The following replaces the Interim Results announcement released 12
February 2007 at 12.33pm. Due to formatting problems, certain tables
in the original announcement may be read incorrectly.
Financial highlights 30 November 2006 30 November 2005 31 May 2006
* Net assets �35,232,000 �29,449,000 �30,165,000
* Net asset 113.5p 94.2p 96.8p
value per share
* Revenue �192,000 �134,000 �442,000
return after tax
* Revenue 0.6p 0.4p 1.4p
return per share
* Total 17.9p (1.1)p 1.4p
return/(loss) per
share
*Based on a weighted average of 31,152,062 shares in issue during the
period (30 November 2005: 31,264,560 and May 2006: 31,240,517).
Eclipse VCT plc ('Eclipse' or 'Fund') is a Venture Capital Trust
('VCT') and the investments are managed by Octopus Investments
Limited ('Octopus' or 'Manager'). Eclipse was launched in April 2004
and raised over �30.7 million (�29.7 million net of expenses) through
an offer for subscription. It invests primarily in unquoted and
AIM-quoted companies and aims to deliver absolute returns on its
investments.
Chairman's Statement
It gives me great pleasure to present the interim results for the six
months ended 30 November 2006. The first six months of the
accounting period have seen a strong performance from both the
unquoted and AIM portfolios, resulting in a substantial increase in
the net asset value of the Fund.
Background
Eclipse was one of the most successful VCTs launched in 2004 by funds
raised, raising over �30 million by December 2004. Since then,
Octopus has added a number of experienced fund managers to its team
of investment professionals and has also launched three further
Eclipse funds (Eclipse 2, 3 and 4), taking the total funds raised by
the Eclipse VCTs to �106 million. These successful fund launches
should benefit shareholders in Eclipse VCT as they will enable
Octopus to invest up to �4 million per company (i.e. �1 million from
each of the four VCTs) in a single tax year. This will allow Octopus
to invest in more developed, lower-risk companies than typical VCTs.
Net Asset Value ('NAV')
The NAV per share at 30 November 2006 was 113.5p, an increase of 17%
since 31 May 2006. During the period to 30 November 2006, eight new
investments were made in unquoted and AIM-quoted companies, meaning
that at the end of the period under review, Eclipse had a portfolio
of 34 investments in qualifying companies, representing 67.1% of the
Fund. In the period to 31 January 2006 the portfolio has seen further
uplift in the AIM holdings taking the NAV to 117.6p per share.
Unquoted investment portfolio
Four new unquoted investments were made in the six months to 30
November 2006 at a cost of �3.5 million. The overall value of the
portfolio of 17 unquoted investments was �19.5 million representing
an increase of 33% compared with a cost of �14.6 million.
I am pleased to report that six unquoted investments have increased
in value based on the growth in underlying earnings of each company.
We are particularly pleased with the performance of Gyro, which has
grown strongly since our first investment in February 2004. A
follow-on investment in Gyro was made in October 2006, to support
growth and acquisitions. Covion, Plastics Capital, Luther Pendragon,
TDX and James Harvard have also been written up in value to reflect
the strong performance of the underlying businesses.
Partial provisions have been made against three investments, where
the underlying performance is below expectations. Details of the
valuations are shown in further detail within the Investment
Manager's review.
AIM investment portfolio
I am pleased to report that the AIM portfolio has performed well
during what has been a volatile period for AIM. It is worth
emphasising however that much of the market's volatility during the
period has been as a result of poor performance within sectors in
which the Fund does not invest including overseas companies, the
natural resources sectors and online gaming companies.
The overall value of the portfolio of 17 AIM investments was �6.7
million representing an increase of 38% compared with a cost of �4.8
million.
Dividend
The Fund is coming to the end of its initial investment period when
dividends are largely derived from interest earned on the un-invested
cash held in money market securities. As the Fund makes investments,
the level of cash declines, therefore reducing the interest available
for dividends. At this point in the Fund's life cycle, the ability
to pay dividends is derived from investment realisations. Further
dividends will be paid as the investment manager realises profits on
holdings where they believe they have reached maximum benefit.
