Interim Results

Aberdeen Growth Opps VCT PLC 11 July 2003 Aberdeen Growth Opportunities VCT PLC Interim Results The directors announce the interim unaudited results for the six months ended 31 May 2003. Investment Activity During the period to 31 May 2003, six new private equity investments were made at a total cost of £629,688. Since the period end, one further new investment totalling £150,000 has been made. Nine unquoted investments totalling £0.95 million had been completed as at 31 May 2003, representing a qualifying investment level of 7.0%. Since the period end the number of private company holdings has increased to ten and the total cost to £ 1.10 million, which represents a qualifying investment level of 8.6%, and the rate of investment is building satisfactorily. A 70% qualifying investment level is required before 30 November 2004 to achieve VCT qualifying status. The following new investments have been made since the publication of the annual report: Llanllyr Water Company Limited (March 2003)-£36,000 (£100,000 committed). Based in Lampeter, West Wales, Llanllyr is involved in the extraction and bottling of spring water. The total fundraising was £480,000 and Aberdeen Growth VCT I PLC was a co-investor. AMGas Limited (April 2003)-£75,000 . Based in Bedfordshire, AMGas is a manufacturer of an optical based flammable gas sensor for use in the worldwide oil & gas exploration, production and supply industries. The total fundraising was £1 million and Aberdeen Growth VCT I PLC and Nova Technology Fund were co-investors. Essential Viewing Systems Limited (May 2003)-£150,000 . Based in Glasgow, Essential Viewing Systems is a developer of an advanced delivery technology for video over mobile telephones, the internet and conventional mediums such as television. The total fundraising was £900,000 and Aberdeen Growth VCT I PLC and Aberdeen City Council Superannuation Fund were co-investors. Elam-T Limited (June 2003) - £150,000. Based in Enfield, Elam-T develops photo luminescent materials and devices structures. The total fundraising was £600,000 and Aberdeen Growth VCT I PLC and Aberdeen City Council Superannuation Fund were co-investors. Market Conditions The post war environment remains uncertain with only tentative improvements in confidence evident thus far. We are looking for a further improvement in data following the drop in oil prices and the rally in equity markets. However this improvement needs to become evident in the coming weeks. Although recent data are coloured by events in the Gulf, the outlook for growth has not improved. Sterling may have weakened versus the Euro but industrial production remains subdued and consumption is under pressure. Rising house prices and a strong employment market have helped fuel consumer activity in the past few years, but these factors are now beginning to recede. The modest growth in the UK economy implies that spare capacity will increase, a trend unlikely to be reversed in the short term. At the last budget the Chancellor lowered his growth expectations. Even at the reduced level these forecasts look optimistic. We expect sub trend growth will remain the theme in the second half of 2003 and possibly into 2004 as well. Beyond the UK the main danger comes from a continuation of difficult corporate trading conditions resulting in a further deterioration in labour markets in the US and elsewhere. Such an environment would risk a long period of depressed confidence in consumer markets. This eventuality could lead to central banks around the world actioning a further round of interest rate cuts. Portfolio Developments The unquoted portfolio has seen increasing size and maturity over the period under review. Many of these investments are nevertheless still relatively new, and consequently it is too early to determine the absolute longer term value potential. However, there are some encouraging performances already evident. PSCA International and Transrent are both trading strongly ahead of budget, and the last quarter has seen material improvement in profit performance from PLM Dollar Group and Palgrave Brown. All of the constituent companies in the unquoted portfolio are close to or ahead of trading performance anticipated at the date of investment and none are giving cause for concern at this time. The listed element of the portfolio is reducing over time as unquoted investments are made. Bonds and bond funds continue to make up the bulk of the fund's assets in keeping with the defensive style preferred by the manager prior to investment in unquoted companies. An attractive yield has been maintained over the period under review. The balance of the fund's holding in securities is held in two unit trusts; the Aberdeen UK Growth fund and Aberdeen UK Blue chip fund. Net Asset Value The Net Asset Value per share at 31 May 2003 was 94.6p compared with 93.2p as at 30 November 2002. The increase in NAV over the period reflects an increase in the value of the listed holdings on the back of recent improvements in UK equity markets. The unlisted companies in which Aberdeen Growth Opportunities VCT is invested will