REG - Impax Asset Mngmnt - Interim Results <Origin Href="QuoteRef">IPX.L</Origin> - Part 2
18/05/2016 07:06
- Part 2: For the preceding part double click ID:nRSR5333Ya
Earnings per share
£'000 '000
Six months ended 31 March 2016
Basic 1,517 112,603 1.35p
Diluted 1,551 114,266 1.35p
Six months ended 31 March 2015
Basic 1,875 115,738 1.62p
Diluted 1,875 116,538 1.61p
Year ended 30 September 2015
Basic 3,633 115,133 3.16p
Diluted 3,633 115,909 3.13p
Earnings are reduced by £34,000 for the six months
ending 31st March 2016 for basic earnings per share to
reflect the profit attributable to holders of restricted
shares, which are treated as contingently returnable
shares. This adjustment is not made for diluted
earnings per share but instead the dilutive restricted
shares are included in the number of shares used for the
dilutive calculation. Where the resulting calculation
for diluted earnings per share is higher than the basic
earnings per share the basic number is used.
The weighted average number of shares is calculated as
shown in the table below.
Six months ended 31 March 2016 Six months ended 31 March 2015 Year ended 30 September 2015
'000 '000 '000
Issued share capital 127,749 127,749 127,749
Less own shares held (15,146) (12,011) (12,616)
Weighted average number of ordinary shares used in the calculation of basic EPS 112,603 115,738 115,133
Additional dilutive shares re share options 7,690 10,990 10,090
Adjustment to reflect option exercise proceeds and future service from employees receiving awards (6,027) (10,190) (9,314)
Weighted average number of ordinary shares used in the calculation of diluted earnings per share 114,266 116,538 115,909
The Basic earnings per shares for all periods shown includes vested LTIP options on the basis that these have an inconsequential exercise price (1p or 0p).
8 Dividends
On 3 March 2016, at the Company's Annual General Meeting, payment of a 1.2 pence per share final dividend and payment of a 0.5 pence special dividend was approved in respect of the year ended 30 September 2015 (2014: 1.1p per share). Combined with an interim payment of 0.4 pence this gave total dividends for the year ended 30 September 2015 of 2.1 pence. The Trustee of the Impax Employee Benefit Trusts waived the Trusts' rights to part of this dividend, leading to a total dividend payment of £1,905,000.
This was paid on 11 March 2016.
The Board has declared an interim dividend for the period of 0.5 pence per ordinary share (2015: 0.4 pence). This dividend will be paid on 23 June to ordinary shareholders on the register at close of business on 27 May 2016.
9 Goodwill
Cost £'000
At 1 October 2014 and 31 March 2015 1,665
Addition 16
At 30 September 2015 and 31 March 2016 1,681
Goodwill arose on the acquisition of Impax Capital Limited on 18 June 2001 and on the acquisition of a property fund business from Climate Change Capital in July 2014. Adjustments were made to the goodwill in respect of the acquisition of the property fund business in 2015.
The Group tests goodwill for impairment annually or more frequently if there are indications that goodwill may be impaired.
10 Current asset investments
Unlisted investments Listed investments Total
£'000 £'000 £'000
At 1 October 2014 5,192 6,448 11,640
Additions 39 1,935 1,974
Fair value movements 125 720 845
Repayments/disposals (2,534) (524) (3,058)
Foreign exchange - 372 372
At 31 March 2015 2,822 8,952 11,774
Additions 85 3,157 3,242
Fair value movements 481 (511) (30)
Repayments/disposals (59) (7,317) (7,376)
Foreign exchange - (191) (191)
At 30 September 2015 3,329 4,090 7,419
Additions 91 5,164 5,255
Fair value movements 174 845 1,019
Repayments/disposals (1,180) (1,676) (2,856)
At 31 March 2016 2,414 8,423 10,837
Listed investments
Impax Food and Agriculture Fund ("IFAF")
On 1 December 2012 the Group launched the IFAF and invested,
from its own resources £2,000,000 into the fund. The IFAF
invests in listed equities using the Group's Food and
Agriculture Strategy. The Group's investment represented more
than 50% of the IFAF's Net Asset Value ("NAV") from the date of
launch to 31 March 2016 and has been consolidated throughout
this period with its underlying investments included in listed
investments in the table above.
Impax Global Equity Opportunities Fund ("IGEO")
On 23 January 2015 the Group launched the IGEO and invested,
from its own resources £2,000,000 into the fund. IGEO invests in
listed equities using the Group's Global Equities Strategy. The
Group's investment represented more than 50% of IGEO's NAV from
the date of launch to 31 March 2016 and has been consolidated
throughout this period with its underlying investments included
in listed investments in the table above.
Impax Environmental Leaders Fund ("IEL")
On 12 January 2016 the Group launched the IEL and invested, from
its own resources £3,000,000 into the fund. IEL invests in
listed equities using the Group's Leaders Strategy. The Group's
investment represented more than 50% of IEL's NAV from the date
of launch to 31 March 2016 and has been consolidated throughout
this period with its underlying investments included in listed
investments in the table above.
The investments held by the funds described above are revalued
to market value using quoted market prices that are available at
the date of these financial statements. The quoted market price
is the current bid price.
