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TVC Holdings PLC (TVCH)

  Print      Mail a friend       Annual reports

Tuesday 15 May, 2012

TVC Holdings PLC

Preliminary Full Year Results

RNS Number : 3238D
TVC Holdings PLC
15 May 2012
 



TVC Holdings plc

Preliminary financial results for the year ended 31 March 2012

 

 

TVC Holdings plc ("TVC" or the "Company"), the investment holding company, today (Tuesday, 15 May 2012) announces its Preliminary Financial Results for the year ended 31 March 2012. 

 

Key Performance Highlights:

 

Ø Gross portfolio return of €10.7 million (32% of opening portfolio value) in the year to 31 March 2012, driven by the increase in value of the Company's investment in UTV and its unquoted investments.

 

Ø Profit before tax for the year of €9.2 million.

 

Ø Sale of investment in OpSource, Inc. in June 2011, as part of its acquisition by Dimension Data, a wholly owned subsidiary of NTT Holdings.  TVC realised total proceeds of €1.3 million which was also the gain realised over the €nil carrying value at 31 March 2011.  The total proceeds represented a return of 1.3 times original cost. 

 

Ø Operating expenses, excluding share-based payment expenses, decreased by 14% to €2.4 million (2011: €2.8 million).

 

Ø 9% increase in net asset value per share from €1.05 at 31 March 2011 to €1.14 at 31 March 2012. 

 

Ø Net assets at 31 March 2012 of €115.2 million mainly comprised of cash at bank and government bonds of €72.6 million (63%), quoted equity investments of €29.9 million (26%) and unquoted investments of €12.2 million (11%).  TVC has no debt.

 

Ø In the year ended 31 March 2012, the value of the Company's investment portfolio increased by €8.1 million (24%), which comprised of a mark up of €5.1 million on its quoted investment in UTV and a mark up on its unquoted portfolio of €3.0 million.

 

 

 

Commenting on the year end Financial Results, TVC Holdings' Executive Chairman, Shane Reihill, said:

 

"We are pleased with our performance for the year during which we have continued to work actively with our portfolio investments to maximise their value.  This included the sale of our investment in OpSource, Inc. realising proceeds of €1.3 million, which contributed to a gross portfolio return of €10.7 million.  We also evaluated a number of new investment opportunities during the year but we did not complete any new investments.

 

"The Company had net assets of €115 million and no debt at 31 March 2012.  TVC's cash plus its quoted investment in UTV represent 89% of our net asset value at 31 March 2012.  Four unquoted investments represent most of the remaining 11% of our net asset value.

 

"We believe that there are restructuring opportunities in Ireland and the UK where trading companies with excessive debt need to raise new equity at attractive terms for new investors.  TVC's management has extensive experience of complex restructuring and turnaround transactions and is well placed to capitalise on this environment.

 

"With cash and government bonds increased to €72.6 million, we believe that TVC is in a very strong position to make additional long term investments at what we expect to be attractive valuations, adding further value to our investment portfolio.  We also believe that, given our significant cash balance and with no debt, the Company is in a very strong position to continue to deliver on its strategy and maximise value for all our shareholders".

 

 

 

For further information please contact:

 

TVC Holdings plc

Shane Reihill, Executive Chairman

John Tracey, Chief Executive Officer

Tel:  +353-1-2057700

 

Murray Consultants
Pauline McAlester
Tel:  +353-1-4980300

 

Davy
John Frain
Tel:  +353-1-6796363

 

 

 


Executive Chairman's Statement

 

Overview of investment portfolio

In the year ended 31 March 2012, the Group achieved a gross portfolio return of €10.7 million despite an uncertain economic background and continuing market uncertainty.  This figure comprised of realised gains on disposal of investments of €1.5 million, an increase of €8.1 million in the value of the Group's investment portfolio and portfolio income of €1.1 million.

 

During the year, our main focus has continued to be on managing our existing portfolio, tight management of our costs and pursuing our strategy of realising value from our unquoted technology investments.  There were no new investments made during the year reflecting the underlying challenging economic environment and our selective approach in identifying new investment opportunities.

