21 November 2008, 17:01
Private Equity Inv: Half-yearly Report - Part 2
<pre>- Part 2: For the preceeding part double click [ID:nPRrLB9DDa]
Campton Group Inc. As
the convertible loan notes are convertible at any time, PEI has the power to
exercise control over Campton. Therefore in preparing the financial statements
for the current year, the Company has treated its investment in Campton Group
Inc as a subsidiary and therefore produced consolidated financial statements.
The comparative figures have been restated to conform with the current year
accounting policies.
Private Equity International Limited is incorporated with share capital of £1
issued and fully paid. It was incorporated to register the business name of
Private Equity International. It has not traded during the year and has not
been consolidated as it is, in the Directors' opinion, immaterial to the
accounts.
The interest of minority holdings is stated at the minority's proportion of the
fair values of the assets and liabilities recognised. Minority interests
represent the portion of profit or loss and net assets in subsidiaries that is
not held by the Group and are presented separately in the income statement and
within equity in the consolidated balance sheet, separately from parent
shareholders' equity. However, any losses applicable to the minority interest
in excess of the minority interest are allocated against the interests of the
parent.
The financial statements of the subsidiary are prepared for the same reporting
year as the Parent Company, using consistent accounting policies. All
intercompany balances and transactions, including unrealised profits arising
from them, are eliminated.
As permitted by Section 230 of the Companies Act 1985, the Company has not
presented its own income statement. The amount of the Company's return for the
financial year, dealt with in the accounts of the Group, is £5,769,000 (2007:
Loss £723,000).
2 Tax credit/charge on ordinary activities
The tax charge for the half-year is nil (30 September 2007: nil; 31 March 2008:
nil) based on an estimated effective tax rate of 0% for the year ending 31
March 2008. The estimated effective tax rate is 0% as investment gains are
exempt from Capital Gains Tax owing to the Company's status as an Investment
Trust. There is expected to be an excess of management expenses over taxable
income and therefore there is no liability to Corporation Tax during the
half-year to 30 September 2008 (30 September 2007: nil; 31 March 2008: nil).
3 Reconciliation of net cash flow to net funds
2008 2007
Group Company Group Company
£'000 £'000 £'000 £'000
(Decrease)/ (3,608) (3,718) 2,414 2,060
increase in cash
in the period
Effect of foreign 72 72 (74) (74)
exchange rate
movements
Movement in cash (3,536) (3,646) 2,340 1,986
and cash
equivalents
Cash and cash 4,611 4,527 765 723
equivalents at
beginning of the
period
Cash and cash 1,075 881 3,105 2,709
equivalents at
the end of the
period
Cash and cash equivalents are comprised as follows:
2008 2007
Group Company Group Company
£'000 £'000 £'000 £'000
Cash at bank 1,075 881 3,105 2,709
4 Commitments and Contingent Liabilities
At 30 September 2008 there were financial commitments outstanding of $19.9
million (£11.2 million) (2007: $37.8 million (£18.6 million)) in respect of
outstanding call commitments to limited partnerships.
5 Accounting policies
The financial statements are prepared on the basis of the accounting policies
set out in note 1 of the annual financial statements for the year ended 31
March 2008.
COMPANY INFORMATION
DIRECTORS (all BANKERS
Non-Executive)
Peter Dicks (Chairman) Lloyds TSB Bank Plc
Lady Judge 234 High Street
Colin Kingsnorth Exeter EX4 3NL
Rory Macnamara
David Quysner CBE STOCKBROKERS
JP Morgan Cazenove
Limited
SECRETARY AND REGISTERED 20 Moorgate
OFFICE
London EC2R 6DA
Capita Sinclair Henderson
Limited
51 New North Road AUDITORS
Exeter EX4 4EP Ernst & Young LLP
Tel: 01392 412122 1 More London Place
Fax: 01392 253282 London SE1 2AF
MANAGER REGISTRAR & TRANSFER
OFFICE
Private Equity Investor Capita Registrars
PLC
23 Bentinck Street Northern House
London W1U 2EZ Woodsome Park
Tel: 0207 563 1630 Fenay Bridge
Fax: 0207 486 4534 Huddersfield HD8 0LA
email: nicky@peiplc.com Tel: 0870 162 3131
www.peiplc.com (calls will cost 10p per
minute plus network
charges)
Fax: 01484 600 911
Overseas: 0044 208 639 3399
SOURCES OF FURTHER INFORMATION
The Company's share price is listed in the Financial Times under "Investment
Companies".
KEY DATES
March Company year end
July Annual results
September Annual General Meeting
November Interim results
FREQUENCY OF NAV PUBLICATION
The Company's net asset value is released to the London Stock Exchange on a
monthly basis and is updated on the Company's web page:- www.peiplc.com.
Further copies of the interim report may be obtained from the Company
Secretary.
END</pre>
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