UNAUDITED INTERIM FINANCIAL REPORT TP5 VCT PLC FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2012 TP70 2010 VCT PLC 1
Unaudited Interim Financial Report / General Information Directors Sir John Lucas Tooth Robert Reid Christopher Harris Secretary and Registered Office Triple Point Investment Management LLP 4-5 Grosvenor Place London SW1X 7HJ Registered Number 06614532 Investment Manager and Administrator Triple Point Investment Management LLP 4-5 Grosvenor Place London SW1X 7HJ Tel: 020 7201 8989 Independent Auditor Grant Thornton UK LLP 3140 Rowan Place John Smith Drive Oxford Business Park South Oxford, OX4 2WB Solicitors Howard Kennedy LLP 19a Cavendish Square London W1A 2AW Registrars Neville Registars Limited Neville House 18 Laurel Lane Halesowen West Midlands B63 3DA VCT Taxation Advisers PriceWaterhouseCoopers LLP 1 Embankment Place London WC2N 6RN Bankers Royal Bank of Scotland PLC 54 Lime Street London EC3M 7NQ TP5 VCT PLC
Unaudited Interim Financial Report / Contents Financial Summary 1 Chairman s Statement 2 Investment Manager s Review 3 Investment Portfolio 5 Directors Responsibility Statement 6 Non statutory analysis of / The Ordinary Share Fund 7 Non statutory analysis of / The B Share Fund 8 Unaudited Statement of Comprehensive Income 9 Unaudited Balance Sheet 10 Unaudited Statement of Changes in Shareholders Equity 11 Unaudited Statement of Cash Flows 12 Notes to the Unaudited Interim Financial Report 13 TP5 VCT PLC
Unaudited Interim Financial Report / Financial Summary 6 months ended Year ended 6 months ended Ord. B Ord. B Ord. B Shares Shares Total Shares Shares Total Shares Shares Totall 000 000 000 000 000 000 000 000 000 Net assets 16,016 2,879 18,895 16,443 2,898 19,341 16,329 2,825 19,154 Net asset value per share (pence) 85.14p 83.51p N/A 87.41p 84.04p N/A 86.80p 81.92p N/A Net profit/(loss) before tax 43 (19) 24 (216) (98) (314) (330) (171) (501) Dividend paid (pence) 2.50p - - - - - - - - Profit/(loss) per share (pence) 0.23p (0.54p) N/A (1.15p) (2.86p) N/A (1.76p) (4.99p) N/A TP5 VCT plc ( the Company ) is a Venture Capital Trust ( VCT ). The Investment Manager is Triple Point Investment Management LLP ( TPIM ). The Company was launched in September 2008 and raised 17.8 million (net of expenses) through an offer for subscription. In September 2009 it acquired the assets and liabilities of TP70 2009 VCT plc with a net asset value of 3.3m in exchange for the issue of B shares in the Company to the shareholders in TP70 2009 VCT plc. 1 TP5 VCT PLC
Unaudited Consolidated Interim Financial Report / Chairman s Statement I am writing to you to present the results for the Company for the six month period ending 30 September 2012. Results At 30 September 2012 the Company had in place a diversified portfolio of VCT Qualifying Investments, representing 94% of its net assets, therefore increasing the margin by which it satisfied the test to secure VCT tax status. Fuller details of the portfolio are given in the Investment Manager s Review on page 3. Over the period the Company made a profit before tax of 24,000, of which 43,000 was a profit for Ordinary shares and 19,000 a loss for B shares. The loss for the B shares is attributable to the lower returns for that share class which have not fully covered management fees and other expenses. Dividend During the period a dividend was paid to Ordinary Share Class holders of 470,275 or 2.5p per share, bringing the total dividends paid to Ordinary share Class holders to 4.512p. Risks The Board believes that the principal risks facing the Company are: investment risk associated with undertaking VCT qualifying investments; failure to continue to satisfy the requirements to qualify as a VCT; Separately, the B fund is exposed to investment risk as a result of its exposure to GAM Diversity 2.5XL. The Board continues to work closely with the Investment Manager to minimise either the likelihood or potential impact of these risks, within the scope of the Company s established investment strategy. Outlook With the VCT Qualifying Investment portfolio now in place, the Company s focus is the ongoing management and monitoring of these investments by the Investment Manager and eventually their realisation. If you have any questions or comments, please do not hesitate to telephone Triple Point Investment Management LLP on 020 7201 8990. SIR JOHN LUCAS-TOOTH Chairman 22 November 2012 TP5 VCT PLC 2