 

As at 31 March 2012, TVC's investment portfolio was comprised as follows:

 




Value

€'000

%

Investments

%

Investments + Cash

UTV Media plc

 

 


29,874

71%

26%

Unquoted Investments

 

 


12,236

29%

11%

 

Total Investments



42,110

100%

37%

 

Cash & Government Bonds



72,624


63%

 

Total Investments + Cash



114,734


100%

 

TVC's quoted investment in UTV Media plc was valued based on its closing bid price on 31 March 2012.  The unquoted investments were valued in accordance with the International Private Equity and Venture Capital Valuation Guidelines and the Group's accounting policies. 

 

As at the reporting date, TVC had cash and government bonds of €72.6 million and no bank debt.

 

Realisations

In June 2011, TVC disposed of its interest in OpSource, Inc. as part of its acquisition by Dimension Data, a wholly owned subsidiary of NTT Holdings.  The total cash proceeds payable to TVC amount to US$1.8 million (€1.3 million) of which US$1.6 million (€1.1 million) was received on completion of the transaction.  An additional US$0.2 million (€0.2 million) is payable subject to escrow.

 

The total consideration payable to TVC represents a return of 1.3 times original cost.  The carrying value of TVC's investment in OpSource, Inc. at 31 March 2011 was €nil and a gain on the sale of this investment of €1.3 million was realised in the year ended 31 March 2012.

 

 

 

 

 

 

 

 

 

Net asset value ('NAV') per share

The Company's net assets per share of €1.14 at 31 March 2012 increased by 9% over the year from 31 March 2011 (€1.05).  The movement in the NAV per share during the year ended 31 March 2012 was as follows:

 


€'000

€'000

Cent per share





Net asset value at 31 March 2011


106,040

104.9





Realised gains on disposal of unquoted investments


1,460

1.4





Unrealised gains on investments




-     UTV Media plc

5,097



-     Unquoted investments

3,021

8,118

8.0





Net costs (excl. share based payment expenses) plus tax


(432)

(0.4)

Net asset value at 31 March 2012


115,186

113.9

 

The most significant components of our NAV progression during the year were an increase in the value of UTV Media of €5.1 million and an increase of €3.0 million in the value of our unquoted investments.  Of the total unrealised portfolio gains of €8.1 million, €1.6 million related to currency movements.

 

Business strategy and outlook

TVC's strategy is, in the medium term, to have a core portfolio of three to four platform investments in quoted and unquoted companies across a number of business sectors, and to continue to realise significant value from the other companies in its portfolio.  The Company had net assets of €115 million and no debt at 31 March 2012.  TVC's cash and government bonds plus its quoted investment in UTV Media plc represent 89% of our net asset value at 31 March 2012.  Four unquoted investments represent most of the remaining 11% of our net asset value at 31 March 2012.

 

We believe that there are restructuring opportunities in Ireland and the UK where trading companies with excessive debt need to raise new equity at attractive terms for new investors.  TVC's management has extensive experience of complex restructuring and turnaround transactions and is well placed to capitalise on this environment.  With cash and government bonds increased to €72.6 million, we believe that TVC is in a very strong position to continue to deliver on its strategy and maximise value for our shareholders.

 

Board, management and staff

I would like to thank TVC's Board, management and staff for their continued commitment and significant contribution to the successful outcome for the year.

 

 

Shane Reihill

Executive Chairman

 

15 May 2012

 



Condensed consolidated statement of financial position

as at 31 March 2012






 




2012

2011

 



Notes

€'000

€'000

 

Non-current assets




Investments designated as fair value through profit or loss





Quoted equity investments


29,874

24,777

 


Unquoted equity investments


11,736

8,715

 


Loans and receivables


500

500

 

Total investment portfolio

2

42,110

33,992

 

Property, plant and equipment


125

130

 

Total non-current assets


42,235

34,122

 





 

Current assets




 

Available-for-sale investments

5

14,513

14,483

 

Other receivables


1,407

961

 

Current taxation recoverable


-

76

 

Financial assets - bank deposits > 3 months


-

20,000

 

Cash and cash equivalents


58,111

37,529

 

Total current assets


74,031

73,049

 





 

Total assets


116,266

107,171

 





 

Current liabilities




 

Trade and other payables


(1,045)

(1,131)

 

Current taxation payable


(35)

-

 

Total current liabilities


(1,080)

(1,131)

 





 

Net assets


115,186

106,040

 






 

Equity




 

Shareholders' capital


1,011

1,011

 

