Half-yearly report>

Half-yearly report

(Thomson Reuters ONE) - Chrysalis VCT plcHalf Yearly Report for the six months ended 30 April 2009CHAIRMAN'S STATEMENTI am pleased to present the half year Report for Chrysalis VCT plcfor the period to 30 April 2009. Despite the unwelcome move of theeconomy into a period of recession, Chrysalis continues to farereasonably well. With £9.8 million of liquid funds, after the paymentof an interim dividend, the Company remains in a strong position tosupport its existing portfolio companies and make new investmentswhen suitable opportunities arise.The economic position has inevitably impacted on some portfoliocompanies, but I am pleased to report that the Company's net assetvalue has held up well.'D' and 'E' Share conversionFollowing the payment of dividends to the 'D' and 'E' Shareholders of16.75p and 26.75p respectively, the 'D' and 'E' Shares were convertedinto Ordinary Shares on 30 April 2009 at the rates shown in thefollowing table: Conversion 'D'/'E' New rate perShare Shares Ordinary 1,000class in issue Shares 'D'/'E' Share'D' 532,982 411,441 772'E' 601,376 290,429 483Following the conversion, the Company has 31,442,475 Ordinary Sharesin issue.Net Asset ValueAt 30 April 2009, the Net Asset Value per Ordinary Share ("NAV")stood at 83.2p, a decrease of 1.1p (1.3%) since the previous year endof 31 October 2008 (after adjusting for the 4p per Ordinary Sharedividend paid in the period).Total Return (NAV plus cumulative dividends paid since launch) tooriginal Ordinary Shareholders, who invested in 2000/2001, nowstands at 106.15p per share, compared to an original net of incometax relief cost of 80p per share.Venture Capital InvestmentsBefore commenting on recent events it is worth noting how Chrysalisis continually refreshing itself with its venture capital portfolioconsiderably changing over time. Indeed, of the top 16 investmentswhich make up 94% of the portfolio by value, 12 have been made duringthe last four years and, of the remaining four companies, two havereceived significant further investments.Turning to the past six months, the Company invested £500,000 duringthe period in Escape Studios Limited, together with follow-oninvestments in Optima Data Intelligence Limited of £151,000 andPlanet Sport Holdings Limited of £13,000. Escape is Europe's leadingschool of computer graphics, delivering learning, recruitment andtechnology services for the visual effects and games industries(www.escapestudios.com).The Company benefited from the unexpected distribution of £217,000 inrespect of an investment which was liquidated several years ago. Inaddition, the Company received confirmation of the release of£101,000 of retention monies, in respect of Babel Media Limited whichwas sold in 2008.The Board has been mindful of the economic climate in its valuationreview of the unquoted portfolio. Provisions of £1.2 million havebeen made against nine investments, notably Centre Design Limited hasbeen written down by £277,000; Optima Data Intelligence Limited by£331,000 and Precision Dental Laboratories Limited by £396,000.I am pleased to report that four unquoted companies have bucked thetrend and justified increases to their valuations of £456,000 inaggregate. Included within this figure are Mentorion Limited (tradingas Loco Locale) and Wessex Advanced Switching Products Limited whichare both trading well and have been revalued upwards by £212,000 and£187,000 respectively.The AIM portfolio, which made up 4.4% of the Company's venturecapital portfolio by value at the period end, decreased in value by£95,000.Overall the net unrealised losses on the Venture Capital Portfolio inthe period were £854,000 and net realised gains were £318,000.Listed fixed income securitiesThe Company invested £3.6 million in two gilt-edged securities duringthe period, £2.8 million of which was re-invested from maturingsecurities together with £699,000 arising on the partial sale of theNucleus Cash Trust holding.At the period end, this portfolio was valued at £8.4 million andcomprised five gilt-edged securities, all of which are