Share Price and Buy-Back Facility
Eclipse has a share buy-back facility, proposing to buy-back shares
at no more than a 10% discount to the prevailing NAV. This should
assist the marketability of the shares and help prevent the shares
from trading at a wide discount to NAV. The Fund's mid market share
price currently stands at 90p.
In the period under review, Eclipse repurchased 121,900 shares at an
average price of 88p per share. Shareholders should note that if they
sell their shares within three years of the original purchase they
forfeit any income tax relief obtained. If you need to sell your
shares, please contact Octopus on 020 7710 2800.
VCT Qualifying Status
Eclipse must be 70% invested in qualifying companies by 31 May 2007,
and maintain this level on a day by day basis thereafter, in order to
comply with VCT regulations. The Directors continue to monitor the
Fund's progress towards meeting and maintaining HM Revenue and
Customs conditions for VCT approval and have retained
PricewaterhouseCoopers LLP, one of the UK's leading firms of
accountants, to advise in this area.
At 30 November 2006, Eclipse was approximately 67.1% invested in
qualifying holdings. Three further investments have been made since
the year end. In light of the current deal flow we are confident that
Eclipse will meet the relevant VCT regulations by its deadline of 31
May 2007 and be able to maintain them thereafter.
Outlook
Eclipse is now approaching the end of the initial investment period
and has built a broad portfolio of investments in unquoted and
AIM-quoted investments. Our intention is to build on this
progress in the coming period by focusing on generating value from
the existing portfolio of investments, while also making further
investments from the flow of attractive opportunities that the
Manager is seeing.
The early signs from the portfolio are very encouraging and I expect
to be able to update you on further good progress in the coming
months.
Viscount Cobham
Chairman
9 February 2007
Investment Manager's Review
We are delighted to report substantial progress across the portfolio
over the last six months. Since 31 May 2006 the net assets of the
fund have increased by 17% to �35.2 million. This represents a net
asset value of 113.5p per share, an uplift of 16.7p. The total return
of the Fund after adding back cumulative dividends of 2.7p equates to
116.2p per share, compared to an initial investment cost of 60p after
the 40% tax relief. In the period to 31 January 2007 the fund has
continues to see an uplift in its AIM portfolio taking the NAV to
117.6p per share.
During the six months to 30 November 2006 the Fund invested a further
�5.7 million in eight new companies and several follow-on
investments. This takes the total invested by Eclipse VCT to almost
�19.5 million, with unrealised gains on investment of �6.6 million
taking the value of the portfolio to over �26 million, an increase of
more than 33% on cost. A further three investments have been made
since the year end.
Qualifying Status
VCTs have three years to invest 70% of the money raised into
qualifying companies. We are pleased to report that, at 30 November
2006, two and a half years through the three year period, Eclipse was
67.1% invested in qualifying companies. With the additional
investments made since the end of the period, the proportion of
qualifying investments has increased to 68.8%.
Review of Investments
At 30 November 2006, the Eclipse portfolio comprised investments in
17 AIM-quoted and 17 unquoted companies. The remainder of the Fund
was invested in money market securities.
Once we have made an investment, we take an active approach in
monitoring its performance. This includes regular meetings with
management teams and, in the case of most unquoted investments,
attending board meetings of the portfolio companies. We are keen to
invest in additional rounds of funding in portfolio companies, where
we are familiar with the qualities of the management team and where
the performance has been closely monitored.
Portfolio Activity
During the period, the Fund made eight new investments. These
investments are discussed below:
Worthington Nicholls Group plc
Worthington Nicholls is one of the UK's largest air conditioning
contractors providing services to the hotel, retail and leisure
sectors. The three divisions that the company operates through are
the project management, design and installation of machines, the
maintenance of machines, and ventilation hygiene. The company listed
on AIM in June 2006 after raising �7.5 million.
First Sports Group Limited
In June 2006 Eclipse invested alongside Eclipse VCT 2 in a �2 million
fundraising for First Sports Group (\'FSG'). FSG provides and manages
retail solutions within sports and leisure clubs. The company's
clients include Esporta, Holmes Place and David Lloyd.
