REG - Graphite Enterprise - Audited results for the year ended 31 January 2015 <Origin Href="QuoteRef">GPE.L</Origin> - Part 2
15/07/2015 14:52
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11.0-12.0x 6.4%
>12.0x 10.4%
30 largest investments**- net debt as a multiple of EBITDA
Multiple % by value
<2.0x 13.0%
2.0-3.0x 26.7%
3.0-4.0x 19.3%
4.0-5.0x 9.9%
5.0-6.0x 13.0%
6.0-7.0x 7.2%
>7.0x 4.6%
* Excludes Guardian Financial Services where revenue is not a meaningful
measure of performance.
** Excludes Intermediate Capital Group and Guardian Financial Services where
these metrics are not relevant.
Portfolio analySIS
The following four tables analyse the closing portfolio by value at 31 January
2015.
Investment type
% of portfolio
Large buy-outs 46.4%
Mid-market buy-outs 38.8%
Mezzanine 8.4%
Small buy-outs 4.5%
Quoted 1.9%
Total 100.0%
Underlying companies - geographic distribution*
% of underlying companies
UK 49.9%
North America 12.7%
France 9.7%
Germany 9.4%
Benelux 5.6%
Scandinavia 4.3%
Spain 3.3%
Italy 2.4%
Other Europe 2.3%
Rest of world 0.4%
Total 100.0%
* Location of headquarters of underlying companies in the portfolio. Does not
necessarily reflect countries to which companies have economic exposure.
Underlying companies - year of investment and valuation as a multiple of
original cost
Multiple of cost Primary portfolio Secondary portfolio Total portfolio
2014 and onwards 1.1x 19.5% 0.4% 19.9%
2013 1.2x 13.1% 1.2% 14.3%
2012 1.5x 9.8% 1.7% 11.5%
2011 1.5x 7.1% 2.7% 9.8%
2010 1.5x 6.4% 1.6% 8.0%
2009 2.6x 1.6% 0.6% 2.2%
2008 1.1x 5.1% 2.8% 7.9%
2007 1.8x 7.0% 2.7% 9.7%
2006 1.5x 7.7% 4.2% 11.9%
2005 and before 1.6x 4.4% 0.4% 4.8%
Total 1.4x 81.7% 18.3% 100.0%
Underlying companies - sector analysis
% of underlying companies
Business services 21.1%
Industrials 17.7%
Healthcare and education 17.1%
Consumer goods and services 11.5%
Leisure 8.5%
Financials 8.0%
Automotive supplies 7.9%
Technology and telecommunications 4.4%
Media 2.1%
Chemicals 1.7%
Total 100.0%
The following table analyses the closing portfolio by value.
Graphite and third party investments at 31 January 2015
Portfolio Third party£m Graphite Capital£m Total£m % of investment portfolio
Primary investments in funds 201.4 69.4 270.8 62.7%
Secondary investments in funds 56.9 13.9 70.8 16.4%
Direct investments 64.2 26.1 90.3 20.9%
Total portfolio 322.5 109.4 431.9 100.0%
Discretionary investments* 121.1 109.4 230.5 53.4%
*Includes Graphite Capital funds, all secondary fund interests and all direct
investments
Investment activity
Investments into the portfolio
Drawdowns Co-investments and secondary fund purchases Total new investments
Financial period ending £m £m £m
31 January 2015 68.0 57.4 125.4
31 January 2014 54.2 36.4 90.6
31 January 2013 48.8 5.2 54.0
31 January 2012 51.3 29.9 81.2
31 January 2011 65.6 19.2 84.8
31 December 2009 21.5 2.5 24.0
31 December 2008 65.8 12.1 77.9
31 December 2007 95.2 7.9 103.1
31 December 2006 74.6 5.7 80.3
31 December 2005 41.6 3.9 45.5
Largest new underlying investments in the year ended 31 January 2015
Investment Description Country £m
ICR Group Provider of repair and maintenance services to the energy industry UK 13.0
Education Personnel * Provider of temporary staff for the education sector UK 10.2
Human Capital Investment Group Provider of recruitment services UK 8.7
Skillsoft Provider of off the shelf e-learning content USA 8.0
The Laine Pub Company ** Operator of pubs and bars UK 5.5
Co-investment *** Provider of business services Europe 5.1
Autodata Provider of technical information to the automotive aftermarket UK 1.4
Minimax Supplier of fire protection systems and services Germany 1.2
CeramTec Manufacturer of high performance ceramics Germany 1.2
iPrism E-wholesaler of insurance to brokers UK 1.1
Total of 10 largest new investments 55.4
* Sold by Graphite Capital to ICG. The Company re-invested alongside ICG.