Share option reserve


77

1,497

 

Other reserves


-

1,995

 

Retained earnings


114,098

101,537

 

Total equity


115,186

106,040

 






 






 

 

 

 



Condensed consolidated income statement

for the year ended 31 March 2012









 




2012



2011



Notes

Equity shareholders

€'000

Non-controlling interest

€'000

Total

€'000

Equity shareholders

€'000

Non-controlling interest €'000

€'000

Realised profits over opening value on the disposal of investments

3

1,460

-

1,460

11,417

75

11,492

Realised loss over opening value on investments distributed to non-controlling interest

4

-

-

-

-

(2,812)

(2,812)

Net unrealised profits on the revaluation of investments


8,118

-

8,118

1,107

-

1,107



9,578

-

9,578

12,524

(2,737)

9,787

Portfolio income








  Dividends


883

-

883

609

-

609

  Fees receivable


260

-

260

266

9

275

  Income from loans and receivables


-

-

-

350

78

428

Gross portfolio return


10,721

-

10,721

13,749

(2,650)

11,099









Operating expenses (including share-based payment expenses of €0.08m (2011: €0.11m))


(2,438)

-

(2,438)

(2,651)

(224)

(2,875)

Net portfolio return


8,283

-

8,283

11,098

(2,874)

8,224









Finance income


885

-

885

343

-

343

Finance expense


-

-

-

(2)

-

(2)

Exchange movements


20

-

20

187

44

231

Profit/(loss) before tax


9,188

-

9,188

11,626

(2,830)

8,796









Income tax


(119)

-

(119)

(7)

-

(7)

Profit/(loss) after tax for the financial year


9,069

-

9,069

11,619

(2,830)

8,789









Earnings per share








Basic EPS (cent)

7

9

-

9

11

-

11

Diluted EPS (cent)

7

9

-

9

11

-

11

 

 

 



Condensed consolidated statement of comprehensive income

for the year ended 31 March 2012









 




2012



2011




Equity shareholders

€'000

Non-controlling interest

€'000

Total

€'000

Equity shareholders

€'000

Non-controlling interest €'000

€'000

Profit/(loss) for the year


9,069

-

9,069

11,619

(2,830)

8,789









Other comprehensive income








Change in fair value of available-for-sale investments


-

-

-

14

-

14

Total comprehensive income for the year


9,069

-

9,069

11,633

(2,830)

8,803

 

 

 



Condensed consolidated statement of cash flows

for the year ended 31 March 2012





2012

2011


€'000

€'000




Cash flows from operating activities



Profit for year before tax

9,188

8,796

Adjusted for:



Depreciation

36

17

Net unrealised profits on the revaluation of investments

(8,118)

(1,107)

Realised profits over opening value on the disposal of investments

(1,460)

(11,492)

Realised loss over opening value on investments distributed to non-controlling interest

-

2,812

Exchange movements

(20)

(231)

Share-based payment expenses

77

106

Income from loans and receivables

-

(428)

Finance income

(885)

(343)

Finance expense

-

2

Proceeds from disposal of investments

1,373

45,362

(Increase)/decrease in other current assets

(175)

313

(Decrease)/increase in trade and other payables

(83)

273

Tax paid

(9)

(166)

Net cash (outflow)/inflow from operating activities

(76)

43,914




Cash flows from investing activities



Purchase of available-for-sale investments

(29,490)

(24,517)

Proceeds from maturity of available-for-sale investments

29,026

19,750

Decrease/(increase) in financial assets - bank deposits > 3 months

20,000

(20,000)

Interest received

1,153

491

Purchase of property, plant and equipment

(31)

(139)

Net cash inflow/(outflow) from investing activities

20,658

(24,415)




Cash flows from financing activities



Interest paid

-

(2)

Contributions from non-controlling interest

-

221

Distributions to non-controlling interest

-

(707)

Net cash outflow from financing activities

-

(488)




Net increase in cash and cash equivalents

20,582

19,011

Opening cash and cash equivalents

37,529

18,518

Closing cash and cash equivalents

58,111

37,529




 

 



Condensed consolidated statement of changes in shareholders' equity

for the year ended 31 March 2012


 

Ordinary

Shares

No.