CSL Dualcom Limited
Eclipse invested �857,000 alongside the other Eclipse funds to
finance the �6 million management buy out of CSL Dualcom. CSL is a
leading supplier of dual path alarm signalling devices.
Adrenalin Design Limited
Adrenalin Design was formed to acquire the fast growing fashion
brand, Golddigga, which is aimed at girls aged between 15 and 25.
The company, which is based in Derby, was founded in 1997. The brand
is sold through 650 outlets across the UK and Europe. We introduced
new management as part of the transaction to support the existing
team. The strategy is to focus on growing domestic and overseas
sales through increased investment in marketing and sales support.
Audio Visual Machines Limited
Audio Visual Machines is a leading audio visual systems integrator
and service provider. It works with some of the UK's leading
businesses including BP, PwC and Lloyds TSB and delivers everything
from a simple projector installation through to a fully integrated
video conferencing suite to its clients. Funding was provided to
finance the management buy out of the business.
Brulines (Holdings) Plc
Brulines is a provider of draught beer dispense monitoring, volume
and revenue protection systems for over 16,000 pubs in the UK. The
company listed on AIM in October 2006 having raised �7 million.
Concateno plc
Concateno was created as a vehicle to identify and acquire companies
in the support services and utility sectors. Concateno recently
announced the acquisition of Medscreen, a company specialising in
drug and alcohol testing in key market sectors such as the maritime
sector and Her Majesty's Prisons.
Hasgrove plc
Hasgrove is an integrated communications group with operations in
four European countries, delivering solutions in public relations,
public affairs, advertising, design and online marketing.
Portfolio Valuation
At 30 November 2006, the Fund's portfolio comprised investments in 34
companies with a total cost of �19.5 million and a carrying value of
�26.1 million. The Fund also held �8.6 million in cash and money
market securities awaiting investment in qualifying holdings.
Unrealised
Investment appreciation/ Carrying
at Cost depreciation Value
Unquoted investments �,000 �,000 �,000
Gyro International Limited 1,748 1,725 3,473
Covion Limited 844 1,237 2,081
James Harvard International
Limited 1,000 1,061 2,061
Luther Pendragon Limited 1,000 595 1,595
Plastics Capital Limited 1,000 440 1,440
Perfect Pizza Limited 1,125 - 1,125
The Kendal Group Limited 1,024 - 1,024
Reading Room Limited 1,000 - 1,000
Adrenalin Design Limited 910 - 910
Dualcom Holdings Limited 858 - 858
Other unquoted investments 4,137 (248) 3,889
14,646 4,810 19,456
AIM-quoted investments
Tanfield Group plc 505 677 1,182
Worthington Nicholls Group plc 468 510 978
Cello Group plc 751 150 901
Zetar plc 242 356 598
InterQuest Group plc 342 167 509
Hasgrove plc 400 33 433
Augean plc 500 (103) 397
Healthcare Locums plc 300 22 322
Autoclenz Holdings plc 338 (24) 314
fountains plc 240 (44) 196
Other AIM-quoted investments 731 94 825
4,817 1,837 6,655
19,463 6,648 26,111
Ten Largest Holdings
Gyro International Limited
Gyro, which was founded in 1991, provides an integrated suite of
marketing services including brand strategy, direct marketing, web
marketing and event management. The company focuses primarily on
technology and financial services companies, and clients include
Sony, Sun Microsystems, Orange and Deutsche Bank. Eclipse led a �3m
funding round in February 2005 in which it invested �1m. A further
�6 million funding round was led in which Eclipse invested �748,000
and other Octopus funds also invested. Part of the latest round may
be used to finance acquisitions.
Gyro has offices in London, Geneva, Stockholm, Amsterdam, New York
and San Francisco and has recently opened in Dublin and Hamburg. Gyro
was ranked the number one B2B agency in the UK in 2006.
