TIDMDNE
RNS Number : 3783X
Dunedin Enterprise Inv Trust PLC
28 August 2015
For release 28 August 2015
Dunedin Enterprise Investment Trust PLC
Half year ended 30 June 2015
Dunedin Enterprise Investment Trust PLC, the private equity
investment trust which specialises in investing in UK mid-market
buyouts, announces its results for the half year ended 30 June
2015.
Financial Highlights:
-- Net asset value total return of -0.1% in the six months to 30 June 2015
-- Realisations of GBP3.0m in the half year
-- New investments of GBP10.6m in the half year
-- GBP0.7m returned to shareholders by way of share buyback
-- Final dividend for 2014 paid of 4.7p per share
Comparative Total Return Performance (%)
FTSE
Small
Cap
(ex Inv
Periods to 30 Net asset Share Cos)
June 2015 value price Index
--------------- ---------- ------- ---------
Six months -0.1 -9.1 11.9
One year 1.0 -24.2 8.4
Three years -5.9 4.6 88.3
Five years 28.8 39.0 119.5
Ten years 45.6(*1) 15.8 95.2
(*1) - taken from 31 July for ten years
For further information please contact:
Graeme Murray Corinna Osbourne
Dunedin LLP Equity Dynamics Limited
0131 225 6699 07825 326 440
0131 718 2310 corinna@equitydynamics.co.uk
07813 138367
Chairman's Statement
Between your Company's half year end and the time of writing
this statement, market conditions have been turbulent following
negative economic news mainly from China. As a consequence, the
share price has declined from a recent high of 354.5p at 31 July
2015 to 316.9p at the time of writing.
The market for unquoted businesses is generally not directly
correlated with global stock markets. A continuation of this
turbulence could help to lower the multiple required to be paid for
new investments, but correspondingly may have a negative impact on
the IPO market and potential exit valuations achieved.
Performance
The Board is acutely aware of the extent of your Company's
underperformance and in particular of the lack of profitable
realisations from Dunedin Buyout Fund II LP. The portfolio of
investments in this fund is now relatively mature and offers the
prospect of good realisations in the near future; advisers have
been appointed to assist in the sale of several portfolio companies
in order to maximise value and capitalise on the positive exit
environment for private businesses. Historically, performance has
been partly linked to realisations from the portfolio. The Board
has emphasised to the Manager the importance of delivering value
for shareholders.
Following the change in strategy in November 2011 to invest
primarily in Dunedin funds, the Company committed GBP60m to Dunedin
Buyout Fund III LP ("DBF III") in 2012/2013. As DBF III still has
two and a half years left of its five year investment period and is
only 38% invested, it is too early to judge the performance of
DBFIII.
Board Changes
I am pleased to welcome Angela Lane to our Board from 1 June
this year. Angela has worked as an independent director and adviser
to private companies and private equity firms. She spent 18 years
working in private equity at 3i and has extensive experience of
business and financial services, healthcare, travel and aviation,
media, consumer goods and infrastructure. I am sure that her
experience will prove invaluable
Duncan Budge
27 August 2015
Manager's Review
Results for the six months to 30 June 2015
The results for the six months to 30 June 2015 show strong
contributions from CitySprint, Hawksford and Kee Safety as a result
of earnings growth and an increase in valuation multiples. This has
been offset by the underperformance of Premier Hytemp and EV as a
result of trading conditions in the oil and gas sector.
In the six months to 30 June 2015, Dunedin Enterprise's net
asset total return per share was -0.1%, after taking account of
dividends paid. The unaudited net asset value per share decreased
by 1.0% from 510.6p to 505.4p, while the FTSE Small Cap Index (ex
Inv. Cos) increased by 9.5%.
