Acorn Capital Investment Fund : Appendix 4D - Half Year Report

Acorn Capital Investment Fund Limited

ACN 167 595 897

For personal use only

Appendix 4D - Half Year Report

for the half year ended 31 December 2021

Results for announcement to the market

	31 December	31 December
	2021	2020	%
	$'000	$'000	Change
Revenue from ordinary activities	16,764	37,482	(55)
Profit from ordinary activities before tax attributable to members	13,645	32,500	(58)
Profit from ordinary activities after tax attributable to members	9,511	24,103	(61)

Dividend Information		Franked
Cents per share	amount per	Tax rate for
	4.25	share	franking
2022 interim dividend	100%	30.0%
Interim Dividend Dates
Ex-dividend Date			03 May 2022
Record Date			04 May 2022
Payment Date			24 May 2022

Dividend Reinvestment Plan

ACQ has adopted a Dividend Reinvestment Plan (DRP) that will apply to this dividend.

The DRP has been lodged with ASX.

The DRP will be available for the FY22 Interim Dividend and all subsequent dividends unless notice is given of its suspension or termination.

	31 December	30 June
	2021	2021
Net Tangible Asset Backing Per Share (Post Tax)	$/share	$/share
1.5143	1.1422
Reconciliation of Net Assets Per Share for Net Tangible Asset Reporting and Financial Reporting Purposes
	31 December	30 June
	2021	2021
Net Tangible Asset Backing Per Share (Post Tax)	1.5143	1.1422
Permanent differences
Provision for transaction costs on disposal of the Portfolio	0.0015	0.0015
Adjustment to deferred tax liabilities	0.0005	0.0005
Net Tangible Assets Per Share in the Financial Report	1.5163	1.4571

This report is based on the Half Year Financial Report which has been subject to independent review by the Auditor, Ernst & Young. All the documents comprise the information required by the Listing Rule 4. 2A.

This information should be read in conjunction with the 30 June 2021 Annual Report.

Acorn Capital Investment Fund Limited

ACN 167 595 897

Interim financial report

onlyfor the half-year ended 31 December 2021

For usepersonal

Acorn Capital Investment Fund Limited

ACN 167 595 897

Interim financial report
only
for the half-year ended 31 December 2021
use	Page
CONTENTS
Corporate directory	2
Directors' report	3 - 4
Auditor's independence declaration	5
Condensed statement of comprehensive income	6
Condensed statement of financial position	7
personal	8
Condensed statement of changes in equity
Condensed statement of cash flows	9
Notes to the financial statements	10 - 15
Directors' declaration	16
Auditor's review report on the half-year financial report	17 - 18
For

This interim financial report does not include all the notes of the type normally included in a set of annual financial statements. Accordingly, this report is to be read in conjunction with the annual financial statements for the year ended 30 June 2021 and any public announcements made in respect of Acorn Capital Investment Fund Limited during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001 and ASX Listing Rules.

This financial report covers Acorn Capital Investment Fund Limited as an individual entity.

The Investment Manager of Acorn Capital Investment Fund Limited is Acorn Capital Limited (ACN 082 694 532). The principal registered office in Australia of Acorn Capital Investment Fund Limited is C/- Acorn Capital Limited, Level 4, 2 Russell Street, Melbourne Victoria 3000.

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CORPORATE DIRECTORY

onlyDirectors

useCompany secretary

Principal registered office in Australia

personalInvestment Manager Share registry

Auditor

Legal adviser

Stock exchange

ForWebsite

Acorn Capital Investment Fund Limited Corporate directory For the reporting period ended 31 December 2021

John Steven (Chairman and Non-Executive director)

Judith Smith (Non-Executive director)

David Trude (Non-Executive director)

Robert Brown (Director)

Barry Fairley (Director)

Matthew Sheehan

C/- Acorn Capital Limited, ACN 082 694 531

Level 4, 2 Russell Street, Melbourne Victoria 3000

Telephone: [phone]

Acorn Capital Limited

Computershare Investor Services Limited

Yarra Falls, 452 Johnston Street, Abbotsford, Victoria 3067 Telephone: [phone] (within Australia), [phone] (international)

Ernst & Young

Level 23, 8 Exhibition Street, Melbourne Victoria 3000

MinterEllison

Collins Arch, 447 Collins Street, Melbourne Victoria 3000

Australian Securities Exchange

ASX Code: ACQ

www.ACQFund.com.au

- 2 -

- 3 -

129,545

97,817

9,511

24,103

4,134

8,397

13,645

32,500

ForProfit before income tax expense Income tax expense

Profit after income tax attributable to the owners of the Company Equity

$'000

$'000

For the half-yearended 31 December 2021

For the half-yearended 31 December 2020

The principal activity of the Company is to invest in a portfolio of listed and unlisted microcap companies. The investment manager is Acorn Capital Limited (the Manager), an established boutique asset manager with a long track record of

personalsuccessfully investing in microcap companies.

Review and results of operations

During the half-year,the Company continued to invest funds in accordance with its governing documents.

In March 2020, COVID-19was declared a global pandemic and had a significant impact on world equity, debt and commodity markets, with increased volatility in global markets due to economic uncertainty. During the reporting period, management are monitoring the ongoing impacts of COVID-19on global markets and economic activity.

The most appropriate measure of the Company's financial performance is total comprehensive income. Total comprehensive income for the half-yearended 31 December 2021 was $9,510,601 (2020:$24,103,048).

The Company's profit before income tax for the half-yearwas $13,644,967 (2020: $32,499,702).

The profit after income tax for the half-yearwas $9,510,601 (2020: $24,103,048).

Basic earnings per share after income tax were 13.25 cents for the half-year(2020: 40.05 cents).

useJohn Steven (Chairman and Independent Non-ExecutiveDirector) Judith Smith (Independent Non-ExecutiveDirector)

David Trude (Independent Non-ExecutiveDirector) Robert Brown (Director)

Barry Fairley (Director)

Principal activities

Acorn Capital Investment Fund Limited

Directors' report

For the reporting period ended 31 December 2021

Directors' report

onlyThe directors of Acorn Capital Investment Fund Limited (the "Company"), present their report together with the financial statements of the Company for the period from 1 July 2021 to 31 December 2021 (the "reporting period").

Acorn Capital Investment Fund Limited is a public company limited by shares, is incorporated in Australia and listed on the Australian Securities Exchange "ASX".

Directors

The following persons were directors of the Company during the half-year and up to the date of this report (unless otherwise stated):

Appointed 6 March 2014

Appointed 6 March 2014

Appointed 6 March 2014

Appointed 6 March 2014

Appointed 10 February 2014