Income Statement Polar Capital Technology Trust plc

Equities

PCT

GB00BR3YV268

Investment Trusts

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11/07	Stocks red as "real concerns" on tariffs remain	AN
11/07	Polar Capital Technology net asset value up despite challenges	AN

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Published financial data: POLAR CAPITAL TECHNOLOGY TRUST PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: April	2020	2021	2022	2023	2024
Gain (Loss) on Sale of Investment, Total (Rev)	35Cr	112.76Cr	-25Cr	-11Cr	114.8Cr
Interest And Invest. Income (Rev)	1.69Cr	1.82Cr	1.59Cr	2Cr	2.19Cr
Other Revenues, Total	1.32Cr	-4.91Cr	-57.99L	34T	-2.2Cr
Total Revenues	38Cr	109.67Cr	-24Cr	-8.68Cr	114.79Cr
Gross Profit	38Cr	109.67Cr	-24Cr	-8.68Cr	114.79Cr
Selling General & Admin Expenses, Total	2.03Cr	2.52Cr	2.96Cr	2.31Cr	2.73Cr
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	2.03Cr	2.52Cr	2.96Cr	2.31Cr	2.73Cr
Operating Income	36Cr	107.15Cr	-27Cr	-11Cr	112.05Cr
Interest Expense, Total	-12.6L	-10L	-10L	-15.98L	-18.74L
Net Interest Expenses	-12.6L	-10L	-10L	-15.98L	-18.74L
Currency Exchange Gains (Loss)	52.51L	-43.79L	1.75Cr	84.09L	-12.92L
EBT, Excl. Unusual Items	36Cr	106.61Cr	-26Cr	-10Cr	111.74Cr
EBT, Incl. Unusual Items	36Cr	106.61Cr	-26Cr	-10Cr	111.74Cr
Income Tax Expense	18.33L	24.32L	20L	21.48L	19.42L
Earnings From Continuing Operations	36Cr	106.37Cr	-26Cr	-11Cr	111.54Cr
Net Income to Company	36Cr	106.37Cr	-26Cr	-11Cr	111.54Cr
Net Income - (IS)	36Cr	106.37Cr	-26Cr	-11Cr	111.54Cr
Net Income to Common Incl Extra Items	36Cr	106.37Cr	-26Cr	-11Cr	111.54Cr
Net Income to Common Excl. Extra Items	36Cr	106.37Cr	-26Cr	-11Cr	111.54Cr
Per Share Items
Net EPS - Basic	0.27	0.78	-0.19	-0.08	0.9
Basic EPS - Continuing Operations	0.27	0.78	-0.19	-0.08	0.9
Basic Weighted Average Shares Outstanding	133.84Cr	136.94Cr	134.98Cr	129.41Cr	123.36Cr
Net EPS - Diluted	0.27	0.78	-0.19	-0.08	0.9
Diluted EPS - Continuing Operations	0.27	0.78	-0.19	-0.08	0.9
Diluted Weighted Average Shares Outstanding	133.84Cr	136.94Cr	134.98Cr	129.41Cr	123.36Cr
Normalized Basic EPS	0.17	0.49	-0.12	-0.05	0.57
Normalized Diluted EPS	0.17	0.49	-0.12	-0.05	0.57
Supplemental Items
EBITA	36Cr	107.15Cr	-27Cr	-11Cr	112.05Cr
EBIT	36Cr	107.15Cr	-27Cr	-11Cr	112.05Cr
Total Revenues (As Reported)	38Cr	109.23Cr	-23Cr	-7.83Cr	114.66Cr
Effective Tax Rate - (Ratio)	0.51	0.23	-0.78	-2.08	0.17
Normalized Net Income	23Cr	67Cr	-16Cr	-6.44Cr	70Cr
Supplemental Operating Expense Items
Marketing Expenses	-	-	25T	-	-
Selling and Marketing Expenses	-	-	25T	-	-
General and Administrative Expenses	2.03Cr	2.52Cr	2.96Cr	2.31Cr	2.73Cr
Research And Development Expense From Footnotes	-	-	-	-	-

