Final Results

Close Brothers Dev VCT PLC 6 March 2001 Close Brothers Development VCT PLC Report and accounts for the period ended 31 December 2000 CHAIRMAN'S STATEMENT Investment progress The board of Close Brothers Development VCT PLC is pleased to announce the results for the year to 31 December 2000. A total of £4.75 million was invested or reserved for investment in qualifying unquoted companies during the year, bringing the total level of investments by cost to £5.5 million. It is pleasing to see that the Company's gradual and cautious investment policy is beginning to show positive results, with the unquoted portfolio now seeing upward revaluations of over £700,000. This brings the Company's total unquoted investments, including amounts reserved for investment, to £6.2 million by value. The two main sources of revaluation are Swetenham's Marketing Services and Odyssey Clubs Group. Both companies saw further investment by third party investors at values higher than the VCT's original cost. The Company is now in its third year of operation, and consequently the level of qualifying investments needs to reach the Inland Revenue target of 70% of total assets by the year end. Investments totalling £2.7 million are currently in legal stages, and when completed, these will take total investments, including amounts reserved for investment, to 60%. In addition, further investments are in an advanced state of negotiation, ensuring that your Company will reach the required level of investment by the year end. Overall, the performance of the investment portfolio, and the strong cash generation of the Company's investment structure have been satisfactory. The use of high yielding loan stocks has led to an increase in the Company's income for the year, which has in turn led to an increased total dividend of 3.75 pence per share. Results and dividend Net income after taxation was £570,000 for the year (1999: £327,000) enabling the board to declare a net final dividend of 2.35 pence per share (1999: 1.5 pence). This is in addition to the interim dividend of 1.4 pence per share (1999: 1.0 pence paid to those shareholders who invested by the First Closing on 26 January 1999 and 0.6 pence per share paid to those shareholders who invested subsequently, up to the Last Closing on 27 May 1999) bringing the total dividend to 3.75 pence (2.5 pence). As at 31 December 2000 and following the revaluations detailed above, the net asset value applicable to the Ordinary Shares has risen to £14.1 million (1999: £13.7 million), or 96.8 pence per share (1999: 93.7p). The dividend will be paid on 27 April 2001 to shareholders on the register on 30 March 2001. Roderick Davidson Chairman 6 March 2001 Close Brothers Development VCT PLC Statement of Total Return (incorporating the revenue account) for the year to 31 December 2000 Year ended Period ended 31 December 2000 31 December 1999 Rev. Cap. Tot. Rev. Cap. Tot. £'000 £'000 £'000 £'000 £'000 £'000 Gains / (losses) on investments - 652 652 - (7) (7) Income 937 - 937 586 - 586 Investment management fees (81) (244) (325) (73) (218) (291) Other expenses (99) (30) (129) (103) (23) (126) ____ ____ ____ ____ ____ ____ Return on ordinary activities before tax 757 378 1,135 410 (248) 162 Tax on ordinary activities (187) 67 (120) (83) 49 (34) Return attributable to shareholders 570 445 1,015 327 (199) 128 Dividends (550) - (550) (320) - (320) ____ ____ ______ ____ _____ _____ Transfer to/(from) reserves 20 445 465 7 (199) (192) ===== ==== ===== ==== ===== ===== Return per share 3.9p 3.0p 6.9p 2.7p (1.6)p 1.1p The revenue columns of this statement represent the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. Close Brothers Development VCT PLC Balance Sheet at 31 December 2000 31 December 2000 31 December 1999 £'000 £'000 Fixed asset investments Qualifying 3,566 756 Non-qualifying 8,983 5,981 ______ ______ Total fixed asset investments 12,549 6,737 Current assets Debtors 87 101 Short term money market deposits 2,037 7,270 ______ _____ 2,124 7,371 Creditors: due within one year (476) (371) ______ _____ Net current assets 1,648 7,000 ______ _____ Net assets 14,197 13,737 ====== ====== Represented by: Called up share capital 7,331 7,331 Share premium account - 6,598 Special reserve 6,593 - Capital reserve realised (398) (192) unrealised 644 (7) Profit and Loss account 27 7 ______ ______ Total equity shareholders' funds 14,197 13,737 ====== ====== Net asset value per share 96.8p 93.7p The financial statements were approved by the Board of Directors on 6 March 2001. Signed on behalf of the Board of Directors Roderick Davidson Chairman Close Brothers Development VCT PLC Cashflow Statement for the year ended 31 December 2000 Year ended Period ended 31 December 2000 31 December 1999 £'000 £'000 Operating activities Investment income received 560 29 Deposit interest received 206 433 Investment management fees paid (322) (209) Other cash payments (135) (75) ____ _____ Net cash inflow from operating activities 309 178 Taxation UK corporation tax paid (18) - Capital expenditure and financial investments Purchase of qualifying investments 2,100 756 Purchase of non-qualifying investments (4,494) (5,981) Disposals of non-qualifying investments 1,500 - _____ ______ Net cash outflow from investing activities (5,094) (6,737) Equity dividends paid Dividends paid on ordinary shares (425) (101) ______ ______ Net cash outflow before financing (5,228) (6,660) Financing Cancellation of share premium (5) 13,930 ______ ______ Net cash (outflow)/inflow (5,233) 7,270 ====== ====== AUDITORS' REPORT TO THE MEMBERS OF CLOSE BROTHERS DEVELOPMENT VCT PLC Respective responsibilities of Directors and Auditors The Directors are responsible for preparing the Annual Report, including, as described on page 19, the preparation of the financial statements, which are required to be prepared in accordance with applicable United Kingdom law and accounting standards. Our responsibilities, as independent auditors, are established by statute, the Auditing Practices Board, the Listing Rules of the London Stock Exchange, and by our profession's ethical guidance. We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985. We also report to you if, in our opinion, the directors' report is not consistent with the financial statements, if the Company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law or the Listing Rules regarding directors' remuneration and transactions with the Company is not disclosed. We review whether the corporate governance statement on pages * to * reflects the company's compliance with the seven provisions of the Combined Code specified for our review by the Stock Exchange, and we report if it does not. We are not required to consider whether the Board's statements on internal control cover all risks and controls, or form an opinion on the effectiveness of the corporate governance procedures or risk and control procedures. We read the other information contained in the Annual Report, including the corporate governance statement, and consider whether it is consistent with the audited financial statements. We consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Basis of audit opinion We conducted our audit in accordance with United Kingdom auditing standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the circumstances of the Company, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall presentation of information in the financial statements. Opinion In our opinion the financial statements give a true and fair view of the state of affairs of the Company as at 31 December 2000 and of the capital return, revenue return and the total return of the Company for the year then ended and have been properly prepared in accordance with the Companies Act 1985. 6 March 2001 Deloitte & Touche Stonecutter Court Chartered Accountants 1 Stonecutter Street and Registered Auditors London EC4A 4TR

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