be valued in accordance with the British Venture Capital Association guidelines. Investments are normally valued at cost or cost less a provision until they have been held for at least one year. As a result, should performance be ahead of plan, which may imply an increase in the value of the investment, this would not be reflected for at least 12 months; on the other hand any material underperformance would be immediately reflected in a reduced valuation. Dividends The Board does not intend to declare an interim dividend for the period ended 31 May 2003. Dividends from capital gains will be paid tax-free to shareholders following Inland Revenue approval and will depend on the achievement of realisations. Outlook Deal flow remains steady with a good number of investment opportunities under consideration throughout Aberdeen Murray Johnstone Private Equity's regional network of seven offices, ensuring a continual flow of opportunities in which the company can invest. INDEPENDENT REVIEW REPORT TO ABERDEEN GROWTH OPPORTUNITIES VCT PLC Introduction We have been instructed by the company to review the financial information for the six months ended 31 May 2003 which comprises the Statement of Total Return, Balance Sheet, Cash Flow Statement, and the related notes 1 to 4. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the Company in accordance with guidance contained in Bulletin 1999/4 'Review of Interim financial information' issued by the Auditing Practices Board. To the fullest extent permitted by the law, we do not expect or assume responsibility to anyone other than the Company for our work, for this Report, or the conclusions we have formed. Directors' Responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. Review Work Performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 "Review of interim financial information" issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with United Kingdom Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review Conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 31 May 2003. Ernst & Young LLP Glasgow 11 July 2003 ABERDEEN GROWTH OPPORTUNITIES VCT PLC Statement of Total Return (incorporating the Revenue Account*) (unaudited) for the six months ended 31 May 2003 6 months to 31 May 2003 ------- -------- ---------- Revenue Capital Total £'000 £'000 £'000 --------- ---------- -------- Gains/(losses) from investments - 115 115 Income from investments 232 - 232 Other income 10 - 10 Investment management fees (21) (82) (103) Other expenses (82) (24) (106) --------- ---------- -------- Net return on ordinary activities before 139 9 148 taxation Tax on ordinary activities (22) 17 (5) --------- ---------- -------- Return attributable to equity 117 26 143 shareholders Ordinary dividends on equity shares - - - --------- ---------- -------- Transfer to/(from) reserves 117 26 143 --------- ---------- -------- Return per ordinary share (pence) 1.13 0.25 1.38 * The revenue column of this statement is the profit and loss account of the company. ABERDEEN GROWTH OPPORTUNITIES VCT PLC Statement of Total Return (incorporating the Revenue Account*) (unaudited) for the six months ended 31 May 2003 38 weeks ended 31 May 2002 -------------------- Revenue Capital Total £'000 £'000 £'000 --------- --------- ------- Gains/(losses) from investments - 10 10 Income from investments 60 - 60 Other income 22 - 22 Investment management fees (5) (20) (25) Other expenses (98) - (98) --------- --------- ------- Net return on ordinary activities (21) (10) (31) before taxation Tax on ordinary activities 3 (3) - --------- --------- ------- Return attributable to equity (18) (13) (31) shareholders Ordinary dividends on equity - - - shares --------- --------- ------- Transfer to/(from) reserves (18) (13) (31) --------- --------- ------- Return per ordinary share (pence) (0.44) (0.28) (0.72) ABERDEEN GROWTH OPPORTUNITIES VCT PLC Statement of Total Return (incorporating the Revenue Account*) (unaudited) for the six months ended 31 May 2003 64 weeks ended 30 November 2002 -------------------- Revenue Capital Total £'000 £'000 £'000 --------- --------- ------- Gains/(losses) from investments - (131) (131) Income from investments 282 - 282 Other income 14 - 14 Investment management fees (24) (94) (118) Other expenses (234) - (234) --------- --------- ------- Net return on ordinary activities 38 (225) (187) before taxation Tax on ordinary activities (9) 9 - --------- --------- ------- Return attributable to equity 29 (216) (187) shareholders Ordinary dividends on equity shares - - - --------- --------- ------- Transfer to/(from) reserves 29 (216) (187) --------- --------- ------- Return per ordinary share (pence) 0.40 (2.97) (2.57) ABERDEEN GROWTH OPPORTUNITIES VCT PLC Balance Sheet (unaudited) As at 31 May 2003 31 May 2003 31 May 2002 30 November 2002 (restated) £'000 £'000 £'000 Fixed assets Investments 8,907 7,315 9,301 Current assets Debtors 284 434 204 Cash and overnight deposits 716 1,247 259 ---------- ---------- ---------- 1,000 1,681 463 Creditors Amounts falling due within one 139 335 139 year ---------- ---------- ---------- Net current