Final Results

Final Results

Keydata Income VCT 1

KEYDATA INCOME VCT 1 plc

Preliminary Announcement of Final Results for the year ending 28 February 2009

Financial Highlights

    2009       2008       % change    
Capital Values:

Net assets (£000)

3,761

7,160

-47.5%

Net asset value per share

Cumulative distributions paid

Net asset value total return

51.47p

4.33p

55.80p

98.00p

1.33p

99.33p

-47.5%

 

-43.8%

 

Share price (mid)

42.5p

75p

-43.3%

Discount to net asset value 17.4% 23.5%
 

(Loss) earnings per share:

Revenue return

Capital return

Total return

 

(5.16p)

(38.37p)

(43.53p)

 

3.23p

-

3.23p

 

Total expense ratio 2.10% 2.06%
 

Dividends (per share)

Interim paid

Final proposed

Total for year

 

-

-

-

 

-

3.0p

3.0p

 

Chairman’s Statement

Investment Update

Progress in the year has been frustratingly slow on the construction of the renewable energy project in St Helens. The main contractor notified us on 30 October 2008 that it was not able to complete construction on our project due to funding problems. The same contractor was used by all investee companies.

Although the contractor has notified us that some progress has been made in securing additional funding, there is clearly no certainty in the current environment that they will secure funding to complete the construction.

The Board is currently reviewing various options including terminating the contract with the contractor and pursuing a legal claim for damages, the use of an alternative contractor and the sale of the investments. An impairment charge of 45% (£2,803,000) has been made in the year to state investments at market value in the current operating environment. An additional £844,000 impairment charge has also been made to reverse accrued interest on loan notes.

Results

The net asset value per share at 28 February 2009 was 51.47 pence, a decrease of 47.5% in the year. Adjusted for cumulative dividends paid of 4.33p, the total return is 55.80 pence, a 43.8% decrease in the year.

Losses per share for the period were 43.53 pence per share (comprising revenue losses of 5.16 pence and capital losses of 38.37 pence).

Dividends

No dividend is proposed in respect of the year (2008 - 3 pence).

Outlook

The Board is acutely aware of how unsatisfactory the present situation is for shareholders. We will update shareholders as soon as we determine a clear way forward.

Shareholder Communication

The Company’s daily share price can be found on various financial websites under the EPIC code “KIV” or on our own dedicated website at www.keydata.co.uk/incomevct

Stephen Oxenbridge

Chairman

27 May 2009

Consolidated income statement for the year ending 28 February 2009

    2009 (unaudited)    
Revenue

£000

      Capital

£000

      Total

£000

Loss on investments

-

(2,803)

(2,803)

Income 546

--------

546

-

-------

(2,803)

546

--------

(2,257)

Management fees - - -
Other expenses (79) - (79)
Impairment charge (844)

--------

(923)

--------

-

--------

-

--------

(844)

--------

(923)

--------

(Loss)/ profit before taxation (377) (2,803) (3,180)
Taxation - - -
-------- -------- --------
(Loss)/ profit after taxation (377)

--------

(2,803)

--------

(3,180)

--------

(Loss) /earnings per share (Note 2)

 

Interim dividend paid

Final dividend proposed

Total for year

(5.16p) (38.37p) (43.53p)

 

-

-

-

 

The total column of this statement is the income statement of the Group. All revenue and capital items in the above statement derive from continuing operations.

Consolidated income statement for the year ending 29 February 2008

    2008 (audited)    
Revenue

£000

      Capital

£000

      Total

£000

Loss on investments

-

-

-

Income 443

--------

443

-

-------

-

443

--------

443

Management fees - - -
Other expenses (148) - (148)
Impairment charge -

--------

(148)

--------

-

--------

-

--------

-

--------

(148)

--------

Profit before taxation 295 - 295
Taxation (59) - (59)
-------- -------- --------
Profit after taxation 236

--------

-

--------

236

--------

Earnings per share (Note 2)

 

Interim dividend paid

Final dividend proposed

Total for year

3.23p - 3.23p

 

-

3.0p

3.0p

 

The total column of this statement is the income statement of the Group. All revenue and capital items in the above statement derive from continuing operations.

Balance sheet as at 28 February 2009
Group and Company

    2009

(unaudited)

£000

      2008

(audited)

£000

   
Fixed assets
Investments 3,427 6,230
Current assets
Debtors 2 318
Cash 345

-------

693

--------

347 1,011
 
Creditors: amounts falling due within one year (13)

-------

(81)

--------

Net current assets 334

 

-------

930

 

--------

Net assets 3,761

-------

7,160

--------

Capital and Reserves
Called up share capital 73 73
Capital reserve (2,803) -
Special Reserve 6,847 6,847
Revenue reserve (356)

-------

240

--------

Equity shareholders’ funds 3,761

-------

7,160

--------

Net asset value per share (Note 4)

51.47p

98.00p

Cash flow statement for the year ending 28 February 2009
Group and Company

    2009

(unaudited)

