Interim Results
29 Noviembre 2006 - 11:56AM
UK Regulatory
Keydata Income VCT 2
KEYDATA INCOME VCT 2 plc
Unaudited Interim Results for the six month period ending 31 August 2006
Chairman's Statement
Funding
The 2005/6 share offer for subscription closed on 5 April 2006 with gross funds
raised of around
�2.8 million from 419 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
�2.65 million with an initial asset value per share of 95p. Including the �4.29
million of net funds raised in 2004/5, the Company has raised a total of �6.94
million to invest.
Investment Update
In February 2006, we entered into a conditional agreement to invest an aggregate
of �4 million in ten newly formed windfarm investment companies. This agreement
was conditional, inter alia, on completion of due diligence and obtaining tax
clearance from HMRC and predicated on constructiuon starting in August 2006.
Following the due diligence and tax clearance process, the company has been
unable to agree satisfactory terms with the operator which would provide the
company with income payments commencing before mid-2008. We have also
experienced ongoing delays in the expected date for commencement of
construction. The investment manager therefore decided to look for alternative
renewable energy investments meeting our target income requirements and where
the income generated would facilitate dividends to shareholders being paid at an
earlier date.
We are well advanced in negotiations in respect of a number of investments and
anticipate making an announcement in December.
Results and Investments
The Investment Manager, Green Power 2 has not made any investments during the
period.
The revenue profit in the period was 0.44 pence per share. As there was no
capital profit or loss, the total return for the period was a profit of 0.44
pence per share. The net asset value per share at 31 August 2006 was 95.12
pence.
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.
Shareholder Communication
I look forward to reporting further progress in the Annual Report and Accounts
that will be sent to you in June 2007.
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
29 November 2006
Consolidated income statement for the six month period ending 31 August 2006
For the six month period to 31
August 2006 (unaudited)
Revenue Capital Total
�000 �000 �000
Income 110 - 110
Management fees - - -
Other expenses (73) - (73)
-------- -------- --------
Profit on ordinary activities before taxation 37 - 37
Tax on ordinary activities (7) - (7)
-------- -------- --------
Profit for the period attributable to equity 30 30
shareholders -------- ---------- --------
Return per share (Note 2) 0.44p - 0.44p
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 period ending 31 August 2005
For the period 16 February 2005 to
31 August 2005 (unaudited)
Revenue Capital Total
�000 �000 �000
Income 37 - 37
Management fees - - -
Other expenses (44) (44)
-------- ---------- --------
Loss on ordinary activities before taxation (7) - (7)
Tax on ordinary activities - - -
-------- -------- --------
Loss for the period attributable to equity (7) (7)
shareholders -------- ---------- --------
Return per share (Note 2) (0.18)p - (0.18)p
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 2006
Group and Company
31 August 2006 31 August 2005
(unaudited) (unaudited)
�000 �000
Fixed assets
Investments - -
Current assets
Prepayments and accrued income 60 31
Cash 6,928 4,254
------- --------
6,988 4,285
Creditors: amounts falling due within one year
Accruals and deferred income (38) (4)
------- --------
Net current assets 6,950 4,281
------- --------
Net assets 6,950 4,281
------- --------
Capital and Reserves
Called up share capital 73 45
Share premium 6,847 4,243
Capital reserve - realised - -
Capital reserve - unrealised - -
Revenue reserve 30 (7)
------- --------
Equity shareholders' funds 6,950 4,281
------- --------
Net asset value per share (Note 4) 95.12p 94.85p
Cash flow statement for the six month period ending 31 August 2006
Group and Company
For the six For the period 16
month period February 2005 to
to 31 August 31 August 2005
2006 (unaudited)
(unaudited) �000
�000
Profit on ordinary activities before taxation 37 (7)
Equity dividends paid (15) -
Increase in debtors (35) (31)
Increase in creditors 8 4
------- --------
Net cash outflow from operating activities
Financial investment (5) (34)
Purchase of investments - -
Financing
Net proceeds from issue of ordinary share capital 2,632 4,288
------- --------
Increase in cash 2,627 4,254
------- --------
Reconciliation of movement in shareholders' funds
for the six month period ending 31 August 2006
Group and Company
Share Revenue
Premium Reserve
�000 �000
At 1 March 2006 4,243 15
Proceeds from issue of shares 2,765 -
Costs related to issue of shares (161) -
Profit after taxation for the period - 30
Dividends paid (15)
--------- --------
At 31 August 2006 6,847 30
------- --------
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 total return per share of 0.44 pence (2005: loss of 0.18 pence) is based on the
profit after tax for the period of �30,184 (2005: loss of �6,821) and the weighted
average number of shares in issue over the period to 31 August 2006 of 6,832,435
(2005: 3,780,373).
3 The results should not be taken as a guide to the results for the year ending 28
February 2007.
4 The net asset value per ordinary share of 95.12 pence (2005: 94.85 pence) is based on
net assets of �6,949,982 (2005: �4,281,124) and on 7,306,320 (2005: 4,513,628)
shares, being the number of shares in issue as at 31 August 2006.
5 The financial information contained in the 31 August 2006 consolidated income
statement, balance sheet, cash flow statement and reconciliation of movement in
shareholders' funds 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 572 2300
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