yielding atrates above base, together with a small Nucleus Cash Trust holding.During the period, net unrealised gains thereon amounted to £165,000and net realised gains were £7,000.Results and dividendThe loss after taxation for the Company for the period was £443,000comprising a revenue return of £91,000 and a capital loss of£534,000.Although the Company did not have any disposals in the period, theBoard has decided to pay an interim dividend of 2.0p per OrdinaryShare, partly out of historic realised gains. This will be paid on 31July 2009 to Ordinary Shareholders on the register at 10 July 2009.This brings the total distributions paid to Ordinary Shareholderssince inception, to 24.95p per Ordinary Share.Share buybacksThe Company continues to operate a share buyback policy in order toprovide liquidity in the market. Any Shareholders wishing to selltheir holding should consult their financial adviser to ensure theyunderstand the potential tax implications of such a disposal. Sharescannot be sold directly to the Company but must be sold via the StockMarket through a stockbroker.During the period, the Company purchased 387,847 Ordinary Shares, atan average price of 63.1p per share, for cancellation. Thesepurchases were generally undertaken at a 25% discount to the lastpublished NAV. The Board reviews the discount at which share buybacksare undertaken and makes changes from time to time as it sees fit.Risks and uncertaintiesUnder the Disclosure and Transparency Directive, the Board is nowrequired in the Company's half year results, to report on principalrisks and uncertainties facing the Company over the remainder of thefinancial year.The Board has concluded that the key risks facing the Company overthe remainder of the financial period are as follows:* investment risk associated with investing in small and immature businesses; and* failure to maintain approval as a VCT.In both cases the Board is satisfied with the Company's approach tothese risks. As a VCT, the Company is forced to have significantexposure to relatively immature businesses. This risk is mitigatedto some extent by holding a well-diversified portfolio.The Company's compliance with the VCT regulations is continuallymonitored by the Administration Manager, who regularly reports to theBoard on the current position. The Company also retainsPricewaterhouseCoopers to provide regular reviews and advice in thisarea. The Board considers that this approach reduces the risk of abreach of the VCT regulations to a minimal level.OutlookGood quality investment opportunities are currently few and farbetween. However, when the tide begins to turn, your Company will bein an excellent position to take advantage of the upswing.Peter HarknessChairmanUNAUDITED SUMMARISED BALANCE SHEETas at 30 April 2009 As at As at As at 30 Apr 30 Apr 31 Oct 2009 2008 2008 £'000 £'000 £'000Fixed assetsInvestments 24,050 23,510 23,966Current assetsDebtors 273 2,945 268Cash at bank and in hand 2,037 3,762 4,398 2,310 6,707 4,666Creditors: amounts falling due within one year (202) (328) (290)Net current assets 2,108 6,379 4,376Net assets 26,158 29,889 28,342Capital and reservesCalled up share capital 314 330 323Capital redemption reserve 73 57 64Share premium 1,064 1,064 1,064Merger reserve 8,694 8,694 8,694Special reserve 5,067 6,304 5,554Investment holding (losses)/ gains (1,166) 1,513 (696)Capital reserve - realised 11,656 11,211 12,196Revenue reserve 456 716 1,143Equity shareholders' funds 26,158 29,889 28,342Net asset value per Ordinary share 83.2p 91.1p 88.3pRECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDSfor the period ended 30 April 2009 As at As at As at 30 Apr 30 Apr 31 Oct 2009 2008 2008 Total Total Total £'000 £'000 £'000Opening shareholders' funds 28,342 31,040 31,040Purchase of own shares (246) (594) (1,177)Total recognised (losses)/ gainsin the period (443) 597 268Dividends paid (1,495) (1,154) (1,789)Closing shareholders' funds 26,158 29,889 28,342UNAUDITED INCOME STATEMENTfor the six months ended 30 April 2009 Six months ended 30 April 2009 Revenue Capital Total £'000 £'000 £'000Income 460 - 460Net (losses)/ gains on investments - (383) (383) 460 (383) 77Investment management fees (58) (176) (234)Performance incentive fees - (3) (3)Other expenses (281) (2) (283)Return on ordinary activities before 121 (564) (443)taxationTaxation (30) 30 -Return attributable to equity 91 (534) (443)shareholdersReturn per Ordinary share 0.3p (1.7p) (1.4p) Six months ended Year ended 30 April 2008 31 October 2008 Revenue Capital Total Total £'000 £'000 £'000 £'000Income 848 - 848 1,602Net (losses)/ gains on - 316 316 (258)investments 848 316 1,164 1,344Investment management fees (64) (192) (256) (503)Performance incentive fees - (114) (114) (175)Other expenses (143) (17) (160) (320)Return on ordinary activities 641 (7) 634 346before taxationTaxation (129) 92 (37) (78)Return attributable to equity 512 85 597 268shareholdersReturn per Ordinary share 1.5p 1.2p 2.7p 1.7pUNAUDITED CASH FLOW STATEMENTfor the six months ended 30 April 2009 Six Six Year months months ended ended ended 31 30 April 30 April October 2009 2008 2008 Note £'000 £'000 £'000Cash (outflow)/inflow from operatingactivities and returns on investments 1 (10) 369 609Taxation - - (64)Capital expenditurePurchase of investments (4,273) (3,790) (8,160)Proceeds on disposal of investments 3,724 4,683 10,675Net cash (outflow)/inflow from capital (549) 893 2,515expenditureEquity dividends paid (1,496) (1,154) (1,792)Net cash (outflow)/inflow before (2,055) 108 1,268financingFinancingPurchase of own shares (306) (604) (1,128)Net cash outflow from financing (306) (604) (1,128)(Decrease)/increase in cash 2 (2,361) (496) 140Notes to the cash flow statement:1. Cash inflow from operatingactivities andreturns on investments(Loss)/return on ordinary activities (443) 634 346beforetaxation(Losses)/gains on investments 384 (316) 258Decrease/(increase) in other debtors 45 (21) 8(Decrease)/increase in other creditors (30) 72 (3)Net cash (outflow)/inflow from (10) 369 609operatingactivities2. Analysis of net fundsBeginning of period 4,398 4,258 4,258Net cash (outflow)/inflow (2,361) (496) 140End of period 2,037 3,762 4,398SUMMARY OF INVESTMENT PORTFOLIOas at 30 April 2009 Movement % of in the portfolio Cost Valuation period by £'000 £'000 £'000 valueTop ten venture capitalinvestmentsWessex Advanced Switching 704 3,054 187 11.7%Products LimitedPrecision Dental Laboratories 2,110 2,778 (396) 10.7%Group LimitedMentorion Limited 750 1,269 212 4.9%Centre Design Limited 1,350 1,205 (277) 4.6%London Italian Restaurants 1,000 1,000 - 3.8%LimitedTriaster Limited 758 829 (60) 3.2%British International Holdings 750 795 (59) 3.0%LimitedMentorion 2 Limited 750 778 28 3.0%Ensign Communications Limited 500 772 68 3.0%Escape Studios Limited 500 500 - 1.9% 9,172 12,980 (297) 49.8%Other venture capital 7,853 2,637 (557) 10.1%investmentsListed fixed income securities 8,191 8,433 165 32.3%Subtotal 25,216 24,050 (689) 92.2%Cash at bank and in hand 2,037 7.8%Total investments 26,087 100.0%All venture capital investments are unquoted unless otherwise stated.SUMMARY OF INVESTMENT MOVEMENTSfor the six months ended 30 April 2009Additions Total £'000New investmentsEscape Studios Limited 500Follow on investmentsOptima Data Intelligence Limited 151Planet Sport Holdings Limited 13BondsTreasury Gilt 3¼% 07/12/2011 1,293Treasury Gilt 2¼% 07/03/2014 2,316 4,273Disposals Market Gain/ Total value at 1 (loss) realised November Disposal against gain/ Cost 2008 * Proceeds cost (loss) £'000 £'000 £'000 £'000 £'000Retention monies - - 101 101 101Net liquidation position 255 - 217 (38) 217BondsNucleus Cash Trust 703 707 699 (4) (8)Treasury Gilt 4%07/12/2011 1,215 1,232 1,228 13 (4) 2,173 1,939 2,245 72 306Treated as incomeUK THM Treasury 2009 1,546 1,561 1,580 34 19* Adjusted for purchases in the periodNOTES TO THE UNAUDITED FINANCIAL STATEMENTS1. The unaudited half yearly financial results cover the six monthsto 30 April 2009 and have been prepared in accordance with theaccounting policies set out in the statutory accounts for the yearended 31 October 2008 which were prepared under UK Generally AcceptedAccounting Practice ("UK GAAP") and in accordance with the Statementof Recommended Practice "Financial Statements of Investment TrustCompanies and Venture Capital Trusts" issued in January 2009("SORP").2. All revenue and capital items in the Income Statement derive fromcontinuing operations.3. The Company has only one class of business and derives its incomefrom investments made in shares, securities and bank deposits.4. The comparative figures were in respect of the six months ended 30April 2008 and the year ended 31 October 2008 respectively.5. Basic and diluted NAV per share for the period has been calculatedon 31,442,475 shares, being the number of shares in issue at theperiod end.6. Basic and diluted return per share for the period has beencalculated on 31,014,960 shares, being the weighted average number ofshares in issue during the period.7. Dividends 30 April 2009 31 Oct 2008 Revenue Capital Total Total £'000 £'000 £'000 £'000Paid in yearOrdinary shares 2007 final (paid 20 - - - 1,131Mar 08)'D' shares 2007 final (paid 20 Mar - - - 1108)'E' shares 2007 final (paid 20 Mar - - - 1208)Ordinary shares 2008 interim (paid - - - 63525 Jul 08)Ordinary shares 2008 interim (paid 778 467 1,245 -15 Dec 08)'D' shares 2008 interim (paid 24 - 89 89 -Apr 09)'E' shares 2008 interim (paid 24 - 161 161 -Apr 09) 778 717 1,495 1,789ProposedOrdinary shares 2009 interim (due 157 472 629 -31 July 09)8. Reserves Capital Investment Capital redemption Share Merger Special holding reserve Revenue reserve premium reserve reserve losses realised reserve £'000 £'000 £'000 £'000 £'000 £'000 £'000At 1 64 1,064 8,694 5,554 (696) 12,196 1,143November2008Shares 9 - - (246) - - -repurchasedExpenses - - - - - (181) -capitalisedTax on - - - - - 30 -capitalexpenses(Losses)/gains on - - - - (689) 306 -investmentsTransferbetween - - - (241) 219 22 -reservesRetainednet revenue - - - - - - 91for theyearDividends - - - - - (717) (778)paidAt 30 April 73 1,064 8,694 5,067 (1,166) 11,656 4562009Distributable reserves comprise the Special Reserve, Capital Reserve- Realised and the Revenue Reserve. Additionally £5,974,000 of theMerger Reserve is considered to be distributable together with losseswithin the Investment Holding Losses Reserve of £5,306,000. Reservesavailable for distribution at the period end therefore amounted to£17,847,000.9. The Directors confirm that, to the best of their knowledge, thehalf-yearly financial statements have been prepared in accordancewith the "Statement: Half-Yearly Financial Reports" issued by the UKAccounting Standards Board and the half-yearly financial reportincludes a fair review of the information required by:a. DTR 4.2.7R of the Disclosure and Transparency Rules, beingan indication of important events that have occurred during the firstsix months of the financial year and their impact on the condensedset of financial statements, and a description of the principal risksand uncertainties for the remaining six months of the year; andb. DTR 4.2.8R of the Disclosure and Transparency Rules, beingrelated party transactions that have taken place in the first sixmonths of the current financial year and that have materiallyaffected the financial position or performance of the entity duringthat period, and any changes in the related party transactionsdescribed in the last annual report that could do so.10. The unaudited financial statements set out herein do notconstitute statutory accounts within the meaning of Section 434 ofthe Companies Act 2006 and have not been delivered to the Registrarof Companies. The figures for the year ended 31 October 2008 havebeen extracted from the financial statements for that year, whichhave been delivered to the Registrar of Companies; the IndependentAuditors' Report on those financial statements was unqualified.11. Copies of the unaudited half yearly report will be sent toShareholders shortly. Further copies can be obtained from theCompany's Registered Office and will be available for download fromwww.downing.co.uk.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

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