Fiscal Period: April	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	15Cr	22Cr	31Cr	24Cr	10Cr
Total Cash And Short Term Investments	15Cr	22Cr	31Cr	24Cr	10Cr
Accounts Receivable, Total	4.18Cr	3.44Cr	2.93Cr	1.84Cr	3.46Cr
Other Receivables	1L	2L	3L	4L	4L
Total Receivables	4.19Cr	3.46Cr	2.96Cr	1.88Cr	3.5Cr
Prepaid Expenses	18.26L	16.82L	17.41L	22.15L	29.42L
Other Current Assets, Total	69.39L	40.9L	64.79L	25.71L	95.57L
Total Current Assets	20Cr	26Cr	35Cr	26Cr	15Cr
Long-term Investments	221.83Cr	324.3Cr	281.11Cr	264.02Cr	371.38Cr
Total Assets	241.57Cr	349.96Cr	316.03Cr	290.28Cr	386.43Cr
Liabilities
Accounts Payable, Total	4.87Cr	2.92Cr	4.94Cr	1.93Cr	68.85L
Accrued Expenses, Total	13.69L	70.89L	67.34L	22.13L	28.57L
Short-term Borrowings	-	34.73L	-	-	4L
Current Portion of Long-Term Debt	5.7Cr	-	5.2Cr	-	4.8Cr
Other Current Liabilities	-	-	11.31L	23.44L	15.53L
Total Current Liabilities	11Cr	3.97Cr	11Cr	2.38Cr	5.98Cr
Long-Term Debt	-	5.11Cr	-	5.08Cr	-
Total Liabilities	11Cr	9.08Cr	11Cr	7.47Cr	5.98Cr
Common Stock, Total	3.36Cr	3.43Cr	3.43Cr	3.43Cr	3.43Cr
Additional Paid In Capital	17Cr	22Cr	22Cr	22Cr	22Cr
Retained Earnings	208.41Cr	313.07Cr	277.29Cr	255.01Cr	352.65Cr
Comprehensive Income and Other	2.03Cr	2.03Cr	2.03Cr	2.03Cr	2.03Cr
Total Common Equity	230.86Cr	340.88Cr	305.1Cr	282.81Cr	380.45Cr
Total Equity	230.86Cr	340.88Cr	305.1Cr	282.81Cr	380.45Cr
Total Liabilities And Equity	241.57Cr	349.96Cr	316.03Cr	290.28Cr	386.43Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	137.26Cr	136.01Cr	130.88Cr	125.06Cr	119.66Cr
ECS Total Common Shares Outstanding	134.57Cr	136.54Cr	132.36Cr	126.29Cr	120.62Cr
Book Value / Share	1.72	2.5	2.31	2.24	3.15
Tangible Book Value	230.86Cr	340.88Cr	305.1Cr	282.81Cr	380.45Cr
Tangible Book Value Per Share	1.72	2.5	2.31	2.24	3.15
Total Debt	5.7Cr	5.46Cr	5.2Cr	5.08Cr	4.85Cr
Net Debt	-8.97Cr	-16Cr	-26Cr	-19Cr	-5.46Cr
Account Code - Inventory Valuation	3	3	3	-	3

Fiscal Period: April	2020	2021	2022	2023	2024
Net Income	36Cr	106.37Cr	-26Cr	-11Cr	111.54Cr
(Gain) Loss on Sale of Investments - (CF)	-35Cr	-112.76Cr	25Cr	11Cr	-114.8Cr
Other Operating Activities, Total	-6.77Cr	9.44Cr	18Cr	4.19Cr	4.2Cr
Change In Accounts Receivable	-2L	1L	-64T	-5L	-7L
Change In Accounts Payable	-94.44L	57.2L	-4L	-45.8L	6L
Change in Other Net Operating Assets	-	-	-	-	-
Cash from Operations	-6.54Cr	3.63Cr	18Cr	3.85Cr	93.08L
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	-	98.7L	-	-	-
Total Debt Issued	-	98.7L	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-	-1.03Cr	-	-	-
Total Debt Repaid	-	-1.03Cr	-	-	-
Issuance of Common Stock	93.01L	5.71Cr	-	-	-
Repurchase of Common Stock	-	-1.71Cr	-9.8Cr	-12Cr	-14Cr
Other Financing Activities, Total	-	-	-	-15.39L	-18.71L
Cash from Financing	93.01L	3.96Cr	-9.8Cr	-12Cr	-14Cr
Foreign Exchange Rate Adjustments	85.88L	-98.63L	1.85Cr	72.19L	-41.01L
Net Change in Cash	-4.75Cr	6.61Cr	9.86Cr	-7.23Cr	-14Cr
Supplemental Items
Cash Interest Paid	-	-	-	15.39L	18.71L
Cash Income Tax Paid (Refund)	18.58L	25L	21.24L	22.41L	19.09L
Levered Free Cash Flow	21Cr	67Cr	-15Cr	-8.88Cr	66Cr
Unlevered Free Cash Flow	22Cr	67Cr	-15Cr	-8.78Cr	66Cr
Change In Net Working Capital	86.99L	34.7L	-2.35Cr	1.91Cr	3.65Cr
Net Debt Issued / Repaid	-	-4L	-	-	-