During the six months to 30 June 2015 the share price decreased
by 10.3% from 352.4p to 316.0p, which equates to a discount of
37.5% to net asset value. This compared with a discount of 31.0% at
31 December 2014.
During June 2015 Dunedin Enterprise no longer qualified for
inclusion in the FTSE All-Share Index due to a reduction in the
market capitalisation of the Company. This resulted in a number of
tracker funds which held shares being required to dispose of their
shareholding within a short period of time, resulting in downward
pressure on the share price. The majority of these shares were
placed with the assistance of the Company's brokers. The balance of
shares remaining (GBP0.7m) were bought back by the Company at a
price of 309.8p, a discount of 39% to the net asset value as at 31
December 2014. The removal of these sellers led to a recovery in
the share price after the half year end. However, following recent
market declines, the share price now stands at 316.9p.
In the six months to 30 June 2015 Dunedin Enterprise invested a
total of GBP10.6m and realised GBP3.0m from investments.
The Company had outstanding commitments to limited partnership
funds of GBP56.2m at 30 June 2015. This consists of GBP49.2m to
Dunedin managed funds and GBP7.0m to European funds. It is expected
that approximately GBP34m of this total commitment will be drawn
over the next two and a half years. The GBP20m revolving credit
facility is available to the Company until 27 February 2017 and is
undrawn at 30 June 2015. The Board and the Manager remain satisfied
with the balance between cash resources and outstanding commitments
given the expected rate of new investment and potential
realisations of existing investments. The Company therefore
continues to adopt a going concern basis in preparing the half year
report and accounts.
Net asset and cash movements in the half year to 30 June
2015
The movement in net asset value is summarised in the table
below:-
GBP'm
-------------------------------- --------------------------------------------------
Net asset value at 31 December
2014 106.6
Unrealised value increases 6.5
Unrealised value decreases (5.1)
Realised loss over opening
valuation (1.2)
Dividends paid to shareholders (1.0)
Share buyback (including
costs) (0.7)
Other movements (0.8)
-------------------------------- --------------------------------------------------
Net asset value at 30 June
2015 104.3
-------------------------------- --------------------------------------------------
Cash movements in the half year to 30 June 2014 can be
summarised as follows:
GBP'm
-------------------------------- -----------------
Cash and near cash balances
at 31 December 2014 9.9
Investments made (10.6)
Investments realised 3.0
Dividends paid to shareholders (1.0)
Share buyback (including
costs) (0.7)
Operating activities (0.1)
-------------------------------- -----------------
Cash and near cash balances
at 30 June 2015 0.5
-------------------------------- -----------------
Portfolio Composition
Dunedin Enterprise holds investments in unquoted companies
through:
-- Dunedin managed funds (including direct investments), and
-- Third party managed funds.
The investment portfolio can be analysed as shown in the table
below.
Valuation Additions Disposals Realised Unrealised Valuation
at 31-12-14 in half in half movement movement at 30-06-15
year year
GBP'm GBP'm GBP'm GBP'm GBP'm GBP'm
--------------------- ------------ ---------- ---------- --------- ----------- ------------
Dunedin managed 84.0 7.8 (1.7) (1.2) 1.6 90.5
Third party managed 13.2 2.8 (1.3) - (0.2) 14.5
--------------------- ------------ ---------- ---------- --------- ----------- ------------
97.2 10.6 (3.0) (1.2) 1.4 105.0
--------------------- ------------ ---------- ---------- --------- ----------- ------------
New investment activity
(MORE TO FOLLOW) Dow Jones Newswires
August 28, 2015 02:01 ET (06:01 GMT)
In March 2015 an investment of GBP4.9m was made in Blackrock
Programme Management ("Blackrock PM"). Blackrock PM is a
professional services firm that provides independent expert witness
and construction consulting services for large, international
construction projects. The company is headquartered in London and
is widely recognised as a market leader, employing individual
directors who are experts in their field. Blackrock PM has worked
on an extensive range of projects around the globe, including
airports, roads, railways, power stations, process plants,
manufacturing facilities, health and educational facilities and
commercial buildings.
Two follow-on investments were made in the half year. A further
investment of GBP1.5m was made in Red, the IT staffing business, to
assist with working capital and a re-setting of bank covenants. An
investment of GBP0.3m was made in Steeper, the provider of
prosthetic, orthotic and assistive technology products and
services, to assist with a factory improvement programme. There
were drawdowns totalling GBP1.1m made during the half year by
Dunedin managed funds for management fees.
