REG-BlackRock Throg Tst: Final Results <Origin Href="QuoteRef">THRG.L</Origin> - Part 3
10/02/2017 13:50
- Part 3: For the preceding part double click ID:nPRrA663Eb
80 -67
Source: BlackRock.
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 NOVEMBER 2016
Notes Revenue 2016 £'000 Revenue 2015 £'000 Capital 2016 £'000 Capital 2015 £'000 Total 2016 £'000 Total 2015 £'000
Income from investments 3 6,794 6,363 – – 6,794 6,363
Net income from contracts for difference 3 76 582 – – 76 582
Other income 3 1 15 – – 1 15
-------- -------- -------- -------- -------- --------
Total revenue 6,871 6,960 – – 6,871 6,960
-------- -------- -------- -------- -------- --------
Profit on investments held at fair value through profit or loss – – 10,419 42,983 10,419 42,983
Loss on foreign exchange – – (24) (1) (24) (1)
Net gains from contracts for difference and futures – – 6,746 10,645 6,746 10,645
-------- -------- -------- -------- -------- --------
Total 6,871 6,960 17,141 53,627 24,012 60,587
-------- -------- -------- -------- -------- --------
Expenses
Investment management and performance fees 4 (621) (595) (2,630) (5,187) (3,251) (5,782)
Other operating expenses 5 (519) (442) (18) (22) (537) (464)
-------- -------- -------- -------- -------- --------
Total operating expenses (1,140) (1,037) (2,648) (5,209) (3,788) (6,246)
-------- -------- -------- -------- -------- --------
Net profit before finance costs and taxation 5,731 5,923 14,493 48,418 20,224 54,341
Finance costs (1) (1) (3) (4) (4) (5)
-------- -------- -------- -------- -------- --------
Net profit on ordinary activities before taxation 5,730 5,922 14,490 48,414 20,220 54,336
Taxation (7) (11) – – (7) (11)
-------- -------- -------- -------- -------- --------
Profit for the year 5,723 5,911 14,490 48,414 20,213 54,325
======== ======== ======== ======== ======== ========
Earnings per ordinary share 7 7.83p 8.08p 19.81p 66.21p 27.64p 74.29p
======== ======== ======== ======== ======== ========
The total columns of this statement represents the Statement of Comprehensive
Income, prepared in accordance with International Financial Reporting
Standards (IFRS), as adopted by the European Union. The supplementary revenue
and capital columns are both prepared under guidance published by the
Association of Investment Companies (AIC). All items in the above statement
derive from continuing operations. No operations were acquired or discontinued
during the year.
The Company does not have any other comprehensive income. The net profit for
the year disclosed above represents the Company’s total comprehensive
income.
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2016
Notes Called up share capital £’000 Share premium account £’000 Special reserve £’000 Capital redemption reserve £’000 Capital reserves £’000 Revenue reserve £’000 Total £’000
For the year ended 30 November 2016
At 30 November 2015 4,026 21,049 35,272 11,905 204,521 9,570 286,343
Total comprehensive income:
Net profit for the year – – – – 14,490 5,723 20,213
Transactions with owners, recorded directly to equity:
Dividends paid (see (a) below) 6 – – – – – (5,009) (5,009)
-------- -------- -------- -------- -------- -------- --------
At 30 November 2016 4,026 21,049 35,272 11,905 219,011 10,284 301,547
-------- -------- -------- -------- -------- -------- --------
For the year ended 30 November 2015
At 30 November 2014 4,026 21,049 35,272 11,905 156,107 7,096 235,455
Total comprehensive income:
Net profit for the year – – – – 48,414 5,911 54,325
Transactions with owners, recorded directly to equity:
Dividends paid (see (b) below) 6 – – – – – (3,437) (3,437)
-------- -------- -------- -------- -------- -------- --------
At 30 November 2015 4,026 21,049 35,272 11,905 204,521 9,570 286,343
-------- -------- -------- -------- -------- -------- --------
(a) Final dividend of 5.60p per share for the year ended 30 November 2015,
declared on 12 February 2016 and paid on 5 April 2016 and interim dividend of
1.25p per share for the year ended 30 November 2016, declared on 18 July 2016
and paid on 19 August 2016.
(b) Final dividend of 3.60p per share for the year ended 30 November 2014,
declared on 13 February 2015 and paid on 7 April 2015 and interim dividend of
1.10p per share for the year ended 30 November 2015, declared on 24 July 2015
and paid on 21 August 2015.
STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2016
Notes 2016 £’000 2015 £’000
Non current assets
Investments held at fair value through profit or loss 297,072 287,220
-------- --------
Current assets
Other receivables 1,346 3,066
Derivative financial assets held at fair value through profit or loss 1,934 1,118
Cash held on margin deposit with brokers 152 –
Cash and cash equivalents 5,509 2,344
-------- --------
8,941 6,528
-------- --------
Total assets 306,013 293,748
-------- --------
Current liabilities
Other payables (3,024) (6,171)
Derivative financial liabilities held at fair value through profit or loss (19) –
Collateral held in respect of contracts for difference (1,423) (1,234)
-------- --------
(4,466) (7,405)
-------- --------
Net assets 301,547 286,343
-------- --------
Equity attributable to equity holders
Called up share capital 8 4,026 4,026
Share premium account 9 21,049 21,049
Special reserve 9 35,272 35,272
Capital redemption reserve 9 11,905 11,905
Capital reserves 9 219,011 204,521
Revenue reserve 9 10,284 9,570
-------- --------
Total equity 7 301,547 286,343
-------- --------
Net asset value per share 7 412.34p 391.55p
======== ========
The financial statements on pages 47 to 69 of the Annual Report and Financial
Statements were approved and authorised for issue by the Board of Directors on
10 February 2017 and signed on its behalf by Lord Latymer, Chairman.
BlackRock Throgmorton Trust plc
Registered in England, No. 00594634
CASH FLOW STATEMENT FOR THE YEAR ENDED 30 NOVEMBER 2016
2016 £’000 2015 £’000
Operating activities
Net profit before taxation* 20,220 54,336
Add back finance costs 4 5
Gains on investments and derivatives held at fair value through profit or loss including transaction costs (17,512) (54,030)
Net movement on foreign exchange 24 1
Sales of investments held at fair value through profit or loss 110,936 111,259
Purchases of investments held at fair value through profit or loss (110,369) (119,248)
Realised gains on closure of contracts for difference 35,038 34,676
Realised losses on closure of contracts for difference (28,282) (23,849)
Realised losses on closure of futures contracts (461) –
Collateral received/(pledged) in respect of contracts for difference 37 (511)
Decrease/(increase) in other receivables 65 (23)
Decrease in amounts due from brokers 1,655 1,355
Increase/(decrease) in amounts due to brokers 106 (2,753)
(Decrease)/increase in other payables (3,253) 3,138
-------- --------
Net cash inflow from operating activities before interest and taxation 8,208 4,356
-------- --------
Interest paid (3) (5)
Taxation paid (7) (11)
-------- --------
Net cash inflow from operating activities before financing activities 8,198 4,340
-------- --------
Financing activities
Dividends paid (5,009) (3,437)
-------- --------
Net cash outflow from financing activities (5,009) (3,437)
-------- --------
Increase in cash and cash equivalents 3,189 903
Effect of foreign exchange rate changes (24) (1)
-------- --------
Change in cash and cash equivalents 3,165 902
Cash and cash equivalents at the start of year 2,344 1,442
-------- --------
Cash and cash equivalents at the end of the year 5,509 2,344
-------- --------
Comprised of:
Cash at bank 119 128
BlackRock's Institutional Cash Series plc – Sterling Liquidity Fund 5,390 2,216
-------- --------
5,509 2,344
-------- --------
* Includes dividends and interest received in the year of £6,364,000 and
£1,000 (2015: £6,304,000 and nil) respectively.
NOTES TO THE FINANCIAL STATEMENTS
1. PRINCIPAL ACITIVITY
The principal activity of the Company is that of an investment trust company
within the meaning of section 1158 of the Corporation Tax Act 2010.
2. ACCOUNTING POLICIES
The principal accounting policies adopted by the Company are set out below.
(a) Basis of preparation
The financial statements have been prepared under the historical cost
convention modified by revaluation of financial assets and financial
liabilities held at fair value through profit or loss and in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union, International Financial Reporting Interpretations Committee
interpretations and as applied in accordance with the provisions of the
Companies Act 2006. All of the Company’s operations are of a continuing
nature. The Company’s financial statements are presented in sterling because
that is the currency of the Company’s share capital, the currency of the
investment portfolio, the currency of the country in which the majority of
shareholders reside and the currency in which the shareholders’ dividend
distributions will be made. All values are rounded to the nearest thousand
pounds (£’000) except where otherwise indicated.
