Half-yearly Report
04 November 2008 - 1:31AM
UK Regulatory
KEYDATA INCOME VCT 2 plc
Unaudited Interim Results for the six month period ending 31 August 2008
Chairman's Statement
Investment Update
Progress in the six month period has been frustratingly slow on the construction of the renewable energy project in
St Helens. The main contractor notified us on 30 October that it is not able to complete construction on our project
until it receives additional finance. The outcome of any refinancing will clearly have a direct impact on the timing of
this project. It is clear however that this will delay our anticipated date for completion and grid connection
previously targeted for March 2009.
Results
The net asset value per share at 31 August 2008 was 97.23 pence, an increase of 2.33% in the period adjusted for
dividends paid of 3p. The total return is 101.56 pence adjusting for cumulative dividends paid to date of 4.33 pence, a
6.9% uplift since launch.
Earnings per share for the period were 2.23 pence per share (comprising revenue earnings of 2.23 pence and capital
earnings of nil).
The directors do not propose to recommend an interim dividend for the period. A final dividend is anticipated based
on the profit for the full year.
We continue to operate within the tax guidelines for preserving VCT tax status with 93% of the fund invested in
qualifying investments, comfortably ahead of the required 70% test.
Shareholder Communication
I will update shareholders on progress in the Annual Report and Accounts that will be sent to you in May 2009.
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
3 November 2008
Consolidated income statement for the six month period ending 31 August 2008
For the six month
period to 31 August 2008 (unaudited)
Revenue�000 Capital�000
Total�000
Realised losses on -- --
--
investmentsUnrealised losses
on investments
Investment income 279-------- --------
279--------
279 -
279
Management fees - -
-
Other expenses (73) -
(73)
-------- --------
--------
Profit before taxation 206 -
206
Taxation (43) -
(43)
-------- --------
--------
Profit after taxation 163-------- ---------
163--------
Earnings per share (Note 2) 2.23p 0.00p
2.23p
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. No operations were acquired or discontinued in the period
Consolidated income statement for the six month period ending 31 August 2007
For the six month
period to 31 August 2007 (unaudited)
Revenue�000 Capital�000
Total�000
Realised losses on -- (16)(3)
(16)(3)
investmentsUnrealised losses
on investments
Investment income 222-------- --------
222--------
222 (19)
(203)
Management fees - -
-
Other expenses (74) -
(74)
-------- --------
--------
Profit before taxation 148 (19)
129
Taxation (28) 28
-
-------- --------
--------
Profit after taxation 120-------- 9--------
129--------
Earnings per share (Note 2) 1.64p 0.12p
1.76p
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. No operations were acquired or discontinued in the period
Balance sheet as at 31 August 2008
Group and Company
31 August 31 August
2008(unaudited) 2007(unaudited)
�000 �000
Fixed assets
Investments 6,230 6,832
Current assets
Prepayments and accrued income 592 120
Cash 439------- 181--------
1,031 301
Creditors: amounts falling due within one year
Accruals and deferred income (157)------- (80)--------
Net current assets 874 221
------- --------
Net assets 7,104------- 7,053--------
Capital and Reserves
Called up share capital 73 73
Share premium - 6,847
Special reserveCapital reserve- realised 6,847- -12
Capital reserve - unrealised - (3)
Revenue reserve 184------- 124--------
Equity shareholders'funds 7,104------- 7,053--------
Net asset value per share (Note 4) 97.23p 96.53p
Cash flow statement for the six month period ending 31 August 2008
Group and Company
For the six month For the six month
period to 31 August period to 31 August
2008(unaudited) 2007(unaudited)
�000 �000
Profit before taxation 206 148
Increase in debtors (273) (52)
Increase in creditors 32 17
------- --------
Net cash (outflow) inflow from (35) 113
operating activitiesFinancial
investment:
Purchase of investments - (10,871)
Sale of investments - 4,020
------------- ---------
- (6,851)
Financing activities:
Dividends paid (219)------- (73)--------
(Decrease)/ increase in (254)693 (6,811)6,992
cashOpening cash ------- --------
439 181
Closing cash ------- --------
Statement of changes in equity
for the six month period ending 31 August 2008
Group and Company
ShareCapi SpecialReser RevenueReser Total
tal ve ve
�000
�000 �000 �000
At 1 March 2008 73 6,847 240 7,160
Profit after taxation for -- -- 163- 163-
periodTaxation
Realised losses on -- -- -- --
investmentsUnrealised losses on
investments
Dividends paid -------- -------- (219)------- (219)--------
At 31 August 2008 73------- 6,847------- 184------- 7,104--------
Investment portfolio summary as at 31 August 2008
Qualifying investments Equity Loan Book cost�000 Valuation % net assets%
�000 Note�000 �000
Nevin Energy Resources Ltd 283 660 943 943 15.2
Cooke Generation Ltd 283 660 943 943 15.1
Burley Energy Ltd 283 660 943 943 15.1
Boyle Electrical Generation 283 660 943 943 15.1
Ltd
Hughes Power Ltd 143 333 476 476 7.7
Clarke Power Services Ltd 302 698 1,000 1,000 16.1
Spencer Energy Services Ltd 292------- 681------- 973-------- 973-------- 15.6--------
Total qualifying investments 1,869 4,352 6,221 6,221 99.9
Non-qualifying investments
Clarke Power Services Ltd - 6 6 6 0.1
Docherty Heat & Energy 3 - 3 3 0.0
Distributor Ltd
------ ------ -------- ------- --------
Total non-qualifying 3 6 9 9 0.1
investments
------ ------ -------- ------- --------
Total investments 1,872------ 4,358------ 6,230-------- 6,230-------- 100.0--------
Notes to the interim report
1 The group's interim accounts have been prepared in accordance with International
Financial Reporting Standards (IFRSs). The accounting policies used in preparing
this report are consistent with those which will be adopted at the year
end.
2 The earnings per share of 2.23 pence (2007: 1.76 pence) is based on the profit
after tax for the period of �163,000 (2007: �129,000) and the weighted average
number of shares in issue over the period to 31 August 2008 of 7,306,320 (2007:
7,036,320).
3 The results should not be taken as a guide to the results for the year ending 28
February 2009.
4 The net asset value per ordinary share of 97.23 pence (2007: 96.53 pence) is
based on net assets of �7,104,000 (2007: �7,053,000) and on 7,306,320 (2007:
7,306,320) shares, being the number of shares in issue as at 31 August 2008.
5 The financial information contained in the 31 August 2008 consolidated income
statement, balance sheet, cash flow statement and statement of changes in equity
does not constitute full financial statements and has not been audited.
For further information please contact:
Craig McNeil
Company Secretary
Keydata Income VCT 2 plc
0141 228 6310
Keydata Income Vct (LSE:KIV2)
Historical Stock Chart
From May 2024 to Jun 2024
Keydata Income Vct (LSE:KIV2)
Historical Stock Chart
From Jun 2023 to Jun 2024