Fiscal Period: April	2020	2021	2022	2023	2024
Profitability
Return on Assets	10.05	22.64	-5.13	-2.26	20.7
Return on Total Capital	10.27	22.98	-5.2	-2.3	20.81
Return On Equity %	16.97	37.21	-8.01	-3.58	33.63
Return on Common Equity	16.97	37.21	-8.01	-3.58	33.63
Margin Analysis
Gross Profit Margin %	100	100	100	100	100
SG&A Margin	5.36	2.3	-12.16	-26.62	2.38
EBITA Margin %	94.64	97.7	112.16	126.62	97.62
EBIT Margin %	94.64	97.7	112.16	126.62	97.62
Income From Continuing Operations Margin %	95.21	96.99	106.18	121.25	97.18
Net Income Margin %	95.21	96.99	106.18	121.25	97.18
Net Avail. For Common Margin %	95.21	96.99	106.18	121.25	97.18
Normalized Net Income Margin	59.81	60.76	65.85	74.23	60.84
Levered Free Cash Flow Margin	56.64	60.69	60.69	102.35	57.73
Unlevered Free Cash Flow Margin	56.85	60.75	60.44	101.2	57.83
Asset Turnover
Asset Turnover	0.17	0.37	-0.07	-0.03	0.34
Short Term Liquidity
Current Ratio	1.84	6.46	3.19	11.02	2.52
Quick Ratio	1.76	6.31	3.12	10.82	2.31
Operating Cash Flow to Current Liabilities	-0.61	0.91	1.63	1.61	0.16
Long Term Solvency
Total Debt/Equity	2.47	1.6	1.71	1.8	1.27
Total Debt / Total Capital	2.41	1.58	1.68	1.77	1.26
LT Debt/Equity	-	1.5	-	1.8	-
Long-Term Debt / Total Capital	-	1.48	-	1.77	-
Total Liabilities / Total Assets	4.43	2.6	3.46	2.57	1.55
EBIT / Interest Expense	284.08	1.08T	-280.79	-68.74	597.94
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-7.24	189.96	-122.21	-64.39	-1.42T
Gross Profit, 1 Yr. Growth %	-7.24	189.96	-122.21	-64.39	-1.42T
EBITA, 1 Yr. Growth %	-6.94	199.35	-125.5	-59.79	-1.12T
EBIT, 1 Yr. Growth %	-6.94	199.35	-125.5	-59.79	-1.12T
Earnings From Cont. Operations, 1 Yr. Growth %	-6.13	195.38	-124.32	-59.33	-1.16T
Net Income, 1 Yr. Growth %	-6.13	195.38	-124.32	-59.33	-1.16T
Normalized Net Income, 1 Yr. Growth %	-6.1	194.56	-124.07	-59.85	-1.18T
Diluted EPS Before Extra, 1 Yr. Growth %	-6.15	188.7	-124.67	-57.58	-1.21T
Accounts Receivable, 1 Yr. Growth %	19.78	-17.76	-14.73	-37.4	88.6
Total Assets, 1 Yr. Growth %	18.73	44.87	-9.7	-8.15	33.12
Tangible Book Value, 1 Yr. Growth %	19.27	47.66	-10.5	-7.3	34.52
Common Equity, 1 Yr. Growth %	19.27	47.66	-10.5	-7.3	34.52
Cash From Operations, 1 Yr. Growth %	-190.44	-155.57	390.55	-78.5	-75.82
Levered Free Cash Flow, 1 Yr. Growth %	-11.54	210.69	-122.21	-39.94	-846.35
Unlevered Free Cash Flow, 1 Yr. Growth %	-11.47	209.84	-122.1	-40.37	-856.17
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	9.66	64	-19.75	-71.88	117.08
Gross Profit, 2 Yr. CAGR %	9.66	64	-19.75	-71.88	117.08
EBITA, 2 Yr. CAGR %	11.29	66.9	-12.63	-67.98	102.52
EBIT, 2 Yr. CAGR %	11.29	66.9	-12.63	-67.98	102.52