Insofar as the Statement of Recommended Practice (SORP) for investment trust
companies and venture capital trusts, issued by the Association of Investment
Companies (AIC), revised in November 2014, is compatible with IFRS, the
financial statements have been prepared in accordance with guidance set out in
the SORP.
A number of new standards, amendments to standards and interpretations are
effective for annual periods beginning on or after 1 December 2015, and have
not been applied when preparing these financial statements (major changes and
new standards issued are detailed below). None of these are expected to have a
significant effect on the measurement of the amounts recognised in the
financial statements of the Company.
IFRS 9 Financial Instruments (2014) replaces IAS 39 and deals with a package
of improvements including principally a revised model for classification and
measurement of financial instruments, a forward looking expected loss
impairment model and a revised framework for hedge accounting. In terms of
classification and measurement the revised standard is principles based
depending on the business model and nature of cash flows. Under this approach
instruments are measured at either amortised cost or fair value. Under IFRS 9
equity and derivative investments will be held at fair value because they fail
the ‘solely payments of principal and interest’ test and debt investments
will be held at fair value because the business model is to manage them on a
fair value basis. The scope of the fair value option is reduced within IFRS 9.
The standard is effective from 1 January 2018 with earlier application
permitted. The Company does not plan to early adopt this standard.
Amendments to IAS 1 (effective 1 January 2016) requires changes to the
presentation of financial instruments. The amendments are not expected to have
a significant effect on the measurement of amounts recognised in the financial
statements of the Company.
Amendments to IAS 7 – Disclosure Initiative Statement of Cash Flows
(effective 1 January 2017). The amendments are not expected to have a
significant effect on the presentation of the Cash flow statement within the
financial statements of the Company.
IFRS 15 – Revenue from Contracts with Customers (effective 1 January 2018)
specifies how and when an entity should recognise revenue and enhances the
nature of revenue disclosures. Given the nature of the Company’s revenue
streams from financial instruments the provisions of this standard are not
expected to be applicable.
(b) Presentation of Statement of Comprehensive Income
In order to reflect better the activities of an investment trust company and
in accordance with guidance issued by the AIC, supplementary information which
analyses the Statement of Comprehensive Income between items of revenue and
capital nature have been presented alongside the Statement of Comprehensive
Income.
(c) Investments held at fair value through profit or loss
The Company’s investments are classified as held at fair value through
profit or loss in accordance with IAS 39 ‘Financial Instruments: Recognition
and Measurement’ and are managed and evaluated on a fair value basis in
accordance with its investment strategy.
All investments are designated upon initial recognition as held at fair value
through profit or loss. Purchases of investments are recognised on a trade
date basis. The sales of assets are recognised at the trade date of the
disposal. Proceeds are measured at fair value, which is regarded as the
proceeds of sale less any transaction costs.
The fair value of the long only portfolio is the bid price of the securities,
without deduction for estimated future selling costs.
Any unquoted investments are valued by the Directors at fair value using
International Private Equity and Venture Capital Valuation Guidelines.
Changes in the value of investments held at fair value through profit or loss
and gains and losses on disposal are recognised in the Statement of
Comprehensive Income as ‘Gains/(losses) on investments held at fair value
through profit or loss’. Also included within this heading are transaction
costs in relation to the purchase or sale of investments.
(d) Derivatives
The Company’s derivatives are classified as at fair value through profit or
loss – held for trading. The Company holds long and short positions in
contracts for difference (CFD) and index futures which are held at fair value
based on the bid prices of the underlying securities in respect of long
positions, and the offer prices of the underlying securities in respect of
short positions.
Derivatives are held at fair value based on the bid prices of the underlying
securities in respect of long positions, and the offer prices of the
underlying securities in respect of short positions, which the Company is
exposed to through the use of contracts for difference (CFD) and index
futures. Profits and losses on derivative transactions are recognised in the
Statement of Comprehensive Income. They are recognised as capital and are
shown in the capital column of the Statement of Comprehensive Income if they
are of a capital nature and are recognised as revenue and shown in the revenue
column of the Statement of Comprehensive Income if they are of a revenue
nature. To the extent that any profits or losses are of a mixed revenue and
capital nature, they are apportioned between revenue and capital accordingly.