Within the European funds a total of GBP2.6m was drawn down by
Realza for two new investments. It invested GBP1.4m in Litalsa, a
provider of packaging finishes. Realza invested a further GBP1.2m
in Cualin Quality, a leading producer of premium tomatoes and a
further GBP0.2m was drawn by the two European funds to meet
management fees and operating expenses.
Realisations
In the six months to 30 June 2015 a total of GBP3.0m was
realised from investments. GBP1.7m was received from Enrich
following the successful outcome of the court case against the
vendor of the business. A total of GBP1.0m was returned from
Innova/5. This was primarily the result of a successful IPO of the
internet portal service provider Wirtualna Polska on the Polish
stock exchange and a partial realisation of the stock on flotation.
A further distribution of GBP0.3m was made by Realza as a result of
strong cash generation by GTT, the provider of management services
to local public entities in Spain.
Unrealised movements in valuation
Unrealised movements in portfolio company valuations in the half
year amounted to GBP1.4m. The largest increases within this total
were in the valuation of CitySprint (GBP3.3m), Hawksford (GBP1.6m)
and Kee Safety (GBP0.8m). There were reductions in value at the two
oil and gas related investments, EV (GBP2.6m) and Premier Hytemp
(GBP1.0m).
CitySprint continues to grow both organically and through an
ongoing programme of bolt-on acquisitions. Organic growth has been
generated from services to the healthcare industry and retail
sector. In July 2015 the company completed its 20(th) acquisition
whilst under Dunedin's ownership. The earnings multiple applied to
the investment has been increased from 8.0x to 9.0x, reflecting the
increasing scale of the business. Hawksford has benefited from a
reduced level of net external debt and an increase in the multiple
applied from 7.0x to 8.0x, to reflect recent transactions in the
sector, where multiples of 9x to 10x and above have been paid. The
valuation of Kee Safety has benefited from strong earnings growth
of 10% in the half year. This is the result of both organic growth
and bolt-on acquisitions. The company continues to invest in
product development to generate future growth. Since Dunedin's
investment the company has completed six acquisitions, expanding
the global foot-print of the business.
The maintainable profits of both Premier Hytemp and EV have been
impacted by the reduced oil price and the consequent reduced level
of demand and lower margins. Premier Hytemp supplies the oil
exploration sector and has been significantly impacted since the
price of oil fell in late 2014. EV primarily supplies the
production side of the oil industry where the market has been
impacted to a lesser extent.
The average earnings multiple applied to the valuation of the
Dunedin managed portfolio was 7.9x EBITDA (31 December 2014: 7.6x)
or 9.9x EBITA (31 December 2014: 9.3x). These multiples are applied
to the maintainable earnings of portfolio companies. Within the
Dunedin managed portfolio, the weighted average gearing of the
companies was 2.1x EBITDA (31 December 2014: 2.2x) or 2.6x EBITA
(31 December 2014: 2.7x).
The portfolio continues to be valued in accordance with the
International Private Equity Venture Capital valuation guidelines
(www.privateequityvaluation.com).
Dunedin LLP
27 August 2015
Ten Largest Investments
(both held directly and via Dunedin managed funds) by value at
30 June 2015
Approx. Percentage
percentage Cost of Directors' of net
of equity investment valuation assets
Company name % GBP'000 GBP'000 %
--------------------------------- ------------ ----------- ----------- -----------
CitySprint (UK) Group Limited 11.9 9,838 22,256 21.3
Hawksford International Limited 17.8 5,637 10,428 10.0
Weldex (International) Offshore
Holdings Limited 15.1 9,505 9,885 9.5
Realza Capital FCR 8.9 8,788 9,008 8.6
CGI Group Holdings Limited
(Pyroguard) 41.7 9,450 8,252 7.9
Kee Safety Group Limited 7.2 6,275 8,169 7.8
Formaplex Group Limited 17.7 1,732 6,467 6.2
EV Offshore Limited 10.6 7,078 5,818 5.6
U-POL Group Limited 5.2 5,657 5,106 4.9
Innova/5 LP 3.9 5,758 5,011 4.8
69,718 90,400 86.6
---------------------------------- ----------- ----------- ----------- --------------
Top ten investments (held via funds and direct investments)
CitySprint (UK) Group Limited
Percentage of equity held 11.9%
Cost of Investment GBP9.8m
Directors' valuation GBP22.3m
Percentage of net assets 21.3%
CitySprint is the UK's largest national time critical and same
day distribution network. It benefits from an asset light business
model with almost 3,000 self-employed couriers, making the business
both highly flexible and scalable. It operates from 40 service
centres in the UK and can deliver to over 87% of the mainland UK
population within 60 minutes. It handles over ten million critical
same day deliveries a year, providing flexible, reliable and
cost-effective solutions.