The company has performed well since our investment with
sales increasing from �11m in 2004 to over �25 million in the last
financial year and, based on strong trading results, the carrying
value has been increased.
Further information can be found at the company's website,
www.gyrogroup.com.
Investment date 10 February 2005
Equity held 10.6%
Cost �1,748,000
Valuation �3,473,000
Valuation basis Earnings multiple
Dividends/interest received during the period Nil
Last audited accounts October 2005
Net assets �3,831,000
Loss before taxation �(66,000)
Covion Limited
Covion provides a full range of support services, including cleaning,
security and maintenance work for clients such as LogicaCMG, Sara Lee
and Domestic & General.
The company now has annualised sales of more than �32 million and in
the year to December 2006 has grown both turnover and profit by 60%
year on year. This growth underpins the increase in the valuation
as Covion will be sold on a current contracted run rate.
Covion continues to be one of the 100 fastest growing companies in
the UK (Source: Sunday Times Fast Track 100 December 2006).
Further information can be found at the company's website,
www.covion.co.uk.
Investment date 27 May 2005
Equity held 10.1%
Cost �844,000
Valuation �2,081,000
Valuation basis Earnings multiple
Dividends/interest received during the period �62,500
Last audited accounts December 2005
Net assets �1,412,000
Profit before taxation �787,000
James Harvard International Limited
James Harvard is one of the leading recruitment agencies in the
growing, but fragmented, European clinical trials market. The funds
raised were used to acquire EXCO, thereby extending the range of
functional areas covered by James Harvard as well as providing access
to a broader range of clients. Since completion of our investment,
JHI has made a further modest acquisition, ASA Medical, from
Hotgroup. Performance has been significantly ahead of our
expectations, with proforma profits more than doubling over the last
year. As a result we have increased our valuation to reflect this.
Further information can be found at the company's website,
www.jamesharvard.com.
Investment date 30 November 2005
Equity held 10.9%
Cost �1,000,000
Valuation �2,061,000
Valuation basis Earnings multiple
Dividends/interest received during the period �18,000
Last audited accounts December 2005
Net assets �1,214,240
Profit/(loss) before taxation Not available
Luther Pendragon Limited
Luther provides a fully integrated corporate public relations service
specialising in 'issues management', which involves developing
communications strategies to combat any potential risks to a client's
reputation or to influence public perception to achieve a strategic
goal. The company was established in 1992 and has grown to 45
partners and staff. The company has a range of public sector and
blue chip private sector clients from a range of industries.
Luther traded ahead of budget during 2006, which enabled the Company
to repay more bank debt than forecast. As a result we have increased
the valuation of the Fund's investment to �1,595,000.
Further information can be found at the company's website,
www.luther.co.uk.
Investment date 30 November 2005
Equity held 19.2%
Cost �1,000,000
Valuation �1,595,000
Valuation basis Earnings multiple
Dividends/interest received during the period Nil
Last audited accounts December 2005
Net assets �1,921,000
Profit before taxation �702,000
Plastics Capital Limited
Plastics Capital was set up to build a group of niche plastics
manufacturing companies, each with a strong market position and good
cash generation characteristics. The group currently comprises three
separate businesses with factories located in Knaresborough,
Leicester, Dartford and Poole with an aggregate turnover in excess of
�15 million.
The first company acquired was Bell Plastics, which manufactures
plastic mandrels for use in the manufacturing process for high
pressure hoses. Our funding was used to acquire Trimplex, a company
that manufactures creasing matrices for cardboard box manufacturing,
and BNL, which manufactures plastic bearing components. The company
has performed in line with budget, increasing earnings by 17% since
we invested. We have therefore uplifted the valuation.
Investment date 30 November 2005
Equity held 11.8%
Cost �1,000,000
Valuation �1,440,000
Valuation basis Earnings multiple
Dividends/interest received during the period Nil
Last audited accounts March 2006
Net assets �2,027,000
Loss before taxation �(20,000)
Tanfield Group plc
Tanfield has a range of subsidiaries that are focused on providing
zero emission vehicles and industrial products. Smith Electric
Vehicles is one of the largest manufacturers of electric vehicles in
the world with more than 500 customers operating both in the private
and public sectors. Norquip is one of the world's leading providers
of ground support equipment in the form of airport service vehicles
and passenger transfer units. Aerial Access is a manufacturer of
electrically powered aerial lifts and access platforms. Complementary
to Aerial Access is its Upright subsidiary, which specialises in
scissor lifts and is globally renowned.