(e) Segmental reporting
The Directors are of the opinion that the Company is engaged in a single
segment of business being investment business.
(f) Income
Dividends receivable on equity shares are recognised on an ex-dividend basis.
Where no ex-dividend date is available, dividends receivable on or before the
year end are treated as revenue for the year. Provisions are made for any
dividends not expected to be received.
Special dividends are treated as a capital receipt or revenue receipt
depending on the facts or circumstances of each particular case.
Interest income is recognised on an accruals basis.
(g) Expenses
All expenses, including finance costs, are accounted for on an accruals basis.
Expenses have been charged wholly to the revenue column of the Statement of
Comprehensive Income, except as follows:
- expenses which are incidental to the acquisition or disposal of
investments are charged to the capital column of the Statement of
Comprehensive Income. Details of transaction costs on the purchases and sales
of investments are disclosed in note 11 on page 58 of the Annual Report and
Financial Statements.
- expenses are treated as capital where a connection with the
maintenance or enhancement of the value of the investments can be
demonstrated.
- the investment management fee has been allocated 75% to the capital
column and 25% to the revenue column of the Statement of Comprehensive Income
in line with the Board’s expected long term split of returns, in the form of
capital gains and income respectively, from the investment portfolio.
- performance fees have been allocated 100% to the capital column of the
Statement of Comprehensive Income, as performance has been predominantly
generated through capital returns of the investment portfolio.
(h) Finance costs and bank overdrafts
Finance costs are accounted for on an accruals basis. Finance costs are
allocated, insofar as they relate to the financing of the Company’s
investments, 75% to the capital column and 25% to the revenue column of the
Statement of Comprehensive Income, in line with the Board’s expected long
term split of returns, in the form of capital gains and income respectively,
from the investment portfolio. Bank overdrafts are recorded as the net
proceeds received.
(i) Taxation
The tax expense represents the sum of the tax currently payable and deferred
tax. The tax currently payable is based on the taxable profit for the period.
Taxable profit differs from net profit as reported in the Statement of
Comprehensive Income because it excludes items of income or expenses that are
taxable or deductible in other years and it further excludes items that are
never taxable or deductible. The Company’s liability for current tax is
calculated using tax rates that were applicable at the balance sheet date.
Where expenses are allocated between capital and revenue any tax relief in
respect of the expenses is allocated between capital and revenue returns on
the marginal basis using the Company’s effective rate of corporation
taxation for the accounting period.
Deferred taxation is recognised in respect of all temporary differences that
have originated but not reversed at the financial reporting date, where
transactions or events that result in an obligation to pay more taxation in
the future or right to less taxation in the future have occurred at the
financial reporting date. This is subject to deferred taxation assets only
being recognised if it is considered more likely than not that there will be
suitable profits from which the future reversal of the temporary differences
can be deducted. Deferred taxation assets and liabilities are measured at the
rates applicable to the legal jurisdictions in which they arise.
(j) Dividends payable
Under IFRS Interim dividends are recognised when paid to shareholders. Final
dividends, if any, are only recognised after they have been approved by
shareholders.
(k) Cash and cash equivalents
Cash comprises cash in hand and demand deposits. Cash equivalents are short
term, highly liquid investments, that are readily convertible to known amounts
of cash and that are subject to an insignificant risk of changes in value.
The Company’s investment in BlackRock’s Institutional Cash Series plc –
Sterling Liquidity Fund of £5,390,000 (2015: £2,216,000) is managed as part
of the Company’s cash management policy and, accordingly, this investment
along with purchases and sales of this investment has been classified in the
Statement of Financial Position and Cash Flow Statement as cash and cash
equivalents. The comparative figures in the Statement of Financial Position
and Cash Flow Statement have been restated.
(l) Other receivables and other payables
Other receivables and other payables do not carry any interest and are short
term in nature and are accordingly stated at their nominal value.
(m) Foreign currency translation
Transactions involving foreign currencies are converted at the rate ruling at
the date of the transaction. Foreign currency monetary assets and liabilities
are translated into sterling at the rate ruling on the financial reporting
date.
Foreign exchange differences arising on translation are recognised in the
Statement of Comprehensive Income as a revenue or capital item depending on
the income or expense to which they relate.