CitySprint offers a range of services including SameDay Courier,
UK Overnight and International courier services, as well as more
complex logistics services. It services a number of different
sectors, including healthcare, online retail fulfilment and parts
fulfilment such as outsourced supply chain services for engineering
and servicing companies. CitySprint now has the UK's largest
SameDay healthcare courier network.
Hawksford International Limited
Percentage of equity held 17.8%
Cost of Investment GBP5.6m
Directors' valuation GBP10.4m
Percentage of net assets 10.0%
Hawksford is one of the largest independent fiduciary services
businesses in the Channel Islands, serving high net worth private
clients and small and large corporates. It also provides a
dedicated range of services for multi-generational families through
its family office business and administers specialist investment
funds.
In the last four years the business has completed the
acquisitions of Key Trust Company Limited, Trustcorp Jersey
Limited, L-S&S GmbH, a Swiss boutique private wealth law firm,
the funds business of Standard Bank Dubai and Janus Corporate
Solutions. These acquisitions have further enhanced Hawksford's
market-leading position through additional high quality people and
clients. The focus of the business remains on providing excellent
service and increasing client choice by growing the international
footprint.
Weldex (International) Offshore Holdings Limited
Percentage of equity held 15.1%
Cost of Investment GBP9.5m
Directors' valuation GBP9.9m
Percentage of net assets 9.5%
(MORE TO FOLLOW) Dow Jones Newswires
August 28, 2015 02:01 ET (06:01 GMT)
Weldex is a market-leading crawler crane hire business in the
UK, with a strong European presence. It serves the offshore wind,
oil and gas and commercial construction markets. Its cranes,
including two of the largest in the UK, have been used in a number
of significant construction projects including the 2012 Olympic
site, Crossrail and the new Queensferry crossing over the Firth of
Forth.
Weldex was established in 1979 and has grown into the UK's
largest crawler crane hire company. The company employs 102 staff
and operates nationwide and overseas from its headquarters in
Inverness, its depot at Alfreton and its base at Nigg Energy Park
which undertakes oil and gas decommissioning work. The company
provides its customers with an established team of fully accredited
operators, site managers and service engineers and also supplies
associated lifting equipment including wheeled cranes, forklifts,
lorry loaders and trailers.
Realza Capital FCR
Percentage of equity held 8.9%
Cost of Investment GBP8.8m
Directors' valuation GBP9.0m
Percentage of net assets 8.6%
Realza Capital FCR is a Spanish private equity fund making
investments in Spain and Portugal. The fund is limited to investing
15% of commitments in Portugal. Dunedin Enterprise's investment is
held via Dunedin Fund of Funds LP.
The fund invests in companies with leading market positions and
attractive growth prospects either through organic growth or
through subsequent merger & acquisition activity. Realza seeks
to invest in companies with an enterprise value normally ranging
from EUR20m to EUR100m. The fund's typical equity investment ranges
from EUR10m to EUR25m.