Further information can be found at the company's website,
www.tanfieldgroup.com.
Investment date 26 May 2005
Equity held 0.55%
Cost �505,000
Valuation �1,182,000
Valuation basis AIM investment
Dividends/interest received during the period Nil
Last audited accounts December 2005
Net assets �11,800,000
Profit before taxation �2,000,000
Perfect Pizza Limited
Perfect Pizza is the third largest pizza delivery business in the UK
with 114 franchised stores throughout the country. The home delivery
pizza market is expected to continue to be a growth area as a result
of the long-term trend away from home cooking.
Further information can be found at the company's website,
www.perfectpizza.co.uk.
Investment date 8 March 2006
Equity held 15.4%
Cost �1,125,000
Valuation �1,125,000
Valuation basis Cost (New Investment)
Dividends/interest received during the period �45,500
First audited financial information will be available for the period
to 28 February 2007.
The Kendal Group Limited
The Kendal Group is the holding company for the Zoggs and PureLime
brands.
Zoggs is a leading swim equipment and swimwear brand, founded in
Australia and well known for its swim goggles and flotation aids. It
has recently introduced swimwear to the range. Further information is
available at www.zoggs.com.
PureLime is a ladies fitness and active wear brand, originally from
Denmark. Further information is available at www.purelime.com.
The company generates a high proportion of its sales through fitness
centres and swimming pool locations and is starting to gain
distribution through retail outlets such as Tesco and Early Learning
Centre. The Zoggs brand has a significant presence in Australia and
plans to grow through licensing in other countries.
Further information can be found at the company's website,
www.thekendalgroup.com.
Investment date 18 November 2005
Equity held 10.2%
Cost �1,024,000
Valuation �1,024,000
Valuation basis Cost (New Investment)
Dividends/interest received during the period Nil
Last audited accounts December 2005
Net assets �1,375,000
Loss before taxation �(727,000)
Reading Room Limited
Reading Room designs, develops and maintains websites for its
clients. The company is known for its integrated approach to digital
communications, media and marketing and has a broad client base
including GlaxoSmithKline, Ernst and Young, and the trainline.com.
In 2006 Reading Room won a prestigious award for the best charity
website for Cancer Research UK to add to a long list of similar
awards.
Reading Room has offices in London, Manchester and Sydney and has
increased its staffing level from 53 to 109 since our investment.
Further information can be found at the company's website,
www.readingroom.com.
Investment date 7 April 2005
Equity held 26.7%
Cost �1,000,000
Valuation �1,000,000
Valuation basis Cost
Dividends/interest received during the period �16,500
Last audited accounts March 2006
Net assets �1,170,000
Profit before taxation �37,000
Worthington Nicholls plc
Worthington Nicholls is one of the UK's largest air conditioning
contractors providing services to the hotel, retail and leisure
sectors. The three divisions that the company operates through are
the project management, design and installation of machines, the
maintenance of machines, and ventilation hygiene. The company listed
on AIM in June 2006 after raising �7.5 million.
Further information can be found at the company's website,
www.worthington-nicholls.co.uk.
Investment date 12 June 2006
Equity held 0.47%
Cost �468,000
Valuation �978,000
Valuation basis AIM Investment
Dividends/interest received during the period Nil
First audited financial information will be available for the period
to 30 September 2006.
Recent Transactions
Since the end of the period under review, we have completed 3 new
investments:
Hexagon Human Capital Limited
Hexagon is a recruitment firm established in 2004 with a strategy for
growth by acquisition. To date the company has bought three executive
search businesses and created a joint venture with a fourth.
