Interim Results

Close Brothers Venture Cap Tst PLC 16 December 2003 16 December 2003 CLOSE BROTHERS VENTURE CAPITAL TRUST PLC Interim results for the six months ended 30 September 2003 Close Brothers Venture Capital Trust PLC ('the Company'), managed by Close Venture Management, today announces interim results for the six months ended 30 September 2003. Financial Highlights: Ordinary Shares 'C' Shares pence per share pence per share Gross dividend for the year to 31 March 1997 5.00 - Gross dividend for the year to 31 March 1998 6.00 5.00 Gross first and second interim dividends and net final dividend for the year to 31 March 1999 7.75 6.25 Net dividend for the year to 31 March 2000 8.55 4.50 Net dividend for the year to 31 March 2001 7.50 7.50 Net dividend for the year to 31 March 2002 7.50 7.50 Net dividend for the year to 31 March 2003 8.00 8.00 Net dividend for the six months to 30 September 2003 3.00 3.00 ------- ------- Total dividends 53.30 41.75 Net asset value per share at 30 September 2003 107.87 107.87 ------- ------- Total 161.17 149.62 ======== ======== Note 1: following the cessation of tax credits on 5 April 1999, dividends paid by VCTs no longer benefit from tax free tax credits for qualifying UK shareholders. Note 2: the above table does not take into account the income tax relief of 20% nor the capital gains tax deferral relief of 40% upon subscription for shares in the Company. For further information, please contact: Patrick Reeve/ Ole Bettum Justin Griffiths/ John West Close Venture Management Tavistock Communications Tel: 020 7422 7830 Tel: 020 7920 3150 www.closeventures.co.uk Notes to Editors: 1) Close Brothers Venture Capital Trust PLC is managed by Close Venture Management. 2) Close Venture Management is a subsidiary of Close Brothers Investment Limited and is regulated by the FSA. 3) The financial information set out in the announcement does not constitute the Company's statutory accounts for the six months ended 30 September 2003 or 2002. The financial information for the year ended 31 March 2003 is derived from the statutory accounts delivered to the Registrar of Companies. The auditors reported on those accounts; their report was unqualified and did not contain a statement under s237 (2) or (3) of the Companies Act 1985. Chairman's Statement Introduction Having disposed of three significant investments in the year to 31 March 2003, during the six months to 30 September 2003 the company has concentrated on investment opportunities in both existing and new investee companies. Additional investments of £600,000 in Premier VCT (Mailbox) Limited and £500,000 in Odyssey Glory Mill Limited were made during the six months, whilst initial new investments of £68,000 in Prospective Developments VCT Limited and £15,000 in Applecroft Care Home Limited were completed. The following investments have been completed since the half year. A further investment of £985,000 in Applecroft Care Home Limited has been made following the half year; with a commitment to invest a further £1 million within the next year this company has contracted to acquire and operate a care home in Dover. Additionally, £1 million of a £2.3 million commitment has been invested in Barleycroft Care Home Limited, which will build and operate a care home in Romford. A further £1 million, meanwhile, has been invested in Kew Green VCT (Stansted) Limited, which is developing an Express by Holiday Inn hotel at Stansted airport. In the leisure sector an investment of up to £850,000 has been committed in City Centres Breweries Limited, which owns and operates a brewery and pub in central Bristol and is intending to build up a chain of pubs in the South West of England. It is the Company's policy to obtain professional third party valuations for the properties underlying its investments at the year end. In the absence of any disposals during the interim period, therefore, there has been no change in the valuation of the portfolio other than in their net current assets, though overall our investment portfolio is performing well across all sectors. I am pleased to say, that in line with the Company's progressive dividend policy, we have been able to increase the interim dividend from 2.8 pence to 3.0 pence per ordinary share, an increase of 7%, part of which was funded from the Company's reserve of realised capital profits. This means the total dividends payable on the ordinary shares since launch have amounted to 53.3 pence and for the 'C' Shares total dividends amount to 41.75 pence per share. Results and Dividend As at 30 September 2003 the net asset value of the Company was £38.68 million or 107.8 pence per share, which compares with a net asset value at 31 March 2003 of £39.07 million or 108.9 pence per share. Net income before taxation was £1.4 million (2002: £1.6 million), enabling the board to declare a net interim dividend of 3.0 pence per share, including 0.2 pence out of realised capital reserves, for the six months to 30 September 2003 (2002: 2.8 pence per share). The interim dividend will be paid on 28 January 2004 to shareholders registered on 30 December 2003. David Watkins Chairman 16 December 2003 A summary of the Company's investments at 30 September 2003 is set out below: Investee Company Investment at Revaluation Investment at Reserved for Revaluation cost valuation investment since 31 March 2003 £ 000's £ 000's £ 000's £ 000's £ 000's -------------------------------------------------------------------------------------- Care Homes ---------- Applecroft Care Home Ltd 15 - 15 1,910 - Barleycroft Care Home Ltd - - - 2,275 - Broadoaks VCT Ltd 1,865 201 2,066 - (25) Churchcroft VCT Ltd 1,550 528 2,078 - 12 Drummond Court Ltd 2,500 428 2,928 - (30) Fryers Walk VCT Ltd 2,575 435 3,010 - (32) Lombardy Court VCT Ltd 1,450 45 1,495 - (45) Prospective Developments VCT Ltd 68 - 68 - - Hotels ------- Premier VCT (Mailbox) Ltd 4,600 676 5,276 - 11 Kew Green VCT (Stansted) Ltd 1,000 - 1,000 4,000 - Residential Development ----------------------- Chase Midland VCT Ltd 1,600 - 1,600 - - Country & Metropolitan VCT Ltd 3,000 - 3,000 - - Prime VCT Ltd 2,200 - 2,200 - - Youngs VCT Ltd 1,200 - 1,200 - - Other ------ City Centres Breweries Ltd - - - 850 - City Screen (Cambridge) Ltd 1,210 (15) 1,195 - 35 Odyssey Glory Mill Ltd 4,500 893 5,393 - 35 City Screen (Liverpool) Ltd 200 - 200 - - -------------------------------------------------------------------------------------- Total at 30 September 2003 29,533 3,191 32,724 9,035 (39) ---------------------------------------------------------------------------------------- Total at 31 March 2003 28,350 3,230 31,580 5,100 - --------------------------------------------------------------------------------------- Unaudited Statement of Total Return (incorporating the profit and loss account) for the six months to 30 September 2003 Six months to Six months to Year to 30 September 2003 30 September 2002 31 March 2003 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 ---------------------------------------------------------------------------------------------------------- Realised gains on investments - - - - 194 194 - 541 541 Unrealised (losses)/gains on investments - (39) (39) - 59 59 - 1,302 1,302 Income 1,694 - 1,694 1,935 - 1,935 3,941 - 3,941 Investment management fees (223) (290) (513) (302) (274) (576) (459) (605) (1,064) Other expenses (62) (58) (120) (73) (62) (135) (135) (122) (257) ------------------------------------------------------------------------------------- Return on ordinary activities before interest and tax 1,409 (387) 1,022 1,560 (83) 1,477 3,347 1,116 4,463 Finance charge (27) - (27) - - - (36) - (36) ------------------------------------------------------------------------------------- Return on ordinary activities before tax 1,382 (387) 995 1,560 (83) 1,477 3,311 1,116 4,427 Tax on ordinary activities (390) 97 (293) (521) 91 (430) (975) 191 (784) ------------------------------------------------------------------------------------- Return attributable to Shareholders 992 (290) 702 1,039 8 1,047 2,336 1,307 3,643 Dividends (1,004) (72) (1,076) (1,007) - (1,007) (2,334) (538) (2,872) ------------------------------------------------------------------------------------- Transfer (from)/to reserves (12) (362) (374) 32 8 40 2 769 771 ===================================================================================== Return per ordinary share 2.8p (0.8)p 2.0p 2.7p 0.0p 2.7p 6.3p 3.6p 9.9p All revenue and capital items in the above statement derive from continuing operations. Unaudited Summary Balance Sheet At 30 September 2003 30 September 30 September 31 March 2003 2002 2003 £'000 £'000 £'000 ------------------------------------------------------------------------------ Fixed asset investments Qualifying investments 32,724 33,947 31,580 Non-qualifying investments - 114 - --------------------------------------- Total fixed asset investments 32,724 34,061 31,580 Current assets Debtors 428 360 655 Cash at bank and in hand 8,667 7,266 10,651 --------------------------------------- 9,095 7,626 11,306 Creditors: due within one year (2,119) (2,252) (2,811) --------------------------------------- Net current assets 6,976 5,374 8,495 --------------------------------------- Creditors: due greater than one year (1,000) (1,000) (1,000) --------------------------------------- Net assets 38,700 38,435 39,075 ======================================= Represented by: Called up share capital 17,939 17,987 17,939 Special reserve 14,111 14,203 14,111 Capital redemption reserve 1,914 1,865 1,914 Capital reserve realised 1,917 1,821 2,165 unrealised 2,625 2,323 2,740 Revenue reserve 194 236 206 --------------------------------------- Total equity shareholders' funds 38,700 38,435 39,075 ======================================= Net asset value per ordinary share 107.9p 106.8p 108.9p This interim report was approved by the Board of Directors on 16 December 2003. Signed on behalf of the Board of Directors by David Watkins Chairman Unaudited Cash Flow Statement for the six months to 30 September 2003 Six months to Six months to Year to 30 September 2003 30 September 31 March £'000 2002 2003 £'000 £'000 -------------------------------------------------------------------------------- Operating activities Investment income received 1,489 2,027 3,413 Dividend income received - - 220 Deposit interest received 170 84 272 Other income received 163 - 62 Investment management fees paid (201) (369) (1,098) Management performance fee paid (351) (184) - Other cash payments (108) (170) (373) ------------------------------------ Net cash inflow from operating activities 1,162 1,388 2,496 Finance interest paid (26) - (27) Taxation UK corporation tax paid - (118) (822) VAT paid (20) - (13) VAT received 28 - - ------------------------------------ 8 (118) (835) Investing activities Purchase of investments (1,170) (2,528) (5,790) Disposals of investments - - 7,332 Disposals of non-qualifying investments - 6,310 6,376 ------------------------------------ Net cash (outflow)/inflow from investing activities (1,170) 3,782 7,918 Dividends paid Equity dividends paid on ordinary shares (1,866) (1,915) (2,922) ------------------------------------ Net cash (outflow)/inflow before financing (1,892) 3,137 6,630 Financing Redemption of own shares (92) (3,121) (3,121) Capital restructuring expenses - - (108) Loan drawdown - 1,000 1,000 ------------------------------------ (92) (2,121) (2,229) ------------------------------------ (Decrease)/increase in cash (1,984) 1,016 4,401 ==================================== This information is provided by RNS The company news service from the London Stock Exchange

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