3. INCOME
2016 £’000 2015 £’000
Investment income:
UK listed dividends 5,835 5,139
UK listed dividends – special 403 878
UK scrip dividend 36 14
Overseas listed dividends 474 332
Overseas listed dividends – special 46 –
----- -----
6,794 6,363
Income from contracts for difference 76 582
----- -----
6,870 6,945
----- -----
Other income:
Deposit interest 1 –
Underwriting commission – 15
----- -----
Total income 6,871 6,960
===== =====
Special dividends of £131,000 have been recognised in capital (2015: nil).
4. INVESTMENT MANAGEMENT AND PERFORMANCE FEES
2016 Revenue £’000 2016 Capital £’000 2016 Total £’000 2015 Revenue £’000 2015 Capital £’000 2015 Total £’000
Investment management fee 621 1,862 2,483 595 1,786 2,381
Performance fee – 768 768 – 3,401 3,401
---- ----- ----- ---- ----- -----
Total 621 2,630 3,251 595 5,187 5,782
==== ==== ==== === ==== ====
Performance fees have been wholly allocated to the capital column of the
Statement of Comprehensive Income as the performance has been predominantly
generated through capital returns from the investment portfolio. As at 30
November 2016, the performance fee payable to the Investment Manager amounted
to £768,000 (2015: £3,401,000).
A summary of the investment management agreement with details of the fees paid
to the Investment Manager are disclosed in the Directors’ Report on pages 23
and 24 of the Annual Report and Financial Statements.
5. OTHER OPERATING EXPENSES
2016 £’000 2015 £’000
Allocated to revenue:
Custody fee 7 7
Auditor’s remuneration:
– audit services 36 34
– other assurance services 6 6
Registrar’s fee 33 31
Broker fees 37 39
Depositary fees 39 37
Marketing fees 126 151
Marketing fee accrual written back (34) (110)
Directors’ emoluments 150 139
Other administrative costs 119 108
---- ----
519 442
---- ----
Allocated to capital:
Transaction charges 18 22
---- ----
18 22
---- ----
The Company's ongoing charges, calculated as a percentage of average net assets for the year and using expenses, excluding performance fee and finance costs, were: 1.1% 1.1%
---- ----
The Company's ongoing charges, calculated as a percentage of average net assets for the year and using expenses, including performance fee and finance costs, were: 1.3% 2.3%
==== ====
Auditor’s remuneration for other assurance services comprised £6,000
relating to the interim review (2015: £6,000).
6. DIVIDENDS
Record date Payment date 2016 £’000 2015 £’000
Dividends paid on equity shares:
2014 final of 3.60p 27 February 2015 7 April 2015 – 2,633
2015 interim of 1.10p 7 August 2015 21 August 2015 – 804
2015 final of 5.60p 26 February 2016 5 April 2016 4,095 –
2016 interim of 1.25p 29 July 2016 19 August 2016 914 –
----- -----
5,009 3,437
==== ====
The Directors have recommended a final dividend of 6.25p per share (2015:
final 5.60p). The dividend will be paid on 29 March 2017, subject to
shareholders’ approval on 22 March 2017, to shareholders on the Company’s
register on 17 February 2017. Under IFRS the proposed final dividend has not
been recognised as a liability in these financial statements as final
dividends are only recognised in the financial statements when they have been
approved by shareholders, and interim dividends are not recognised until they
are paid. They are also debited directly to revenue reserves.
The total dividends payable in respect of the year ended 30 November 2016
which form the basis of section 1158 of the Corporation Tax act 2010 and
section 833 of the Companies Act 2006, and the amounts proposed meet the
relevant requirements as set out in this legislation and are as follows:
2016 £’000 2015 £’000
Dividends paid or proposed on equity shares:
Interim paid 1.25p (2015: 1.10p) 914 804
Final proposed of 6.25p (2015: 5.60p)* 4,571 4,095
------ -----
5,485 4,899
==== ====
*Based upon 73,130,326 (2015: 73,130,326) ordinary shares at 10 February 2017.
7. EARNINGS AND NET ASSET VALUE PER ORDINARY SHARE
Revenue and capital earnings per share are shown below and have been
calculated using the following:
2016 2015
Net revenue profit attributable to ordinary shareholders (£’000) 5,723 5,911
Net capital profit attributable to ordinary shareholders (£’000) 14,490 48,414
------- -------
Total profit attributable to ordinary shareholders (£’000) 20,213 54,325
====== ======
Total equity attributable to shareholders (£’000) 301,547 286,343
------- -------
The weighted average number of ordinary shares in issue during each year, on which the return per ordinary share was calculated was: 73,130,326 73,130,326
---------- ----------
The actual number of ordinary shares in issue at the end of the year on which the net asset value was calculated was: 73,130,326 73,130,326
======== ========
Earnings per share
Revenue earnings per share 7.83p 8.08p
Capital earnings per share 19.81p 66.21p
------- -------
Total earnings per share 27.64p 74.29p
====== ======
Net asset value per share 412.34p 391.55p
------- -------
Ordinary share price (mid-market) 325.00p 339.50p
====== ======
The Company does not have any dilutive securities.