Unaudited Interim Financial Report / Investment Manager s Review We are pleased to report that the Company finished the period to 30 September 2012 with 94% of net assets invested in VCT Qualifying Investments. The portfolio of Qualifying Investments is split between eighteen companies across three sectors; cinema digitisation, and electricity generation from solar PV and anaerobic digestion. Each of these investments meets Triple Point s investment criteria, with projected revenues generated from good quality customers and the potential for attractive returns. Investments in each sector have been made with the benefit of rigorous selection criteria, including extensive due diligence, expert technical assessment and ongoing monitoring. Sector Analysis The investment portfolio can be analysed as follows: Total Cinemal Anaerobic unquoted digitisation Solar pv digestion investments 000 000 000 000 Investments at 31 March 2012 7,310 6,995 3,075 17,380 Investments made during the 6 months ended 30 September 2012-200 200 400 Investments at 30 September 2012 7,310 7,195 3,275 17,780 Investments % 41.11% 40.47% 18.42% 100.00% 3 TP5 VCT PLC
Unaudited Interim Financial Report / Investment Manager s Review continued VCT PORTFOLIO REVIEW Cinema Digitisation The businesses in the portfolio deploy, maintain and operate digital equipment in cinemas in the UK and Continental Europe and continue to perform in line with their objectives. Digital cinema projection conversion is paid for under the globally recognised Virtual Print Fee model, through which film studios pay for the cost of the deployment over a number of years. The majority of the revenues come from the six major investment grade Hollywood Studios. Film booking rates are significantly ahead of the base-line projections which has built further headroom into the arrangements. Seven of the top ten films of 2012 are expected in the second half of the year including Skyfall, the new Bond film, and The Hobbit. Solar PV The investments in companies that own roof-mounted residential solar PV panels continue to provide steady cash flows. Over the past six months, the Government has announced further changes to the Feed-in Tariff regime for solar. However, as the Feed-in Tariff is a grandfathered scheme, all existing solar installations, including those owned by companies in which your Company has invested, remain unaffected. Anaerobic Digestion Anaerobic Digestion (AD) is an established technology used to generate electricity from the production of biogas through the biological treatment of organic materials using naturally occurring organisms. Within the portfolio are four investments in small enterprises constructing plants to generate electricity from farmbased AD. The equipment used by each of the four AD businesses is supplied by one of Europe s leading suppliers, EnviTec Biogas. Three of the plants are close to completion and the fourth, Drumnahare Biogas Ltd, is still in the preconstruction phase. B Share Fund - GAM The B Share Fund s policy is to have 30% of its assets exposed directly or indirectly to GAM Diversity GBP 2.5XL for the life of the Company. At the period end the B Share Fund s exposure to GAM Diversity 2.5XL stood at 31% of net assets. GAM Review The following has been provided by GAM. Over the six months to 30 September GAM Diversity 2.5XL returned 0.07%, the FTSE All Share 1.95% and the HFRX Global Hedge Fund Index lost 0.47%. GAM report that the second quarter of 2012 was similar to the same period in 2011, with both years seeing steep declines in May before a sharp rally in June. In 2012 this ultimately resulted in losses of 2 5% across key equity markets. However, over Q3, GAM report that the more