Octopus VCT 2 PLC Octopus Vct 2 Plc : Half-yearly Report
11 Agosto 2015 - 6:05PM
UK Regulatory
TIDMOVC2
Octopus VCT 2 plc
Half-Yearly Results
11 August 2015
Octopus VCT 2 plc, managed by Octopus Investments Limited, today
announces the half-yearly results for the six months ended 30 June 2015.
The results were approved by the Board of Directors on 11 August 2015
Financial Summary
Six months to Six months to Year to
30 June 2015 30 June 2014 31 December 2014
Net assets (GBP'000s) 19,083 18,831 19,222
Return on ordinary activities
after tax (GBP'000s) 338 42 506
Net asset value ("NAV") per 100.0p 98.3p 100.7p
share
Cumulative dividends paid 5.0p 2.5p 2.5p
NAV plus cumulative dividends 105.0p 100.8p 103.2p
paid
Chairman's Statement
I am pleased to present the half-yearly report for Octopus VCT 2 plc for
the period ended 30 June 2015.
Performance
The NAV plus cumulative dividends paid of the Company has increased from
103.2p as at 31 December 2014 to 105.0p as at 30 June 2015, including
payment of the final dividend of 2.5p per share in June. The period
under review saw realised gains on disposals totalling GBP475,000 and an
uplift in the value of the portfolio of GBP45,000, offset by an accrual
for management fees of GBP152,000.
Investment Portfolio
The 6 months to 30 June 2015 saw the exit of fourteen of the Company's
solar investments. This resulted in GBP9.8 million of proceeds for the
Company and an overall capital gain of GBP2.5 million, including the
unrealised gains recognised as at 31 December 2014.
On 31 March 2015 the Company invested GBP1,550,000 into Tanganyika Heat
Limited and GBP950,000 into Winnipeg Heat Limited, both in the anaerobic
digestion sector. In addition, on 20 February 2015, an investment of
GBP2.5 million was made into Coupra Limited, a company set up to pursue
investment opportunities.
As at 30 June 2015 the investment portfolio comprised 21% in solar, 24%
in anaerobic digestion, 7% in ground source heat, 9% in media and 4% in
business services.
Cash and Liquid Resources
Uninvested cash is deposited in carefully selected banks and money
market funds with good credit ratings to mitigate the risk of loss.
Principal Risks and Uncertainties
Risks faced by the Company include economic, investment and strategic,
regulatory, reputational, operational and financial risks. These risks,
and the ways in which they are managed, are described in more detail in
the Company's Annual Report and Accounts for the year ended 31 December
2014.
VCT Qualifying Status
PricewaterhouseCoopers LLP provides the Board and Investment Manager
with advice concerning ongoing compliance with HMRC rules and
regulations concerning VCTs. The Board has been advised that the
Company is compliant with the conditions laid down by HMRC for achieving
provisional approval as a VCT.
As the Company has passed the end of its third accounting period it must
ensure that at least 70% of its investments comprise qualifying holdings
on an ongoing basis in order to maintain HMRC approval as a VCT. It is
pleasing to report that, as at 30 June 2015, 100% of the portfolio, as
measured by HMRC rules, was invested in VCT qualifying investments. The
Board is confident that this 70% threshold will be maintained.
Outlook
We are delighted to have achieved the profitable exits in the solar
sector and to see an uplift in the valuation of a number of the
portfolio companies which has led to the rise in the NAV of the Company.
We are seeing an ongoing strong performance in our renewable energy
portfolio and were pleased to have invested a further GBP2.5m in the
anaerobic digestion sector in March.
Ian Pearson
Chairman
11 August 2015
Directors' Responsibilities Statement in respect of the half-yearly
report
We confirm that to the best of our knowledge:
-- the half-yearly financial statements have been prepared in accordance
with the statement 'Interim Financial Reporting' issued by Financial
Reporting Council;
-- the half-yearly report includes a fair review of the information required
by the Financial Services Authority Disclosure and Transparency Rules,
being:
-- an indication of the important events that have occurred during the first
six months of the financial year and their impact on the condensed set of
financial statements;
-- a description of the principal risks and uncertainties for the remaining
six months of the year; and
-- a description of related party transactions that have taken place in the
first six months of the current financial year, that may have materially
affected the financial position or performance of the Company during that
period and any changes in the related party transactions described in the
last annual report that could do so.
