Resultados provisionales
SERAPHIM SPACE INVESTMENT TRUST PLC
(la "Compañía" o "SSIT")
Resultados provisionales
Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed SpaceTech investment company, announces its interim results for the six-month period ended 31 December 2023.
The full Interim Report can be found esta página. A summary is set out below.
Resumen financiero
31 dic-23 | 30 de junio de 23 | Cambios | 31 dic-22 | Cambios | |
NAV | 224.3m | 222.4m | 0.9% | 222.0m | 1.0% |
NAV por acción | 94.57p | 92.90p | 1.8% | 92.74p | 2.0% |
Valoración de carteras | 198.0m | 187.4m | 5.6% | 181.2m | 9.2% |
Valor razonable de la cartera versus costo | 101.0% | 98.5% | - | 97.2% | - |
Recursos líquidos | 26.8m | 35.3m | 40.9m | - | |
Capitalización de mercado | 81.6m | 64.6m | 26.2% | £108.2 | - 24.6% |
Precio de la acción | 34.4p | 27.0p | 27.4% | 45.2p | - 23.9% |
-Descuento/+premium | - 63.6% | - 70.9% | - | - 51.3% | - |
Gastos corrientes | 1.90% | 1.89% | 1.88% | ||
Número de acciones en emisión | 237.2m | 239.4m | - 0.9% | 239.4m | - 0.9% |
Aspectos financieros más destacados
· £5.7m deployed in the period, across three new investments and three follow-on investments.
· Portfolio valuation up £10.6m to £198.0m, driven by additional investments, unrealised fair value net gains and a small unrealised FX gain.
· Main driver of underlying fair value increase was D-Orbit, reflective of a ?100m transaction that reached a conditional completion post period. This has been partially offset by reductions in the fair value of other companies.
· ICEYE (20.2% of NAV as at 31 December 2023), the largest holding, became EBITDA profitable during the period.
· 82% of the portfolio by fair value has a robust cash runway, with 60% fully funded based on latest projections from the companies' management teams and 22% funded for 12 months or more from 31 December 2023.
Instantánea de la cartera
31 dic-23 | |
Top 10 investment as % of fair value | 85.4% |
Private portfolio fair value vs. cost | 121.5% |
Listed portfolio fair value vs. cost | 13.2% |
Money raised by portfolio companies1,2 | > £ 185 millones |
Proportion of portfolio by fair value that is fully funded1 | 60.1% |
Number of portfolio companies that are fully funded or have 12 months or more of cash runway1 | 23 |
Average cash runway of portfolio that is not fully funded from 31 December 20231,3 | 12 meses |
1 Source: Portfolio company data.
2 Between 1 July 2023 and 31 December 2023.
3 Fair value weighted average number of months of cash runway from 31 December 2023 for the portfolio companies that are not fully funded, representing 39.7% of the portfolio fair value.
Portfolio Key Developments
· Based on portfolio company management projections, a number of the companies have now achieved, or are expected to achieve in 2024, profitability at EBITDA level.
· Of the eight existing portfolio companies that raised rounds, six had participation from or were led by external investors. Participation of external investors demonstrates the attractiveness of the portfolio companies to new investors.
· Three companies raised flat or up rounds, which is a testament to the strong performance of these companies.
· Three companies closed funding rounds at reduced valuations relative to their previous round. In two instances, this was due to underperformance against previous expectations. In the other instance, the round was significant and represented only a modest reduction against the previous round, which was raised at the height of the market in late 2021.
· ICEYE (20.2% of NAV as at 31 December 2023) continued growth of both its data and missions businesses with four new satellites deployed, adding to its own SAR constellation and key customer Bayant ordering an additional two SAR satellites. The company has now achieved profitability at EBITDA level.
· D-Orbit (14.4% of NAV as at 31 December 2023) closed a ?100m equity round and successfully launched its 12th y séptimath ION Satellite Carrier missions, making the company the clear global leader in orbital transfer vehicles.
· HawkEye 360 (9.4% of NAV as at 31 December 2023) announced the second and final close of the company's Series D-1 funding round, bringing the total series to $68m. The company used part of the proceeds to acquire RF Solutions, a provider of secure, precise, geospatial intelligence from Maxar Intelligence.
· SatVu (4.9% of NAV as at 31 December 2023) successfully commissioned its first satellite and entered commercial operations. However, the satellite experienced an anomaly after around six months of operations which led to a failure of the satellite that will impact commercial operations until another satellite can be launched. The company is working on the matter with its suppliers and in parallel is progressing development of its second satellite.
· Tomorrow.io (1.8% of NAV as at 31 December 2023) completed the second close of its Series E funding round, bringing total proceeds to $99m. Published peer reviewed research shows that precipitation data from its two pathfinder satellites is roughly on par with the leading ground-based weather radars, offering a more cost-effective solution and enabling global coverage.
· Voyager (non-top 10 investment) entered a joint venture with Airbus to develop the Starlab space station, significantly expanding its access to the European market. Northrop Grumman's termination of its independent space station program and its subsequent partnership with Voyager has had several benefits, bringing increased NASA funding, improving the competitive landscape and strengthening Voyager's Starlab space station.
Transactions Completed During H1
Empresa | Segmento | subsector | HQ | Tipo de Propiedad | Cost (£ m) |
TODO.ESPACIO | Enlace descendente | Terminales de tierra | UK | Seguir en | 2.8 |
skylo | Enlace descendente | US | Nueva inversión | 1.6 | |
2 early stage investments | Nueva inversión | 0.9 | |||
2 early stage investments | Seguir en | 0.5 | |||
Total |
| 5.7 |
Will Whitehorn, presidente de Seraphim Space Investment Trust plc, comentó: "With the existential challenges posed by heightened geopolitical tensions and climate change, the counter-cyclical nature of the space sector continues to result in its outperforming the wider market. This trend is reflected in SSIT's portfolio, which continues to exhibit a healthy growth trajectory and an ongoing ability to attract fresh investment from public and private capital markets.
The portfolio overall remains well capitalised, with multiple key holdings now indicating they have sufficient cash reserves to operate through to cashflow breakeven. We are also encouraged that several of our more mature holdings are now either already, or are projected to become during 2024, EBITDA positive, including our largest holding, ICEYE."
Mark Boggett, Chief Executive Officer, Seraphim Space Manager LLP, said: "The period has marked continued strong performance for SSIT's portfolio as well as the wider SpaceTech ecosystem, reflecting the strong fundamentals that are driving ever-growing traction for top-performing SpaceTech companies. Record numbers of SpaceTech VC investments have been closed during recent quarters, with the last six months having seen a notable recovery in levels of growth funding rounds, an encouraging sign for prospects in 2024.
These trends are reflected in SSIT's portfolio, which has continued the positive cadence of fundraising. Eight companies closed new funding rounds during the period, once again with the majority of these rounds being led by new investors, a healthy indicator given generalist investors are spoilt for choice in terms of investment opportunities given the wider downturn in the VC market.
Although mindful of the difficulties some companies may face in accessing additional capital, overall, we remain positive about the prospects for the portfolio in 2024 and we are satisfied that SSIT continues to have the cash reserves required to meet the anticipated funding needs of the portfolio for the year ahead and beyond. This has enabled us to deploy a modest amount of capital into a handful of new investments, including Skylo, the satellite communications direct to cellphone trailblazer, capitalising on the current favourable investor conditions."
Presentaciones de analistas e inversores
There will be a webinar for equity analysts at 09:30 (UK time) today and an online presentation for retail investors at 11:00 (UK time) today. To register for either event, please contact SEC Newgate by email at GME@dhr-rgv.com.
Both webinars will be hosted by the Seraphim Space Manager LLP's CEO, Mark Boggett.
- Termina -
Preguntas de los medios
Seraphim Space Manager LLP (a través de SEC Newgate) |
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Mark Boggett, director ejecutivo / James Bruegger, CIO / Rob Desborough |
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SEC Newgate (asesores de comunicaciones) | |
Clotilde Gros / Bob Huxford | +44 0 20 3757 6767 |
Deutsche Numis |
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Mark Hankinson / Gavin Deane / Neil Coleman | +44 0 20 7545 8000 |
JP Morgan Cazenove |
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William Simmonds / Jérémie Birnbaum / Rupert Budge | +44 0 20 7742 4000 |
Administración de Ocorian (Reino Unido) Limited | |
Lorna Zimny | +44 0 28 9078 5880 |
Notas a los editores
Acerca de Seraphim Space Investment Trust plc
Seraphim Space Investment Trust plc (la "Compañía") es el primer fondo cotizado del mundo centrado en SpaceTech. La Compañía busca exposición predominantemente a empresas SpaceTech financiadas por privados en etapas iniciales y de crecimiento que tienen el potencial de dominar a nivel mundial y que son líderes del sector con ventajas de ser pioneros en áreas como el clima, las comunicaciones, la movilidad y la seguridad cibernética.
La Compañía cotiza en el Segmento Premium de la Bolsa de Valores de Londres.
Más información disponible en: https://investors.seraphim.vc.
Acerca de Seraphim Space Manager LLP
Seraphim Space Manager LLP ("Seraphim Space" o el "Administrador") tiene su sede en el Reino Unido y administra Seraphim Space Investment Trust plc.
Más información en: www.serafines.vc.
Notas para los editores:
Gestor de inversiones
The Company is managed by Seraphim Space Manager LLP (the "Investment Manager" or "Seraphim Space"), one of the world's leading SpaceTech investment groups. The Investment Manager's team consists of seasoned venture capitalists and some of the space sector's most successful entrepreneurs who scaled their businesses to multi-billion Dollar outcomes.
El Gestor de Inversiones ha apoyado a más de 100 empresas de SpaceTech en sus actividades de gestión de fondos y aceleradoras desde 2016 y tiene un historial demostrado de generación de valor.
Positioned at the heart of the global SpaceTech ecosystem, the Investment Manager has a differentiated model, using information asymmetry generated from its global deal flow, partnerships with leading industry players and primary research to back the most notable emerging SpaceTech companies shaping a new industrial revolution.