active risk-on positioning they adopted over the summer, along with other portfolio developments, resulted in a positive quarter for their multi-strategy funds and the period was characterised by a strong upward move in risk assets. In Q3 GAM Diversity 2.5XL returned 5.97%, (the FTSE All Share returned 4.70% and the HFRX Global Hedge Fund Index 1.45%). While this was a positive result, GAM remain focused on ensuring that the positive performance traction carries through to the end of the year. By continuing to focus their portfolios on their highest conviction managers and themes, they are confident that this will be the case. Outlook With the VCT qualifying portfolio now in place, our focus is on portfolio management, and we are confident that the Company is well positioned to benefit from performance of its investments. CLAIRE AINSWORTH Managing Partner for Triple Point Investment Management LLP 22 November 2012 TP5 VCT PLC 4
Unaudited Interim Financial Report / Investment Portfolio Unaudited Year ended 30 September 2012 31 March 2012 Cost Valuation Cost Valuation 000 % 000 % 000 % 000 % Unquoted qualifying holdings 17,780 93.68 17,780 94.26 17,380 89.14 17,380 89.68 Unquoted non-qualifying holdings: GAM Diversity 2.5XL 1,015 5.35 894 4.74 1,015 5.20 893 4.61 Financial assets at fair value through the profit or loss 18,795 99.03 18,674 99.00 18,395 94.34 18,273 94.29 Cash and cash equivalents 187 0.97 187 1.00 1,109 5.66 1,109 5.71 18,982 100.00 18,861 100.00 19,504 100.00 19,382 100.00 Unquoted qualifying holdings Cinema digitisation: 21st Century Cinema Ltd 1,000 5.27 1,000 5.30 1,000 5.13 1,000 5.16 Big Screen Digital Services Ltd 1,000 5.27 1,000 5.30 1,000 5.13 1,000 5.16 Cinematic Services Ltd 2,000 10.54 2,000 10.60 2,000 10.25 2,000 10.32 Digima Ltd 1,000 5.27 1,000 5.30 1,000 5.13 1,000 5.16 Digital Screen Solutions Ltd 1,000 5.27 1,000 5.30 1,000 5.13 1,000 5.16 DLN Digital Ltd 1,310 6.90 1,310 6.95 1,310 6.72 1,310 6.76 Electricity generation: Solar Green Energy for Education Ltd 1,310 6.90 1,310 6.95 1,310 6.72 1,310 6.76 Campus Link Ltd 1,310 6.90 1,310 6.95 1,310 6.72 1,310 6.76 Convertibox Services Ltd 1,000 5.27 1,000 5.30 1,000 5.13 1,000 5.16 Flowers Power Ltd 1,000 5.27 1,000 5.30 1,000 5.13 1,000 5.16 Helioflair Ltd 200 1.05 200 1.06 - - - - New Energy Network Ltd 1,000 5.27 1,000 5.30 1,000 5.13 1,000 5.16 Ranmore Environmental Ltd 375 1.98 375 1.99 375 1.92 375 1.93 September Star Energy Ltd 1,000 5.27 1,000 5.30 1,000 5.13 1,000 5.16 Anaerobic digestion Biomass Future Generation Ltd 1,300 6.85 1,300 6.89 1,300 6.67 1,300 6.71 Drumnahare Biogas Ltd 200 1.05 200 1.06 - - - - GreenTec Energy Ltd 500 2.63 500 2.65 500 2.56 500 2.58 Katharos Organic Ltd 1,275 6.72 1,275 6.76 1,275 6.54 1,275 6.58 17,780 93.68 17,780 94.26 17,380 89.14 17,380 89.68 5 TP5 VCT PLC
Unaudited Interim Financial Report / Directors Responsibility Statement The Directors have prepared the Interim Financial Report for the Company in accordance with International Financial Reporting Standards ( IFRS ). In preparing the Interim Financial Report for the 6 month period to 30 September 2012, the Directors confirm that to the best of their knowledge: a) the Interim Financial Report has been prepared in accordance with International Accounting Standard IAS34, Interim Financial Reporting issued by the International Accounting Standards Board; b) the Interim Financial Report includes a fair review of important events during the period and their effect on the Financial Statements and a description of principal risks and uncertainties for the remainder of the accounting period; c) the Interim Financial Report gives a true and fair view in accordance with IFRS of the assets, liabilities, financial position and of the results of the Company for the period and complies with IFRS and the Companies Act 2006; d) the Interim Financial Report includes a fair review of related party transactions and changes therein. There are no related party transactions; and e) the Directors believe that the Company has sufficient financial resources to manage its business risks in the current uncertain economic outlook. The Directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the Financial Statements. This Interim Financial Report has not been audited or reviewed by the auditors. SIR JOHN LUCAS TOOTH Chairman 22 November 2012 TP5 VCT PLC 6
