TIDMKIV2
KEYDATA INCOME VCT 2 plc
Preliminary Announcement of Final Results for the year ending 28 February 2009
Financial Highlights
2009 2008 % change
Capital Values:
Net assets (GBP000) 3,761 7,160 -47.5%
Net asset value per share 51.47p 98.00p -47.5%
Cumulative distributions paid 4.33p 1.33p
Net asset value total return 55.80p 99.33p -43.8%
Share price (mid) 42.5p 75p -43.3%
Discount to net asset value 17.4% 23.5%
(Loss) earnings per share:
Revenue return (5.16p) 3.23p
Capital return (38.37p) -
Total return (43.53p) 3.23p
Total expense ratio 2.10% 2.06%
Dividends (per share)
Interim paid - -
Final proposed - 3.0p
Total for year - 3.0p
Chairman's Statement
Investment Update
Progress in the year has been frustratingly slow on the construction of the renewable energy project in St Helens. The main contractor notified us on 30 October 2008 that it was not able to complete construction on our project due to funding problems. The same contractor was used by all investee companies.
Although the contractor has notified us that some progress has been made in securing additional funding, there is clearly no certainty in the current environment that they will secure funding to complete the construction.
The Board is currently reviewing various options including terminating the contract with the contractor and pursuing a legal claim for damages, the use of an alternative contractor and the sale of the investments. An impairment charge of 45% (GBP2,803,000) has been made in the year to state investments at market value in the current operating environment. An additional GBP844,000 impairment charge has also been made to reverse accrued interest on loan notes.
Results
The net asset value per share at 28 February 2009 was 51.47 pence, a decrease of 47.5% in the year. Adjusted for cumulative dividends paid of 4.33p, the total return is 55.80 pence, a 43.8% decrease in the year.
Losses per share for the period were 43.53 pence per share (comprising revenue losses of 5.16 pence and capital losses of 38.37 pence).
Dividends
No dividend is proposed in respect of the year (2008 - 3 pence).
Outlook
The Board is acutely aware of how unsatisfactory the present situation is for shareholders. We will update shareholders as soon as we determine a clear way forward.
Shareholder Communication
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.keydata.co.uk/incomevct
Stephen OxenbridgeChairman
27 May 2009
Consolidated income statement for the year ending 28 February 2009
2009 (unaudited)
Revenue Capital Total
GBP000 GBP000 GBP000
Loss on investments - (2,803) (2,803)
Income 546 - 546
-------- ------- --------
546 (2,803) (2,257)
Management fees - - -
Other expenses (79) - (79)
Impairment charge (844) (844)
-------- --------
(923) (923)
-------- ---------- --------
(Loss)/ profit before taxation (377) (2,803) (3,180)
Taxation - - -
-------- -------- --------
(Loss)/ profit after taxation (377) (2,803) (3,180)
-------- -------- --------
(Loss) /earnings per share (Note 2) (5.16p) (38.37p) (43.53p)
Interim dividend paid -
Final dividend proposed -
Total for year -
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.
Consolidated income statement for the year ending 29 February 2008
2008 (audited)
Revenue Capital Total
GBP000 GBP000 GBP000
Loss on investments - - -
Income 443 443
-------- ---------- --------
443 - 443
Management fees - - -
Other expenses (148) - (148)
Impairment charge - - -
-------- --------
(148) - (148)
-------- ---------- --------
Profit before taxation 295 - 295
Taxation (59) - (59)
-------- -------- --------
Profit after taxation 236 - 236
-------- ---------- --------
Earnings per share (Note 2) 3.23p - 3.23p
Interim dividend paid -
Final dividend proposed 3.0p
Total for year 3.0p
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.