assets 861 1,346 324 ---------- ---------- ---------- 9,768 8,661 9,625 ---------- ---------- ---------- Capital and reserves Called up share capital 1,033 915 1,033 Share premium 4,570 7,777 4,570 Distributable reserve 4,209 - 4,209 Capital reserve - realised (162) (20) (82) Capital reserve - unrealised (28) 7 (134) Revenue reserve 146 (18) 29 ---------- ---------- ---------- Equity shareholders' interest 9,768 8,661 9,625 ---------- ---------- ---------- Net asset value per ordinary share (pence) 94.6 94.7 93.2 ABERDEEN GROWTH OPPORTUNITIES VCT PLC Cash Flow Statement (unaudited) for the six months ended 31 May 2003 6 months 38 weeks 64 weeks to ended ended 31 May 31 May 30 November 2003 2002 2002 £'000 £'000 £'000 Operating activities Investment income received 258 28 277 Deposit interest received 10 8 13 Investment management fees paid (96) - (80) Secretarial fees paid (30) - (45) Cash paid to and on behalf of (44) (25) (46) Directors Other cash payments (44) (7) (54) --------- --------- --------- Net cash inflow from operating 54 4 65 activities Taxation Corporation tax - (3) - Financial investment Purchase of investments (694) (7,427) (10,216) Sale of investments 1,097 - 595 --------- --------- --------- Net cash inflow (outflow) from 403 (7,427) (9,621) financial investment --------- --------- --------- Net cash inflow (outflow) before 457 (7,426) (9,556) use of liquid resources and financing Financing Issue of ordinary shares - 9,149 10,328 Expenses of share issue - (476) (513) --------- --------- --------- Net cash inflow from financing - 8,673 9,815 --------- --------- --------- Increase in cash 457 1,247 259 --------- --------- --------- The financial information contained in this report has been prepared on the basis of the accounting policies set out in the Annual Report for the year ended 30 November 2002. The results for the year ended 30 November 2002 are abridged from the full accounts for that year, which received an unqualified report from the auditors and have been filed with the Registrar of Companies. Returns per ordinary share have been calculated using the weighted average number of shares in issue during the period of 10,328,141. Net asset value per ordinary share has been calculated using the number of shares in issue at 31 May 2003 of 10,328,141. A summary of investment changes for the period under review and an investment portfolio summary as at 31 May 2003 are attached. A full copy of the interim accounts will be printed and issued to shareholders. Copies of this announcement will be available to the public at the office of Aberdeen Asset Management PLC, 123 St Vincent Street, Glasgow and at the registered office of the Company, One Bow Churchyard, Cheapside, London. By Order of the Board ABERDEEN ASSET MANAGEMENT PLC SECRETARY 11 July 2003 ABERDEEN GROWTH OPPORTUNITIES VCT PLC SUMMARY OF INVESTMENT CHANGES DURING THE PERIOD TO 31 MAY 2003 Valuation Appreciation Valuation 30 Nov 2002 Transactions (depreciation) 31 May 2003 £'000 % £'000 £'000 £'000 % Listed Investments Unit Trusts 2,379 24.7 - 68 2,447 25.1 Fixed 6,603 68.6 (1,139) 48 5,512 56.4 income Unlisted Investments UK Equities 51 0.5 229 (4) 276 2.8 Fixed 268 2.8 401 3 672 6.9 Income Total 9,301 96.6 (509) 115 8,907 91.2 investments ------- ------- --------- --------- ------- ------ Other net 324 3.4 537 - 861 8.8 assets (liabilities) Total 9,625 100.0 28 115 9,768 100.0 assets ------- ------- --------- --------- ------- ------ ABERDEEN GROWTH OPPORTUNITES VCT PLC INVESTMENT PORTFOLIO SUMMARY As at period ended 31 May 2003 % of Valuation Total £'000 Assets Unlisted Nature of business Investments Public Service Government sector publishing Communications Agency 157 1.6 Palgrave Brown Manufacturer of timber products 150 1.5 (Holdings) Essential Viewing Video streaming 150 1.5 Systems Scotnursing Ltd Provider of temporary and agency 135 1.4 nursing and care staff Transrent Provider of trailer and transport 119 1.2 Holdings solution services Inovas Software developer 77 0.8 Amgas Manufacturer of gas sensors for 75 0.8 application in oil and gas Exploration PLM Dollar Operator of commercial helicopter 49 0.5 Group fleet Llanllyr Water Extraction and bottling of 36 0.4 mineral spring water ------- ------ 948 9.7 Listed Unit Trusts New Star Sterling Bond Unit Trust Income 964 9.9 New Star Fixed 876 9.0 Interest Income Aberdeen UK Blue 304 3.1 Chip Income Aberdeen UK 303 3.1 Growth Income ------- ------ 2,447 25.1 Listed Fixed Income Investments Treasury 6.5% 7/12/2003 945 9.7 Treasury 6.75% 26/11/2004 840 8.6 Treasury 8.5% 7/12/2005 785 8.0 Treasury 5% 07/06/2004 519 5.3 Funding 3 1/2% 14/7/1999/2004 510 5.2 Treasury 7.5% 7/12/2006 428 4.4 Bank Voor Nederlandsche Gemeenten 6.375% 30/03/05 315 3.2 European Investment Bank 6% 26/11/2004 311 3.2 KFW Intl Finance 306 3.1 5.5% 18/06/04 KFW Intl Finance 303 3.1 6% 27/10/03 Treasury 8% 10/6/ 250 2.6 2003 ------- ------ 5,512 56.4 ------- ------ Total 8,907 91.2 Investments ======= ====== This information is provided by RNS The company news service from the London Stock Exchange

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