Ordinary

shares

€'000

Share

option reserve

€'000

Other

reserves €'000

Retained

earnings

€'000

 

Shareholders' equity

€'000

 

Non-controlling

interest

€'000

 

Total

€'000

Balance at 1 April 2010

101,112,579

1,011

1,391

1,981

89,918

94,301

9,308

103,609










Profit/(loss) for the year

-

-

-

-

11,619

11,619

(2,830)

8,789

Other comprehensive income









Change in fair value of available-for-sale investments

-

-

-

14

-

14

-

14

Total comprehensive income for the year

-

-

-

14

11,619

11,633

(2,830)

8,803

Net distributions to non-controlling interest

-

-

-

-

-

-

(6,478)

(6,478)

Share-based payments

-

-

106

-

-

106

-

106










Balance at 31 March 2011

101,112,579

1,011

1,497

1,995

101,537

106,040

-

106,040










Profit for the year

-

-

-

-

9,069

9,069

-

9,069

Other comprehensive income

-

-

-

-

-

-

-

-

Total comprehensive income for the year

-

-

-

-

9,069

9,069

-

9,069

Share-based payments

-

-

77

-

-

77

-

77

Release from share-based payments reserves

-

-

(1,497)

(1,995)

3,492

-

-

-










Balance at 31 March 2012

101,112,579

1,011

77

-

114,098

115,186

-

115,186










 

 



Notes to the condensed consolidated preliminary financial information

 

1    Basis of preparation

 

The condensed consolidated preliminary financial information of the Company for the year ended 31 March 2012 comprises the Company and its subsidiaries (together referred to as the "Group").

 

The condensed consolidated preliminary financial information included in the preliminary financial results announcement, which should be read in conjunction with the 2011 Annual Report, has been derived from the consolidated financial statements of TVC Holdings plc for the year ended 31 March 2012, which were approved by the Board of Directors on 14 May 2012 and have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and effective at 31 March 2012.

 

Full details of the Group's accounting policies will be included in the 2012 Annual Report.  The financial information contained in this preliminary announcement has been prepared on a consistent basis and using the same accounting policies as those applied in the Group's consolidated financial statements for the year ended 31 March 2011.  None of the new IFRSs or interpretations that are effective for the financial year ended 31 March 2012 had an impact on the Group's reported income or net assets.

 

The condensed consolidated preliminary financial information presented herein does not constitute full statutory financial statements of the Group within the meaning of Regulation 40 of the European Communities (Companies: Group Accounts) Regulations, 1992.  Statutory financial statements for the year ended 31 March 2011 have been filed with the Companies Registration Office.  The auditor's report on those financial statements was unqualified.  The statutory financial statements for the year ended 31 March 2012 will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and, together with the independent auditor's report thereon, will be filed with the Companies Registration Office following the Company's Annual General Meeting.

 

The consolidated financial information is presented in Euro, rounded to the nearest thousand, which is the functional currency of the parent company and its subsidiaries.

 

The preparation of the condensed consolidated preliminary financial information requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.  Actual results could differ materially from these estimates.  In preparing this financial information, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty are the same as those that applied to the consolidated financial statements as at and for the year ended 31 March 2011.

 

 



2    Investment portfolio






Equity investments

Loans and receivables

 

Total

Year to 31 March 2012

€'000

€'000

€'000





At 1 April 2011

33,492

500

33,992

Disposals, repayments

-

-

-

Revaluation

6,556

-

6,556

Exchange movements

1,562

-

1,562

At 31 March 2012

41,610

500

42,110





Quoted

29,874

-

29,874

Unquoted

11,736

500

12,236

 

 





Equity investments

Loans and receivables

 

Total

Year to 31 March 2011

€'000

€'000

€'000





At 1 April 2010

71,911

500

72,411

Disposals, repayments

(30,747)

-

(30,747)

Distributions to non-controlling interest

(5,967)

-

(5,967)

Realised loss on investments distributed to non-controlling interest

(2,812)

-

(2,812)

Revaluation

786

-

786

Exchange movements

321

-

321

At 31 March 2011

33,492

500

33,992





Quoted

24,777

-

24,777

Unquoted

8,715

500

9,215





 

During the year ended 31 March 2011, it was agreed to dissolve and terminate Trinity Venture Fund 1 and Trinity Venture Fund 2 (together the "Funds") with effect from 30 September 2010.  The Funds' net assets at that date were subsequently distributed to TVC and the external limited partners, which represented the non-controlling interest in the Group.