Balance sheet as at 28 February 2009
Group and Company
2009 2008
(unaudited) (audited)
GBP000 GBP000
Fixed assets
Investments 3,427 6,230
Current assets
Debtors 2 318
Cash 345 693
------- --------
347 1,011
Creditors: amounts falling due within one year (13) (81)
------- --------
Net current assets 334 930
------- --------
Net assets 3,761 7,160
------- --------
Capital and Reserves
Called up share capital 73 73
Capital reserve (2,803) -
Special Reserve 6,847 6,847
Revenue reserve (356) 240
------- --------
Equity shareholders' funds 3,761 7,160
------- --------
Net asset value per share (Note 4) 51.47p 98.00p
Cash flow statement for the year ending 28 February 2009
Group and Company
2009 2008
(unaudited) (audited)
GBP000 GBP000
(Loss) /profit before taxation (3,180) 295
Decrease)/ increase in receivables 316 (250)
Decrease in payables (9) (23)
Loss on investments 2,803 -
Taxation paid (59) (18)
------- --------
Net cash (outflow)/inflow from (129) 4
operating activities
------- --------
Financial investment:
Purchase of investments - (10,871)
Sale of investments - 4,641
-------- ------
Net cash used in investing activities - (6,230)
Financing activities
Dividends paid (219) (73)
-------- -------
Net cash used in financing activities (219) (73)
-------- -------
Net (decrease)/ increase in (348) (6,299)
cash and cash equivalents
Opening cash and cash equivalents 693 6,992
------- --------
Closing cash and cash equivalents 345 693
------- --------
Statement of changes in equity
for the year ending 28 February 2009 (unaudited)
Group and Company
Share Share Capital Revenue Special Total
Capital Premium Reserve Reserve Reserve
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Beginning 73 - - 240 6,847 7,160
of
year
Loss - - (2,803) - - (2,803)
on
investments
Revenue - - - (377) - (377)
loss
for
the
year
Dividends - - - (219) - (219)
paid
--------- -------- --------- ------- ---------- --------
End of 73 (2,803) (356) 6,847 3,761
year
------- -------- ------- ------- -------- --------
Statement of changes in equity
for the year ending 29 February 2008 (audited)
Group and Company
Share Share Capital Revenue Special Total
Capital Premium Reserve Reserve Reserve
GBP000
GBP000 GBP000 GBP000 GBP000 GBP000
Beginning 73 6,847 - 77 - 6,997
of year
Changes
in
equity:
Revenue - - - 236 - 236
profit
for the
year
Taxation
Dividends - - - (73) - (73)
paid
Transfer - (6,847) - - 6,847 -
between
reserves
---------- ---------- ---------- ---------- ---------- ----------
End of 73 - - 240 6,847 7,160
year
---------- ---------- ---------- ---------- ---------- ----------
Investment portfolio summary as at 28 February 2009
Qualifying Equity Loan Note Book cost Valuation Investments
investments GBP000 GBP000
GBP000 GBP000 %
Nevin Energy 283 660 943 519 15.2
Resources
Ltd
Cooke Generation 283 660 943 519 15.2
Ltd
Burley Energy Ltd 283 660 943 519 15.1
Boyle Electrical 283 660 943 518 15.1
Generation Ltd
Hughes Power Ltd 143 333 476 262 7.6
Clarke Power 302 698 1,000 550 16.1
Services Ltd
Spencer Energy 292 681 973 535 15.6
Services Ltd ------- ------- -------- -------- --------
Total qualifying 1,869 4,352 6,221 3,422 99.9
investments
Non-qualifying
investments
Docherty Heat 3 - 3 1 0.0
& Energy
Distributor Ltd
Clarke Power - 6 6 4 0.1
Services Ltd
------ ------ -------- ------- --------
Total 3 6 9 5 0.1
non-qualifying
investments
------ ------ -------- ------- --------
Total investments 1,872 4,358 6,230 3,427 100.0
------ ------ ------- ------- -------
Notes to the preliminary announcement
1 The financial information above has been prepared
in accordance with International
Financial Reporting Standards (IFRSs). The financial information
set out above does not constitute the Group's statutory accounts
for the year ended 28 February 2009 The full statutory annual
accounts will be delivered to shareholders in May 2009 and delivered
to the Registrar of Companies following the Company's AGM. Copies
may in due course be obtained during
normal business hours from Keydata
Investment Services Limited, One Angel Court, London EC2R 7HJ.
Statutory accounts for the year ended 29
February 2008 have been delivered
to the Registrar of Companies and contained
an unqualified audit report.
The Annual general meeting of the Company will
be held at the Company's registered
office at 19 Cavendish Square, London W1A 2AW on 30 June 2009 at 1pm
2 Revenue (loss) earnings per ordinary share is based on a loss after
tax of GBP377,000 (2008 - GBP236,000 profit) and on 7,306,320
(2008 - 7,306,320) ordinary shares, being the weighted average
number of ordinary shares in issue during the year.
Capital loss per ordinary share is based on a loss after
tax of GBP2,803,000 (2008 - GBPnil) and on 7,306,320 (2008
- 7,306,320) ordinary shares, being the weighted average
number of ordinary shares in issue during the year.
3 The net asset value per ordinary share is based on
net assets at the year end and on 7,306,320
(2008 - 7,306,320) ordinary shares, being the number
of ordinary shares in issue at year end.
27 May 2009
Contact enquiries:Craig McNeilCompany SecretaryKeydata Income VCT 2 plc0141 228 6310
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