C.G.I. Group Holdings Limited (Pyroguard)
Percentage of equity held 41.7%
Cost of Investment GBP9.5m
Directors' valuation GBP8.3m
Percentage of net assets 7.9%
Since Dunedin Enterprise first invested in CGI the company has
been through two refinancings allowing Dunedin Enterprise to
realise a total of GBP14.5m in capital and income to date from this
investment. CGI, trading under the Pyroguard brand, is a leading
designer, manufacturer and supplier of specialist fire resistant
glass. The company serves the construction markets in the UK,
Ireland, France, Holland, Scandinavia, Eastern Europe and the
Middle East from its manufacturing bases in Haydock, UK and
Seingbouse, France. Significant projects completed by CGI include
the installation of fire resistant glass at Manchester Airport,
Heathrow Terminal 5, Hong Kong Airport and the Houses of
Parliament.
Kee Safety Group Limited
Percentage of equity held 7.2%
Cost of Investment GBP6.3m
Directors' valuation GBP8.2m
Percentage of net assets 7.8%
Kee Safety is a UK head-quartered global market-leading provider
of collective fall protection, safety systems and solutions. The
business has 271 employees in the UK, USA, Canada, Germany, France,
Poland, Dubai, China and India and sells its products in more than
50 countries. Its core patent protected product range includes
modular barrier systems, guardrails, access platforms and
specialist fixings. The business has multiple routes to market
through an international direct sales force, direct to OEM, online
and through the distributor channel. Kee Safety's customers range
from multi-national corporations, to major contractors,
distributors and installers.
Formaplex Group Limited
Percentage of equity held 17.7%
Cost of Investment GBP1.7m
Directors' valuation GBP6.5m
Percentage of net assets 6.2%
Formaplex is a market-leading engineering company which designs
and manufactures integrated tooling and lightweight components for
the premium automotive, aerospace, defence and motor sports
markets. Operating from three state-of-the-art UK manufacturing
facilities in Hampshire, which collectively span over 140,000ft,
Formaplex offers a fully integrated service from tool design,
prototyping and manufacture, through to final component
manufacture, finishing and delivery.
EV Offshore Limited
Percentage of equity held 10.6%
Cost of Investment GBP7.1m
Directors' valuation GBP5.8m
Percentage of net assets 5.6%
EV designs, manufactures and provides high performance,
ruggedised video cameras that are used to diagnose and analyse
problems in oil and gas wells. It offers a highly specialist
service, providing skilled engineers to operate its cameras in the
most difficult down-hole conditions. The high resolution video
images produced by EV's cameras allow oil and gas well operators to
identify and solve problems rapidly. EV is based in Aberdeen and
Norwich. It has a further presence in seventeen worldwide locations
across Northern Europe, Canada, USA, West Africa, the Middle East,
Asia and Australasia. The business employs more than 100 staff.
U-POL Group Limited
Percentage of equity held 5.2%
Cost of Investment GBP5.7m
Directors' valuation GBP5.1m
Percentage of net assets 4.9%
U-POL is a leading independent manufacturer of automotive
refinish products including body fillers, coatings, aerosols,
polishing compounds and consumables. The company has a good
reputation for product quality and innovation, which is the key to
its global success. From its UK manufacturing base in
Wellingborough, U-POL exports a range of products to 120 countries
worldwide. The company has a strong market position in the UK and a
growing position in other large markets such as the USA, the Far
East, the Middle East, Africa and Russia. Its growth strategy is to
expand in both developed and emerging markets.
U-POL sells primarily through intermediate distributors but has
built brand recognition and loyalty with end-users which are mainly
comprised of car repair outlets.
Innova/5 LP
Percentage of equity held 3.9%
Cost of Investment GBP5.8m
Directors' valuation GBP5.0m
Percentage of net assets 4.8%
Innova/5 LP is EUR380.8m private equity fund based in Warsaw
which makes investments in Central Eastern Europe. Dunedin
Enterprise's investment is held via Dunedin Fund of Funds LP.
The fund invests in mid-market buyouts in businesses with an
enterprise value of between EUR50m and EUR125m. Its investment
focus is Financial Services; Technology, Media, &
Telecommunications ; Business Services; Construction; Energy; and
Industrial & Automotive.