On behalf of the Board
Ian Pearson
Chairman
Income Statement
Six months to 30 June Six months to 30 June
2015 2014 Year to 31 December 2014
Revenue Capital Total Revenue Capital Total Revenue Capital Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Realised gain on disposal of fixed
asset investments - 475 475 - - - - - -
Fixed asset investment holding gains - 45 45 - 80 80 - 532 532
Other income 108 - 108 106 - 106 255 - 255
Management fees (38) (114) (152) - - - - - -
Other expenses (138) - (138) (144) - (144) (281) - (281)
Return on ordinary activities before
tax (68) 406 338 (38) 80 42 (26) 532 506
Taxation on ordinary activities - - - - - - - - -
Return on ordinary activities after tax (68) 406 338 (38) 80 42 (26) 532 506
Return per share - basic and diluted (0.4p) 2.2p 1.8p (0.2p) 0.4p 0.2p (0.1p) 2.8p 2.7p
-- The 'Total' column of this statement is the profit and loss account of
the Company; the supplementary revenue return and capital return 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.
-- The Company has only one class of business and derives its income from
investments made in shares and securities and from bank and money market
funds.
-- The Company has no recognised gains or losses other than the results for
the period as set out above.
-- The accompanying notes are an integral part of the half-yearly report.
Reconciliation of Movements in Shareholders' Funds
Six months ended Six months ended Year to
30 June 2015 30 June 2014 31 December 2014
GBP'000 GBP'000 GBP'000
Shareholders' funds
at start of period 19,222 19,337 19,337
Return on ordinary
activities after
tax 338 42 506
Purchase of own
shares - (69) (142)
Dividends paid (477) (479) (479)
Shareholders' funds
at end of period 19,083 18,831 19,222
Balance Sheet
As at 31 December
As at 30 June 2015 As at 30 June 2014 2014
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fixed asset
investments* 14,297 15,841 18,593
Current assets:
Debtors 189 81 140
Cash at bank 4,802 3,003 527
4,991 3,084 667
Creditors:
amounts falling
due within one
year (205) (94) (38)
Net current
assets 4,786 2,990 629
Net assets 19,083 18,831 19,222
Called up equity
share capital 191 192 191
Special
distributable
reserve 17,360 17,433 17,360
Capital
redemption
reserve 3 2 3
Capital reserve
-
gains/(losses)
on disposal 1,764 (168) (168)
- holding
(losses)/gains (181) 1,370 1,822
Revenue reserve (54) 2 14
Total equity
shareholders'
funds 19,083 18,831 19,222
Net asset value 100.0p 98.3p 100.7p
per share
*Held at fair value through profit and loss
The statements were approved by the Directors and authorised for issue
on 11 August 2015 and are signed on their behalf by:
Ian Pearson
Chairman
Company Number: 07484406
Cash flow statement
Six months to Six months to Year to
30 June 2015 30 June 2014 31 December 2014
GBP'000 GBP'000 GBP'000
Net cash outflow from
operating activities (64) (16) (107)
Financial investment:
Purchase of fixed asset
investments (5,000) - (2,500)
Sale of fixed asset
investments 9,816 1,000 1,200
Tax paid - - (12)
Financing:
Dividends paid (477) (479) (479)
Purchase of own shares - (69) (142)
Increase/(decrease) in cash
resources at bank 4,275 436 (2,040)
Reconciliation of return before taxation to cash flow
from operating activities
Six months to Six months to Year to 31
30 June 2015 30 June 2014 December 2014
GBP'000 GBP'000 GBP'000
Return on ordinary
activities before tax 338 42 506
Gain on disposal of fixed
asset investments (475) - -
Gain on valuation of fixed
asset investments (45) (80) (532)
(Increase)/decrease in
debtors (49) 5 (54)
Increase/(decrease) in
creditors 167 17 (27)
Outflow from operating
activities (64) (16) (107)
Reconciliation of net cash flow to movement in net
funds
Six months to Six months to Year to 31
30 June 2015 30 June 2014 December 2014
GBP'000 GBP'000 GBP'000
Increase/(decrease) in cash
resources at bank 4,275 436 (2,040)
Opening net cash resources 527 2,567 2,567
Net funds at period end 4,802 3,003 527
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Octopus VCT 2 PLC via Globenewswire
HUG#1944973
http://www.octopusinvestments.com/
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