El Gestor de Inversiones es signatario de los Principios de las Naciones Unidas para la Inversión Responsable ("UN PRI"). Su primer informe PRI de la ONU está previsto para 2024.
Puntos clave
Al 31 de diciembre de 2023
Indicadores clave de rendimiento
Para el período del 1 de julio de 2023 al 31 de diciembre de 2023
NAV por movimiento de acción1
Descuento (a 31 de diciembre de 2023)1
Valor razonable versus costo (a 31 de diciembre de 2023)1 | Movimiento del precio de las acciones1
Gastos corrientes1 |
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Resumen financiero
31 de diciembre 2023 | 30 de junio de 2023 |
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Cambios
| 31 de diciembre 2022 | Cambios | ||||
NAV | 224.3m | 222.4m | 0.9% | 222.0m | 1.0% | |
NAV por acción1 | 94.57p | 92.90p | 1.8% | 92.74p | 2.0% | |
Pvaloración de cartera | 198.0m | 187.4m | 5.6% | 181.2m | 9.2% | |
Valor razonable versus costo1 | 101.0% | 98.5% | 97.2% | |||
Recursos líquidos | 26.8m | 35.3m | 40.9m | |||
Capitalización de mercado | 81.6m | 64.6m | 26.2% | 108.2m | - 24.6% | |
Precio de la acción1 | 34.4p | 27.0p | 27.4% | 45.2p | - 23.9% | |
-Descuento/+premium1 | - 63.6% | - 70.9% | - 51.3% | |||
Gastos corrientes1 | 1.90% | 1.89% | 1.88% | |||
Número de acciones en emisión | 237.2m | 239.4m | - 0.9% | 239.4m | - 0.9% | |
1 Alternative performance measure - see Alternative Performance Measures
Instantánea de la cartera
Al 31 de diciembre de 2023
Valor razonable (30 June 2023: £187.4m) | Las 10 mejores inversiones (30 de junio de 2023: 85.7%)
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Cartera privada (30 de junio de 2023: 119.2%)
Dinero recaudado por
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Cartera cotizada (30 de junio de 2023: 13.0%)
Percentage of portfolio by fair value that is fully funded1 60.1% |
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Number of portfolio companies that are fully funded or have 12 months or more of cash runway1 23 | Average cash runway of portfolio that is not fully funded from 31 December 20231,3
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1 Source: Portfolio company date.
2 Between 1 July 2023 and 31 December 2023.
3 Fair value weighted average (as defined in the Glossary) number of months of cash runway from 31 December 2023 for the portfolio companies that are not fully funded, representing 39.7% of the portfolio fair value. Source: Portfolio company data.
Portfolio Key Developments
· ICEYE continued growth of both its data and missions businesses with four new satellites deployed, adding to its own SAR constellation, and key customer Bayanat ordering an additional two SAR satellites. The company has now achieved profitability at EBTIDA level.
· Mañana.io completed the second close of its Series E funding round, bringing total proceeds to $99m. Published peer reviewed research shows that precipitation data from its two pathfinder satellites is roughly on par with the leading ground-based weather radars, offering a more cost-effective solution and enabling global coverage.
· órbita D successfully launched its 12th y séptimath ION Satellite Carrier missions, making the company the clear global leader in orbital transfer vehicles.
· ojo de halcón 360 announced the second and final close of the company's Series D-1 funding round, bringing the total Series D-1 to $68m. The company used part of the proceeds to acquire RF Solutions, a provider of secure, precise, geospatial intelligence from Maxar Intelligence.
· Voyager entered a joint venture with Airbus to develop the Starlab space station, significantly expanding its access to the European market. Northrop Grumman's termination of its independent space station program and its subsequent partnership with Voyager has had several benefits, bringing increased NASA funding, improving the competitive landscape and strengthening Voyager's Starlab space station.
· satvu successfully commissioned its first satellite and entered commercial operations. However, the satellite experienced an anomaly after around six months of operations which led to a failure of the satellite that will impact commercial operations until another satellite can be launched. The company is working on the matter with its suppliers and in parallel is progressing development of its second satellite.
Declaración del presidente
"With the existential challenges posed by heightened geopolitical tensions and climate change, the counter-cyclical nature of the space sector continues to result in its outperformance of the wider market. This trend is reflected in SSIT's portfolio, which continues to exhibit both a healthy growth trajectory and an ongoing ability to attract fresh investment from public and private capital markets alike.
The portfolio overall remains well capitalised, with multiple key holdings now indicating that they have sufficient cash reserves to operate through to cashflow breakeven. We are also encouraged that several of our more mature holdings are now either already, or are projected to become during 2024, EBITDA positive, including our largest holding, ICEYE."
Will Cuerno Blanco
Presidente
I am pleased to present the third Interim Report of Seraphim Space Investment Trust PLC, covering the period from 1 July 2023 to 31 December 2023 (the "Period").
The macroeconomic climate in the second half of 2023 continued to be challenging, and I would like to thank all shareholders for their ongoing support.
Avances en el Período
During the Period, the Company invested £5.7m in three new portfolio companies and three existing portfolio companies, leading to a portfolio of 33 active SpaceTech companies valued at £198.0m at 31 December 2023. In addition, the Company had £26.8m of cash reserves at the Period end.
As outlined in my reports for previous periods, the Company has deliberately slowed the pace of deployment due to the difficult global macroeconomic environment in order to reserve cash to follow its rights in existing portfolio companies whilst continuing to actively seek to invest smaller amounts in new target companies. As explained in the Investment Manager's Report, overall, the portfolio continues to be well-capitalised. In addition, the Investment Manager's Report includes a detailed review of the performance of the portfolio companies.
NAV
Over the Period, the Company's net assets aumentado by 0.9%, from £222.4m hasta £ 224.3m at 31 diciembre 2023, driven by an increase in the fair value of the portfolio, which was partially offset by running costs and buying back shares. The NAV per share increased by 1.8%, from 92.90p a 94.57p at the Period end, driven by the fair value increase and the impact of the share buy-backs.
The private companies in the portfolio continue to account for the majority of the portfolio (88.2% by number and 97.5% by fair value). The fair value of the private portfolio increased over the Period, reaching 121.5% vs. cost (121.4% excluding FX impact) at the Period end.
The listed element of the portfolio remained depressed (% 13.2 fair value vs. cost) as performance continued to suffer broadly in line with the overall SPAC market (three of the four listed companies listed as part of SPAC mergers in 2021).
There was minimal impact from foreign exchange variations (+£0.2m, +0.08p per share) in the Period.
Precio de la acción
As at 31 December 2023, the Company's share price was 34.4p, an increase of 27.4% from 27.0p at 30 June 2023. However, the share price remained depressed, at a discount of 63.6% vs. the NAV per share at the Period end, due to the general global macroeconomic environment and the volatility experienced by growth and smaller technology stocks and alternative investment vehicles.
Given the discrepancy of performance between NAV and share price, the Board announced a share repurchase programme on 13 July 2023. During the Period, the Company bought back a total of 2,186,344 shares (0.9% of the shares in issue on 12 July 2023) at an aggregate cost of £1.0m, increasing the NAV per share by 0.44p. The shares bought back are being held in treasury.
Política de asignación de capital
As explained above, the Company continues to trade on a substantial discount to NAV, in common with other peers in the market. Each year, the Company seeks shareholder approval at the AGM to have the ability to repurchase shares. A buy-back of shares is usually in the interests of all shareholders as it helps to stabilise the share price, and, when trading at a substantial discount to NAV, it also increases NAV per share. Despite this positive impact, it also reduces the liquid resources of the Company as the capital used for buy-backs can no longer be used for investments.
The Board regularly considers multiple factors to determine the best use of the Company's capital, including the positive impact on NAV per share from buy-backs, the opportunity cost of using capital for buy-backs, potential returns from investments and the need to support portfolio companies through follow-on investment.
Ganancias y dividendos
La Compañía tuvo una pérdida de ingresos después de impuestos de 1.9 millones de libras esterlinas durante el período, equivalente a (0.80) peniques por acción.
La Compañía se centra en lograr un crecimiento del capital a largo plazo. Dada la naturaleza de las inversiones de la Compañía, no anticipamos recomendar pagar un dividendo en el futuro previsible.
Inversión responsable
During the Period, the Investment Manager continued to use its proprietary due diligence tool in order to assess sustainability opportunities and ESG risks associated with each potential investment. In addition, the Investment Manager has started a process to measure its carbon emissions, with the aim of considering reduction targets and offsets on the back of this measurement.
Events After the Period End
En enero 2024, órbita D secured ?100m in the first close of its Series C funding round, cementing its global leadership position in space logistics and advancing its global expansion.
AST EspacioMóvil, one of our listed holdings, closed over $200m in funding from AT&T, Google and Vodafone in January 2024.
The Company's share price has experienced some recovery post the Period end, closing at 51.7p on 11 March 2024, equivalent to a discount of 45.3% to the 31 December 2023 NAV per share.
Outlook
The overall prospects for both the SSIT portfolio and the space sector as a whole would appear to be robust. The secular tail winds relating to heightened geopolitical tensions and urgent challenges posed by climate change are expected to continue to drive demand for SpaceTech's unique capabilities.
We are cautiously optimistic about improving macroeconomic conditions and continued positive momentum within the SpaceTech investment market.
Indications of inflation being tamed and interest rates having peaked has resulted in some evidence of improved sentiment in both the private and public markets. We note that these developments may have contributed to the recovery in SSIT's share price post the period end, albeit the share price remains at a substantial discount to NAV.
We believe that 2024 could be a pivotal year for much of the portfolio. For those portfolio companies that are well capitalised, we anticipate strong growth prospects at the expense of their less well capitalised peers. For those that are less well capitalised and not performing as strongly, fundraising may continue to be a challenge, potentially leading to painful belt-tightening being required to extend cash runways through to the end of the year as they seek recovery.
Given limited cash reserves, we will continue to be judicious in selecting which companies to provide additional capital to, whilst also remaining open to well capitalised, compelling new investment opportunities. We continue to believe that SSIT's current cash reserves are sufficient to meet the near-term capital needs of the portfolio.