Non-Statutory Analysis / The Ordinary Share Fund Statement of Comprehensive Income Income 6 months ended Year ended 6 months ended Note Revenue Capital Total Revenue Capital Total Revenue Capital Total 000 000 000 000 000 000 000 000 000 Investment income 4 292-292 329-329 90-90 Realised loss on investments - - - - (38) (38) - (135) (135) Unrealised loss on investments - - - - - - - (30) (30) Investment return/(loss) 292-292 329 (38) 291 90 (165) (75) Investment management fees 5 (51) (153) (204) (103) (309) (412) (52) (156) (208) Other expenses (45) - (45) (95) - (95) (47) - (47) Profit/(loss) before taxation 196 (153) 43 131 (347) (216) (9) (321) (330) Taxation 7 (46) 46 - - - - - - - Profit/(loss) after taxation 150 (107) 43 131 (347) (216) (9) (321) (330) Total comprehensive profit/(loss) 150 (107) 43 131 (347) (216) (9) (321) (330) Basic and diluted return/(loss) per share 8 0.80p (0.57p) 0.23p 0.70p (1.85p) (1.15p) (0.05p) (1.71p) (1.76p) Balance Sheet Note 000 000 000 Non current assets Financial assets at fair value through profit or loss 15,824 14,765 16,441 Current assets Receivables 59 13 96 Cash and cash equivalents 9 150 1,713 (106) 209 1,726 (10) Current liabilities Payables (17) (48) (102) Net assets 16,016 16,443 16,329 Equity attributable to equity holders 16,016 16,443 16,329 Net asset value per share 11 85.14p 87.41p 86.80p Statement of Changes in Shareholders Equity 000 000 000 Opening shareholders funds 16,443 16,659 16,659 Profit/(loss) for the period 43 (216) (330) Dividends paid (470) - - Closing shareholders funds 16,016 16,443 16,329 7 TP5 VCT PLC
Non-Statutory Analysis / The B Share Fund Statement of Comprehensive Income 6 months ended Year ended 6 months ended Note Revenue Capital Total Revenue Capital Total Revenue Capital Total 000 000 000 000 000 000 000 000 000 Investment income 44-44 54-54 16-16 Realised gain/(loss) on investments - - - - 13 13 - (14) (14) Unrealised gain/(loss) on investments - 1 1 - (55) (55) - (117) (117) Investment return/(loss) 44 1 45 54 (42) 12 16 (131) (115) Investment management fees (9) (28) (37) (18) (54) (72) (9) (28) (37) Other expenses (27) - (27) (38) - (38) (19) - (19) Profit/(loss) before taxation 8 (27) (19) (2) (96) (98) (12) (159) (171) Taxation - - - - - - - - - Profit/(loss) after taxation 8 (27) (19) (2) (96) (98) (12) (159) (171) Total comprehensive profit/(loss) 8 (27) (19) (2) (96) (98) (12) (159) (171) Basic and diluted return/(loss) per share 0.23p (0.76p) (0.54p) (0.08p) (2.78p) (2.86p) (0.39p) (4.59p) (4.99p) Balance Sheet Note 000 000 000 Non current assets Financial assets at fair value through profit or loss 2,850 3,508 2,531 Current assets Receivables 7 2 18 Cash and cash equivalents 9 37 (604) 295 44 (602) 313 Current liabilities Payables (15) (8) (19) Net assets 2,879 2,898 2,825 Equity attributable to equity holders 2,879 2,898 2,825 Net asset value per share 11 83.51p 84.04p 81.92p Statement of Changes in Shareholders Equity 000 000 000 Opening shareholders funds 2,898 2,996 2,996 Loss for the period (19) (98) (171) Closing shareholders funds 2,879 2,898 2,825 TP5 VCT PLC 8
Unaudited Statement of Comprehensive Income Income 6 months ended Year ended 6 months ended Note Revenue Capital Total Revenue Capital Total Revenue Capital Total 000 000 000 000 000 000 000 000 000 Investment income 336-336 383-383 106-106 Loss arising on the disposal of investments in the period - - - - (87) (87) - (149) (149) Gain/(loss) arising on the revaluation of investments at the period end - 1 1-7 7 - (147) (147) Investment return/(loss) 336 1 337 383 (80) 303 106 (296) (190) Expenses Investment management fees 60 181 241 121 363 484 61 184 245 Financial and regulatory costs 14-14 24-24 11-11 General administration 23-23 25-25 10-10 Legal