Overview of portfolio
Fund Analysis
30 June 2015
%
--------------------- -------------
Direct 10
Dunedin Buyout Fund
I -
Dunedin Buyout Fund
II 53
Dunedin Buyout Fund
III 18
Equity Harvest Fund
(Dunedin managed) 5
Third party managed 13
Cash 1
(MORE TO FOLLOW) Dow Jones Newswires
August 28, 2015 02:01 ET (06:01 GMT)
Analysed by valuation method
30 June 2015
%
---------------------- -------------
Cost/written
down 9
Earnings - provision 23
Earnings - uplift 65
Net assets 3
Analysed by geographic location
30 June 2015
%
---------------- -------------
UK 86
Rest of Europe 13
Cash 1
Analysed by sector
30 June 2015
%
--------------------- -------------
Automotive 3
Construction and
building materials 8
Consumer products
& services 3
Financial services 13
Healthcare 4
Industrials 28
Support services 40
Technology, media
& telecoms 1
Analysed by age of investment
30 June 2015
%
----------- -------------
<1 year 10
1-3 years 23
3-5 years 29
>5 years 38
Consolidated Income Statement
for the six months ended 30 June 2015
Unaudited Unaudited Audited
Six months ended Six months ended Year ended
30 June 2015 30 June 2014 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
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Investment income 98 - 98 292 - 292 1,711 - 1,711
Gain / (loss) on
investments - 76 76 - (1,430) (1,430) - (1,218) (1,218)
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total Income 98 76 174 292 (1,430) (1,138) 1,711 (1,218) 493
Expenses
Investment management
fees (51) (153) (204) (61) (183) (244) (104) (311) (415)
Management performance
fee - - - - - - 7 22 29
Other expenses (254) - (254) (323) - (323) (633) - (633)
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit / (loss) before
finance costs and tax (207) (77) (284) (92) (1,613) (1,705) 981 (1,507) (526)
Finance costs (62) (187) (249) (75) (225) (300) (138) (413) (551)
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit / (loss) before
tax (269) (264) (533) (167) (1,838) (2,005) 843 (1,920) (1,077)
Taxation - - - - - - 137 162 299
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Profit / (loss) for the
period (269) (264) (533) (167) (1,838) (2,005) 980 (1,758) (778)
-------------------------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Earnings per ordinary
share (basic & diluted) (1.3)p (1.3)p (2.6)p (0.8)p (8.4)p (9.2)p 4.6p (8.3)p (3.7)p
The Total column of this statement represents the Income
Statement of the Group, prepared in accordance with International
Financial Reporting Standards as adopted by the EU. The
supplementary revenue and capital columns are both prepared under
guidance published by the Association of Investment Companies.
All items in the above statement derive from continuing
operations.
All income is attributable to the equity shareholders of Dunedin
Enterprise Investment Trust PLC.
Consolidated Statement of Changes in Equity
for the six months ended 30 June 2015
Six months ended 30 June 2015 (unaudited)
Capital Capital Capital Special Total
Share redemption Reserve reserve Distributable Revenue retained Total
capital reserve realised - Reserve account earnings equity
GBP'000 GBP'000 GBP'000 unrealised GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
--------------- ---------- ----------- ---------- ------------ -------------- ---------- ---------- ----------
At 31 December
2014 5,217 2,709 47,552 (3,436) 47,600 6,914 98,630 106,556
Profit/(loss)
for the half
year - - (6,750) 6,486 - (269) (533) (533)
Purchase and
cancellation
of shares (56) 56 (700) - - - (700) (700)
Dividends
paid - - - - - (981) (981) (981)
--------------- ---------- ----------- ---------- ------------ -------------- ---------- ---------- ----------
At 30 June
2015 5,161 2,765 40,102 3,050 47,600 5,664 96,416 104,342
--------------- ---------- ----------- ---------- ------------ -------------- ---------- ---------- ----------
Six months ended 30 June 2014 (unaudited)
Capital Capital Capital Special Total
Share redemption Reserve reserve Distributable Revenue retained Total
capital reserve realised - Reserve account earnings equity
GBP'000 GBP'000 GBP'000 unrealised GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
--------------- ---------- ----------- ---------- ------------ -------------- ---------- ---------- ----------
At 31 December
2013 5,492 2,434 62,832 (11,649) 47,600 9,558 108,341 116,267
Profit/(loss)
for the half
year - - (6,917) 5,079 - (167) (2,005) (2,005)
Purchase and
cancellation
of shares (275) 275 (5,288) - - - (5,288) (5,288)
Dividends
paid - - - - - (3,624) (3,624) (3,624)
--------------- ---------- ----------- ---------- ------------ -------------- ---------- ---------- ----------
At 30 June