Will Cuerno Blanco
Presidente
12 Marzo 2024
Informe del administrador de inversiones
"The Period was marked by continued strong performance for SSIT's portfolio, as well as the wider SpaceTech ecosystem too. SpaceTech investment activity continues to outperform the wider VC market, reflecting the strong fundamentals that are driving ever-growing traction for top-performing SpaceTech companies. Record numbers of SpaceTech VC investments have been closed during recent quarters, with the last six months having seen a notable recovery in levels of growth funding rounds - an encouraging sign for prospects in 2024.
These trends are reflected in SSIT's portfolio, which has continued the positive cadence of fundraising. Eight companies closed new funding rounds during the Period, once again with the majority of these rounds being led by new investors - a healthy indicator given generalist investors are spoilt for choice in terms of investment opportunities given the wider downturn in the VC market.
Gains in fair value during the Period relating to some of these funding rounds have been partially offset by reductions in fair value elsewhere in the portfolio due to a combination of technical setbacks (SatVu) and underperformance (Altitude Angels and Xona Space Systems).
Although mindful of the difficulties some companies may face in accessing additional capital, overall, we remain positive about the prospects for the portfolio in 2024. With companies representing 60% of the portfolio by fair value now having indicated that they are projecting to have sufficient cash to operate through to profitability, and with several key holdings targeting EBITDA profitability in 2024, we are satisfied that SSIT continues to have the cash reserves required to meet the near-term funding needs of the portfolio.
This has enabled us to deploy a modest amount of capital into a handful of new investments, capitalising on the current favourable investor conditions."
marca boggett
Director ejecutivo, Seraphim Space Manager LLP
General
Overall, the first half of H1 FY23/24 saw a continuation of our strategy implemented in the previous fiscal year as a reaction to the changing global macroeconomic environment and the resulting effects on the alternative investing sector.
In line with this strategy, and against the backdrop of general uncertainty in the market, we continued to focus on cash preservation for SSIT and management of its existing investment portfolio, both in terms of protecting existing value and driving additional value.
We worked with the management teams of our portfolio companies to optimise cash runways, facilitated funding rounds to allow for further value creation and acted as a sounding board for strategic decisions. These activities have proven successful, in that eight of our existing portfolio companies closed financing rounds in H1 FY23/24, including three of our top 10 holdings. It was encouraging to see that most of these rounds were priced equity rounds led by large and reputable new investors. We are very pleased that 23 of our private holdings have cash runways of at least 12 months from 31 December 2023.
We continued to support our portfolio companies in select investment rounds while balancing the need for cash preservation at the SSIT level. At the same time, we continued looking for well-priced investment opportunities with attractive risk-return profiles for the Company. While the bar for new investments remains very high, we continue to monitor the market for opportunities and are in due diligence with a handful of companies.
Resumen del Mercado
· SpaceTech venture capital ("VC") investment in 2023 was flat year-on-year while general VC investment was down 35% over the same period.
· SpaceTech VC investment showed signs of accelerating, with two continuous quarters of growth in H2 CY23, following declines between Q1 CY22 and Q2 CY23, compared to sevenquarters of decline in general VC investment.
· SpaceTech VC investment continued to show increasing numbers of deals every quarter; Q4 CY23 had the highest number of deals ever as increasing numbers of investment-worthy startups continue to be founded.
· SpaceTech is proving to be highly resilient in an uncertain economic environment driven by increasing interest in defence, global security and climate change mitigation.
Política de valoración
In respect of private company valuations, fair value is established by using recognised valuation methodologies, in accordance with the International Private Equity and Venture Capital Valuation ("IPEV") Guidelines. The Company has a valuation policy for unquoted securities to provide an objective, consistent and transparent basis for estimating their fair value in accordance with IFRS as well as the IPEV Guidelines. The unquoted securities valuation policy and the associated valuation procedures are subject to review on a regular basis, and updated, as appropriate, in line with industry best practice.
In summary, the Company determines fair value in accordance with the IPEV Guidelines by focusing on updating the enterprise value (either through there being a new funding round or through a valuation calibration exercise or adjustment for milestones) and then applying the implied equity value (based on adjustments for new debt, etc) to the company's capital structure (i.e. preference stack). In the event of commercial (or technical) underperformance of a portfolio company, a write down can then also be applied, typically in increments of 25%, to reduce fair value.
All valuations are considered on a quarterly basis and calibrated against the price of the last funding round. In addition, the Company undertakes a recalibration, across an increased number of datapoints, for the material portfolio companies (i) whose last funding rounds took place more than 12 months earlier or (ii) which had experienced a significant milestone event or material under- or over-performance (each a "recalibration event"). This process entails assessing the enterprise value following the most recent round against a composite of four elements: observable market data (where possible), recent relevant private investment transactions, public market valuations of comparable companies and the company's internal metrics and performance. This exercise further strengthens the valuation process with the goal of preserving shareholder confidence in the NAV during volatile market conditions and will be conducted when a recalibration event occurs and every quarter thereafter until a new priced funding round is completed.
Top 10 holdings' enterprise value ("EV") recalibrations
Changes in EV relate to either new funding rounds or adjustments from quarterly valuation recalibration exercises. It is worth noting that as a result of the downside protections in place, where there were reductions in underlying EV, these have not necessarily translated directly into commensurate reductions in fair value. Therefore, while the underlying EV of the private companies within the top 10 holdings has increased by 1.8%, the aggregate fair value of the Company's investments in them has increased by 8.5% (both on a fair value weighted average basis), due to the companies experiencing reductions in EV suffering from less of a reduction in their fair value.
Pista de efectivo de la cartera
· 82% of the portfolio by fair value has a robust cash runway, with 60% fully funded based on latest projections from the companies' management teams and 22% funded for 12 months or more from 31 December 2023.
· The management teams of seven companies (five of which are top 10 holdings) are projecting that the companies are fully funded.
· Eight companies representing 17% of the fair value of the portfolio have less than 12 months of cash runway. These companies are reducing cash burn, increasing their focus on government business development and grants to increase revenues and reduce costs and extend runway. The companies are actively fundraising and, where appropriate, acquisition processes are under consideration.
· We note that it is not atypical for venture capital backed companies to have less than 12 months cash runway. Most companies typically raise on c18-month cycles. To date, our portfolio companies that have required additional financing to extend their cash runways have been able to raise the necessary funding.
· Excluding the fully funded companies, the remainder of the portfolio has a fair value weighted average cash runway of 12 months.
Portfolio fundraising activity
· More than $185m in aggregate was raised by portfolio companies during the Period.
· Of the eight existing portfolio companies that raised rounds, six had participation from or were led by external investors. Participation of external investors demonstrates the attractiveness of the portfolio companies to new investors.
· Three companies raised flat or up rounds, which is a testament to the strong performance of these companies.
· Three companies closed funding rounds at reduced valuations relative to their previous round. In two instances this was as a result of underperformance against previous expectations. In the other instance, the round was a sizeable one and represented only a modest reduction against the previous round which was raised at the height of the market in late 2021.
· SSIT also invested in three new companies in H1 FY23/24. These investments increase SSIT's exposure to the Communications, Beyond Earth (next-gen SpaceTech) and Product sectors, which we see being key growth drivers for the SpaceTech sector with high return potential.
Actividad inversora
En el semestre finalizado el 31 de diciembre de 2023
Empresa | Segmento | HQ | Tipo de Propiedad | Cost |
TODO.ESPACIO | Enlace descendente | UK | Seguir en | 2.8 |
skylo | Enlace descendente | US | Nueva inversión | 1.6 |
2 early stage investments | Nueva inversión | 0.9 | ||
2 early stage investments | Seguir en | 0.5 | ||
Total | 5.7 |
skylo is making standards-based 'Direct-to-Device' satellite connectivity a reality today, enabling 'always on everywhere' for both consumer mobile phones and enterprise IoT endpoints, two significant market opportunities that are projected to grow rapidly. Skylo stands out in the sector through a combination of having a product in market, traction with commercial customers and deep ties with the relevant ecosystem, including satellite operators, regulators, chipmakers and mobile network operators. In December 2023, the Company completed a $2m (£1.6m) investment into Skylo's $37m Series A investment round led by major investors, Intel Capital and Innovation Endeavors, with participation from a strong syndicate.
In July 2023, the Company completed a $3.5m (£2.8m) follow-on investment into TODO.ESPACIO's Series C round, alongside a number of existing and new investors. With this funding, ALL.SPACE plans to invest in the remaining development to get its first production model into market and grow its sales efforts.
Rendimiento de cartera
En el semestre finalizado el 31 de diciembre de 2023
Inversiones
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| 31 de diciembre 2023 |
30 de junio de 2023 |
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Empresa | subsector | HQ | Cost1 | Valor razonable1 | % del NAV | valor razonable |
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ICEYE | Observación de la tierra | Europa | 39.6 | 45.4 | 20.2% | 45.5 |
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órbita D | Servicios en órbita | Europa | 11.7 | 32.2 | 14.4% | 21.4 |
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TODO.ESPACIO | Terminales de tierra | UK | 22.2 | 23.9 | 10.7% | 21.2 |
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ojo de halcón 360 | Observación de la tierra | US | 18.6 | 21.1 | 9.4% | 20.6 |
|
laboratoriosleo | Plataformas de datos | US | 11.7 | 13.1 | 5.8% | 12.4 |
|
satvu | Observación de la tierra | UK | 6.7 | 11.0 | 4.9% | 14.7 |
|
Astroescala | Servicios en órbita | Fila | 9.4 | 9.8 | 4.4% | 9.8 |
|
Observadores del Planeta | Data Analytics | UK | 5.6 | 4.8 | 2.1% | 4.8 |
|
Mañana.io | Plataformas de datos | US | 4.2 | 3.9 | 1.8% | 3.9 |
|
QuadSAT | Comunicaciónes | Europa | 2.6 | 3.9 | 1.7% | 3.9 |
|
Las 10 mejores inversiones |
|
| 132.4 | 169.1 | 75.4% | 158.2 | |
Otras inversiones (11) | 55.3 | 21.2 | 9.4% | 24.6 | |||
Non-material investments (13) | 8.3 | 7.6 | 3.4% | 4.6 | |||
Inversiones totales |
|
| 195.9 | 198.0 | 88.2% | 187.4 | |
Activos corrientes netos | 26.4 | 11.8% | 35.0 | ||||
los activos totales |
|
|
| 224.3 | 100.0% | 222.4 |
|
1 Includes new and follow-on investments, where relevant, made since 30 June 2023 of £5.7m in aggregate.
Cartera privada
· The private portfolio, which comprises the main part of the Company's investments representing 97.5% of fair value and 86.1% of NAV, performed solidly, with its fair value closing the Period at 121.5% vs. cost (121.4% excluding FX gains).
