Final Results
18 Março 2003 - 12:58PM
UK Regulatory
RNS Number:8901I
Leisure & Media VCT PLC
18 March 2003
LEISURE & MEDIA VCT PLC
PRELIMINARY ANNOUNCEMENT OF RESULTS
The Directors announce the statement of results for the year ended 31 December
2002 as follows:
Chairman's statement
It is with pleasure that I present to shareholders the results for the financial
year ended 31 December 2002 and the Investment Manager's report on continued
progress in making investments for the portfolio. In today's difficult economic
climate the Investment Manager has sought to identify sound, well-priced
investments in the target leisure and media sectors.
During 2002 the Company completed two further private equity investments in the
leisure sector, totalling #1.1 million, and made follow-on investments totalling
#268,000 in three of the companies in which investments had previously been
made.
In January and February 2003 two further investments were completed, for a total
of #1.3 million, bringing the total cost of the Company's seven private equity
investments to #4.0 million. Together with the Company's investments in sub
funds of J O Hambro Capital Management Umbrella Fund plc, 68% of the net funds
raised has now been invested and the proportion of funds invested in eligible
shares for VCT purposes stands at approximately 48%.
At 31 December 2002 the net asset value per share was 93.5 pence, compared with
the initial 95 pence raised (net of issue expenses) and the NAV of 92.2 pence at
the end of the 2001 financial year. In 2002 the Company recognised an increase
of #544,000 in the value of one of the investments made in 2001, but this was
offset by unrealised losses of #438,000 on the JOHCM sub funds.
Despite continuing economic and market uncertainty, the Investment Manager,
working with Humberts Leisure continues to see attractive opportunities for
investment in the Company's target sectors.
I look forward to welcoming shareholders to the Annual General Meeting of the
Company, to be held on 24 April 2003 at 3.00pm at the offices of J O Hambro
Capital Management Limited.
We continue to believe that the leisure and media sectors remain attractive and
that the steady progress of investing the Company's funds will continue with a
view to being fully invested within the next twelve months.
Andrew Wates
Chairman
18 March 2003
STATEMENT OF TOTAL RETURN
(*incorporating the revenue account) for the year ended 31 December 2002
Year ended 31 December 2002 15 January to 31 December 2001
Revenue Capital Total Revenue Capital Total
#'000 #'000 #'000 #'000 #'000 #'000
Gains/(losses) on investments - 235 235 - (209) (209)
Foreign exchange gains - 3 3 - - -
Other capital gains - 3 3 - - -
Income 191 - 191 268 - 268
Investment management fees (36) (108) (144) (27) (82) (109)
Operating expenses (168) - (168) (124) - (124)
Net return on ordinary
activities before taxation (13) 133 120 117 (291) (174)
Taxation on ordinary - - - (23) 16 (7)
activities
Return on ordinary activities
after taxation (13) 133 120 94 (275) (181)
Dividend - - - (73) - (73)
Transfer (from)/to reserves (13) 133 120 21 (275) (254)
pence pence pence pence pence pence
Return per Ordinary share (0.14) 1.46 1.32 1.37 (4.00) (2.63)
* The revenue column of this statement is the revenue account of the Company.
All revenue and capital items in the above statement derive from continuing
operations.
The comparative figures in the above statement cover the first period of trading
from 15 January to 31 December 2001.
BALANCE SHEET
as at 31 December
2002 2001
#'000 #'000
Fixed assets
Investments at valuation 7,997 8,209
Current assets
Debtors 33 198
Cash at bank 545 141
578 339
Creditors: amounts falling due within one year (82) (175)
Net current assets 496 164
Total assets less current liabilities 8,493 8,373
Capital and reserves
Called up share capital 91 91
Share premium account 8,536 8,536
Capital reserve - realised (242) (92)
- unrealised 100 (183)
Revenue reserve 8 21
Equity shareholders' funds 8,493 8,373
pence pence
Net asset value per Ordinary share 93.5 92.2
CASH FLOW STATEMENT
for the year ended 31 December 2002 Year ended 15 January to
31 December 31 December
2002 2001
#'000 #'000
Operating activities
Investment income received 182 186
Deposit interest received 18 60
Investment management fees paid (147) (72)
Other expenses paid (180) (75)
Net cash (outflow)/inflow from operating activities (127) 99
Corporation tax paid (7) -
Capital expenditure and financial investment
Purchases of fixed asset investments (3,274) (3,411)
Purchases of treasury bills and gilts (19,259) (7,889)
Proceeds from the sale of fixed asset investments 2,078 -
Proceeds from the sale of treasury bills and gilts 21,072 2,715
Net cash inflow/(outflow) from capital expenditure and financial
investment 617 (8,585)
Equity dividends paid (73) -
Net cash inflow/(outflow) before financing 410 (8,486)
Financing
Ordinary share capital:
Gross issue proceeds - 9,081
Issue expenses - (454)
Redeemable preference shares
Gross issue proceeds - 50
Redemption of shares - (50)
Net cash inflow from financing - 8,627
Increase in cash 410 141
Notes:
The above results for the year to 31 December 2002 are audited and have been
prepared using the accounting standards and policies adopted at the previous
year end with the exception of taxation. The corporation tax charge has been
calculated in accordance with the recently issued Financial Reporting Standard
No 19: Deferred Tax. It has had no effect on the figures for the period to 31
December 2001.
The Directors do not recommend the payment of a final dividend (2001: 0.8p per
Ordinary share).
The revenue return per Ordinary share is based on the net deficit on ordinary
activities after taxation for the year of #13,000 (2001: revenue of #94,000) and
on 9,081,460 (2001: 6,874,190) Ordinary shares, being the weighted average
number of Ordinary shares in issue during the year.
The capital return per Ordinary share is based on the net capital gain for the
year of #133,000 (2001: loss of #275,000) and on 9,081,460 (2001: 6,874,190)
Ordinary shares, being the weighted average number of Ordinary shares in issue
during the year.
The net asset value (including current period revenue) at 31 December 2002 is
based on net assets of #8,493,000 (2001: #8,373,000) and 9,081,460 (2001:
9,081,460) Ordinary shares being the number of shares in issue at that date.
The financial information set out above does not constitute the Company's
statutory financial statements for the year ended 31 December 2002, but is
derived from and has been prepared on the same basis as those financial
statements.
The above results for the period ended 31 December 2001 are an abridged version
of the Company's full accounts which received an audit report that was
unqualified and did not contain statements under section 237(2) or (3) of the
Companies Act 1985 and which have been filed with the Registrar of Companies.
The statutory financial statements for the year ended 31 December 2002 will be
finalised on the basis of the financial information presented by the Directors
in this preliminary announcement, and will be delivered to the Registrar of
Companies following the Company's Annual General Meeting. The Annual General
Meeting will be held on Thursday 24 April 2003 at 3.00pm in the Board Room,
Ground Floor, Ryder Court, 14 Ryder Street, London SW1Y 6QB. The Annual Report
will be posted to shareholders and those individuals on the Company's mailing
list as soon as practicable after printing and will also be available on request
from the Company Secretary, J O Hambro Capital Management Limited, at Ground
Floor, Ryder Court, 14 Ryder Street, London SW1Y 6QB.
This information is provided by RNS
The company news service from the London Stock Exchange
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