Final Results
10 May 2006 - 10:32PM
UK Regulatory
Keydata Income VCT 2
KEYDATA INCOME VCT 2 plc
Preliminary Announcement of Final Results for the period ending 28 February 2006
Financial Highlights
Period to 28 February
2006
Capital Values:
Net assets (�000) 4,303
Net asset value per share 95.33p
Share price (bid) 90p
Discount 5.6%
Earnings per share: 0.41p
Total expense ratio 2.12%
Chairman's Statement
Introduction
This is my first annual statement as Chairman of Keydata Income VCT 2 which
covers the period from date of incorporation on 16 February 2005 to 28 February
2006. I would like to welcome you as a shareholder and thank you for your
support in the launch of the VCT.
The Initial Offer for Subscription closed on 30 June 2005 with gross funds
raised of around �4.51 million from 575 investors. The costs of the launch were
set at 5 per cent of the gross funds raised and the net proceeds retained by the
company were �4.28 million with an initial asset value per share of 95p.
Results and Investments
The Investment Manager, Green Power 2 did not make any investments during the
period.
Earnings per share for the period were 0.41p per share (based on the weighted
average number of shares in issue during the period). The net asset value per
share at 28 February 2006 was 95.33p, a 0.35% increase on the initial NAV of
95p.
Funding
We are pleased to have obtained shareholder approval on 8 November 2005 to a
further share offer for subscription of ordinary shares. The offer closed on 5
April 2006 with net funds raised of around �2.65 million. In total, the Company
has around �6.9 million to invest.
Dividends
An interim dividend was declared on 16 March 2006 of 0.33 pence per share in
respect of the period ended 28 February 2006. The dividend will be paid on 23
May 2006 to shareholders on the register on 24 March 2006. No final dividend is
proposed. In the future, we anticipate the interim dividend being paid in
December and the final dividend in July.
Outlook
Subject to receipt of tax clearance from HMRC, the Company is contracted to
invest �4,000,000 in ten newly formed windfarm investment companies, each
intended to own and operate one wind turbine. An investment of �400,000 in each
Company will be made by way of subscription for shares and variable rate
unsecured loan notes. The Company is co-investing alongside Keydata Income VCT 1
plc on the same terms. Each windfarm is at a different stage of development with
planning permission granted and construction dates currently targeted from
August 2006.
Tax clearance was still outstanding on the date of approval of these accounts.
With total funds available for investment of �6.9 million, we anticipate being
fully invested within the next 12 months.
Shareholder Communication
The Company's daily share price can be found on various financial websites under
the EPIC code "KIV2" or on our own dedicated website at
www.keydataincomevct.co.uk
Stephen Oxenbridge Chairman
9 May 2006
Consolidated Income Statement
For the period 16 February 2005
to 28 February 2006
Revenue Capital Total
�000 �000 �000
Income 109 109
-------- ------- --------
109 - 109
Management fees - - -
Other expenses (91) (91)
-------- ------- --------
Profit before taxation 18 - 18
Tax (3) - (3)
-------- ------- --------
Profit for the period 15 15
-------- ------- --------
Earnings per ordinary share (Note 2) 0.41p - 0.41p
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 Group and Company
As at 28 February 2006
�000
Non-current assets
Investments ----------
Current assets
Other receivables 25
Cash and cash equivalents 4,301
--------
4,326
Current liabilities (23)
-------
Net assets 4,303
-------
Equity attributable to equity holders
Called up share capital 45
Share premium 4,243
Capital reserve - realised -
Capital reserve - unrealised -
Retained earnings 15
--------
Total equity 4,303
--------
Net asset value per share (Note 3) 95.33p
Cash flow statement Group and Company
For the period 16 February 2005
to 28 February 2006
�000
Profit before taxation 18
Increase in receivables (25)
Increase in payables 20
--------
Net cash from operating activities
Cash flow from financing activities 13
Equity shares issued 4,288
--------
Net increase in cash and cash equivalents 4,301
--------
Statement of Changes in Equity Group and Company
For the period
16 February 2005 to
28 February 2006
Share Share Retained Total
capital premium earnings
�000 �000 �000 �000
Balance at beginning of period - - - -
Changes in equity:
Profit for the period - - 15 15
Issue of ordinary shares 45 4,243 - 4,288
Issue of redeemable preference shares 50 - - 50
Redemption of redeemable preference (50) - (50)
shares ------ --------- ----- --------
Balance at end of period 45 4,243 15 4,303
------ ------- ----- --------
Notes
1 The accounts of the company are prepared in accordance with applicable United Kingdom
law and International Financial Reporting Standards as adopted by the European Union.
2 Earnings per ordinary share of 0.41 pence is based on a profit after taxation of
�15,000 and on 3,567,001 ordinary shares, being the weighted average number of shares
in issue over the period.
3 The net asset value per ordinary share of 95.33 pence is based on net assets of
�4,303,000 and on 4,513,628 shares, being the number of shares in issue at period
end.
4 The financial information set out above does not constitute the Company's statutory
accounts for the period ended 28 February 2006. The annual report and accounts for
the period ended 28 February 2006 will be delivered to the Registrar of Companies
following the Company's annual general meeting.
The Annual report and accounts will be posted to shareholders shortly. Copies
may in due course be obtained during normal business hours from Keydata
Investment Services Limited, One Angel Court, London EC2R 7HJ.
The Annual General Meeting of the Company will be held at the Company's
registered office, 19 Cavendish Square, London W1A 2AW on 27 June 2006 at
11.00am.
For further information please contact:
Roddi Vaughn-Thomas
Head of Corporate Communications
Keydata Investment Services Ltd
020 7710 6923
Craig McNeil
Company Secretary
Keydata Income VCT 1 plc
0141 572 2300
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