 

 



3    Realised profits over opening value on the disposal of investments





 


Equity

Loans and receivables

Total

 

Year to 31 March 2012

€'000

€'000

€'000

 

Net proceeds

1,460

-

1,460

 

Valuation of disposed investments at beginning of year

-

-

-

 

Total realised profits over opening value

1,460

-

1,460

 





 


Equity

Loans and receivables

Total

 

Year to 31 March 2011

€'000

€'000

€'000

 

Net proceeds

42,225

14

42,239

 

Valuation of disposed investments at beginning of year

(30,747)

-

(30,747)

 

Total realised profits over opening value

11,478

14

11,492

 





 

4    Realised loss over opening value on investments distributed to non-controlling interest







2012

2011



€'000

€'000

Valuation of investments at 30 September 2010


-

5,967

Valuation of investments at beginning of year


-

(8,779)

Total realised loss over opening value


-

(2,812)





 

The loss in the prior year of €2.812 million represented the Group's loss realised on the distribution of the non-controlling interest's shares in the Funds' investee companies following the dissolution of the Funds at 30 September 2010.  

 

 

5    Available-for-sale investments

 



2012

2011



€'000

€'000

At beginning of year


14,483

9,999

Additions


29,490

24,517

Disposals, repayments


(29,026)

(19,750)

Amortisation of premium paid


(434)

(297)

Revaluation


-

14

At end of year


14,513

14,483

 

The available-for-sale investments at the end of the year represent investments in German government fixed rate Euro bonds with a maturity date in April 2012.



6    Segmental analysis

 

Segmental information is presented in respect of the Group's investment portfolio based on whether the investee company is quoted or unquoted.  Quoted investments in the prior year are further categorised as between Norkom Group plc and UTV Media plc.  The Group has only one reportable geographical segment as its investments are all located in the Island of Ireland.  The segmental information presented is consistent with the Group's internal analysis of its investment portfolio.

  

 






 



UTV

Media plc

Unquoted investments

 

Total

 

Year to 31 March 2012


€'000

€'000

€'000

 

Gross portfolio return





 

Realised profits over opening value on the disposal of investments


-

1,460

1,460

 

Unrealised profits on the revaluation of investments


5,097

3,021

8,118

 

Portfolio income


883

260

1,143

 



5,980

4,741

10,721

 

Net (investment)/divestment





 

Realisation proceeds (including

income from loan instruments)


-

1,460

1,460

 



-

1,460

1,460

 

Statement of financial position





 

Value of investment portfolio at end of year


29,874

12,236

42,110

 

 

 






Norkom Group plc

UTV

Media plc

Unquoted investments

 

Total

 

Year to 31 March 2011

€'000

€'000

€'000

€'000

 

Gross portfolio return





 

Realised profits over opening value on the disposal of investments

10,889

-

603

11,492

 

Realised loss over opening value on investments distributed to non-controlling interest

(2,802)

-

(10)

(2,812)

 

Net unrealised profits/(losses) on the revaluation of investments

-

1,284

(177)

1,107

 

Portfolio income

112

609

591

1,312

 


8,199

1,893

1,007

11,099

 

Net (investment)/divestment





 

Realisation proceeds (including

income from loan instruments)

41,574

-

1,093

42,667

 


41,574

-

1,093

42,667

 

Statement of financial position





 

Value of investment portfolio at end of year

-

24,777

9,215

33,992

 






 

 

 



7    Earnings per share

 



2012

2011





Earnings per share (cent)




Basic and diluted


9

11

 

Earnings (€'000)




Profit for the year - basic and diluted


9,069

11,619





Number of shares (Number)




Weighted average number of shares in issue - basic and diluted


101,112,579

101,112,579





Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary shareholders by the weighted average number of ordinary shares during the year.

 

Diluted earnings per share is calculated by dividing the profit for the year attributable to ordinary shareholders by the weighted average number of ordinary shares adjusted for the effect of all potentially dilutive shares and instruments, including share options.  The exercise price of all share options exceeded the average price of ordinary shares during the year.  Accordingly, the share options do not have a dilutive effect and are therefore excluded from the diluted earnings per share calculation.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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