** Formerly InnBrighton, which was realised in the period. The Company
re-invested in the rebranded business, The Laine Pub Company.
*** We are not permitted to disclose the details of this co-investment under
the terms of a confidentiality agreement.
Realisations from the portfolio *
Financial period ending £m % of opening portfolio
31 January 2015 142.2 32.8%
31 January 2014 118.3 28.5%
31 January 2013 74.2 19.7%
31 January 2012 92.9 26.0%
31 January 2011 19.8 8.5%
31 December 2009 14.0 7.3%
31 December 2008 25.8 12.9%
31 December 2007 112.4 54.5%
31 December 2006 92.9 53.3%
31 December 2005 93.8 61.9%
*Excluding secondary sales of fund interests.
Largest underlying realisations in the year ended 31 January 2015
Investment Manager Buyer type Proceeds£m
CEVA Euromezzanine Secondary 15.4
Education Personnel* Graphite Capital Secondary 14.9
London Square Graphite Capital Secondary 9.8
Quiron Doughty Hanson Trade 6.6
National Fostering Agency Graphite Capital Refinancing 5.0
Avio Cinven Trade 4.6
Sebia Cinven Secondary 4.2
InnBrighton** Graphite Capital Secondary 4.0
Homag Group Deutsche Beteiligungs Public offering 3.4
Acosta TH Lee Secondary 2.7
Total of 10 largest realisations 70.6
* Sold by Graphite Capital to ICG. The Company re-invested alongside ICG.
**The Company re-invested in the rebranded business, The Laine Pub Company.
Quoted equity holdings at 31 January 2015
All quoted holdings, other than Intermediate Capital Group, are held
indirectly through third party funds and may have restrictions on their sale.
The timing of any disposal of these indirect interests is determined by the
managers of those funds.
Underlying investment Ticker £m % of investment portfolio
Intermediate Capital Group ICP 5.0 1.1%
Spire Healthcare SPI 3.8 0.9%
Abertis ABE 3.5 0.8%
VWR International VWR 3.5 0.8%
Acromas SAGA 3.3 0.8%
FleetCor FLT 2.9 0.7%
Elior ELIOR 2.4 0.6%
West Corporation WSTC 2.1 0.5%
Evonik Industries EVK 2.1 0.5%
Aramark Corporation ARMK 2.0 0.5%
Atos ATO 1.9 0.4%
Avolon Aerospace AVOL 1.8 0.4%
Partnership PA 1.7 0.4%
Cerved CERV 1.2 0.3%
Brit Insurance BRIT 1.1 0.3%
Tumi TUMI 1.1 0.3%
ComHem COMH 0.8 0.2%
Merlin MERL 0.7 0.2%
Others 3.8 0.7%
Total 44.7 10.4%
Commitments analysis
Commitments at 31 January 2015 Original commitment1£m Outstanding commitment£m Average drawdown percentage % of commitments
Funds in investment period 279.6 180.6 35.4% 77.2%
Funds post investment period 599.9 53.4 91.1% 22.8%
Total 879.5 234.0 73.4% 100.0%
1 Original commitments are at 31 January 2015 exchange rates
Commitments at 31 January 2015 - remaining investment period % of commitments
4-5 years 23.9%
3-4 years 17.7%
2-3 years 29.5%
1-2 years 4.6%
<1 year 1.5%
Investment period complete 22.8%
Total 100.0%
Movement in commitments in the year ended 31 January 2015 £m
Opening 277.3
Drawdowns* (74.0)
New primary commitments 22.0
New commitments arising through secondary purchases 21.6
Secondary disposals (4.8)
Currency (12.0)
Other 3.9
Closing 234.0
* Includes £68.0 million of drawdowns in the normal course and £6.0 million in
respect of the commitment to Landmark Acquisition Fund VIII to acquire the
secondary portfolio of ICG European Fund 2006.