· In aggregate, the fair value of the private portfolio increased 5.7% over the Period.
· The private holdings continue to develop their commercial products, with robust revenue and bookings growth driven by solid fundamentals in core focus areas such as global security and climate/sustainability.
· A significant increase in the fair value of órbita D (fair value vs. cost: 275%), driven by a funding round which closed soon after the Period end, more than offset fair value reductions experienced by other private portfolio companies.
· Fair value reductions in the private portfolio included satvu (fair value vs. cost: 163%) due to the setback from its failed satellite, and Ángel de altitud (valor razonable vs. costo: 97%) y Sistemas espaciales Xona (fair value vs. cost: 65%), both due to underperformance.
Cartera cotizada
· As explained in previous periods, public companies which listed via SPAC transactions suffered significant share price falls in 2022 and 2023.
· During the Period, there was stabilisation in the fair value of the Company's listed holdings in aggregate, reaching £4.9m, up 1.3% from 30 June 2023.
· The listed portfolio (11.8% of the portfolio by number of companies) represented just 2.2% of NAV and 2.5% of portfolio fair value at the end of the Period (fair value vs. cost: 13.2%).
· Spire Global (NYSE: SPIR; fair value vs. cost: 18%) and AST EspacioMóvil (NASDAQ: ASTS; fair value vs. cost: 49%) have both delivered well commercially over the last year, and both experienced fair value increases in the Period.
· Arqit (NASDAQ: ARQQ; fair value vs. cost: 4%) continues to experience share price declines, with a further £1.3m reduction in fair value during the Period.
Cambios de valoración trimestrales in the three months ended 31 December 2023
· During the quarter ended 31 December 2023, the fair value fell by £3.5m, reducing fair value to 101.0% vs. cost (104.0% excluding FX losses).
· £5.9m in FX losses in the quarter was partly offset by an underlying fair value increase of £2.4m.
· Fair value increases during the quarter at D-Orbit, Xona Space Systems, AST SpaceMobile and Spire Global were largely offset by fair value decreases at SatVu and Altitude Angel.
Desempeño de la empresa
En el semestre finalizado el 31 de diciembre de 2023
Atribución de cartera
· 2.5 millones de libras esterlinas en nuevas inversiones y 3.3 millones de libras esterlinas en seguimiento durante el periodo.
· Increase in unrealised fair value of £4.6m and unrealised FX gain of £0.2m during the Period.
· £198.0m fair value of portfolio at the end of the Period.
· 250bps increase in closing portfolio fair value vs. portfolio cost, including FX movements.
NAV
· NAV slightly increased over the Period to £224.3m (30 June 2023: £222.4m).
· The portfolio fair value (including FX movements) increased by £4.8m over the Period.
· 2.2m shares were bought back during the Period at an aggregate cost of £1.0m.
· The NAV per share increased from 92.90p to 94.57p over the Period.
· 26.8 millones de libras de recursos líquidos (11.9% del valor liquidativo) a 31 de diciembre de 2023 (30 de junio de 2023: 35.3 millones de libras).
The Company is targeting an annualised total return on the Company's portfolio of at least 20% over the long term. The Company has no formal benchmark index but has tracked its NAV per share and share price movements against the following the indices for reference.
· MSCI World Aerospace and Defense Index (£) - a significant proportion of portfolio companies' revenues are derived from the broader aerospace and defence industry and/or have governments as significant customers.
· Índice MSCI World Climate Change (£): una proporción significativa de los ingresos de las empresas de la cartera se derivan de productos y servicios relacionados con el cambio climático.
· Índice FTSE All-Share (£): la empresa cotiza en la Bolsa de Valores de Londres.
· NASDAQ (£): la empresa invierte en SpaceTech, un subconjunto del mercado tecnológico más amplio, y dos de sus participaciones cotizadas cotizan en NASDAQ.
· Índice Dow Jones Global Technology (£): la empresa invierte globalmente en SpaceTech, un subconjunto del mercado tecnológico más amplio.
· S&P Kensho Space Index (£): la empresa invierte globalmente en SpaceTech, un subconjunto del sector espacial más amplio.
· Goldman Sachs Future Tech Leaders Equity ETF (£): la empresa invierte globalmente en SpaceTech, un subconjunto del mercado tecnológico más amplio.
Como se explica en la sección Precio de las acciones, el precio de las acciones de la Compañía ha sido significativamente más volátil que su NAV por acción.
marca boggett
CEO
Seraphim Space Manager LLP
Gestor de inversiones
12 de marzo de 2024
10 inversiones principales
| ICEYE | órbita D | TODO.ESPACIO | ojo de halcón 360 | laboratoriosleo | |||||||
| Webtracking | www.iceye.com | www.dorbit.space | www.all.space | www.he360.com | www.leolabs.space | ||||||
| HQ | Finlandia | Italia | UK | US | US | ||||||
| Taxonomía | Plataforma / Observación de la Tierra | Servicios de lanzamiento/en órbita | Terminales de enlace descendente/tierra | Plataforma / Observación de la Tierra | Plataformas de productos/datos | ||||||
| Estado | Privado / Soonicorn | Privado / Soonicorn | Privado / Minicorn | Privado / Soonicorn | Privado / Minicorn | ||||||
| Categoría de participación | > 5-10% | > 5-10% | > 10-15% | 0-5% | 0-5% | ||||||
| Valor razonable versus costo | 115% | 275% | 108% | 113% | 112% | ||||||
| Método de valoración | Prima sobre el precio de la inversión reciente | Calibrated price of recent investment (post Period) | Amortización parcial al precio de la inversión reciente | Precio calibrado de inversión reciente | Precio calibrado de inversión reciente | ||||||
| Descripción | ICEYE opera la primera y más grande constelación de satélites miniaturizados del mundo que utilizan radar para obtener imágenes de la Tierra tanto de día como de noche, incluso a través de las nubes. La tecnología de radar de ICEYE tiene la capacidad de monitorear cambios casi en tiempo real. | D-Orbit es líder del mercado en la industria de servicios de logística espacial y transporte orbital. | ALL.SPACE tiene como objetivo crear una red en malla de conectividad satelital mediante el desarrollo de una antena capaz de conectarse a cualquier satélite en cualquier constelación en cualquier órbita. | HawkEye 360 opera la constelación de satélites más grande del mundo que recopila señales de radiofrecuencia para identificar y geolocalizar actividades previamente invisibles. | LeoLabs proporciona el servicio de cartografía espacial mediante el despliegue de una red de antenas terrestres capaces de detectar objetos tan pequeños como 2 cm a una distancia de hasta 1,000 km. | ||||||
| Mercado direccionable total estimado a largo plazo | $ 10 mil millones + | $ 1-5 mil millones | $ 10 mil millones + | $ 10 mil millones + | $ 1-5 mil millones | ||||||
| Sectores clave abordados | Seguros, defensa, clima. | Logística espacial, centros de datos. | Comunicaciones, defensa, transporte. | marítimo, defensa | Espacio, seguros, defensa. | ||||||
Alineación principal de los ODS de la ONU: | 13, 11, 2 | 9, 8, 12 | 9, 8, 10 | 9, 16, 8 | 9, 12, 17 |
| ||||||
| satvu | Astroescala | Observadores del Planeta | Mañana.io | QuadSAT | |||||||
| Webtracking | www.satellitevu.com | www.astroescala.com | www.planetwatchers.com | www.tomorrow.io | www.quadsat.com | ||||||
| HQ | UK | Japón | UK | US | Dinamarca | ||||||
| Taxonomía | Plataforma / Observación de la Tierra | Más allá de la Tierra / Servicios en órbita | Analizar / Análisis de datos | Plataforma / Plataformas de datos | Downlink / Communications | ||||||
| Estado | Privado / Minicorn | Privado / Soonicorn | Privado / Semilla de maíz | Privado / Soonicorn | Privado / Semilla de maíz | ||||||
| Categoría de participación | > 15-25% | 0-5% | > 25-50% | 0-5% | > 10-15% | ||||||
| Valor razonable versus costo | 163% | 104% | 86% | 93% | 151% | ||||||
| Método de valoración | Amortización parcial al precio de la inversión reciente | Precio calibrado de inversión reciente | Amortización parcial al precio de la inversión reciente | Precio calibrado de inversión reciente | Precio calibrado de inversión reciente | ||||||
| Descripción | SatVu is aiming to monitor the heat signatures of any building on the planet in near real time to determine valuable insights into economic activity, energy efficiency and carbon footprint. | Astroscale es un líder mundial en soluciones de sostenibilidad espacial. Actualmente está desarrollando un conjunto de capacidades en torno al monitoreo, repostaje, actualización, reparación y eliminación de satélites para permitir una economía en órbita vibrante. | PlanetWatchers ha desarrollado una plataforma de análisis basada en inteligencia artificial que utiliza imágenes de radar satelital para el monitoreo de cultivos, seguros y evaluaciones automatizadas de reclamaciones de seguros. | Tomorrow.io está impulsando información meteorológica procesable en todo el mundo. La misión de la empresa es ayudar a países, empresas e individuos a gestionar mejor sus desafíos relacionados con el clima con la mejor información y conocimientos.
| QuadSAT has developed a novel technique for testing and calibrating satellite antennas by using drones to mimic the position and movement of satellites. Helping ensure antennas perform optimally and avoid signals interference has broad applicability across both the satellite communication and broader terrestrial telecoms industry.
| ||||||
| Mercado direccionable total estimado a largo plazo | $ 1-5 mil millones | $ 1-5 mil millones | $ 5-10 mil millones | $ 30 mil millones + | $ 1-5 mil millones | ||||||
| Sectores clave abordados | Energy, property, defence, climate | espacio, defensa | Agricultura, seguros, clima. | Logística, aviación, marítima, gobierno civil, defensa gubernamental. | Space, telecoms | ||||||
Alineación principal de los ODS de la ONU: | 7, 11, 13 | 9, 8, 12 | 12, 2, 8 | 8, 12, 9 | 8, 9 |
| ||||||
GOBIERNO CORPORATIVO
Riesgos e incertidumbres principales y emergentes
The Directors have a process for identifying, evaluating and managing the principal and emerging risks facing the Company. This process was in operation during the Period and continues in place up to the date of this report.