and professional fees 15-15 44-44 25-25 Directors remuneration 20-20 40-40 20-20 Operating expenses 132 181 313 254 363 617 127 184 311 Profit/(loss) before taxation 204 (180) 24 129 (443) (314) (21) (480) (501) Taxation (46) 46 - - - - - - - Profit/(loss) after taxation 158 (134) 24 129 (443) (314) (21) (480) (501) Profit and comprehensive income/(loss) for the year 158 (134) 24 129 (443) (314) (21) (480) (501) Basic & diluted loss per share n/a n/a n/a n/a n/a n/a n/a n/a n/a The Total column of this statement is the Statement of Comprehensive Income of the Company prepared in accordance with International Financial Reporting Standards (IFRS). The supplementary Revenue Return and Capital columns have been prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations. This Statement of Comprehensive Income includes all recognised gains and losses. The accompanying notes are an integral part of this statement. 9 TP5 VCT PLC
Unaudited Consolidated Balance Sheet Note 000 000 000 Non current assets Financial assets at fair value through the profit or loss 18,674 18,273 18,972 Current assets Receivables 66 15 114 Cash and cash equivalents 9 187 1,109 189 253 1,124 303 Total assets 18,927 19,397 19,275 Current liabilities Payables (32) (56) (121) Net assets 18,895 19,341 19,154 Equity attributable to equity holders Share capital 10 222 222 222 Capital redemption reserve 1 1 1 Share premium 3,230 3,230 3,230 Special distributable reserve 16,827 17,189 17,189 Capital reserve (1,465) (1,331) (1,368) Revenue reserve 80 30 (120) Total equity 18,895 19,341 19,154 Net asset value per share 11 n/a n/a n/a The accompanying notes are an integral part of this statement. TP5 VCT PLC 10
Unaudited Statement of Changes in Shareholders Equity Capital Special Share Redemption Share Distributable Capita Revenue Capital Reserve Premium Reserve Reserve Reserve Total 000 000 000 000 000 000 000 Opening Balance 222 1 3,230 17,189 (1,331) 30 19,341 Dividends paid - - (362) - (108) (470) Transactions with owners - - - (362) - (108) (470) (Loss)/profit for the period - - - (134) 158 24 Total comprehensive (loss)/income for the period - - - (134) 158 24 Balance at 31 March 2012 222 1 3,230 16,827 (1,465) 80 18,895 Capital reserve consists of: Investment holding losses (121) Other realised losses (1,344) (1,465) Year ended 31 March 2012 Opening Balance 222 1 3,230 17,189 (888) (99) 19,655 (Loss)/profit for the year - - - - (443) 129 (314) Total comprehensive (loss)/income for the year - - - - (443) 129 (314) Balance at 31 March 2012 222 1 3,230 17,189 (1,331) 30 19,341 Capital reserve consists of: Investment holding losses (122) Other realised losses (1,209) (1,331) 6 months ended 30 September 2011 Opening Balance 222 1 3,230 17,189 (888) (99) 19,655 Loss for the period - - - - (480) (21) (501) Total comprehensive loss for the period - - - - (480) (21) (501) Balance at 30 September 2011 222 1 3,230 17,189 (1,368) (120) 19,154 Capital reserve consists of: Investment holding gains / (losses) (276) Other realised losses (1,092) (1,368) The share premium represents the excess of the issue price net of issue costs over the par value of shares. Neither the share premium nor capital reserve are distributable. The capital reserve represents the realised and unrealised gains/(losses) on holding investments and the proportion of Investment Management fees charged against capital. The special distributable reserve was created on court cancellation of the share premium account. The revenue and special distributable reserve are distributable by way of dividend. 11 TP5 VCT PLC