New commitments during the year to 31 January 2015
Fund Strategy Geography £m
Primary commitments
Silverfleet Capital Partners II Mid-market buy-out Europe 11.8
Bain Capital Europe IV Mid-market and large buy-outs Europe 6.3
PAI Europe VI Mid-market and large buy-outs Europe 3.9
Total primary commitments 22.0
Commitments arising from secondary purchases
Landmark Acquisition Fund VIII Mezzanine Europe 17.6
Graphite Capital Partners VI Mid-market buy-out UK 2.2
TowerBrook III Mid-market and large buy-outs USA/Europe 1.3
PAI Europe V Mid-market and large buy-outs Europe 0.5
Total commitments arising from secondary purchases 21.6
Total new commitments 43.6
CURRENCY EXPOSURE
31 January2015£m 31 January2015%
Portfolio*
- sterling 230.1 53.3
- euro 119.7 27.7
- other 82.1 19.0
Total 431.9 100.0
*Currency exposure is calculated by reference to the location of the
underlying portfolio companies' headquarters.
31 January2015£m 31 January2015%
Outstanding commitments
- sterling 91.8 39.2
- euro 135.0 57.7
- other 7.2 3.1
Total 234.0 100.0
AUDITED RESULTS
Consolidated Income Statement
Year ended 31 January 2015 Year ended 31 January 2014
Revenue return Capital return Total Revenue return Capital return Total
£'000s £'000s £'000s £'000s £'000s £'000s
Investment returns
Income, gains and losses on investments 13,896 22,614 36,510 18,809 27,475 46,284
Deposit interest 228 - 228 172 - 172
Return from current asset investments - - - 5 (342) (337)
Other income 417 - 417 58 - 58
Foreign exchange gains and losses - (1,024) (1,024) - (371) (371)
14,541 21,590 36,131 19,044 26,762 45,806
Expenses
Investment management charges (1,452) (4,357) (5,809) (1,490) (4,470) (5,960)
Other expenses (1,593) (1,835) (3,428) (1,723) (2,188) (3,911)
(3,045) (6,192) (9,237) (3,213) (6,658) (9,871)
Profit before tax 11,496 15,398 26,894 15,831 20,104 35,935
Taxation (2,044) 2,044 - (1,965) 1,965 -
Profit for the year 9,452 17,442 26,894 13,866 22,069 35,935
Attributable to:
Equity shareholders 9,452 14,952 24,404 13,866 23,127 36,993
Non-controlling interests - 2,490 2,490 - (1,058) (1,058)
Basic and diluted earnings per share 33.5p 50.7p
The columns headed 'Total' represent the income statement for the relevant
financial years and the columns headed 'Revenue return' and 'Capital return'
are supplementary information. There is no Other Comprehensive Income.
Consolidated Balance Sheet
As at As at
31 January 31 January
2015 2014
£'000s £'000s
Non-current assets
Investments held at fair value
- Unquoted investments 426,943 429,186
- Quoted investments 4,962 4,163
431,905 433,349
Current assets
Cash and cash equivalents 90,137 68,239
Receivables 2,246 1,351
92,383 69,590
Current liabilities
Payables 7,694 262
Net current assets 84,689 69,328
Total assets less current liabilities 516,594 502,677
Capital and reserves
Called up share capital 7,292 7,292
Capital redemption reserve 2,112 2,112
Share premium 12,936 12,936
Capital reserve 463,489 448,537
Revenue reserve 21,035 22,885
Equity attributable to equity holders 506,864 493,762
Non-controlling interests 9,730 8,915
Total equity 516,594 502,677
Net asset value per share (basic and diluted) 695.2p 677.2p
Consolidated Cash Flow Statement
Year ended 31 January 2015 Year ended 31 January 2014
£'000s £'000s
Operating activities
Sale of portfolio investments 149,413 99,492
Purchase of portfolio investments (119,180) (90,201)
Net sale of current asset investments held at fair value - 26,061
Interest income received from portfolio investments 8,324 8,504
Dividend income received from portfolio investments 5,141 10,357
Other income received 644 230
Investment management charges paid (5,815) (5,947)
Taxation received - 1
Other expenses paid (977) (1,644)
Net cash inflow from operating activities 37,550 46,853
Financing activities
Investments by non-controlling interests 357 309
Distributions to non-controlling interests (2,032) (1,385)
Credit facility fee (1,651) (2,301)
Equity dividends paid (11,302) (3,646)
Net cash outflow from financing activities (14,628) (7,023)
Net increase in cash and cash equivalents 22,922 39,830
Cash and cash equivalents at beginning of year 68,239 28,778