The principal risks facing the Company are investment return risk, discount risk, portfolio company performance risk, public company share price volatility risk, macroeconomic risk, valuation risk, realisation risk, foreign exchange risk, liquidity risk, key person risk and ESG risk. An explanation of these risks, their potential impact and how they are managed is set out in 'Principal and emerging risks and uncertainties' section of the Company's Annual Report for the year ended 30 June 2023, which is available on the Company's website (https://investors.seraphim.vc/).
Durante el período, el Consejo ha continuado revisando los principales riesgos e incertidumbres de la Compañía y considera que no han cambiado materialmente desde el 16 de octubre de 2023, fecha del Informe Anual 2023 de la Compañía, y no se espera que cambien materialmente durante el resto del período. Ejercicio económico de la empresa.
Directores Responsabilidades Posicionamiento
Declaración de responsabilidad
Confirmamos a nuestro leal saber y entender que:
· el conjunto condensado de estados financieros ha sido preparado de acuerdo con la NIC 34 Información financiera intermedia;
· the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (being an indication of important events that have occurred during the Period, their impact on the condensed set of financial statements and a description of the principal risks and uncertainties for the remaining six months of the financial year); and
· the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.8R (being any related party transactions that have taken place in the Period and that have materially affected the financial position or performance of the Company during the Period and any changes in the related party transactions described in the last Annual Report that could have a material effect on the financial position or performance of the Company in the Period).
Esta declaración de responsabilidad fue aprobada por el Consejo el 12 de marzo de 2024.
En nombre de la Junta
Will Cuerno Blanco
Presidente
12 de marzo de 2024
Estado condensado de resultados integrales
Por los seis meses terminados el 31 de diciembre de 2023
Por el período terminado |
| Por el período terminado | ||||||
| Ingresos | Capital | Total | Ingresos | Capital | Total | ||
Note | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | ||
Ganancia/(pérdida) de inversión |
|
|
| |||||
Net gain/(loss) on investments held at fair value through profit or loss | 8 | - | 4,817 | 4,817 | - | (14,927) | (14,927) | |
| - | 4,817 | 4,817 | - | (14,927) | (14,927) | ||
|
|
|
|
|
|
| ||
Gastos |
|
|
|
|
|
|
| |
Comisión de gestión | 4 | (1,422) | - | (1,422) | (1,543) | - | (1,543) | |
Comisión de rentabilidad | 4 | - | - | - | - | - | - | |
Otros gastos operacionales | 5 | (772) | - | (772) | (931) | - | (931) | |
Gastos totales |
| (2,194) | - | (2,194) | (2,474) | - | (2,474) | |
|
|
|
|
|
|
| ||
(Pérdida)/utilidad operativa del período |
| (2,194) | 4,817 | 2,623 | (2,474) | (14,927) | (17,401) | |
|
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|
|
|
|
| ||
Ingresos financieros |
|
|
|
|
|
|
| |
Ingresos por intereses | 295 | - | 295 | 93 | - | 93 | ||
Ingresos financieros totales |
| 295 | - | 295 | 93 | - | 93 | |
|
|
| ||||||
(Pérdida)/beneficio del período antes de impuestos |
| (1,899) | 4,817 | 2,918 | (2,381) | (14,927) | (17,308) | |
|
|
| ||||||
Impuestos | 6 | - | - | - | - | - | - | |
|
|
| ||||||
(Pérdida) / beneficio del período después de impuestos |
| (1,899) | 4,817 | 2,918 | (2,381) | (14,927) | (17,308) | |
|
|
|
|
|
|
| ||
Beneficio por acción |
|
| ||||||
(Pérdidas)/ganancias por acción básicas y diluidas (peniques) | (0.80) | 2.03 | 1.23 | 0.99 | 6.24 | (7.23) | ||
All Revenue and Capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in either period.
La columna Total de este estado es la cuenta de pérdidas y ganancias de la Compañía, y las columnas Ingresos y Capital representan información complementaria preparada según las pautas emitidas por la Asociación de Compañías de Inversión.
Las notas adjuntas forman parte integrante de estos estados financieros.
Estado condensado de situación financiera
Al 31 de diciembre de 2023
31 de diciembre 2023 |
| 30 de junio de 2023 | ||
| 000 £ |
| 000 £ | |
Note |
|
|
| |
| ||||
Activos no corrientes |
| |||
Inversiones a valor razonable con cambios en resultados | 8 | 197,958 |
| 187,428 |
197,958 |
| 187,428 | ||
Activos circulantes |
| |||
Cuentas comerciales y otras cuentas por cobrar | 9 | 61 | 88 | |
Efectivo y equivalentes de efectivo | 10 | 26,782 |
| 35,309 |
26,843 |
| 35,397 | ||
Pasivo circulante |
| |||
Comerciales y otras cuentas a pagar | 11 | (473) |
| (428) |
(473) |
| (428) | ||
| ||||
Activos corrientes netos |
| 26,370 |
| 34,969 |
|
|
|
|
|
Activos netos |
| 224,328 |
| 222,397 |
| ||||
Equidad |
| |||
Capital social | 12 | 2,394 | 2,394 | |
Compartir premium | 12 | 60,377 | 60,377 | |
Acciones del Tesoro | 12 | (987) | - | |
Otras reservas | 12 | 173,176 | 173,176 | |
Pérdidas retenidas | (10,632) | (13,550) | ||
Fondos totales de accionistas |
| 224,328 |
| 222,397 |
|
|
|
| |
Número de acciones en circulación al final del período | 13 | 237,198,584 |
| 239,384,928 |
|
| |||
Activos netos por acción (peniques) |
| 94.57 |
| 92.90 |
The interim financial statements were approved and authorised for issue by the Board of Directors on 12 March 2024 and signed on its behalf by:
Will Whitehorn demandará a Inglis
Director Presidente
Las notas adjuntas forman parte integrante de estos estados financieros.
Estado condensado de cambios en el patrimonio
Por los seis meses terminados el 31 de diciembre de 2023 |
| (Pérdidas)/ganancias retenidas |
| |||||
Capital social | Compartir premium | Acciones del Tesoro | Reserva distribuible especial | Ingresos | Capital | Total | ||
Note | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
| ||||||||
Activos netos de apertura atribuibles a los accionistas | 2,394 | 60,377 | - | 173,176 | (8,789) | (4,761) | 222,397 | |
Recompra de acciones ordinarias | 12 | - | - | (987) | - | - | - | (987) |
Total (gasto) / ingreso integral del período | - | - | - | - | (1,899) | 4,817 | 2,918 | |
|
| |||||||
Fondos propios totales a 31 de diciembre de 2023 |
| 2,394 | 60,377 | (987) | 173,176 | (10,688) | 56 | 224,328 |
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|
|
Por los seis meses terminados el 31 de diciembre de 2022 |
| (Pérdidas)/ganancias retenidas |
| |||||
Capital social | Compartir premium | Acciones del Tesoro | Reserva distribuible especial | Ingresos | Capital | Total | ||
Note | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
| ||||||||
Activos netos de apertura atribuibles a los accionistas | 2,394 | 60,377 | - | 173,176 | (4,286) | 7,655 | 239,316 | |
Gasto integral total del período | - | - | - | (2,381) | (14,927) | (17,308) | ||
Fondos propios totales a 31 de diciembre de 2022 |
| 2,394 | 60,377 | - | 173,176 | (6,667) | (7,272) | 222,008 |
Las notas adjuntas forman parte integrante de estos estados financieros.
Estado condensado de flujos de efectivo
Por los seis meses terminados el 31 de diciembre de 2023
Por el período terminado | Por el período terminado | ||
| 31 de diciembre 2023 | 31 de diciembre 2022 | |
Note | 000 £ | 000 £ | |
|
|
| |
flujos de efectivo por actividades operacionales |
| ||
Profit /(loss) for the period before tax | 2,918 | (17,308) | |
Ajustes para: | |||
Compra de inversiones | (5,713) | (17,623) | |
Enajenación de inversiones | 8 | - | 3,341 |
Movimiento no realizado en el valor razonable de las inversiones | 8 | (4,817) | 12,967 |
Pérdida realizada por enajenación de inversiones | 8 | - | 1,960 |
Movimiento en cuentas por pagar | 11 | 45 | (73) |
Movimiento de cuentas por cobrar | 9 | 27 | 31 |
Efectivo neto utilizado en actividades operativas |
| (7,540) | (16,705) |
|
|
| |
Flujos de efectivo de actividades de financiación |
|
|
|
Recompra de acciones | 12 | (987) | - |
Efectivo neto generado por actividades de financiamiento |
| (987) | - |
| |||
Movimiento neto de efectivo y equivalentes de efectivo durante el período | (8,527) | (16,705) | |
Efectivo y equivalentes de efectivo al comienzo del período | 35,309 | 57,650 | |
Efectivo y equivalentes de efectivo al final del período | 10 | 26,782 | 40,945 |
Las notas adjuntas forman parte integrante de estos estados financieros.
