Triple Point Income VCT PLC Final Results -4-
May 30 2014 - 6:03AM
UK Regulatory
The Company has invested in Craigahulliar Energy Ltd and Aeris
Power Ltd, which are both small ventures which have taken advantage
of the opportunity to generate renewable electricity from landfill
gas from sites owned by public bodies in Northern Ireland. This
business line gives access to long term, reliable cash flows
generated from strong counterparties through Government promoted
legislation Renewable Obligation Certificates ("ROCs"), the sale of
electricity to a utility company and the potential for sale of
electricity to local authorities. Craigahulliar Energy Ltd's plant
has been generating electricity for export to the National Grid
since 2012 and Aeris Power Ltd's began earlier this year.
Hydro Electric Power
Elementary Energy Ltd is constructing and then will operate a
small-scale hydro-electricity plant in the Highlands of
Scotland.
Outlook
In line with its investment strategy the Company has a
diversified portfolio of VCT qualifying investments. Looking ahead
to the coming year, for the Ordinary and A share class portfolios,
we will monitor and manage their established holdings to ensure
they continue to meet our investment objectives. For the C share
class our focus is to invest shareholders' funds to build the
portfolio of companies which will construct and operate small-scale
hydro-electric installations in the Scottish Highlands.
If you have any questions, please do not hesitate to call us on
020 7201 8989.
Claire Ainsworth
Managing Partner
for Triple Point Investment Management LLP
29 May 2014
Investment Portfolio Summary
31 March 2014 31 March 2013
---------------------------------------- ----------------------------------------
Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Unquoted Holdings
Unquoted qualifying holdings 17,580 66.61 17,978 67.27 32,760 78.32 32,628 78.24
Unquoted non-qualifying holdings 1,391 5.27 1,359 5.09 525 1.26 525 1.26
Financial assets at fair value
through profit or loss 18,971 71.88 19,337 72.36 33,285 79.58 33,153 79.50
Cash and cash equivalents 7,426 28.12 7,426 27.64 8,540 20.42 8,540 20.50
26,397 100.00 26,763 100.00 41,825 100.00 41,693 100.00
========= ======== ========= ======== ========= ======== ========= ========
Unquoted Qualifying Holdings GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Cinema digitisation
21st Century Cinema Ltd - - - - 4,000 9.56 3,954 9.48
Big Screen Digital Services
Ltd - - - - 3,400 8.14 3,295 7.90
Cinematic Services Ltd - - - - 2,000 4.78 1,990 4.77
Digima Ltd 1,262 4.78 1,249 4.67 4,000 9.56 3,961 9.50
Digital Screen Solutions Ltd 2,020 7.65 2,028 7.58 4,000 9.56 3,932 9.43
DLN Digital Ltd - - - - 2,000 4.78 2,035 4.88
Electricity Generation
Solar
Arraze Ltd 600 2.27 651 2.47 600 1.43 628 1.50
Bandspace Ltd 1,200 4.55 1,353 5.06 1,200 2.87 1,302 3.12
Bridge Power Ltd 725 2.75 778 2.91 725 1.73 755 1.81
Campus Link Ltd 690 2.61 761 2.84 690 1.65 732 1.76
Convertibox Services Ltd 1,000 3.79 950 3.55 1,000 2.39 915 2.19
Core Generation Ltd 600 2.27 649 2.46 600 1.43 626 1.50
C More Energy Ltd 1,000 3.79 1,069 3.99 - - - -
Green Energy for Education
Ltd 1,000 3.79 979 3.66 1,000 2.39 952 2.28
PJC Renewable Energy Ltd 5 0.02 5 0.02 - - - -
Trym Power Ltd 200 0.76 213 0.81 200 0.48 206 0.49
Anaerobic Digestion
Biomass Future Generation
Ltd 2,150 8.14 2,150 8.03 2,150 5.14 2,150 5.16
GreenTec Energy Ltd 1,000 3.79 1,000 3.74 1,000 2.39 1,000 2.40
Katharos Organic Ltd 1,000 3.79 1,000 3.74 1,000 2.39 1,000 2.40
Landfill Gas
Aeris Power Ltd 525 1.99 525 1.96 525 1.26 525 1.26
Craigahulliar Energy Ltd 350 1.33 365 1.36 350 0.84 350 0.84
Hydro Electric Power
Elementary Energy Ltd 2,253 8.54 2,253 8.42 1,000 2.39 1,000 2.40
Crematorium Management
Furnace Managed Services Ltd - - - - 1,320 3.16 1,320 3.17
17,580 66.61 17,978 67.27 32,760 78.32 32,628 78.24
========= ======== ========= ======== ========= ======== ========= ========
31 March 2014 31 March 2013
------------------------------------ ------------------------------------
Unquoted Non-Qualifying Holdings Cost Valuation Cost Valuation
GBP'000 % GBP'000 % GBP'000 % GBP'000 %
Anaerobic Digestion
Drumnahare Biogas Ltd 221 0.84 221 0.84 525 1.26 525 1.26
Crematorium Management
Furnace Managed Services Ltd 1,170 4.43 1,138 4.25 - - - -
1,391 5.27 1,359 5.09 525 1.26 525 1.26
--------- ------ --------- ------ --------- ------ --------- ------
Financial Assets are measured at fair value through profit or
loss. The initial best estimate of fair value of these investments
that are either quoted or not quoted on an active market is the
transaction price (i.e. cost). The fair value of these investments
is subsequently measured by reference to the enterprise value of
the investee company, which is best deemed to reflect the fair
value. Where the Board considers the investee company's enterprise
value to remain unchanged since acquisition, investments continue
to be held at cost less any loan repayments received. Where the
Board considers the investee company's enterprise value has changed
since acquisition, investments are held at a value measured using a
discounted cash flow model.
Investment Portfolio's Ten Largest VCT Unquoted Investments
Bandspace Ltd
Income recognised Equity
by TP Income Held by Equity Held
Date of first Valuation Valuation for the year TP Income by TPIM managed
investment Cost GBP GBP Method GBP'000 % funds %
Discounted
05-Apr-12 1,200,000 1,353,000 cashflow 42 37.03 98.75
Summary of Information from Investee Company Financial
Statements ending in 2013: GBP'000
Turnover 327
Earnings before interest, tax, amortisation and depreciation
(EBITDA) 265
Profit before tax 35
Net assets before VCT loans 3,164
Net assets 924
Bandspace Ltd is a small business that owns a portfolio of roof mounted
solar PV systems which have generated renewable electricity since 2011.
It has a reliable, long term index-linked revenue stream supported by receipt
of the Feed-in Tariffs. It expanded its business with the purchase of additional
solar PV systems in 2012 and in 2013.
---------------------------------------------------------------------------------------------------------------
Biomass Future Generations
Ltd
Income recognised Equity
by TP Income Held by Equity Held
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