In December 2006 we provided the company with �2.5 million of
funding, alongside �10 million from Barclays Bank, to finance the
acquisition of a fifth business, BIE, which is the UK's leading
interim management business. The enlarged group now has a
complementary balance between executive search and interim
management, which should give it greater stability in the event of a
market downturn.
Vertu Motors plc
Vertu Motors is an acquisition vehicle that has been set up with the
intention of acquiring and growing retail motor businesses. The
company floated on AIM in December 2006, raising �25 million.
NPI Media Group Limited
NPI Media Group is the UK market leader in the publishing of
distinctive 'local interest' history books. In January 2007, Eclipse
provided �1,518,402 as part of a �5.5 million investment from the
Eclipse funds. Funding was provided to facilitate the acquisitions
of NPI's two largest competitors, Sutton Publishing Limited and
Jarrold Publishing, to make it the dominant player within its
publishing niche.
Summary of investments made by other funds managed by Octopus
Investments Limited
It is a requirement that Octopus discloses if some of its other funds
are also invested in any of the Eclipse VCT portfolio companies.
Details of these are shown below.
% equity held by % equity held by other
Eclipse VCT funds managed by Octopus
Audio Visual Machines 11.90 33.10
Limited
Augean plc 0.42 1.62
Autoclenz Holdings plc 2.60 10.25
BBI Holdings plc 0.26 3.35
Blanc Brasseries Holdings 1.24 2.06
plc
Brulines Holding plc 0.50 2.10
Capital Pubs Company 2 plc 2.5 5.70
Cello Group plc 2.18 4.40
Cohort plc 0.28 1.58
Concateno plc 0.27 2.33
Covion Limited 9.60 4.90
Dualcom Holdings Limited 11.50 28.50
First Sports Group Limited 20.00 20.00
fountains plc 1.29 2.62
Golddigga Limited 11.00 31.90
Gyro International Limited 10.60 7.60
Hasgrove plc 1.79 7.17
Healthcare Locums plc 0.58 0.68
InterQuest plc 2.17 2.26
Invocas plc 0.19 1.07
James Harvard 10.00 15.00
International
Lilestone Holdings Limited 18.10 10.70
Luther Pendragon Limited 17.50 17.50
Ovum plc 0.49 2.77
Perfect Pizza Limited 15.40 19.60
Plastics Capital Limited 11.50 9.20
Red-M Group Limited 3.60 5.74
The Kendal Group Limited 10.22 5.74
The Tanfield Group plc 0.55 4.39
Tissue Science 0.27 0.27
Laboratories plc
Worthington Nicholls plc 0.47 5.22
Zetar plc 1.12 1.18
Personal Service
At Octopus, we pride ourselves not only on our team's track record
but also on our personalised customer service. We believe in open
communication and our regular updates are designed to keep you
involved and informed.
If you have any questions about this review, or if it would help to
speak to one of the fund managers, please do not hesitate to contact
us on 020 7710 2800.
Simon Rogerson
Chief Executive
Income Statement
Six months ended Six months ended
30-Nov-06 30-Nov-05 Year to 31 May 2006
Revenue Capital Total Revenue Capital Total Revenue Capital Total
�'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000 �'000
Realised
gains on 1 - 1 - - - - - -
investments
Unrealised
gains on - 5,593 5,593 - (279) (279) - 424 424
investments
Income 538 - 538 463 - 463 1,028 - 1,028
Investment
management (89) (266) (355) (87) (263) (350) (174) (524) (698)
fees
Other (213) - (213) (184) - (184) (308) - (308)
expenses
Return on
ordinary 237 5,327 5,564 192 (542) (350) 546 (100) 446
activities
before tax
Tax (45) 45 - (58) 58 - (104) 99 (5)
Return on
ordinary 192 5,372 5,564 134 (484) (350) 442 (1) 441
activities
after tax
Basic and
diluted 0.6p 17.3p 17.9p 0.4p (1.5)p (1.1)p 1.4p 0.0p 1.4p
return per
share
* The total column of this statement is the profit and loss account
of the Company.
* All revenue and capital items in the above statement derive from
continuing operations.