8. CALLED UP SHARE CAPITAL
Ordinary shares in issue number Treasury shares number Total shares number £’000
Allotted, called up and fully paid share capital comprised:
Ordinary shares of 5p each:
At 1 December 2015 73,130,326 7,400,000 80,530,326 4,026
---------- -------- ---------- ------
At 30 November 2016 73,130,326 7,400,000 80,530,326 4,026
========= ======== ========= =====
No ordinary shares were issued, purchased or cancelled in the year (2015:
nil).
The ordinary shares carry the right to receive any dividends and have one
voting right per ordinary share. There are no restrictions on the voting
rights of the ordinary shares or on the transfer of ordinary shares.
9. SHARE PREMIUM AND RESERVES
Share premium account £’000 Special reserve £’000 Capital redemption reserve £’000 Capital reserve (arising on investments sold) £’000 Capital reserve (arising on revaluation of investments held) £’000 Revenue reserve £’000
At 1 December 2015 21,049 35,272 11,905 139,835 64,686 9,570
Movement during the year:
Net profit for the year after taxation – – – – – 5,723
Gains on realisation of investments – – – 8,726 – –
Exchange (losses)/gains – – – (25) 1 –
Change in investment holding gains – – – – 1,693 –
Gains on contracts for difference taken to capital – – – 6,409 788 –
(Losses)/profit on futures taken to capital – – – (461) 10 –
Finance costs, investment management and performance fee charged to capital after taxation – – – (2,651) – –
Dividends paid during the year – – – – – (5,009)
------- ------- ------- ------- ------- -------
At 30 November 2016 21,049 35,272 11,905 151,833 67,178 10,284
====== ====== ====== ====== ====== ======
10. VALUATION OF FINANCIAL INSTRUMENTS
Financial assets and financial liabilities are either carried in the
Statements of Financial Position at their fair value (investment and
derivatives) or at an amount which is a reasonable approximation of fair value
(due from brokers, dividends and interest receivable, due to brokers,
accruals, cash at bank and bank overdrafts). IFRS 13 requires the Company to
classify fair value measurements using a fair value hierarchy that reflects
the significance of inputs used in making the measurements. The valuation
techniques used by the Company are explained in the accounting policies note
2(c) to the Financial Statements.
Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset as follows.
The fair value hierarchy has the following levels:
Level 1 – Quoted market price in an active market for an identical
instrument. These include exchange traded derivatives. A financial instrument
is regarded as quoted in an active market if quoted prices are readily and
regularly available from an exchange, dealer, broker, industry group, pricing
service, or regulatory agency, and those prices represent actual and regularly
occurring market transactions on an arm’s length basis.
Level 2 – Valuation techniques used to price securities based on observable
inputs. This category includes quoted prices for similar instruments in
markets that are considered less than active; or other valuation techniques
where all significant inputs are directly or indirectly observable from market
data.
Valuation techniques used for non-standardised instruments such as futures,
options, currency swaps and other over-the-counter derivatives include the use
of comparable recent arm’s length transactions, reference to other
instruments that are substantially the same, discounted cash flow analysis,
option pricing models and other valuation techniques commonly used by market
participants making the maximum use of market inputs.
As at the year end the CFDs were valued using the underlying equity bid price
and the contract price at the inception of the CFD trade or at the trade reset
date. There have been no changes to the valuation technique since the previous
year or as at the date of this report.
Level 3 – Valuation techniques using significant unobservable inputs. This
category includes all instruments where the valuation technique includes
inputs not based on observable data and the unobservable inputs could have a
significant impact on the instrument’s valuation. This category includes
instruments that are valued based on quoted prices for similar instruments
where significant unobservable adjustments or assumptions are required to
reflect differences between the instruments and instruments for which there is
no active market. The level in the fair value hierarchy within which the fair
value measurement is categorised in its entirety
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