Unaudited Statement of Cash Flows 6 months ended Year ended 6 months ended Note 000 000 000 Cash flow from operating activities Profit/(loss) before tax 24 (314) (501) Loss arising on the disposal of investments in the year - 87 149 (Gain)/loss arising on the revaluation of investments at the year end (1) (7) 147 Cash absorbed by operations 23 (234) (205) Increase in receivables (51) (7) (106) (Decrease)/increase in payables (24) 3 68 Net cash flows from operating activities (52) (238) (243) Cash flow from investing activities Purchase of financial assets at fair value through profit or loss (400) (13,185) (4,600) Proceeds of sale of financial assets at fair value through profit or loss - 14,464 4,964 Net cash flows from investing activities (400) 1,279 364 Cash flow from financing activities Dividend paid (470) - - Net cash flow from financing (470) - - Net cash (decrease)/increase in cash and cash equivalents (922) 1,041 121 Reconciliation of net cash flow to movements in cash and cash equivalents Net cash (decrease)/increase in cash and cash equivalents (922) 1,041 121 Cash and cash equivalents brought forward 1,109 68 68 Cash and cash equivalents 187 1,109 189 The accompanying notes are an integral part of this statement. TP5 VCT PLC 12
Notes to the Unaudited Interim Financial Report 1. CORPORATE INFORMATION The Unaudited Interim Financial Report of the Company for the 6 months ended 30 September 2012 was authorised for issue in accordance with a resolution of the Directors on 21 November 2012. The Company applied for listing on the London Stock Exchange on 14 November 2008. TP5 VCT plc is incorporated and domiciled in Great Britain. The address of TP5 VCT plc s registered office, which is also its principal place of business, is 4-5 Grosvenor Place, London, SW1X 7HJ. TP5 VCT plc s Interim Financial Report is presented in Pounds Sterling ( ) which is also the functional currency of the Company, rounded to the nearest thousand. The financial information set out in this report does not constitute statutory accounts as defined in S434 of the Companies Act 2006. The principal activity of the Company is investment. The Company s investment strategy is different for each share class. The B Share Fund offer combined exposure to GAM Diversity 2.5XL, cash and fixed interest funds and venture capital investments focused on companies with contractual revenues from financially secure counterparties. The Ordinary Share Fund focused on GSAM managed funds and venture capital investments focused on companies with contractual revenues from financially secure counterparties. 2. BASIS OF PREPARATION AND ACCOUNTING POLICIES Basis of preparation The Interim Financial Report of the Company for the 6 months ended 30 September 2012 has been prepared in accordance with IAS 34: Interim Financial Reporting. It does not include all of the information required for full Financial Statements and should be read in conjunction with the Financial Statements for the year ended 31 March 2012. Estimates The preparation of the Interim Report requires the Board to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenditure. Actual results may differ from these estimates. 3. SEGMENTAL REPORTING The Company s segments are defined by the financial information provided to the Board. The Company only has one class of business, being investment activity. 4. INVESTMENT INCOME 6 months ended Year ended 6 months ended Ord. B Ord. B Ord. B Shares Shares Total Shares Shares Total Shares Shares Totall 000 000 000 000 000 000 000 000 000 Loan Stock Interest 292 44 336 283 53 336 76 14 90 Money Market interest - - - 45 1 46 14 2 16 Bank interest - - - 1-1 - - - 292 44 336 329 54 383 90 16 106 13 TP5 VCT PLC
Notes to the Unaudited Interim Financial Report (continued) 5. INVESTMENT MANAGEMENT FEES TPIM provides investment management and administration services to the Company under an Investment Management Agreement effective 14 November 2008. The agreement provides for an administration and investment management fee of 2.5% per annum of net assets for both ordinary and B shares, calculated and payable quarterly in arrear and runs for the period up to 1 October 2014 and may be terminated at any time thereafter by not less than twelve months notice given by either party. Should such notice be given, the Investment Manager would perform its duties under the Investment Management Agreement and receive its contractual fee during the notice period. 6. DIRECTORS REMUNERATION 6 months ended Year ended 6 months ended Ord. B Ord. B Ord. B Shares Shares Total Shares Shares Total Shares Shares Totall Sir John Lucas-Tooth (Chairman) 7 1 8 13 2 15 7 1 8 Claire Ainsworth - - - 2-2 2-2 Christopher Harris 5 1 6 8 2 10 3 1 4 Robert Reid 5 1 6 11 2 13 5 1 6 17 3 20 34 6 40 17 3 20 TP5 VCT PLC 14
