Oxford Technology 4 Venture Capital Trust PLC
Interim Statement
For the period 1 March 2013 to 31 August 2013
Statement on behalf of the Board
The net assets per share at 31 August 2013 were 67p compared to 67p as at 31 August 2012 and 70p as at 28 February 2013.
OT4 has significant shareholdings in several start-up technology companies which are beginning to make progress. OT4 owns 49% of Diamond Hard Surfaces which creates a thick diamond-like surface, which is very hard, very low friction, and which is thermally conductive but an electrical insulator. After many years of trials, DHS is now receiving its first regular production orders, coating a part for use in oil wells in the US. OT4 owns 49% of Impact Applications whose sales have grown to over £1m, and which has been making good progress. OT4 was an early investor in Glide Pharma which raised £14m in March 2013 to accelerate the development of its needle-free drug delivery technology. OT4 owns 16% of Telegesis whose sales have increased from £2.4m to £3.8m in the year to March 2013.
On behalf of the Board
David Livesley - Chairman
Unaudited Financial Information
| Profit and Loss Account for the Period | Six months to 31 Aug 13 £'000 | Six months to 31 Aug 12 £'000 | Year to 28 Feb 13 £'000 |
| Profit/(loss) on disposal of assets held at fair value | - | 194 | 59 |
| Unrealised gain/(loss) on fair value of investments | (190) | (1,154) | (557) |
| Other income | 8 | 11 | 40 |
| Other expenses | (103) | (125) | (250) |
| Profit/(loss) on ordinary activities before tax | (285) | (1,074) | (708) |
| Tax on profit/(loss) on ordinary activities | - | - | - |
| Profit/(loss) on ordinary activities after tax | (285) | (1,074) | (708) |
| Earnings per Share | (2.5)p | (9.4)p | (6.2)p |
| Historic Cost Profits and Losses Note | Six months to 31 Aug 13 £'000 | Six months to 31 Aug 12 £'000 | Year to 28 Feb 13 £'000 |
| Profit/(loss) for the financial period | (285) | (1,074) | (708) |
| Unrealised loss/(gain) on investments held at fair value | 190 | 1,154 | 557 |
| Loss/(profit) on disposal of investments held at fair value | - | (194) | (59) |
| Profit/(loss) on disposal of investments held at historical value | - | 195 | 59 |
| Historical cost profit/(loss) before tax | (95) | 81 | (151) |
| Historical cost profit/(loss) after tax | (95) | 81 | (151) |
| Summarised Balance Sheet | 31 Aug 13 £'000 | 31 Aug 12 £'000 | 28 Feb 13 £'000 |
| Investments held at fair value | 7,150 | 6,662 | 7,366 |
| Other net current assets | 594 | 1,001 | 663 |
| Net assets | 7,744 | 7,663 | 8,029 |
| Capital and Reserves | Six months to 31 Aug 13 £'000 | Six months to 31 Aug 12 £'000 | Year to 28 Feb 13 £'000 |
| Called up share capital | 1,152 | 1,152 | 1,152 |
| Share premium | 813 | 813 | 813 |
| Profit and loss account | 5,408 | 5,733 | 5,503 |
| Revaluation reserve | 371 | (35) | 561 |
| Shareholders'funds | 7,744 | 7,663 | 8,029 |
| Net asset value per share | 67p | 67p | 70p |
| Cash Flow Statement for the Period | Six months to 31 Aug 13 £'000 | Six months to 31 Aug 12 £'000 | Year to 28 Feb 13 £'000 |
| Net cash outflow from operating activities | (69) | (129) | 2,169 |
| Capital expenditure and financial investment Purchase of investments | (5) | (394) | (529) |
| Disposal of investments | 31 | 2,215 | 26 |
| Net cash outflow from capital expenditure and financial investment | 26 | 1,821 | (503) |
| Dividends paid | - | (1,612) | (1,612) |
| Increase/(decrease) in cash | (43) | 80 | 54 |
Notes to the Unaudited Financial Information on pages 2 and 3
1 The financial information for each of the interim periods ended 31 August 2013 and 31 August 2012 is unaudited and does not constitute statutory accounts within the meaning of the Companies Act 2006. It has been prepared using accounting policies consistent with those set out in the company's statutory accounts for the year ended 28 February 2013. The financial information for the year ended 28 February 2013 has been extracted from the company's statutory accounts for that period which contained an unqualified audit report and which have been filed with the Registrar of Companies. The Board confirms that the unaudited finance information for the 6 months ending 31 August 2013 has been prepared in accordance with IAS 34.
2 The calculation of earnings per share for the period is based on the return attributable to shareholders divided by the weighted average number of shares in issue during the period.
3 Listed investments are stated at market value based upon middle market prices at the accounting period end. The unrealised depreciation or appreciation on the valuation of investments are dealt with in the revaluation reserve.
4 Copies of the Interim Statement are being sent to shareholders and further copies can be obtained from the Company's Registered Office.