Crown Place VCT PLC Crown Place Vct Plc : Annual -10-
02 Oktober 2014 - 6:08PM
UK Regulatory
Opening accumulated unrealised losses (1,777)
Transfer of previously unrealised gains to realised
reserves on disposal (227)
Transfer of previously unrealised losses to realised
reserves on investments written off but still held 751
Movement in unrealised gains 1,802
Closing accumulated unrealised gains 549
Historic cost basis
Opening book cost 26,262
Purchases at cost 2,539
Disposals at cost (945)
Cost of investments written off but still held (777)
Closing book cost 27,079
Closing cost is net of amounts of GBP1,881,000 (2013:
GBP1,104,000) written off in respect of investments
still held at the balance sheet date.
30 June 2013
GBP'000
Opening valuation as at 1 July 2012 24,333
Purchases at cost 1,030
Disposal proceeds (2,254)
Realised gains 374
Movement in loan stock accrued income -
Unrealised gains 1,084
Closing valuation as at 30 June 2013 24,567
Movement in loan stock accrued income
Opening accumulated movement in loan stock accrued
income 82
Movement in loan stock accrued income -
Closing accumulated movement in loan stock accrued
income 82
Movement in unrealised losses
Opening accumulated unrealised losses (3,914)
Movement in unrealised gains 1,084
Transfer of previously unrealised gains to realised
reserves on disposal (51)
Transfer of previously unrealised losses to realised
reserves on investments written off but still held 1,104
Closing accumulated unrealised losses (1,777)
Historic cost basis
Opening book cost 28,164
Purchases at cost 1,030
Disposals at cost (1,828)
Cost of investments written off but still held (1,104)
Closing book cost 26,262
The Directors believe that the carrying value of loan stock measured at
amortised cost is not materially different to fair value. The Company
does not hold any assets as the result of the enforcement of security
during the year, and believes that the carrying values for both impaired
and past due assets are covered by the value of security held for these
loan stock investments.
Additions and disposal proceeds included in the cash flow statement
differ from the amounts shown in the note above, due to deferred
consideration and settlement creditors and the restructuring of
investments.
A schedule of disposals during the year is shown on page 18 of the full
Annual Report and Financial Statements.
IFRS 13 'Fair value measurement' and IFRS 7 'Financial Instruments:
Disclosures' requires the Company to disclose the valuation methods
applied to its investments measured at fair value through profit or loss
in a fair value hierarchy according to the following definitions:
Fair value hierarchy Definition of valuation method
Level 1 Unadjusted quoted (bid) prices applied
Level 2 Inputs to valuation are from observable sources and
are directly or indirectly derived from prices
Level 3 Inputs to valuations are not based on observable market
data
Quoted AIM investments are valued according to Level 1 valuation
methods. Unquoted equity, preference shares, convertible loan stock and
debt issued at a discount are all valued according to Level 3 valuation
methods.
The Company's investments measured at fair value through profit or loss
(Level 3) had the following movements in the year to 30 June 2014:
30 June 2014 30 June 2013
Discounted Discounted
debt and debt and
convertible convertible
Equity loan stock Total Equity loan stock Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Opening balance 9,582 2,824 12,406 8,711 2,140 10,851
Additions 773 1,337 2,110 216 530 746
Disposal
proceeds (193) (293) (486) (1,400) (244) (1,644)
Transfer to
Level 1 (473) (193) (666) - - -
Representation
of convertible
debt - 417 417 - - -
Debt/equity
conversion 342 (342) - 812 - 812
Realised
(losses)/gains (12) 12 - 329 18 347
Unrealised
gains/(losses) 2,142 (131) 2,011 914 374 1,288
Accrued loan
stock
interest - 4 4 - 6 6
Closing balance 12,161 3,635 15,796 9,582 2,824 12,406
Unquoted investments held at fair value through profit or loss are
valued in accordance with the IPEVCV guidelines as follows:
30 June 2014 30 June 2013
Investment valuation methodology GBP'000 GBP'000
Net asset value supported by independent valuation 6,000 4,675
Cost (reviewed for impairment) 2,313 522
Net asset value 2,288 2,319
Earnings multiple 1,990 2,069
Revenue multiple 1,664 1,829
Agreed sale price/Offer price 993 408
Recent investment price 548 584
15,796 12,406
Level 3 valuations include inputs based on non-observable market data.
IFRS 13 requires an entity to disclose quantitative information about
the significant unobservable inputs used. Of the Company's Level 3
investments, 23 per cent are held on an Earnings or Revenue multiple
basis, which have significant judgment applied to the valuation inputs.
The table below sets out the range of Earnings and Revenue multiples and
discounts applied. The remainder of Level 3 investments are held at cost
(reviewed for impairment), recent investment price, net asset value
(supported by independent valuation) or net assets.
Travel and Support Healthcare
leisure services (growth) Software
Earnings
multiples
PE multiple
range 6.0 8.9-11.0 15.2 10.0
Marketability
discount range 65% 20%-50% 50% 50%
Revenue
multiples
Revenue multiple
range - - 1.3 - 3.3 0.1 - 2.4
Marketability
discount range - - 35% 30% - 96%
IFRS 13 and IFRS 7 requires the Directors to consider the impact of
changing one or more of the inputs used as part of the valuation process
to reasonable possible alternative assumptions. After due consideration
and noting that the valuation methodology applied to 62 per cent. of the
Level 3 investments (by valuation) is based on third party independent
evidence, recent investment price, agreed sale price/offer price and
cost, the Directors believe that changes to reasonable possible
alternative input assumptions for the valuation of the remainder of the
portfolio could lead to a significant change in the fair value of the
portfolio. The impact of these changes could result in an increase in
the valuation of the equity investments by GBP1,545,000 or a decrease in
the valuation of equity investments by GBP1,094,000.
The unquoted equity instruments had the following movements between
investment methodologies between 30 June 2013 and 30 June 2014:
Value as at Explanatory
Change in investment valuation methodology (2013 to 30 June 2014 note
2014) GBP'000
Net asset value supported by independent valuation 731 Agreed
to Agreed sale price/Offer price offer
price
Earnings multiple to revenue multiple 501 More
appropriate
methodology
after
reduction
in
earnings
Net assets to Agreed sale price/Offer price 262 Agreed
Albion Crown Vct (LSE:CRWN)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Albion Crown Vct (LSE:CRWN)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