Unlisted investments
The Group has a 3.76 per cent partnership share of Impax New
Energy Investors LP, a private equity partnership managed by the
Group. At the period end the carrying value of the investment
was £560,000. The carrying value represents the Board's
assessment of the investment's fair value which was determined
using a discounted cashflow approach. 100 per cent of the
partnership's valuation is represented by investments in Spanish
solar parks. These investments have been adversely impacted by
the significant retroactive reforms of the Spanish energy
markets and covenants for loans held by the investment have been
breached. Negotiations with the relevant banks to restructure
the loans are ongoing and a claim for compensation from the
Spanish government is currently being considered by the European
Court of Arbitration. In the event that the banks take
possession of the assets and the claims for compensation are
unsuccessful the investment would be written down in full.
During the period the Group received a distribution of E118,000
from this investment following the successful sale of some of
its investments.
The Group also has a commitment of E3.3million to Impax New
Energy Investors II LP, a private equity partnership managed by
the Group which was established on 22 March 2010. At the period
end the Group had invested a total of E2.2m (£1.7m) of this
commitment. The Group's commitment of E3.3million is equal to
1.14 per cent of the total commitments made to the fund. The
investment is included at the Board's assessment of its fair
value which is determined by valuing the underlying investments.
The principal valuation techniques used are discounted
cashflow, price of recent investment and market bids. During
the period the Group received a distribution of E1,063,000 from
this investment following the successful sale of some of its
investments.
11 Cash and cash equivalents
In order to mitigate bank default risk and to access favourable
interest rates the Group invests part of its surplus cash in
money market funds and long-term deposit accounts. Amounts held
in money market funds and long-term deposit accounts are as
shown below. The Group considers the total of its cash and cash
equivalents held by operating entities of the Group and cash
invested in money market funds and in long-term deposit accounts
to be its cash reserves.
31 March 2016 31 March 2015 30 September 2015
£'000 £'000 £'000
Cash and cash equivalents 2,820 1,826 2,364
Cash held in money market funds and long-term deposit accounts 10,424 10,623 17,153
Less cash and cash equivalents held by consolidated funds (204) (215) (193)
Total cash reserves 13,040 12,234 19,324
12 Share capital and Own shares
31 March 2016 31 March 2015 30 September 2015
Issued and fully paid ordinary shares of 1p each
Number 127,749,098 127,749,098 127,749,098
£000s 1,277 1,277 1,277
31 March 2016 31 March 2015 30 September 2015
Own shares
Number 21,023,120 17,702,620 18,292,620
£000s 7,387 5,958 6,251
Own shares represents a portion of the shares held in the EBT
2012 and EBT 2004. 2,883,500 shares were acquired in the six
months ended 31 March 2016, (period ended 31 March 2015: nil).
153,000 shares were awarded to option holders on exercise of
options (period ended 31 March 2015: 145,455). As at 31 March
2016 the Company had a total of 18,369,500 options outstanding
of which 11,809,500 were exercisable. As at 31 March 2016
employees also held 4,890,000 Restricted shares over which the
restrictions lapse starting from January 2018 through to January
2021. These shares are held in trust in the EBT 2012 and are
included in own shares above.
13 Related party transactions
Impax New Energy Investors LP, Impax New Energy Investors II LP,
Impax New Energy Investors II-B LP, Impax New Energy Investors
SCA, Impax Global Resource Optimization Fund LP, Impax Carried
Interest Partners LP, Impax Carried Interest Partners II LP,
Impax Climate Property Fund LP and entities controlled by them
are related parties of the Group by virtue of subsidiaries being
the General Partners to these funds. BNP Paribas Investment
Partners is a related party of the Group by virtue of owning a
24.99% equity holding in the Group. Other funds managed by
subsidiaries of the Company are also related parties by virtue
of their management contracts. The aggregate related party
transactions during the period, and holdings or balances as at
the period end, are as shown below. All balances were
unsecured. Unless stated otherwise balances outstanding were
£nil.
Six months ended 31 March 2016 Six months ended 31 March 2015 Year ended 30 September 2015
£'000 £'000 £'000
Statement of comprehensive income
Revenue 9,378 9,939 19,293
31 March 2016 31 March 2015 30 September 2015
£'000 £'000 £'000
Statement of financial position
Non-current asset investments 16 15 17
Current asset investments 2,005 2,822 2,941
Trade and other receivables 4,595 5,754 3,258
14 Group risks
The Group's principal risks remain as detailed within the Directors' report of the Group's 2015 Annual Report and Accounts and are categorised as financial, investment, and operational.
This information is provided by RNS
The company news service from the London Stock ExchangeRecent news on Impax Asset Management
See all newsREG - Impax Asset Mgmnt - Directorate Change
AnnouncementREG - Impax Asset Mng Ltd Impax Asset Mgmnt Mondi plc - Form 8.3 - Mondi Plc
AnnouncementREG - Impax Asset Mgmnt - Holding(s) in Company
AnnouncementREG - Impax Asset Mgmnt - Q2 AUM Update
AnnouncementREG - Impax Asset Mgmnt - Director/PDMR Shareholding
Announcement