as at 30 June 2021
As at As at As at 30 June 2021 30 June 2020 31 December 2020 Notes GBP GBP GBP (unaudited) (unaudited) (audited) Assets Cash and cash equivalents 5 1,359,957 9,024,042 2,939,408 Other receivables and prepayments 6 1,129,774 1,107,701 17,094 Financial assets at fair value through profit or loss 8 11,975,731 - 918,259 Loans advanced 7 420,807,466 448,891,684 442,659,649 Total assets 435,272,928 459,023,427 446,534,410 Liabilities Financial liabilities at fair value through profit or loss 8 - 4,536,384 - Credit facilities 10 10,215,635 22,931,943 18,626,837 Trade and other payables 9 1,328,457 1,466,674 1,210,066 Total liabilities 11,544,092 28,935,001 19,836,903 Net assets 423,728,836 430,088,426 426,697,507 Capital and reserves Share capital 407,440,011 411,205,161 408,031,544 Retained earnings 16,182,789 18,526,690 18,369,871 Translation reserve 106,036 356,575 296,092 Total equity 423,728,836 430,088,426 426,697,507 Number of Ordinary Shares in issue 408,911,273 413,219,398 409,571,273 Net asset value per Ordinary Share (pence) 103.62 104.08 104.18
These Unaudited Condensed Consolidated Financial Statements were approved and authorised for issue by the Board of Directors on 6 September 2021, and signed on its behalf by:
Stephen Smith John Whittle Chairman Director
The accompanying notes form an integral part of these Unaudited Condensed Consolidated Financial Statements.
Unaudited Condensed Consolidated Statement of Changes in Equity
for the period ended 30 June 2021
Share Retained earnings Translation reserve Total equity Period ended 30 June 2021 capital GBP GBP GBP GBP (unaudited) (unaudited) (unaudited) (unaudited) Balance at 1 January 2021 408,031,544 18,369,871 296,092 426,697,507 Share buy backs (591,533) - - (591,533) Dividends paid - (12,267,338) - (12,267,338) Operating profit for the period - 10,080,256 - 10,080,256 Other comprehensive income: Other comprehensive loss for the period - - (190,056) (190,056) Balance at 30 June 2021 407,440,011 16,182,789 106,036 423,728,836 Share Retained Translation Total Period ended 30 June 2020 capital earnings reserve equity GBP GBP GBP GBP (unaudited) (unaudited) (unaudited) (unaudited) Balance at 1 January 2020 411,205,161 15,286,245 63,675 426,555,081 Dividends paid - (13,429,630) - (13,429,630) Operating profit for the period - 16,670,075 - 16,670,075 Other comprehensive income: Other comprehensive income for the period - - 292,900 292,900 Balance at 30 June 2020 411,205,161 18,526,690 356,575 430,088,426 Share Retained Translation Total Year ended 31 December 2020 capital earnings reserve equity GBP GBP GBP GBP (audited) (audited) (audited) (audited) Balance at 1 January 2020 411,205,161 15,286,245 63,675 426,555,081 Share buy backs (3,173,617) - - (3,173,617) Dividends paid - (26,824,860) - (26,824,860) Operating profit for the year - 29,908,486 - 29,908,486 Other comprehensive income: Other comprehensive income for the year - - 232,417 232,417 Balance at 31 December 2020 408,031,544 18,369,871 296,092 426,697,507
The accompanying notes form an integral part of these Unaudited Condensed Consolidated Financial Statements.
Unaudited Condensed Consolidated Statement of Cash Flows
for the period ended 30 June 2021
1 January 1 January 1 January 2021 to 2020 to 2020 to 30 June 2021 30 June 2020 31 December 2020 GBP GBP GBP (unaudited) (unaudited) (audited) Operating activities: Operating profit for the period / year 10,138,644 16,670,075 29,990,439 Adjustments Net interest income (14,472,491) (14,433,090) (29,052,521) Net changes in fair value of financial assets at fair value through profit or - (1,097,722) (1,097,722) loss - Credit Linked Notes Decrease / (increase) in prepayments and receivables 5,535 (1,078,766) 11,841 Increase / (decrease) in trade and other payables 221,199 188,944 (159,467) Net unrealised (gains) / losses on foreign exchange derivatives (11,057,472) 13,131,462 7,676,819 Net foreign exchange losses / (gains) 12,187,021 (17,346,174) (12,848,644) Credit facility interest 380,607 508,194 945,771 Credit facility commitment fees 414,060 376,430 762,074 Currency translation difference 180,885 (404,293) (463,709) Corporate taxes paid (87,724) (82,766) (151,052) (2,089,736) (3,567,706) (4,386,171) Loans advanced1 (35,607,633) (85,689,578) (98,731,281) Loan repayments and amortisation 45,824,727 43,513,026 59,619,767 Credit Linked Notes repayments - 21,773,000 21,773,000 Origination fees paid (199,206) (576,287) (577,233) Interest, commitment and exit fee income from loans advanced 12,885,675 14,020,648 28,256,205 Interest received on Credit Linked Notes - 1,210,333 1,210,333 Net cash inflow / (outflow) from operating activities 20,813,827 (9,316,564) 7,164,620 Cash flows from investing activities Shares buy backs (677,120) - (3,088,030) Dividends paid (12,267,338) (13,429,630) (26,824,860) Proceeds under credit facility 29,400,000 44,952,688 41,985,860 Repayments under credit facility (37,900,000) (50,472,045) (52,067,717) Credit facility interest paid (191,809) (293,798) (492,331) Credit facility commitment fees paid (417,751) (339,296) (616,146) Credit facility arrangement fees and expenses paid (100,000) - - Net cash outflow from financing activities (22,154,018) (19,582,081) (41,103,224) Net decrease in cash and cash equivalents (1,340,191) (28,898,645) (33,938,604) Cash and cash equivalents at the start of the period / year 2,939,408 36,793,674 36,793,674
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