NOTAS A LOS ESTADOS FINANCIEROS
Por los seis meses terminados el 31 de diciembre de 2023
1. Información General
La Compañía es una sociedad de inversión de tipo cerrado administrada externamente, constituida en Inglaterra y Gales el 14 de mayo de 2021 con número de registro 13395698. Las acciones ordinarias de la Compañía fueron admitidas a cotización en el mercado principal de la Bolsa de Valores de Londres el 14 de julio de 2021.
2. Material Accounting Policies
Base de preparación
Los estados financieros condensados han sido preparados de acuerdo con la NIC 34 adoptada por el Reino Unido. Información financiera intermedia. Where presentational guidance set out in the AIC SORP is consistent with the requirements of UK-adopted IAS, the Directors have sought to prepare the condensed financial statements on a basis compliant with the recommendations of the AIC SORP. In particular, supplementary information which analyses the Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the total Statement of Comprehensive Income. The determination of whether an item should be recognised as revenue or capital is carried out in accordance with the principles and recommendations set out in the AIC SORP. The Directors have chosen to apply the non-allocation approach, so all indirect costs are charged to the Revenue column of the Statement of Comprehensive Income.
The same accounting policies, presentation and methods of computation are followed in these condensed financial statements as were applied in the preparation of the Company's annual financial statements for the year ended 30 June 2023. These accounting policies are expected to be applied in the Company's financial statements for the year ended 30 June 2024.
Los estados financieros anuales se prepararon sobre la base del costo histórico, modificado para la medición de ciertos instrumentos financieros mantenidos a valor razonable con cambios en resultados y de acuerdo con las Normas Internacionales de Contabilidad adoptadas por el Reino Unido y aquellas partes de la Ley de Sociedades de 2006 aplicables a las empresas. bajo las Normas Internacionales de Información Financiera.
These condensed financial statements do not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and do not include all information and disclosures required in an Annual Report. They should be read in conjunction with the Company's Annual Report for the year ended 30 June 2023.
En estos estados financieros, los valores se redondean al millar más cercano (en miles de libras esterlinas).
Preocupación continua
The Company's cash balance at 31 December 2023 was £26.8m which was sufficient to cover its liabilities of £0.5m at that date and any foreseeable expenses for a period of at least 12 months from the date of approval of these financial statements, including in severe but plausible downside scenarios.
The Company's cash balance is comprised of cash held on deposit with substantial global financial institutions with strong credit ratings and the risk of default by the counterparties is considered extremely low. The major cash outflows of the Company are expected to be for the acquisition of new and/or follow-on investments, which are discretionary. The Company is closed-ended and there is no requirement for the Company to buy back or redeem shares.
Heightened inflation rates and interest rates continue to depress the macroeconomic environment, impacting global markets. Capital markets and the Company's share price and investments continue to experience volatility which remains a risk to the Company. The Directors and Investment Manager continue to consider the following specific key potential impacts:
· mayor volatilidad en el valor razonable de las inversiones;
· uncertainty regarding the Company's ability to raise additional capital and support the existing portfolio; and
· perturbaciones de las actividades comerciales de las inversiones subyacentes.
Al considerar estos impactos potenciales clave, los Directores y el Gerente de Inversiones los han evaluado con referencia al marco de riesgo de la Compañía y las medidas de mitigación implementadas.
Having made inquiries, the Board is satisfied that the Company's service providers have robust processes in place in order to continue to provide the required level of services to the Company, and to maintain compliance with laws and regulations, in the face of the challenges arising as a result of the weak macroeconomic environment. There have been no operational difficulties encountered or disruption in service to date.
Based on the assessment outlined above, including the various risk mitigation measures in place, the Directors do not consider that the impact of a weak global macroeconomic environment has created a material uncertainty over the assessment of the Company as a going concern.
Sobre la base de esta revisión, y después de realizar las averiguaciones debidas, los Directores tienen una expectativa razonable de que la Compañía tiene recursos adecuados para continuar en existencia operativa durante al menos 12 meses a partir de la fecha de aprobación de estos estados financieros. En consecuencia, continúan adoptando el principio de empresa en funcionamiento al preparar los estados financieros.
3. Juicios, estimaciones y supuestos contables significativos
La preparación de los estados financieros requiere la aplicación de estimaciones que pueden afectar los resultados reportados en los estados financieros. Las estimaciones, por su naturaleza, se basan en juicios e información disponible.
Further details of these judgements, estimates and assumptions made by the Directors are given in the annual financial statements for the year ended 30 June 2023.
4. Comisiones de gestión y rendimiento
Comisión de gestión
Según el Acuerdo de Gestión de Inversiones, el Gestor de Inversiones tiene derecho a una comisión de gestión del 1.25 % anual del NAV hasta £300 millones y del 1.00 % anual del NAV por encima de £300 millones, pagadera trimestralmente por adelantado.
Management fees incurred in the Period were £1.42m (2022: £1.54m), of which £Nil was payable to the Investment Manager as at 31 December 2023.
Comisión de rentabilidad
Under the Investment Management Agreement, the Investment Manager is also entitled to a performance fee of 15% over an 8% hurdle with full catch-up, calculated on NAV annually. The performance fee is only payable where the adjusted NAV at the end of a performance period exceeds the higher of the performance hurdle and a high water mark. The accrued performance fee will only be paid to the extent that the aggregate of the net realised profits on unlisted investments, net unrealised gains on listed investments and income received from investments during the relevant performance period is greater than the performance fee payable and, to the extent that such aggregate is less than the performance fee payable, an amount equal to the difference shall be carried forward and included in the performance fee payable as at the end of the next performance period. Subject to the Takeover Code, the Investment Manager is required to reinvest 15% of any performance fee paid in shares of the Company. Full details of the performance fee are set out in the Company's IPO prospectus, which is available on the Company's website (https://investors.seraphim.vc/).
No se devengó ni se pagó ninguna comisión de rendimiento al Gestor de Inversiones durante el Período.
5. Los gastos de explotación
Período terminado | Período terminado | ||
000 £ | 000 £ | ||
Honorarios legales y profesionales | 186 | 258 | |
Tarifas de administración y depósito | 128 | 111 | |
Honorarios de los directores | 114 | 115 | |
Gastos de seguro | 11 | 12 | |
IVA irrecuperable | 26 | 66 | |
Auditoría de estados financieros estatutarios. | 50 | 33 | |
Otros gastos operacionales | 257 | 336 | |
Gastos totales de operación | 772 | 931 |
6. Impuestos
As an investment trust, the Company is exempt from UK corporation tax on capital gains arising on the disposal of shares. Capital profits from its creditor loan relationships or derivative contracts are exempt from UK tax where the profits are accounted for through the Capital column of the Statement of Comprehensive Income, in accordance with the AIC SORP.
No tax liability has been recognised in the financial statements.
Período terminado el 31 de diciembre de 2023 | |||
| Ingresos | Capital | Total |
| 000 £ | 000 £ | 000 £ |
|
| ||
UK corporation tax charge on profits for the Period at 25% | - | - | - |
| Período terminado el 31 de diciembre de 2023 | ||
Ingresos | Capital | Total | |
000 £ | 000 £ | 000 £ | |
Rentabilidad de actividades ordinarias antes de impuestos | (1,899) | 4,817 | 2,918 |
(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% | (475) | 1,204 | 729 |
Efectos de: | |||
Non-taxable gains on investments | - | (1,204) | (1,204) |
Disallowable Expenses | 2 | - | 2 |
Excess management expenses not utilised in the Period | 473 | - | 473 |
Carga fiscal total | - | - | - |
As at 31 December 2023 the Company has not recognised a deferred tax asset of £2,578,708 arising as a result of having unutilised management expenses carried forward at the Period end of £10,314,832 based on a corporation tax rate of 25%. These expenses will only be utilised if the tax treatment of the Company's income and chargeable gains changes or if the Company's investment profile changes.
Deferred tax is not provided on capital gains and losses arising on the revaluation or disposal of investments because the Company meets (and intends to continue to meet for the foreseeable future) the conditions for approval as an investment trust company.
7. Ganancias por acción
Período terminado el 31 de diciembre de 2023 | Período terminado el 31 de diciembre de 2022 | |||||
Ingresos | Capital | Total | Ingresos | Capital | Total | |
(Pérdida)/beneficio atribuible al patrimonio - miles de libras esterlinas | (1,899) | 4,817 | 2,918 | (2,381) | (14,927) | (17,308) |
Número medio ponderado de acciones ordinarias en emisión | 237,754,730 | 239,384,928 | ||||
Basic and diluted (losses)/earnings per share in the period (pence) | (0.80) | 2.03 | 1.23 | (0.99) | (6.24) | (7.23) |
8. Inversiones mantenidas a valor razonable con cambios en resultados
Período terminado el 31 de diciembre de 2023 | Nivel A1 | Nivel A2 | Nivel A3 | Total |
| 000 £ | 000 £ | 000 £ | 000 £ |
Saldo de apertura | 3,171 | 1,637 | 182,620 | 187,428 |
Adiciones de inversión | - | - | 5,713 | 5,713 |
Cambio en el valor razonable | (503) | 514 | 4,623 | 4,634 |
Change in fair value - foreign exchange movement | 37 | 13 | 133 | 183 |
(Pérdida)/ganancia neta sobre inversiones mantenidas a valor razonable con cambios en resultados | (466) | 527 | 4,756 | 4,817 |
Balance de cierre | 2,705 | 2,164 | 193,089 | 197,958 |
| ||||
Año terminado el 30 de junio de 2023 | Nivel A1 | Nivel A2 | Nivel A3 | Total |
| 000 £ | 000 £ | 000 £ | 000 £ |
Saldo de apertura | 16,236 | 2,373 | 167,474 | 186,083 |
Adiciones de inversión | - | - | 17,102 | 17,102 |
Enajenaciones de inversiones | (3,341) | - | - | (3,341) |
Traslados del Nivel 3 al Nivel 1 | 103 | - | (103) | - |
Pérdida por enajenaciones | (1,358) | - | (602) | (1,960) |
Cambio en el valor razonable | (7,569) | (525) | 4,427 | (3,667) |
Change in fair value - foreign exchange movement | (900) | (211) | (5,678) | (6,789) |
Pérdida neta en inversiones mantenidas a valor razonable con cambios en resultados | (9,827) | (736) | (1,853) | (12,416) |
Balance de cierre | 3,171 | 1,637 | 182,620 | 187,428 |
During the year ended 30 June 2023 investments with a fair value at 30 June 2023 of £0.1m were transferred from Level 3 to Level 1 due to the Nightingale IPO and listing in November 2022.