£000

      2008

(audited)

£000

   
(Loss) /profit before taxation (3,180) 295
 
Decrease)/ increase in receivables 316 (250)
Decrease in payables

Loss on investments

Taxation paid

(9)

2,803

(59)

(23)

-

(18)

------- --------
Net cash (outflow)/inflow from operating activities

 

Financial investment:

(129)

-------

4

--------

Purchase of investments

Sale of investments

 

Net cash used in investing activities

 

Financing activities

Dividends paid

 

Net cash used in financing activities

-

-

--------

-

 

 

(219)

--------

(219)

--------

(10,871)

4,641

------

(6,230)

 

 

(73)

-------

(73)

-------

 
 
Net (decrease)/ increase in cash and cash equivalents

Opening cash and cash equivalents

 

Closing cash and cash equivalents

(348)

693

-------

345

-------

(6,299)

6,992

--------

693

--------

Statement of changes in equity
for the year ending 28 February 2009 (unaudited)
Group and Company

    Share

Capital

 

£000

      Share

Premium

 

£000

      Capital

Reserve

 

£000

      Revenue

Reserve

 

£000

     

Special Reserve

 

£000

     

Total


£000

   
Beginning of year 73 - - 240 6,847 7,160
Loss on investments

Revenue loss for the year

-

-

-

-

(2,803)

-

-

(377)

-

-

(2,803)

(377)

Dividends paid -

-------

-

------

-

-------

(219)

-------

-

--------

(219)

--------

End of year 73

-------

-

------

(2,803)

-------

(356)

-------

6,847

--------

3,761

--------

Statement of changes in equity
for the year ending 29 February 2008 (audited)
Group and Company

    Share

Capital

 

£000

      Share

Premium

 

£000

      Capital

Reserve

 

£000

      Revenue

Reserve

 

£000

      Special Reserve

 

£000

     

Total


£000

   
Beginning of year 73 6,847 - 77 - 6,997
Changes in equity:

Revenue profit for the year

Taxation


--


--


--


236236


--


236236
Dividends paid

Transfer between reserves

-

-

-------

-

(6,847)

--------

-

-

-------

(73)

-

-------

-

6,847

-------

(73)

-

--------

 
End of year 73

-------

-

--------

-

-------

240

-------

6,847

--------

7,160

--------

Investment portfolio summary as at 28 February 2009

Qualifying investments    

Equity



£000

 

     

Loan
Note

£000

     

Book
cost


£000

     

Valuation



£000

     

Investments



%

   
Nevin Energy Resources Ltd 283 660 943 519 15.2
Cooke Generation Ltd 283 660 943 519 15.2
Burley Energy Ltd 283 660 943 519 15.1
Boyle Electrical Generation Ltd 283 660 943 518 15.1
Hughes Power Ltd 143 333 476 262 7.6
Clarke Power Services Ltd 302 698 1,000 550 16.1
Spencer Energy Services Ltd 292

-------

681

-------

973

--------

535

--------

15.6

--------

 
Total qualifying investments 1,869 4,352 6,221 3,422 99.9
 
Non-qualifying investments
Docherty Heat & Energy Distributor Ltd

Clarke Power Services Ltd

 

Total non-qualifying investments

3

-

------

3

------

-

6

------

6

------

3

6

--------

9

--------

1

4

-------

5

-------

0.0

0.1

--------

0.1

--------

 
Total investments 1,872

------

4,358

------

6,230

-------

3,427

-------

100.0

-------

Notes to the preliminary announcement

1   The financial information above has been prepared in accordance with International Financial Reporting Standards (IFRSs). The financial information set out above does not constitute the Group’s statutory accounts for the year ended 28 February 2009 The full statutory annual accounts will be delivered to shareholders in May 2009 and delivered to the Registrar of Companies following the Company’s AGM. Copies may in due course be obtained during normal business hours from Keydata Investment Services Limited, One Angel Court, London EC2R 7HJ.

 

Statutory accounts for the year ended 29 February 2008 have been delivered to the Registrar of Companies and contained an unqualified audit report.

 

The Annual general meeting of the Company will be held at the Company’s registered office at 19 Cavendish Square, London W1A 2AW on 30 June 2009 at 1pm

2 Revenue (loss) earnings per ordinary share is based on a loss after tax of £377,000 (2008 - £236,000 profit) and on 7,306,320 (2008 – 7,306,320) ordinary shares, being the weighted average number of ordinary shares in issue during the year.

 

Capital loss per ordinary share is based on a loss after tax of £2,803,000 (2008 - £nil) and on 7,306,320 (2008 – 7,306,320) ordinary shares, being the weighted average number of ordinary shares in issue during the year.

3 The net asset value per ordinary share is based on net assets at the year end and on 7,306,320 (2008 – 7,306,320) ordinary shares, being the number of ordinary shares in issue at year end.

27 May 2009

Contact enquiries:

Craig McNeil
Company Secretary
Keydata Income VCT 1 plc
0141 228 6310

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