Net increase in cash and cash equivalents 22,922 39,830
Effect of changes in foreign exchange rates (1,024) (369)
Cash and cash equivalents at end of year 90,137 68,239
Consolidated Statement of Changes in Equity
Share Capital redemption reserve Share Realised capital reserve Unrealised capital reserve Revenue reserve Total shareholders' equity Non-controlling interests Total equity
capital premium
£'000s £'000s £'000s £'000s £'000s £'000s £'000s £'000s £'000s
Year ended 31 January 2015
Opening balance at 1 February 2014 7,292 2,112 12,936 351,415 97,122 22,885 493,762 8,915 502,677
Profit attributable to equity shareholders - - - 2,913 12,039 9,452 24,404 - 24,404
Profit attributable to non-controlling interests - - - - - - - 2,490 2,490
Profit for the year and total comprehensive income - - - 2,913 12,039 9,452 24,404 2,490 26,894
Transfer on disposal of investments - - - 15,237 (15,237) - - - -
Dividends to equity shareholders - - - - - (11,302) (11,302) - (11,302)
Contributions by non-controlling interests - - - - - - - 357 357
Distributions to non-controlling interests - - - - - - - (2,032) (2,032)
Closing balance at 31 January 2015 7,292 2,112 12,936 369,565 93,924 21,035 506,864 9,730 516,594
Share Capital redemption reserve Share Realised capital reserve Unrealised capital reserve Revenue reserve Total shareholders' equity Non-controlling interests Total equity
capital premium
£'000s £'000s £'000s £'000s £'000s £'000s £'000s £'000s £'000s
Year ended 31 January 2014
Opening balance at 1 February 2013 7,292 2,112 12,936 345,183 80,227 12,665 460,415 11,048 471,463
(Loss)/profit attributable to equity shareholders - - - (3,192) 26,319 13,866 36,993 - 36,993
Loss attributable to non-controlling interests - - - - - - - (1,058) (1,058)
(Loss)/profit for the year and total comprehensive income - - - (3,192) 26,319 13,866 36,993 (1,058) 35,935
Transfer on disposal of investments - - - 9,424 (9,424) - - - -
Dividends to equity shareholders - - - - - (3,646) (3,646) - (3,646)
Contributions by non-controlling interests - - - - - - - 310 310
Distributions to non-controlling interests - - - - - - - (1,385) (1,385)
Closing balance at 31 January 2014 7,292 2,112 12,936 351,415 97,122 22,885 493,762 8,915 502,677
Notes to the Accounts
1 GENERAL INFORMATION
This consolidated financial information relates to Graphite Enterprise Trust
PLC ("the Parent Company") and its subsidiaries, Graphite Enterprise Trust
Limited Partnership and Graphite Enterprise Trust (2) Limited Partnership
(together "the Company"). The registered address and principal place of
business of the Company is Berkeley Square House, Berkeley Square, London W1J
6BQ.
2 AUDITED ANNUAL FINANCIAL REPORT
The condensed consolidated financial information is extracted from the annual
report and financial statements for the year ended 31 January 2015 and does
not comprise statutory accounts within the meaning of Section 434 of the
Companies Act 2006. The annual report and financial statements include the
report of the independent auditors which is unqualified, does not contain an
emphasis of matter paragraph and does not contain any statements under Section
498 of the Companies Act 2006.
The annual report and accounts is now available on the Company's website at
www.graphite-enterprise.com
Statutory accounts for the year to 31 January 2015 will be delivered to the
Registrar of Companies following the Company's Annual General Meeting which
will be held at the Westbury Hotel, Bond Street, London, W1S 2YF at 3.30pm on
11 June 2015.
3 BASIS OF PREPARATION
The consolidated financial information for the year ended 31 January 2015 has
been prepared in accordance with the Companies Act 2006 and International
Financial Reporting Standards ("IFRS"). IFRS comprises standards and
interpretations approved by the International Accounting Standards Board
("IASB") and the International Financial Reporting Interpretations Committee
("IFRIC") as adopted in the European Union as at 31 January 2015. These
financial statements have been prepared on a going concern basis and on the
historical cost basis of accounting, modified for the revaluation of certain
assets.
