Interim Results
March 30 2004 - 8:55AM
UK Regulatory
RNS Number:1073X
Downing Healthcare Protectd.VCT PLC
30 March 2004
Downing Healthcare Protected VCT plc
Interim Statement for the six months ended 31 December 2003
Chairman's Statement
I am pleased to present the interim statement for the six-month period ended 31
December 2003 for Downing Healthcare Protected VCT plc.
Net Asset Value
At 31 December 2003, the net asset value per share was 80.3p, an increase of
0.1p since 30 June 2003. The total return (net asset value plus cumulative
dividends) to original investors since the Company's launch is 104.0p per
share.
Venture capital investments
At the period end the Company had a portfolio of investments in eight care home
companies with a carrying value of #5.8 million.
The Board have reviewed the valuation of the investments at the period end and
have decided that it is appropriate to make no adjustments from those at the
previous year-end of 30 June 2003.
Investment management
At the AGM in December 2003, Shareholders voted in favour of appointing an
Investment Manager, which gives the Company a structure similar to that of most
other VCTs.
Downing Healthcare Managers Limited has only been in the role for a relatively
shortperiod, however, the early signs are encouraging. The Board is confident
that having an Investment Manager, who is able to focus on the detailed
operations of the investee companies, will bring benefits in the shape of
improved trading performances.
Results and Dividend
Net revenue return after taxation for the period was #95,000, representing 1.0p
per share. An interim dividend of 1.0p per share (2003 - 1.5p per share) will
be paid on 30 April 2004 to shareholders on the register at16 April 2004.
Publication of share price
The Company's share price continues to be quoted in the Financial Times on a
daily basis in the "Investment Companies" sector, abbreviated as "DowningHlth"
Share repurchase
The Board continues to monitor the market in the Company's shares and takes a
pro-active role in ensuring that there is liquidity for shareholders wishing to
dispose of their shares by operating a policy of purchasing the Company's shares
for cancellation when appropriate. During the period the Company repurchased
170,235 shares at an average price of 68.8p per share.
Outlook
The continued pressure of regulatory issues and staffing difficulties over a
long period has lead to a number of operators leaving the care home sector. The
reduced supply of care home places has in turn created a clear improvement in
the climate for the remaining care home operators.
It remains essential that our investee companies optimise their trading
performances in order that the Company can take full advantage of the improved
conditions. The Board is, however, encouraging the Manager to work expediently
towards this goal as it feels that the portfolio may now have some upside
potential.
Chris Kay
Chairman
30 March 2004
UNAUDITED STATEMENT OF TOTAL RETURN
(incorporating the revenue account)
for the six months ended 31 December 2003
Six months ended
31 December 2003
Revenue Capital Total
#000 #000 #000
Income 200 - 200
Gains on investments - - -
Investment management fees (5) (18) (23)
Other expenses (69) - (69)
Return on ordinary activities before taxation 126 (18) 108
Tax on ordinary activities (31) 5 (26)
Return attributable to equity shareholders 95 (13) 82
Dividends (95) - (95)
Transfer to/(from) reserves - (13) (13)
Return per share 1.0p (0.1p) (0.9p)
Six months ended Year
ended
31 December 2002
30 June
2003
Revenue Capital Total Total
#'000 #'000 #'000 #'000
Income 212 - 212 474
Gains on investments - 7 7 57
Investment management fees - - - -
Other expenses (62) - (62) (133)
Return on ordinary activities before taxation 150 7 157 398
Tax on ordinary activities (41) - (41) (87)
Return attributable to equity shareholders 109 7 116 311
Dividends (146) - (146) (243)
Transfer (from)/to reserves (37) 7 (30) 68
Return per share 1.1p 0.1p 1.2p 3.2p
The revenue column of this statement is the profit and loss account of the
Company.
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, securities and bank deposits.
The comparative figures were in respect of the six months ended 31 December 2002
and the year ended 30 June 2003 respectively.
UNAUDITED SUMMARISED BALANCE SHEET
as at 31 December 2003
31 December 31 December 30 June
2003 2002 2003
#000 #000 #000
Fixed assets
Venture capital investments 5,800 6,370 5,800
Net current assets 1,866 1,345 1,997
Net assets 7,666 7,715 7,797
Capital and reserves
Called up share capital 4,773 4,871 4,858
Special reserve 4,259 4,393 4,377
Capital redemption reserve 133 35 48
Capital reserve (1,560) (1,597) (1,547)
Revenue reserve 61 13 61
Total shareholders' funds 7,666 7,715 7,797
Net asset value per share 80.3p 79.2p 80.2p
UNAUDITED CASHFLOW STATEMENT
for the six months ended 31 December 2003
Six months Six months Year
ended ended
ended
31 December 31 December
2003 2002 30 June
2003
#'000 #'000 #'000
Cash inflow from operating activities 119 101 513
(see note 1 below)
Taxation
Corporation tax paid (43) (61) (122)
Capital expenditure
Purchase of venture capital investments - - (30)
Proceeds on disposal of venture capital investments 10 207 877
Net cash inflow from capital expenditure 10 207 847
Equity dividends paid (97) (165) (311)
Net cash (outflow)/inflow before financing (10) 82 927
Financing
Repurchase of ordinary shares (134) - (13)
Net cash outflow from financing (134) - (13)
(Decrease)/increase in cash (see note 2 below) (145) 82 914
Notesto the cashflow statement:
1 Cash inflow from operating activities
Net revenue before taxation 126 150 341
Management fees charged to capital (18) - -
Increase in prepayments and accrued income (27) (39) 181
Increase/(decrease) in other creditors 38 (10) (9)
Net cash inflow from operating activities 119 101 513
2 Analysis of changes in cash during the period
Beginning of period 2,062 1,148 1,148
Net cash (outflow)/inflow (145) 82 914
End of period 1,917 1,230 2,062
INVESTMENT PORTFOLIO
as at 31 December 2003
Cost Valuation % of
portfolio
#'000 #'000 by value
Venture capital investments
Downing (Chertsey Road) Limited 1,000 1,200 15.6%
Evedale Care Home Limited 1,375 1,050 13.6%
Downing (Bon Accord) Limited 970 870 11.3%
Downing (Acacia House) Limited 1,043 850 11.0%
Kimbolton Lodge Limited 600 500 6.5%
Downing (Meadows) Limited 575 500 6.5%
Downing (Barwell) Limited 530 480 6.2%
Dovestone (The Gables) Limited 950 350 4.5%
Total investments 7,043 5,800 75.2%
Cash at bank and in hand 1,917 24.8%
7,717 100.0%
NOTES
1. The above financial information has been prepared on the basis of the
accounting policies set out in the Annual Report. A new accounting policy in
relation to Investment Management fees has been adopted and states: "The Company
has adopted the policy of allocating investment management fees associated with
venture capital investments 75% to Capital Reserve and 25% to Revenue Reserve as
permitted by the SORP".
2. The calculation of the revenue and capital return per share for the period
is based upon the net revenue and capital loss after tax of #95,000 and #13,000
respectively, divided by the weighted average number of shares in issue during
the period of 9,689,880.
3. The unaudited financial statements set out above do not constitute statutory
accounts within the meaning of Section 240 of the Companies Act 1985 and have
not been delivered to the Registrar of Companies. The figures for the year
ended 30 June 2003 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.
Copies of the unaudited interim results are being sent to shareholders shortly.
Further copies can be obtained from the Company's Registered Office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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