Earnings From Cont. Operations, 2 Yr. CAGR %	12.49	66.51	-15.25	-68.55	107.67
Net Income, 2 Yr. CAGR %	12.49	66.51	-15.25	-68.55	107.67
Normalized Net Income, 2 Yr. CAGR %	12.49	66.31	-15.79	-68.91	108.66
Diluted EPS Before Extra, 2 Yr. CAGR %	12.23	64.61	-15.61	-67.65	117.23
Accounts Receivable, 2 Yr. CAGR %	123.38	-0.75	-16.26	-26.94	8.66
Total Assets, 2 Yr. CAGR %	22.7	31.15	14.38	-8.92	10.58
Tangible Book Value, 2 Yr. CAGR %	21.98	32.7	14.96	-8.91	11.67
Common Equity, 2 Yr. CAGR %	21.98	32.7	14.96	-8.91	11.67
Cash From Operations, 2 Yr. CAGR %	54.67	-29.11	65.1	2.96	-77.2
Levered Free Cash Flow, 2 Yr. CAGR %	5.66	65.78	-16.93	-63.48	111.72
Unlevered Free Cash Flow, 2 Yr. CAGR %	5.75	65.62	-17.25	-63.7	112.34
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-6.06	51.64	-15.78	-38.79	1.53
Gross Profit, 3 Yr. CAGR %	-6.06	51.64	-15.78	-38.79	1.53
EBITA, 3 Yr. CAGR %	-7.03	54.77	-10.78	-32.55	1.5
EBIT, 3 Yr. CAGR %	-7.03	54.77	-10.78	-32.55	1.5
Earnings From Cont. Operations, 3 Yr. CAGR %	-7.15	55.19	-12.31	-33.65	1.6
Net Income, 3 Yr. CAGR %	-7.15	55.19	-12.31	-33.65	1.6
Normalized Net Income, 3 Yr. CAGR %	-7.08	55.05	-12.68	-34.22	1.58
Diluted EPS Before Extra, 3 Yr. CAGR %	-7.49	53.77	-12.57	-32.9	5.19
Accounts Receivable, 3 Yr. CAGR %	27.81	60.1	-5.65	-24	0.23
Total Assets, 3 Yr. CAGR %	22.78	29.69	15.81	6.32	3.36
Tangible Book Value, 3 Yr. CAGR %	22.61	30	16.38	7	3.73
Common Equity, 3 Yr. CAGR %	22.61	30	16.38	7	3.73
Cash From Operations, 3 Yr. CAGR %	53.55	9.96	35.09	-16.17	-36.48
Levered Free Cash Flow, 3 Yr. CAGR %	-7.61	51.38	-15.17	-25.44	-0.15
Unlevered Free Cash Flow, 3 Yr. CAGR %	-7.55	51.32	-15.37	-25.81	-0.12
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	14.26	130.23	-11.79	-22.71	23
Gross Profit, 5 Yr. CAGR %	14.26	130.23	-11.79	-22.71	23
EBITA, 5 Yr. CAGR %	13.94	164.51	-9.31	-17.59	23.84
EBIT, 5 Yr. CAGR %	13.94	164.51	-9.31	-17.59	23.84
Earnings From Cont. Operations, 5 Yr. CAGR %	14.08	164.04	-10.48	-18.05	23.8
Net Income, 5 Yr. CAGR %	14.08	164.04	-10.48	-18.05	23.8
Normalized Net Income, 5 Yr. CAGR %	14.09	160.6	-10.67	-18.47	23.72
Diluted EPS Before Extra, 5 Yr. CAGR %	13.82	162.25	-10.83	-17.57	25.83
Accounts Receivable, 5 Yr. CAGR %	24.05	22.95	7.92	16.98	-0.17
Total Assets, 5 Yr. CAGR %	24.16	32.71	19.35	12.59	13.69
Tangible Book Value, 5 Yr. CAGR %	23.83	33.59	19.49	12.76	14.47
Common Equity, 5 Yr. CAGR %	23.83	33.59	19.49	12.76	14.47
Cash From Operations, 5 Yr. CAGR %	37.99	18.65	58.07	7.1	-33.63
Levered Free Cash Flow, 5 Yr. CAGR %	15.64	145.21	-11.46	-14.28	22.3
Unlevered Free Cash Flow, 5 Yr. CAGR %	15.68	143.48	-11.56	-14.51	22.28