2014 5,217 2,709 50,627 (6,570) 47,600 5,767 97,424 105,350
--------------- ---------- ----------- ---------- ------------ -------------- ---------- ---------- ----------
Year ended 31 December 2014 (audited)
Capital Capital Capital Special Total
Share redemption Reserve reserve Distributable Revenue retained Total
capital reserve realised - Reserve account earnings equity
GBP'000 GBP'000 GBP'000 unrealised GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
--------------- ---------- ----------- ---------- ------------ -------------- ---------- ---------- ----------
At 31 December
2013 5,492 2,434 62,832 (11,649) 47,600 9,558 108,341 116,267
Profit/(loss)
for the year - - (9,971) 8,213 - 980 (778) (778)
Purchase and
cancellation
of shares (275) 275 (5,309) - - - (5,309) (5,309)
Dividends
paid - - - - - (3,624) (3,624) (3,624)
--------------- ---------- ----------- ---------- ------------ -------------- ---------- ---------- ----------
At 31 December
2014 5,217 2,709 47,552 (3,436) 47,600 6,914 98,630 106,556
--------------- ---------- ----------- ---------- ------------ -------------- ---------- ---------- ----------
Consolidated Balance Sheet
(MORE TO FOLLOW) Dow Jones Newswires
August 28, 2015 02:01 ET (06:01 GMT)
As at 30 June 2015
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
------------------------------- ---------- ---------- -------------
Non-current assets
Investments held at fair
value 105,061 95,127 98,371
Current assets
Other receivables 209 905 269
Cash and cash equivalents 396 10,078 8,726
------------------------------- ---------- ---------- -------------
605 10,983 8,995
Total assets 105,666 106,110 107,366
Current liabilities
Other liabilities (1,324) (626) (810)
Current tax liabilities - (134) -
Net assets 104,342 105,350 106,556
------------------------------- ---------- ---------- -------------
Capital and reserves
Share capital 5,161 5,217 5,217
Capital redemption reserve 2,765 2,709 2,709
Capital reserve - realised 40,102 50,627 47,552
Capital reserve - unrealised 3,050 (6,570) (3,436)
Special distributable reserve 47,600 47,600 47,600
Revenue reserve 5,664 5,767 6,914
------------------------------- ---------- ---------- -------------
Total equity 104,342 105,350 106,556
------------------------------- ---------- ---------- -------------
Net asset value per ordinary
share (basic and diluted) 505.4p 504.8p 510.6p
Consolidated Cash Flow Statement
for the six months ended 30 June 2015
Unaudited Unaudited Audited
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
-------------------------------------- ---------- ---------- -------------
Operating activities
Loss before tax (533) (2,005) (1,077)
Adjustments for:
(Gain) / loss on investments (76) 1,430 1,218
Interest paid 249 300 551
(Increase) / decrease in debtors 60 (312) 324
(Decrease) / increase in creditors 514 (44) 140
Other non cash movements - - 199
Net cash (outflow) / inflow
from operating activities 214 (631) 1,355
Servicing of finance
Interest paid (249) (300) (551)
Investing activities
Purchase of investments (10,636) (9,768) (16,025)
Purchase of 'AAA' rated money
market funds (6,707) (10,379) (13,395)
Sale of investments 3,045 2,272 6,108
Sale of 'AAA' rated money
market funds 7,750 14,379 16,629
-------------------------------------- ---------- ---------- -------------
Net cash (outflow) / inflow
from investing activities (6,548) (3,496) (6,683)
Taxation
Tax - (49) 116
Financing activities
Purchase of ordinary shares (700) (5,288) (5,309)
Dividends paid (981) (3,624) (3,624)
-------------------------------------- ---------- ---------- -------------
Net cash (outflow) from financing
activities (1,681) (8,912) (8,933)
Effect of exchange rate fluctuations
on cash held (66) (18) (62)
-------------------------------------- ---------- ---------- -------------
Net (decrease) in cash and
cash equivalents (8,330) (13,406) (14,758)
-------------------------------------- ---------- ---------- -------------
Cash and cash equivalents
at the start of the period 8,726 23,484 23,484
Net (decrease) in cash and
cash equivalents (8,330) (13,406) (14,758)
Cash and cash equivalents
at the end of the period 396 10,078 8,726
-------------------------------------- ---------- ---------- -------------
Responsibility statement of the Directors
in respect of the half-yearly financial report
We confirm that to the best of our knowledge:
- the condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted by
the EU and gives a true and fair view of the assets, liabilities,
financial position and profit of the Company
- the interim management 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 in 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.
