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Final Results
22 August 2012
Bluehone Holdings plc- Ticker BLUP
Bluehone Holdings plc ("Bluehone Holdings" or "the Company" or "the Group")
Bluehone Holdings is pleased to announce its results for the year to 31 March 2012. The financial information
set out is derived from the statutory financial statements of Bluehone Holdings plc for the year to 31 March
2012. The statutory financial statements for the year to 31 March 2012, upon which an unqualified audit report
has been given, have not been filed with the Registrar of Companies.
The statutory financial statements will be posted to shareholders in due course and will be available in
electronic format from www.bluehone.com.
Enquiries:
William Brown, Bluehone Holdings plc - 020 3206 7335
Ed Frisby, finnCap - 020 7220 0500
CHAIRMAN'S STATEMENT
YEAR ENDED 31 MARCH 2012
I present my report to shareholders for the year ended 31 March 2012. The Company is the holding company of
Bluehone Investors LLP ("Bluehone Investors") and also has two other investments which are a 6.58% interest in
Evolve Capital Plc ("Evolve"), an AIM traded investment company and a 19.9% interest in Elderstreet Investments
Limited ("Elderstreet"), a private equity investor. The Company consolidates the results for Bluehone Investors
and holds the other two assets as investments.
During the year, the group generated revenue of £554,606 and reported a loss of £508,083 however, as I explain
in more detail below, this is after incurring a number of one off costs during the year. Your Board does not
recommend the payment of a dividend for the year. The group cash balances at year end amounted to £290,771.
Bluehone Investors LLP
All the group revenues were generated by Bluehone Investors which reported a profit of £64,519 for the year.
The current focus of Bluehone Investors is to continue the realisation process of Active Capital Trust and to
progress a fund raising for a new fund to provide capital to the small companies sector. The realisation of the
assets of Active Capital Trust is continuing to plan with the portfolio management now fully concentrated on
the strategic holdings with a view to maximising value from these investments. Bluehone Investors is
incentivised to realise these remaining holdings and will participate in a performance related capital
appreciation fee. A proportion of this fee has been recognised in the current year to reflect progress made
towards targets to date.
Bluehone Investors has now engaged a corporate adviser and other distribution partners to seek capital for a
new fund. This new vehicle is intended to provide much needed capital to the SME sector at a time when equity
markets are difficult for small companies and bank debt is limited and often restricted to very short term
facilities. The new fund, which will be listed on AIM, is designed to provide investors with a relatively
secure investment with low volatility and generate an annual cash yield of over 6% pa with the potential for
capital growth.
Evolve
Evolve completed a scheme of arrangement with its subsidiary company, Astaire, to increase Evolve's interest to
100% and enabled Evolve to increase its direct cash holding. The results for Evolve for the year to December
were a loss of £4.9 million. As stated above, we have a 6.58% interest in Evolve which now has shareholders'
funds of £5.1 million. The assets of the company comprise both quoted and unquoted investments. The shares in
Evolve are traded on the AIM market and trade at a significant discount to the underlying net asset value. We
have elected to value the investment in Evolve at market value rather than cost and as a result, we incurred an
impairment provision at the year end of £445,151 in respect of the carrying value of the investment.
Board
On 7 July 2011, Dr Stuart Rollason, a director of the Company and a Member of Bluehone Investors resigned from
his position with all group companies. I would like to take this opportunity to thank Stuart for his
contribution to the Bluehone Group. The Board now comprises three non-executive and two executive directors.
Outlook
The last financial year was disappointing and the priority for the current year is the pursuance of new
business opportunities to grow the current scale of the Company.
John Wheatley
Chairman
BLUEHONE HOLDINGS PLC
CONSOLIDATED PROFIT AND LOSS ACCOUNT
YEAR ENDED 31 MARCH 2012
Year ended Year ended
31 March 31 March 2011
2012
GBP GBP
Turnover 554,606 846,213
Net operating expenses (618,622) (968,787)
Provision for impairment (445,151) _______-
of fixed asset
investments
Operating loss (509,167) (122,574)
Interest receivable and
similar income 1,229 975
Interest payable and
similar charges (145) (2,191)
Loss on ordinary
activities before (508,083) (123,790)
taxation
Tax on profit on ordinary - -
activities
Loss for the financial (508,083) (123,790)
year
Basic and diluted loss
per share 0.43 0.10
BLUEHONE HOLDINGS PLC
CONSOLIDATED BALANCE SHEET
YEAR ENDED 31 MARCH 2012
2012 2011
GBP GBP
Fixed Assets
Intangible fixed assets 868,359 917,659
Tangible assets - -
Investments 200,292 645,443
1,068,651 1,563,102
Current Assets
Debtors 357,999 39,821
Cash at bank and in hand 290,771 862,383
648,770 902,204
Creditors: Amounts falling due within one year (146,083) (385,886)
Net current assets 502,687 516,318
Total assets less current liabilities 1,571,338 2,079,420
Net assets 1,571,338 2,079,420
Capital and reserves
Called up equity share capital 2,378,408 2,378,408
Share premium account 66,501 66,501
Profit and Loss Account (873,571) (365,489)
Shareholders' funds 1,571,338 2,079,420
BLUEHONE HOLDINGS PLC
CONSOLIDATED CASH FLOW STATEMENT
YEAR ENDED 31 MARCH 2012
2012 2011
GBP GBP
Net cash (outflow) / inflow from operating activities (570,568) 254,914
Returns on investments and servicing of finance
Interest received 1,229 975
Interest element of finance lease rental payments (145) (2,191)
Net cash inflow / (outflow) from returns on investments _____ ______
and servicing of finance 1,084 (1,216)
Capital expenditure and financial investment
Acquisition of investments - (53,135)
Net cash outflow for capital expenditure and _______ _______
financial investment - (53,135)
_______ ______
Taxation paid -
(34,976)
________ _______
Cash outflow before financing (569,484) 165,587
Financing
Capital repayment of finances leases (2,128) (29,457)
______ _______
Net cash (outflow) from financing (2,128) (29,457)
______ _______
(Decrease)/Increase in cash (571,612) 136,130