Interim Results

Close Brothers Venture Cap Tst PLC 07 December 2006 CLOSE BROTHERS VENTURE CAPITAL TRUST PLC INTERIM RESULTS Close Brothers Venture Capital Trust PLC ('the Company'), which invests in qualifying unquoted companies providing a high level of asset backing for the capital value of the investment, today announces preliminary results for the six months to 30 September 2006. This announcement has been approved by the Board of Directors on 6 December 2006. FINANCIAL HIGHLIGHTS The following is an analysis of dividends paid in respect of each class of shares since their respective launches, together with net asset value. Ordinary shares 'C' shares Shareholder value created per share since launch: (Pence) (Pence) ------------------------------------------------------------------------------------------- Gross revenue dividends paid during the year ended 31 March 1997 2.00 - Gross revenue dividends paid during the year ended 31 March 1998 5.20 2.00 Gross interim dividends and net final dividend paid during the year ended 31 March 1999 11.05 8.75 Net revenue and capital dividends paid during the year ended 31 March 2000 3.00 2.70 Net revenue and capital dividends paid during the year ended 31 March 2001 8.55 4.80 Net revenue dividends paid during the year ended 31 March 2002 7.60 7.60 Net revenue and capital dividends paid during the year ended 31 March 2003 7.70 7.70 Net revenue and capital dividends paid during the year ended 31 March 2004 8.20 8.20 Net revenue and capital dividends paid during the year ended 31 March 2005 9.75 9.75 Net revenue and capital dividends paid during the year ended 31 March 2006 11.75 11.75 Net revenue and capital dividends paid during the period ended 30 September 2006 5.00 5.00 ------------------------------------------------------------------------------------------- Total dividends paid to date 79.80 68.25 Net asset value 117.46 117.46 ------------------------------------------------------------------------------------------- Total return to 30 September 2006 197.26 185.71 =========================================================================================== For further information, please contact: Patrick Reeve Clemmie Carr / John West Close Ventures Limited Tavistock Communications Tel: 020 7422 7830 Tel: 020 7920 3150 Notes 1) Close Brothers Venture Capital Trust PLC is managed by Close Ventures Limited. 2) Close Ventures Limited is authorised and regulated by the Financial Services Authority. 3) Unaudited interim reports for the period will be sent to shareholders shortly. The financial information set out in the announcement does not constitute the Company's statutory accounts for the six months ended 30 September 2006 or 2005. The financial information for the year ended 31 March 2006 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 -------------------- I am pleased to report that your Company has continued to make good progress for the six months to 30 September 2006, with a total return of 6 pence per share. This was driven in particular by pleasing uplifts in the values of our investments in the Express by Holiday Inn hotel at Stansted Airport and the Ramada hotel at the Mailbox in Birmingham. As detailed below, the board is proposing a second dividend of the year of 5 pence per share making a total of 10 pence per share paid during the year. New investment during the period amounted to £3.5 million, £2 million of which had been previously reserved for investment in the Stansted hotel and the Crown Hotel in Harrogate. Other investments included £720,000 to purchase the Blue Boar pub with rooms near Stratford-on-Avon. In addition, further sums were invested in some of our other pub companies to fund small purchases, while a further £250,000 was invested in The Place Sandwich to finish the refurbishment. As reported in last year's annual report and accounts, our two care homes at Romford and Dover were sold in April for a profit of just over £1 million. Overall, we are pleased with the progress of the portfolio. As mentioned above, our Stansted hotel has been performing particularly well, and a 71 room extension taking it up to 254 rooms is currently under construction. The turnaround process at our three star hotels continues and improvements are being seen at both The Place Sandwich and The Bear Hungerford. Looking forward, we are continuing to review a variety of opportunities, in particular in the health and fitness and care home sectors. As at 30 September 2006 net asset value was £42.14 million or 117.5 pence per share, after the payment of the first dividend of the year of 5 pence per share (which compares with £42.19 million or 117.6 pence per share as at 30 September 2005, stated before the first interim dividend of 4.5 pence per share). Revenue return before taxation was £1.20 million for the period compared to £1.43 million for the six months to September 2005. The decline in net revenue reflects the lower returns on cash following the sale of the nursing homes earlier in the year. As already mentioned, the Board now declares a second dividend of 5 pence per share of which 2.5 pence will be paid out of realised capital reserves. This dividend will be paid on 5 January 2007 to shareholders on the share register on 15 December 2006. David Watkins Chairman 6 December 2006 INCOME STATEMENT ---------------- Unaudited Unaudited Six months to Six months to Audited 30 September 2006 30 September 2005 Year to 31 March 2006 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Gains on investments - 1,548 1,548 - (87) (87) - 939 939 Investment income 1,433 - 1,433 1,639 - 1,639 3,044 - 3,044 Investment management fees (117) (351) (468) (120) (361) (481) (180) (539) (719) Other expenses (116) - (116) (86) - (86) (183) - (183) ------------------------------------------------------------------------------------------------------ Return/(loss) on ordinary activities before tax 1,200 1,197 2,397 1,433 (448) 985 2,681 400 3,081 Tax on ordinary activities (359) 105 (254) (437) 67 (370) (544) 162 (382) ------------------------------------------------------------------------------------------------------ Return/(loss) attributable to shareholders 841 1,302 2,143 996 (381) 615 2,137 562 2,699 ===================================================================================================== Basic and diluted return per share (pence) 2.4 3.6 6.0 2.8 (1.1) 1.7 5.9 1.6 7.5 ===================================================================================================== All of the Company's activities derive from continuing operations. The total column of this Income Statement represents the profit and loss account of the Company. The Company has no recognised gains or losses other than those disclosed above. Accordingly a statement of total recognised gains and losses is not required. BALANCE SHEET ------------- Unaudited Unaudited Audited 30 September 30 September 31 March 2006 2005 2006 £'000 £'000 £'000 ------------------------------------------------------------------------------- Fixed asset investments Qualifying investments 35,918 32,960 36,022 Non-qualifying investments 2 2 262 ------------------------------------------------------------------------------- Total fixed asset investments 35,920 32,962 36,284 Current assets Debtors 138 33 18 Cash at bank 6,601 10,061 5,842 ------------------------------------------------------------------------------- 6,739 10,094 5,860 Creditors: amounts falling due within one year (515) (860) (349) ------------------------------------------------------------------------------- Net current assets 6,224 9,234 5,511 Total assets less current liabilities 42,144 42,196 41,795 =============================================================================== Capital and reserves Called up share capital 17,939 17,939 17,939 Special reserve 14,110 14,110 14,110 Capital redemption reserve 1,914 1,914 1,914 Realised capital reserve 2,135 3,184 2,204 Unrealised capital reserve 4,923 3,423 4,449 Revenue reserve 1,123 1,626 1,179 ------------------------------------------------------------------------------- Total equity shareholders' funds 42,144 42,196 41,795 =============================================================================== Net asset value per share (pence) 117.5 117.6 116.5 =============================================================================== This interim information was approved by the Board of Directors on 6 December 2006, and signed on behalf of the Board of Directors by David Watkins, Chairman. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS -------------------------------------------------- Called up Capital Realised Unrealised share Special redemption capital capital Revenue capital reserve reserve reserve reserve reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Six months ended 30 September 2006 As at 31 March 2006 17,939 14,110 1,914 2,204 4,449 1,179 41,795 Net realised gains on investments in the period - - - 1,074 - - 1,074 Capitalised investment management and performance fees - - - (351) - - (351) Tax relief on costs charged to capital - - - 105 - - 105 Movement in unrealised appreciation - - - - 474 - 474 Revenue return attributable to shareholders - - - - - 841 841 Dividends - - - (897) - (897) (1,794) ----------------------------------------------------------------------------------------------------------------------- As at 30 September 2006 17,939 14,110 1,914 2,135 4,923 1,123 42,144 ======================================================================================================================= Six months ended 30 September 2005 As at 31 March 2005 as restated 17,939 14,110 1,914 4,124 3,510 1,688 43,285 Capitalised investment management and performance fees - - - (361) - - (361) Tax relief on costs charged to capital - - - 67 - - 67 Movement in unrealised appreciation - - - - (87) - (87) Revenue return attributable to shareholders - - - - - 996 996 Dividends - - - (646) - (1,059) (1,705) ----------------------------------------------------------------------------------------------------------------------- As at 30 September 2005 17,939 14,110 1,914 3,184 3,423 1,626 42,196 ======================================================================================================================= Year ended 31 March 2006 As at 31 March 2005 as restated 17,939 14,110 1,914 4,124 3,510 1,688 43,285 Adjustment as required by adoption of FRS 26 - - - - - 27 27 Capitalised investment management and performance fees - - - (539) - - (539) Tax relief on costs charged to capital - - - 162 - - 162 Movement in unrealised appreciation - - - - 939 - 939 Revenue return attributable to shareholders - - - - - 2,137 2,137 Dividends - - - (1,543) - (2,673) (4,216) ------------------------------------------------------------------------------------------------------------------------ As at 31 March 2006 17,939 14,110 1,914 2,204 4,449 1,179 41,795 ======================================================================================================================= CASH FLOW STATEMENT ------------------- Unaudited Unaudited Audited Six months to Six months to Year ended 30 September 30 September 31 March 2006 2005 2006 £'000 £'000 £'000 -------------------------------------------------------------------------------------- Operating activities Investment income 1,079 1,359 2,706 Dividend income 4 12 21 Deposit interest 167 260 427 Other income - 2 2 Investment management fees paid (399) (627) (1,006) Administrative expenses paid (155) (138) (216) -------------------------------------------------------------------------------------- Net cash inflow from operating activities 696 868 1,934 Taxation UK corporation tax paid (170) (115) (517) VAT (paid)/repaid (4) 5 22 Capital expenditure and financial investment Purchase of investments (3,255) (3,785) (6,173) Disposal of investments 5,285 55 55 -------------------------------------------------------------------------------------- Net cash inflow/(outflow) from investing activities 2,030 (3,730) (6,118) Equity dividends paid Dividends paid on ordinary shares (1,793) (1,704) (4,216) -------------------------------------------------------------------------------------- Increase/(decrease) in cash 759 (4,676) (8,895) ====================================================================================== This information is provided by RNS The company news service from the London Stock Exchange

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