Notes to the Unaudited Interim Financial Report (continued) 7. TAXATION Ordinary Shares 6 months ended Year ended 6 months ended Rev. Cap. Total Rev. Cap. Total Rev. Cap. Total 000 000 000 000 000 000 000 000 000 Profit/(loss) before taxation 196 (153) 43 131 (347) (216) (9) (321) (330) Corporation tax at 20% 39 (31) 8 26 (69) (43) (2) (64) (66) Effect of: Capital losses not taxable - - - - 8 8-33 33 Utilisation of tax losses brought forward 7 (7) - - - - - - - Unrelieved tax losses arising in the year - (8) (8) (26) 61 35 2 31 33 Tax charge/(credit) in the year 46 (46) - - - - - - - B Shares Profit/(loss) before taxation 8 (27) (19) (2) (96) (98) (12) (159) (171) Corporation tax at 20% 2 (5) (3) - (19) (20) (2) (32) (34) Effect of: Capital losses not taxable - - - - 8 8-26 26 Utilisation of tax losses brought forward (2) 2 - - - - - - - - - Unrelieved tax losses arising in the year - 3 3-11 12 2 6 8 Tax charge/(credit) in the year - - - - - - - - - Total Profit/(loss) before taxation 204 (180) 24 129 (443) (314) (21) (480) (501) Corporation tax at 20% (2011: 21%) 41 (36) 5 26 (88) (62) (4) (96) (100) Effect of: Capital losses not taxable - - - - 16 16-59 59 Utilisation of tax losses brought forward 5 (5) - - - - - - - Unrelieved tax losses arising in the year - (5) (5) (26) 72 46 4 37 41 Tax charge/(credit) in the year 46 (46) - - - - - - - Capital gains and losses are exempt from corporation tax due to the Company s status as a Venture Capital Trust. 15 TP5 VCT PLC
Notes to the Unaudited Interim Financial Report (continued) 8. PROFIT/(LOSS) PER SHARE The profit per share for Ordinary shares is based on the profit after tax of 43,000, and on the weighted average number of shares in issue during the period of 18,811,011. The loss per share for B shares is based on the loss after tax of 19,000, and on the weighted average number of shares in issue during the period of 3,448,044. 9. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise deposits with The Royal Bank of Scotland plc 10. SHARE CAPITAL Note 000 000 000 Ordinary Shares of 0.01 each Authorised Number of shares 55,000,000 55,000,000 55,000,000 Par Value 000 550 550 550 Issued & Fully Paid Number of shares 18,811,011 18,811,011 18,811,011 Par Value 000 188 188 188 B Shares of 0.01 each Authorised Number of shares 5,000,000 5,000,000 5,000,000 Par Value 000 50 50 50 Issued & Fully Paid Number of shares 3,448,044 3,448,044 3,448,044 Par Value 000 34 34 34 TP5 VCT PLC 16
Notes to the Unaudited Interim Financial Report (continued) 11. NET ASSET VALUE PER SHARE The calculation of the Company s net asset value per share for ordinary shares is based on the Company s net assets attributable to the Ordinary shares of 16,016,000 divided by the 18,811,011 ordinary shares in issue. The calculation of the Company s net asset value per share for B shares is based on the Company s net assets attributable to the B shares of 2,879,000 divided by the 3,448,044 B shares in issue. 12. COMMITMENTS AND CONTINGENCIES The Company had no commitments or contingent liabilities at 30 September 2012. 13. SUBSIDIARY During the period the investment in GAM Diversity 2.5XL held by the Company s subsidiary Vistapoint Limited, has been transferred up to the Company and instructions have been given to liquidate Vistapoint. As such Vistapoint is no longer held as a subsidiary but as an asset held for disposal with a value of nil and a provision has been made for the liquidation costs. 14. RELATED PARTY TRANSACTIONS There are no related party transactions. 15. POST BALANCE SHEET EVENTS There were no post balance sheet events. 17 TP5 VCT PLC
TP5 VCT PLC 4-5 Grosvenor Place London SW1X 7HJ United Kingdom (Registered Office) Company number: 6614532 +44 (0)20 7201 8989 contact@triplepoint.co.uk www.triplepoint.co.uk TP70 2010 VCT PLC 24