* The accompanying notes are an integral part of the
interim financial information.
* The Company has only one class of business and derives its income
from investments made in shares
and securities and from bank and money market securities.
Reconciliation of movements in shareholders'
funds
30-Nov-06 30-Nov-05 31-May-06
�'000 �'000 �'000
Equity shareholders' funds as at 1 June 30,165 29,911 29,911
2006
Total gains and (losses) recognised in 5,564 -350 441
period
Shares purchased for cancellation -107 -11 -87
Dividends recognised in period -390 -453 -453
Shareholders' funds at 30 November 35,232 29,449 30,165
2006
Balance Sheet
as at 30 as at 30 November as at 31 May
November 2006 2005 2006
�'000 �'000 �'000 �'000 �'000 �'000
Fixed asset investments 26,111 11,670 14,948
Current assets
Investments 8,224 16,010 13,657
Debtors 583 515 448
Cash at bank 392 1,328 1,157
9,199 17,853 15,262
Creditors: amounts
falling due within one
year (78) (74) (45)
Net current assets 9,121 17,779 15,217
Net assets 35,232 29,449 30,165
Called up equity share
capital 3,105 3,126 3,117
Special distributable
reserve 26,409 26,603 26,516
Capital redemption
reserve 25 4 13
Capital reserve
realised (991) (505) (725)
Capital reserve
unrealised 6,380 84 787
Revenue reserve 304 137 457
Total equity shareholders'
funds 35,232 29,449 30,165
Net asset value per
share 113.5p 94.2p 96.8p
Cash flow statement
Six months ended Six months ended Year to 31 May
30 November 2006 30 November 2005 2006
�'000 �'000 �'000 �'000 �'000 �'000
Net cash (outflow)
from operating
activities (229) (436) (436)
Financial
investment :
Purchase of
investments (5,730) (5,228) (7,631)
Sale of
investments 258 - -
Net cash outflow
from financial
investment (5,472) (5,228) (7,631)
Management of
liquid resources :
Decrease in cash
funds 5,433 7,289 9,642
Taxation - - (45)
Equity dividends
paid (390) (453) (453)
Financing :
Repurchase of own
shares (107) (11) (87)
Total financing (107) (11) (87)
Increase in cash
resources (765) 1,161 990
Reconciliation of operating profit to net cash inflow from operating
activities
30 November 30 November 31 May
2006 2005 2006
�'000 �'000 �'000
Profit/(loss) on ordinary
activities 5,564 (350) 446
Increase in debtors (135) (366) (300)
Increase in creditors 33 1 14
(Increase)/decrease in capital
value of investments (5,593) 279 (424)
Unrealised loss on current asset
investments (98) - (172)
Net cash inflow from operating
activities (229) (436) (436)
Notes to the interim statements
1. Principal accounting policies
The unaudited interim results for the six months ended 30
November 2006 and the period ended 30 November 2005 do not
constitute statutory accounts within the meaning of Section 240
of the Companies Act 1985 and have not been delivered to the
Registrar of Companies. The comparative figures for the period
ended 31 May 2006 have been extracted from the audited financial
statements for that year, which have been delivered to the
Registrar of Companies. The independent auditors' report on
those financial statements under Section 235 of the Companies Act
1985 was unqualified.
2. The calculation of the revenue and capital return per share is
based on the return on ordinary activities after tax for the
period and on 31,152,062 ordinary shares, being the weighted
average number of shares in issue during the period from 1 June
2006 to 30 November 2006. (November 2005: 31,264,560 and May
2006: 21,240,517).
3. The calculation of net asset value per share is based on the net
assets at 30 November 2006 and on 31,047,165 (November 2005:
31,256,780 and May 2006: 31,169,065) being the number of shares
in issue at the same date. It should be noted that the value of
shares awaiting issue are excluded from this calculation.
4. Copies of this statement are being sent to all shareholders.
Copies are available from the registered office of the Company at
8 Angel Court, London, ECR2 7HP.
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Copyright � Hugin ASA 2007. All rights reserved.
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