4 DIVIDENDS Year ended 31 January2015 Year ended 31 January2014
£'000s £'000s
Final paid: 7.50p (2014: 5.00p) per share 5,468 3,646
Special paid: 8.00p (2014: nil) per share 5,834 -
11,302 3,646
The Board has proposed a final dividend of 10.00p per share and a special
dividend of 5.50p per share in respect of the period ended 31 January 2015
which, if approved by shareholders, will both be paid on 18 June 2015, to
shareholders on the register of members at the close of business on 29 May
2015.
5 NON-CONTROLLING INTERESTS
Co-investment incentive arrangements are in place under which the executives
of the Manager and a previous owner of the Manager (together, "the
Co-investors") invest alongside the Company in return for a share of
investment profits if certain performance hurdles are met. The non-controlling
interests represents an estimate of the commercial value of the Co-investors'
share of gains on investments at their year end valuations.
In the consolidated income statement, the profit attributable to
non-controlling interests represents an increase in the valuation of the
Co-investors' interests in the period.
6 EARNINGS PER SHARE
Year ended 31 January2015 Year ended 31 January2014
Revenue return per ordinary share 12.96p 19.02p
Capital return per ordinary share 20.51p 31.72p
Earnings per ordinary share (basic and diluted) 33.47p 50.74p
7 INVESTMENT MANAGEMENT CHARGES
Year ended 31 January 2015 Year ended 31 January 2014
Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Investment management fee 1,439 4,317 5,756 1,478 4,434 5,912
Irrecoverable VAT 13 40 53 12 36 48
1,452 4,357 5,809 1,490 4,470 5,960
The allocation of the total investment management charges was unchanged in the
year to 31 January 2015 with 75% of the total allocated to capital and 25%
allocated to revenue.
The Company has borne a management charge of £150,000 (2014: £311,000) in
respect of Graphite Capital Partners VI, £392,000 (2014: £581,000) in respect
of Graphite Capital Partners VII, Graphite Capital Partners Top Up Fund and
Graphite Capital Partners Top Up Fund Plus, and £1,376,000 (2014: £422,000) in
respect of Graphite Capital Partners VIII and Graphite Capital Partners Top Up
Fund.
Thesecharges are at the same level as those paid by third party investors. The
Company does not pay any additional fees to theManager on these investments.
The total investment management charges payable by the Company to the Manager
(excludingVAT), including the amounts set out in the table, were therefore
£7,727,000 (2014: £7,274,000).
Graphite Capital Management LLP was a related party of Graphite Enterprise
Trust PLC during the period. The amounts payable during the period are set out
above. There was an accrued amount outstanding of £70,000 (excluding VAT) as
at 31 January 2015 (2014: £76,000).
8 FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The Company is an investment company as defined by section 833 of the
Companies Act 2006 and conducts its affairs so as to qualify as an investment
trust under the provisions of section 1158 of the Corporation Tax Act 2010
("Section 1158"). The Company's objective is to provide shareholders with long
term capital growth through investment in unquoted companies, mostly through
specialist funds but also directly.
Investments in funds have anticipated lives of approximately ten years. Direct
investments are made with an anticipated holding period of between three and
five years. Investment agreements will, however, usually provide that any
loans advanced to investee companies are for a longer period than this. The
agreements will usually provide for repayments to be made by instalments with
provision for full repayment on sale or flotation.
Financial risk management
The Company's activities expose it to a variety of financial risks: market
risk (comprising currency risk, interest rate risk and price risk), investment
risk, credit risk and liquidity risk. The Company's overall risk management
programme focuses on the unpredictability of financial markets and seeks to
minimise potential adverse effects on the Company's financial performance. The
Manager has overall responsibility for managing the risks and the framework
for monitoring and coordinating these risks. This is monitored by the Board.
The Company's financial risk management objectives and processes used to
manage these risks have not changed from the previous period and the policies
are set out below:
Market risk
(i) Currency risk
The Company's investments are principally in the UK and continental Europe and
are primarily denominated in sterlingand in euros. There are also smaller
amounts in US dollars and in other European currencies. The Company is
exposedto currency risk in that movements in the value of sterling against
these foreign currencies will affect the net asset value and the cash required
to fund undrawn commitments. The Board regularly reviews the level of foreign
currency denominated assets and outstanding commitments in the context of
current market conditions and may decide to buy or sell currency or put in
place currency hedging arrangements.
(ii) Interest rate risk
The fair value of the Company's investments and cash balances are not directly
affected by changes in interest rates.