Mediciones de valor razonable
La Compañía mide el valor razonable utilizando la siguiente jerarquía de valor razonable que prioriza los datos de entrada a las técnicas de valoración utilizadas para medir el valor razonable. La jerarquía otorga la máxima prioridad a los precios cotizados no ajustados en mercados activos para activos o pasivos idénticos (mediciones de Nivel 1) y la prioridad más baja a los insumos no observables (mediciones de Nivel 3). Los tres niveles de la jerarquía del valor razonable según la NIIF 13 son los siguientes:
Level 1: Quoted price (unadjusted) in an active market for an identical instrument.
Nivel 2: Técnicas de valoración basadas en datos observables, ya sea directamente (es decir, como precios) o indirectamente (es decir, derivados de precios). Esta categoría incluye instrumentos valorados utilizando precios cotizados en mercados activos para instrumentos similares, precios cotizados para instrumentos idénticos o similares en mercados que se consideran menos activos u otras técnicas de valoración para las cuales todos los datos importantes son directa o indirectamente observables a partir de datos de mercado.
Nivel 3: Técnicas de valoración que utilizan datos significativos no observables. Esta categoría incluye todos los instrumentos para los cuales la técnica de valoración incluye datos que no se basan en datos observables y los datos no observables tienen un efecto significativo en la valoración del instrumento. Esta categoría incluye instrumentos que se valoran con base en precios cotizados para instrumentos similares para los cuales se requieren ajustes o supuestos significativos no observables para reflejar diferencias entre los instrumentos.
El nivel en la jerarquía del valor razonable dentro del cual se clasifica la medición del valor razonable en su totalidad se determina sobre la base de la entrada de nivel más bajo que sea significativa para la medición del valor razonable. Para este propósito, la importancia de una entrada se evalúa contra la medición del valor razonable en su totalidad. Si una medición del valor razonable utiliza entradas observables que requieren un ajuste significativo basado en entradas no observables, esa medición es una medición de Nivel 3.
Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.
La determinación de lo que constituye "observable" requiere un juicio significativo por parte de la Compañía. La Compañía considera que los datos observables son datos de mercado que están fácilmente disponibles, se distribuyen o actualizan periódicamente, son confiables y verificables, no son propietarios y son proporcionados por fuentes independientes que participan activamente en el mercado relevante.
El objetivo de las técnicas de valoración utilizadas es llegar a una medición del valor razonable que refleje el precio que se recibiría si se vendiera un activo o se transfiriera un pasivo en una transacción ordenada entre participantes del mercado en la fecha de medición.
La siguiente tabla analiza, dentro de la jerarquía del valor razonable, las inversiones de la Sociedad valoradas a valor razonable a 31 de diciembre de 2023.
Al 31 de diciembre de 2023 | Nivel A1 | Nivel A2 | Nivel A3 | Total |
000 £ | 000 £ | 000 £ | 000 £ | |
Inversiones cotizadas | 2,705 | 2,164 | - | 4,869 |
Inversiones no cotizadas | - | - | 193,089 | 193,089 |
2,705 | 2,164 | 193,089 | 197,958 |
Al 30 de junio de 2023 | Nivel A1 | Nivel A2 | Nivel A3 | Total |
000 £ | 000 £ | 000 £ | 000 £ | |
Inversiones cotizadas | 3,171 | 1,637 | - | 4,808 |
Inversiones no cotizadas | - | - | 182,620 | 182,620 |
3,171 | 1,637 | 182,620 | 187,428 |
Las inversiones de Nivel 1 se valoraron con referencia a los precios de oferta de cierre de cada empresa de la cartera en la fecha del informe.
Debido a su naturaleza, siempre se espera que las inversiones no cotizadas se clasifiquen como Nivel 3, ya que no se negocian y sus valores razonables contendrán datos no observables.
Entradas significativas no observables para valoraciones de Nivel 3
El valor razonable de los valores no cotizados se establece con referencia a las Directrices de valoración de la Asociación Internacional de Capital Privado y Capital Riesgo y la Sociedad puede basar las valoraciones en el
precio calibrado de la inversión reciente en las empresas de la cartera, hitos comparables o múltiplos de ganancias o ingresos, cuando corresponda. En cada fecha de valoración se evaluará la metodología de valoración más adecuada.
The valuation methodologies applied involve subjectivity in their significant unobservable inputs and the table below outlines these inputs.
Metodología de valoración | Valor razonable (millones de libras esterlinas) | Entrada no observable |
Nivel A1 | ||
Precio de mercado disponible | 2,705 | n / a |
Nivel A2 | ||
Precio de mercado disponible | 2,164 | n / a |
Nivel A3 | ||
Precio calibrado de inversión reciente (<3 meses) | 2,148 | Transaction price and company performance |
Precio calibrado de inversión reciente (3-6 meses) | 35,040 | Transaction price and company performance |
Precio calibrado de inversión reciente (>6 meses) | 22,483 | Transaction price and company performance |
Precio calibrado de inversión reciente (>12 meses) | 7,636 | Transaction price and company performance |
Prima sobre el precio de la inversión reciente | 45,398 | Premium percentage |
Amortización parcial al precio de la inversión reciente | 44,551 | Anota el porcentaje |
Descuento al precio de la inversión reciente (post Periodo) | 32,248 | Descuento por incertidumbre |
Múltiplos de hitos | 3,585 | Weightings and discount to comparables/ multiples |
Total | 197,958 |
|
A continuación se detallan los detalles de las participaciones significativas según lo exige el Anexo 4 del Reglamento (Cuentas e Informes) de Grandes y Medianas Empresas y Grupos de 2008.
Nombre | País de constitución | Clase de acción mantenida | % del valor nominal | Capital y reservas (£) | Ganancia/(pérdida) (£) | Datos de fin de año | Notas |
Grupo de sistemas de bambú limitado | UK | Una preferencia | 47% | (1,355,598) | No disponible públicamente | 31-Dic-20 | En administración al 21-nov-21 |
PlanetWatchers (Reino Unido) Limited | UK | Preferencia de semilla de serie 2 Preferencia Serie A | 78% 29%
43% | 12,106,431
| No disponible públicamente | 31-Dic-22 | - |
9. Comerciales y otras cuentas a cobrar
31 de diciembre 2023 | 30 de junio de 2023 | |
000 £ | 000 £ | |
Prepagos | 41 | 78 |
IVA por cobrar | 20 | 10 |
| 61 | 88 |
10. Efectivo y equivalentes de efectivo
Cash and cash equivalents comprise cash held by the Company and available on demand. Cash and cash equivalents were as follows:
31 de diciembre 2023 | 30 de junio de 2023 | |
| 000 £ | 000 £ |
Efectivo a la vista | 26,782 | 35,309 |
26,782 | 35,309 |
11. Comerciales y otras cuentas a pagar
31 de diciembre 2023 | 30 de junio de 2023 | |
000 £ | 000 £ | |
Acumulaciones | 334 | 313 |
Acreedores comerciales | 139 | 115 |
| 473 | 428 |
12. Capital social
Fecha | Emitido y pagado en su totalidad | Número de acciones ordinarias | Capital social | Acciones del Tesoro | Compartir premium | Otras reservas | Total |
|
| 000 £ | 000 £ | 000 £ | 000 £ | 000 £ | |
|
| ||||||
30-Jun-23 | Saldo de apertura | 239,384,928 | 2,394 | - | 60,377 | 173,176 | 235,947 |
31-Dic-23 | Share buy-backs in the Period | (2,186,344) | - | (987) | - | - | (987) |
| |||||||
31 de diciembre 2023 | 237,198,584 | 2,394 | (987) | 60,377 | 173,176 | 234,960 |
On 13 July 2023, the Company announced a share repurchase programme to repurchase ordinary shares in the Company. During the Period, 2,186,344 shares were purchased (2022: Nil). The Company holds 2,186,344 of its ordinary shares in treasury and has 237,198,584 ordinary shares in issue (excluding treasury shares).
13. Valor liquidativo por acción
31 de diciembre 2023 | 30 de junio de 2023 | ||
Net assets (per Statement of Financial Position) | 224.3m | 222.4m | |
Número de acciones ordinarias emitidas (excluidas las acciones propias) | 237,198,584 | 239,384,928 | |
Valor liquidativo por acción | 94.57p | 92.90p |
14. Transacciones con partes relacionadas y administradores de inversiones
directiva
As at 31 December 2023, the Company had four non-executive Directors. Directors' fees (excluding employer national insurance contributions) for the period ended 31 December 2023 amounted to £100k (2022: £100k), of which £Nil was outstanding at the Period end (2022: £Nil).
Gestor de inversiones
Seraphim Space Manager LLP has been appointed as the Company's exclusive Investment Manager and AIFM and is responsible for the day-to-day operation and management of the Company's investment portfolio, subject at all times to the overall supervision of the Board.
Por la prestación de servicios en virtud del Acuerdo de Gestión de Inversiones, el Gestor de Inversiones gana una comisión de gestión y una comisión de rendimiento, como se indica en la nota 4.
15. Partido controlador final
En opinión del Consejo, sobre la base de las participaciones que le han sido comunicadas, la Sociedad no tiene control final.
16. Eventos subsecuentes
Please refer to 'Overview' section for details of the subsequent events in the normal course of business. There are no other significant subsequent events.
