------------------------------------- -------------------
Investment date December 2007 Unaudited results for 6 mths to December 2007
Equity held 0.92% Turnover (�'000) 3,406
Purchase Price 55p Profit before tax (�'000) (7)
Cost (�'000) 100 Net assets (�'000) 6,132
Valuation (�'000) 96
Animalcare Group previously known as Ritchey, listed it shares on AIM following the
acquisition of Animalcare from Genus plc by Ritchey. The enlarged group has two divisions,
Animalcare and Ritchey. Ritchey is a long-established manufacturer and supplier of premium
livestock products, whilst Animalcare markets and sells a range of licensed veterinary
pharmaceuticals, animal identification microchips and other veterinary supplies products,
with a particular focus on the companion animal sector within the UK and Ireland. It is also
present in the livestock and food production animal sector.
Advanced Computer Software plc 16p
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Investment date July 2008 Year end to -
Equity held 0.31% Turnover (�'000) -
Purchase Price 17p Profit before tax (�'000) -
Cost (�'000) 100 Net assets (�'000) -
Valuation (�'000) 94
Under new management, Advanced Computer Software plc (formerly known as Drury Lane) raised
�14.6m in July 2008 to acquire Adastra Software Ltd, a data distribution and clinical support
software provider to the primary care sectors in the UK, Ireland and the Netherlands as the
first step to becoming a leading provider of software and services to the UK primary care
market (the provision of first line patient services such as GPs, walk-in-centres, district
nursing, and out-of-hours services). The Company's strategy is to consolidate the fragmented
healthcare software market, through selective acquisitions, with a focus on primary care.
Mount Engineering plc 65p
---------------------------------------------------------------------------------------------
Investment date June 2007 Unaudited results for year to December 2007
Equity held 0.44% Turnover (�'000) 5,433
Purchase Price 70p Profit before tax (�'000) 1,305
Cost (�'000) 75 Net assets (�'000) 16,722
Valuation (�'000) 70
Mount Engineering plc was established in April 2007 for the purpose of acquiring Mount York
Limited. The acquisition of Mount York Limited marks the first step in implementing a
strategy to grow the new group, both by selective acquisition and from the continual
expansion of the product range. Mount Engineering has three UK subsidiaries, each well
established within its industry, with a strong brand name and a recognition for quality
products. The major end user market for all three subsidiaries are the oil and gas and
petrochemical industries, however they also serve a range of other industrial markets
including mining, waste water and pharmaceuticals.
Plastics Capital plc 68p
--------------------------------------------------------------------------- ------------------
Investment date November 2007 Unaudited results for year to March 2008
Equity held 0.37% Turnover (�'000) 20,452
Purchase Price 100 Profit before tax (�'000) (2,869)
Cost (�'000) 100 Net assets (�'000) 17,212
Valuation (�'000) 68
Plastics Capital plc is a consolidator of plastic products manufacturers focused on
proprietary products for niche markets. The group has been built up through acquisitions
since 2002 by a management team experienced in mergers and acquisitions, manufacturing and
industrial marketing. The group has made six acquisitions to date and has five factories in
the UK, an assembly operation in Thailand and sales offices in the US and Japan.
Approximately 70% of sales are generated overseas whilst production is concentrated in the
UK, where significant engineering know-how and automation underpins the group's
competitiveness.
Intercede plc 23p
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Investment date May 2007 Unaudited results for year to March 2008
Equity held 0.78% Turnover (�'000) 2,805
Purchase Price 33p Profit before tax (�'000) (177)
Cost (�'000) 96 Net assets (�'000) (1,178)
Valuation (�'000) 67
Intercede Group plc is a leading developer and supplier of smart card and identity credential
management software. The company's principal product, MyID, is a software solution that
manages the secure registration, issuance and lifecycle of identity credentials and devices.
Relax plc 27p
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Investment date February 2008 Unaudited results for 6 mths to January 2008
Equity held 0.73% Turnover (�'000) 4,424
Purchase Price 45p Profit before tax (�'000) (1,446)
Cost (�'000) 100 Net Assets (�'000) 8,541
Valuation (�'000) 60
Relax plc, formerly known as Debts.co.uk, provides a range of solutions to over-indebted
individuals that includes IVAs, trust deeds, debt management programmes, bankruptcy and
secured loans.
Image Scan plc 3 �p
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Investment date May 2007 Unaudited results for 6 mths to March 2008
Equity held 1.11% Turnover (�'000) 1,122
Purchase Price 15p Profit before tax (�'000) (136)
Cost (�'000) 93 Net assets (�'000) 1,803
Valuation (�'000) 22
Image Scan plc has developed modular proprietary software and hardware to provide innovative
methods of acquiring, interpreting and presenting x-ray images in real time, bringing major
new benefits to security applications, product quality and industrial inspection
applications.
Alterian plc (via Mediasurface) 122p
--------------------------------------------------------------------------- ------------------
Investment date June 2007 Audited results for year to March 08
Equity held 0.02% Turnover (�'000) 19,343
Purchase Price - Profit before tax (�'000) 4,015
Cost (�'000) 75 Net assets (�'000) 25,095
Valuation (�'000) 15 (shares)
30 (cash sum)
In July 2008, Alterian plc acquired Mediasurface plc via a cash and share offer worth 15p per
share. Alterian helps marketers improve results through its integrated marketing software
platform and global partner community of leading marketing service providers, agencies, and
systems integrators.
9 October 2008
For further information please contact:
Craig McNeil
Company Secretary
Keydata AIM VCT 2 plc
0141 228 6310
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