(iii) Price risk
The risk that the value of a financial instrument will change as a result of
changes to market prices is one that is fundamental to the Company's
objective, which is to provide long term capital growth through investment in
unquoted companies. The investment portfolio is continually monitored to
ensure an appropriate balance of risk and reward in order to achieve the
Company's objective. No hedging of this risk is undertaken.
The Company is exposed to the risk of change in value of its private equity
investments. For all investments the market variable is deemed to be the price
itself.
Investment and credit risk
(i) Investment risk
Investment risk is the risk that the financial performance of the companies in
which Graphite Enterprise invests either improves or deteriorates, thereby
affecting the value of that investment. Investments in unquoted companies
whether indirectly or directly are by their nature subject to potential
investment losses. The investment portfolio is highly diversified.
(ii) Credit risk
The Company's exposure to credit risk arises principally from its investment
in cash deposits. The Company aims to invest the majority of its liquid
portfolio in assets which have low credit risk. The Company's policy is to
limit exposure to any one investment to 15% of gross assets. This is regularly
monitored by the Manager as a part of its cash management process.
Cash is held on deposit with three UK banks and totalled £90,137,000 (2014:
£68,239,000). Of this amount £35,631,000 was deposited at Lloyds Bank
("Lloyds"), which currently has a rating of A1 from Moody's, and this
represents the maximum exposure to credit risk at the balance sheet date. No
collateral is held by the Company in respect of these amounts. None of the
Company's cash deposits were past due or impaired at 31 January 2015 (2014:
nil).
Liquidity risk
The Company has significant investments in unquoted companies which are
inherently illiquid. The Company also has substantial undrawn commitments to
funds, the great majority of which are likely to be called over the next five
years. The Company aims to manage its affairs to ensure sufficient cash, other
liquid assets and undrawn borrowing facilities will be available to meet
contractual commitments when they are called and also seeks to have cash
generally available to meet other short term financial needs. All cash and
cash equivalents are available on demand. The Company's liquidity management
policy involves projecting cash flows and considering the level of liquidity
necessary to meet these.
The Company has access to committed bank facilities of a headline £96 million,
which are structured as parallel sterling and euro facilities of £50 million
and E61.7 million. The facilities are provided jointly by Lloyds and The Royal
Bank of Scotland ("RBS"). Of the total facilities, the balance of £20 million
and E23.6 million will expire in March 2017. The remaining balance of £30
million and E38.1million will expire in April 2019.
As at 31 January 2015 the Company's financial liabilities amounted to
£7,694,000 of payables (2014: £262,000) which were due in less than one year.
Capital risk management
The Company's capital is represented by its net assets, which are managed to
achieve the Company's investment objective. The Company currently has no
debt.
The Board can manage the capital structure directly since it has taken the
powers, which it is seeking to renew, to issue and buy-back shares and it also
determines dividend payments. The Company is subject to externally imposed
capital requirements with respect to the obligation and ability to pay
dividends by section 1159 Corporation Tax Act 2010 and by the Companies Act
2006, respectively.
Total equity at 31 January 2015, the composition of which is shown on the
balance sheet was £516,594,000 (2014: £502,677,000).
9 OTHER RELATED PARTY TRANSACTIONS
Transactions between the Parent Company and its subsidiaries, which are
related parties, have been eliminated on consolidation. Transactions between
the Company and the Manager are disclosed in note 7.
Significant transactions between the Parent Company and its subsidiaries are
shown below:
Year ended 31 January2015 Year ended31 January2014
Subsidiary Nature of transaction £'000s £'000s
Graphite Enterprise Trust Limited Partnership Increase in loan to Parent Company 17,554 7,273
Income allocated 1,261 1,501
Graphite Enterprise Trust (2) Limited Partnership Increase in loan from Parent Company 9,591 7,071
Income allocated 797 820
Amounts owed by subsidiaries Amounts owed to subsidiaries
31 January2015 31 January2014 31 January2015 31 January2014
Subsidiary £'000s £'000s £'000s £'000s
Graphite Enterprise Trust Limited Partnership - - 21,822 4,267
Graphite Enterprise Trust (2) Limited Partnership 33,363 23,762 - -
Amounts owed by subsidiaries represents funding provided by the Parent Company
to its subsidiaries to allow them to make investments. The balances will be
repaid out of proceeds from their portfolios.
END
This information is provided by RNS
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