By Order of the Board
Duncan Budge
Chairman
27 August 2015
Notes to the Accounts
1. Unaudited Interim Report
The comparative financial information contained in this report
for the year ended 31 December 2014 does not constitute the
Company's statutory accounts but is derived from those accounts.
Statutory accounts for the year ended 31 December 2014 have been
delivered to the Registrar of Companies. The auditor has reported
on those accounts; their report was (i) unqualified, (ii) did not
include a reference to any matters to which the auditor drew
attention by way of emphasis without qualifying their report and
(iii) did not contain a statement under section 498 (2) or (3) of
the Companies Act 2006.
The financial statements for the six months ended 30 June 2014
and 30 June 2015 have not been audited.
2. Basis of Preparation
These condensed consolidated set of financial statements for the
six months ended 30 June 2015 have been prepared in accordance the
Disclosure Rules and Transparency Rules of the Financial Conduct
Authority (FCA) and IAS 34 Interim Financial Reporting as adopted
by the European Union (EU). They do not include all the information
required by International Financial Reporting Standards (IFRS) in
full annual financial statements and should be read in conjunction
with the Annual Report and Accounts for the year ended 31 December
2014.
The Association of Investment Companies ('AIC') issued a revised
Statement of Recommended Practice for the Financial Statements of
Investment Trust Companies and Venture Capital Trusts in November
2014 ('SORP') applicable to accounting periods commencing on or
after 1 January 2015. Where presentational guidance set out in the
SORP is consistent with the requirements of IFRS, the Directors
have sought to prepare the financial statements on a basis
compliant with the recommendations of the SORP.
The accounting policies applied in these condensed financial
statements are the same as those in the Group's consolidated
financial statements as at and for the year ended 31 December 2014,
copies of which are available on the Company's website.
3. Dividends
Six months Six months
to to Year to
30 June 30 June 31 December
2015 2014 2014
GBP'000 GBP'000 GBP'000
Dividends paid in the period 981 3,624 3,624
========== ========== ============
4. Investments
All investments are designated fair value through profit or loss
at initial recognition, therefore all gains and losses that arise
on investments are designated at fair value through profit or loss.
Given the nature of the Company's investments the fair value gains
recognised in these financial statements are not considered to be
readily convertible to cash in full at the balance sheet date and
therefore the movement in these fair values are treated as
unrealised.
Fair value hierarchy
The Group measures fair values using the following fair value
hierarchy that reflects the significance of the inputs used in
making the measurements:
-- Level 1: Quoted market price (unadjusted) in an active market
for an identical instrument.
-- Level 2: Valuation techniques based on observable inputs,
either directly (i.e., as prices) or indirectly (i.e., derived from
prices). This category includes instruments valued using: quoted
market prices in active markets for similar instruments; quoted
prices for identical or similar instruments in markets that are
considered less than active; or other valuation techniques where
all significant inputs are directly or indirectly observable from
market data.
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