Medidas de desempeño alternativas
Evaluamos el desempeño de la Compañía utilizando una variedad de medidas, algunas de las cuales no están definidas específicamente según las Normas Internacionales de Contabilidad adoptadas por el Reino Unido y, por lo tanto, se denominan 'APM'. Nuestras APM, que se muestran a continuación, se concilian, cuando corresponde, con los estados financieros a través de la descripción siguiente. La Junta cree que cada una de las APM, que normalmente se utilizan dentro del sector de empresas de inversión que cotizan en bolsa, proporciona información útil adicional a los accionistas para ayudar a evaluar el desempeño de la Compañía.
Movimiento del precio de las acciones
Movimiento del precio de la acción en el período, expresado como porcentaje.
31 de diciembre de 2023 frente a 30 de junio de 2023 |
| ||
Cotización de la acción a 30 de junio de 2023 | a | 27.0p | |
Cotización de la acción a 31 de diciembre de 2023 | b | 34.4p | |
Movimiento | (balido | 27.4% |
31 de diciembre de 2023 frente a 31 de diciembre de 2022 | |||
Cotización de la acción a 31 de diciembre de 2022 | a | 45.2p | |
Cotización de la acción a 31 de diciembre de 2023 | b | 34.4p | |
Movimiento | (balido | - 23.9% |
NAV por movimiento de acción
Valor liquidativo por movimiento de acción en el período, expresado en porcentaje.
31 de diciembre de 2023 frente a 30 de junio de 2023 |
| ||
NAV per share on 30 June 2023 | a | 92.90 | |
NAV por acción a 31 de diciembre de 2023 | b | 94.57 | |
Movimiento | (balido | 1.8% |
31 de diciembre de 2023 frente a 31 de diciembre de 2022 | |||
NAV por acción a 31 de diciembre de 2022 | a | 92.74p | |
NAV por acción a 31 de diciembre de 2023 | b | 94.57p | |
Movimiento | (balido | 2.0% |
-Descuento/+premium
La cantidad por la cual el precio de mercado por acción de una empresa de inversión que cotiza en bolsa es menor (descuento) o mayor (prima) que el valor liquidativo por acción, expresado como porcentaje del valor liquidativo por acción.
31 de diciembre 2023 | 30 junio | ||
NAV por acción (nota 14 a los estados financieros) | a | 94.57p | 92.90p |
Precio de la acción | b | 34.40p | 27.00p |
-Descuento/+premium | (balido | - 63.6% | - 70.9% |
Cargos continuos
Operating costs incurred in the period, charged to Revenue or Capital in the Statement of Comprehensive Income, calculated as a percentage of the average published net assets in respect of the period. Operating costs exclude, for this purpose, any performance fee, the costs of acquiring and disposing of investments, any finance costs, taxation and any costs not expected to recur in the foreseeable future. The calculation is performed in accordance with the guidelines issued by the AIC. The table below represents the twelve-month period to the date shown in each case.
31 de diciembre 2023 | 30 de junio de 2023 | ||
000 £ | 000 £ | ||
Comisión de gestión de inversiones (nota 4 a los estados financieros) | 2,791 | 2,912 | |
Otros gastos de operación (nota 5 a los estados financieros) | 1,692 | 1,851 | |
Menos gastos operativos no recurrentes | (236) | (442) | |
Gastos corrientes | a | 4,247 | 4,321 |
NAV medio trimestral | b | 223,834 | 228,604 |
Ratio de gastos corrientes | a / b | 1.90% | 1.89% |
The ongoing charges calculated above may differ from the ongoing costs provided in the Company's Key Information Document ("KID"), which represent a 12-month period and are calculated in line with the Packaged Retail and Insurance-based Investment Products Regulation. The ongoing costs in the KID include investment transaction costs.
Valor razonable de la cartera versus costo
El monto por el cual el valor razonable de los activos en la cartera al final del período ha cambiado en relación con el costo agregado de los activos (ajustado por cualquier enajenación), expresado como un porcentaje del costo agregado.
31 de diciembre 2023 £ m | 30 de junio de 2023 £ m | ||
Valor razonable de la cartera (nota 8 a los estados financieros) | a | 198.0 | 187.4 |
Costo agregado de los activos (ajustado por cualquier enajenación) | b | ||
195.9 | 190.2 | ||
Valor razonable de la cartera versus costo | a / b | 101.03% | 98.50% |
Glosario
Administrador or Secretaria de Empresa: Ocorian Administration (UK) Limited.
AI: inteligencia artificial.
AIC: La Asociación de Sociedades de Inversión, el organismo comercial de las sociedades de inversión de tipo cerrado que cotizan en bolsa.
SORP AIC: The Statement of Recommended Practice for the Financial Statements of Investment Trust Companies and Venture Capital Trusts, issued by the AIC as amended from time to time.
Average quarterly NAV : Calculated as the mean NAV at each of the four quarter end periods throughout the 12 months ended at the period end.
Régimen: el Consejo de Administración de la Sociedad.
Bookings: ingresos futuros contratados.
Empresa o SSIT: Seraphim Space Investment Trust PLC.
CY: Calendar year, a one-year period that begins on 1 January and ends on 31 December.
Directores: los Directores de la Sociedad.
Descuento: the share price of a listed investment company is rarely the same as its NAV per share. When the share price is lower than the NAV per share it is said to be trading at a discount. The discount is the difference between the share price and the NAV per share, expressed as a percentage of the NAV per share.
ASG: ambientales, sociales y de gobernanza.
EV: valor de la empresa.
Promedio ponderado del valor razonable: an average for multiple portfolio companies weighted by each portfolio company's relative fair value.
FV: valor razonable.
FX: Divisas.
EEI: International Accounting Standard.
NIIF: las Normas Internacionales de Información Financiera, siendo las normas de contabilidad basadas en principios, las interpretaciones y el marco con ese nombre emitidos por el Consejo de Normas Internacionales de Contabilidad, en la medida en que hayan sido adoptadas por el Reino Unido.
internet de las cosas: the interconnection via the internet of computing devices embedded in everyday objects, enabling them to send and receive data.
Acuerdo de Gestión de Inversiones: el Acuerdo de Gestión de Inversiones celebrado entre el Gestor de Inversiones y la Sociedad.
Gestor de inversiones or Espacio Serafín: Seraphim Space Manager LLP.
IPEV: la Asociación Internacional de Capital Privado y Capital Riesgo
OPV : initial public offering, being an offering by a company of its share capital to the public with a view to seeking an admission of its shares to a recognised stock exchange.
La Bolsa de Londres: Bolsa de Valores de Londres PLC.
NASDAQ: Cotizaciones automatizadas de la Asociación Nacional de Comerciantes de Valores.
NAV or valor liquidativo: the value of the assets of the Company less its liabilities as calculated in accordance with its accounting policies (or, in the context of an ordinary share, the NAV of the Company divided by the number of ordinary shares in issue (but excluding any treasury shares)).
Período: the Company's accounting period to which this interim report relates, being the period commencing on 1 July 2023 and ending on 31 December 2023.
Premium: a premium occurs when the share price of a listed investment company is higher than the NAV per share. The premium is the difference between the share price and the NAV per share, expressed as a percentage of the NAV per share.
SAR: Synthetic Aperture Radar.
SPAC: empresa de adquisición con fines especiales.
tecnología espacial: en el contexto de una empresa, una organización que depende de la conectividad y/o de la precisión, la navegación y las señales de sincronización basadas en el espacio o cuya tecnología o servicios ya están abordando, originalmente derivados o de beneficio potencial para el sector espacial.
Regreso trotal: The total return on an investment comprises both changes in the NAV per share or share price and dividends paid to shareholders and is calculated on the basis that all historic dividends have been reinvested in the NAV or shares on the date the shares become ex-dividend.
Acciones propias: the Company has the authority to make market purchases of its ordinary shares for retention as treasury shares for future reissue, resale, transfer or cancellation. Treasury shares do not receive distributions and the Company is not entitled to exercise the voting rights attaching to them.
VC: capital de riesgo
Información corporativa
Registrado defice
5th Floor
Calle Fenchurch, 20
Londres
EC3M 3POR
Consejo de Administración
Will Whitehorn (Presidente)
Sue Inglis (Directora Senior Independiente)
Cristina McComb
angela carril
Gestor de inversiones
Seraphim Space Manager LLP
2do Piso
Un lugar de flota
Londres
EC4M 7WS
Administrador y secretario de la empresa
Administración de Ocorian (Reino Unido) Limited
5th Floor
Calle Fenchurch, 20
Londres
EC3M 3POR
Sector empresarial Brokers
Deutsche Numis, London Branch
Casa de Winchester
Calle Gran Winchester, 1
Londres
EC2N 2DB
JP Morgan Valores PLC
25 Bank Street
Canary Wharf
Londres
E14 5JP
Asesor legal
Stephenson Harwood LLP
1 Circo Finsbury Londres
EC2M 7SH
Depositario
Depositario de Ocorian (Reino Unido) Limited
5th Floor
Calle Fenchurch, 20
Londres
EC3M 3POR
Registrarse
Servicios para inversores de Computershare PLC
Los pabellones
Carretera de Bridgewater
Bristol
BS99 6ZZ
Auditor Independiente
BDO LLP
55 Baker Street
Londres
W1U 7UE
Custodio
Riqueza liberal
Cámaras Reales del 1er Piso
Avenida de San Julián
St Peter Port
Guernesey
GY1 3JX
Asesora de Relaciones Públicas y Comunicaciones
Newgate de la SEC
Calle Greville 14
Londres
EC1N 8SB
Identificadores
Pagina web: https://investors.seraphim.vc/
ISIN GB00BKPG0138
Ticker SSIT
SEDOL BKPG013
GIN GXNBCF.99999.SL.826
Número de empresa registrada 13395698
RNS puede usar su dirección IP para confirmar el cumplimiento de los términos y condiciones, para analizar cómo interactúa con la información contenida en esta comunicación y para compartir dicho análisis de forma anónima con otros como parte de nuestros servicios comerciales. Para obtener más información sobre cómo RNS y la Bolsa de Valores de Londres utilizan los datos personales que nos proporciona, consulte nuestra Política de privacidad.