REG - Impax Asset Mngmnt - Final Results <Origin Href="QuoteRef">IPX.L</Origin> - Part 2
03/12/2015 07:11
- Part 2: For the preceding part double click ID:nRSC8125Ha
Employee Share Option Plan
Under this Plan options over the Group's shares were granted to employees in
2011, 2012, 2013 and 2014. Details of the options granted along with their
valuation and the inputs used in the valuation are described in the table
below. The valuation was determined using the Black-Scholes-Merton model.
2011 ESOP
2012 ESOP
2013 ESOP
2014 ESOP
2015 ESOP
Options originally granted
5,000,000
3,000,000
3,056,000
3,704,000
800,000
Exercise price
49.6p
37.6p
47.9p/54.0p
56.9p
52.8p
In respect of services provided for period from
1 Oct 2010
1 Oct 2011
1 Oct 2012
1 Oct 2013
1 Oct 2014
Option value
9.1p
7.0p
8.3p
8.8p
5.1p
Weighted average share price on grant
45p
34.2p
43.5p
51.7p
48p
Expected volatility
35%
35%
35%
34%
32%
Weighted average option life
6.1yrs
6.1yrs
6.1yrs
6.1yrs
5.1yrs
Expected dividend rate
1.00%
1.00%
2.00%
2.00%
2.00%
Risk free interest rate
1.68%
1.68%
1.54%
1.50%
1.50%
The strike price of these options is set at a 10 per cent premium to the
average market price of the Company's shares for the 30 business days (2015
ESOP: five days) following the announcement of the results for each of the
respective preceding financial years. The options do not have performance
conditions but do have a time vesting condition such that the options vest
subject to continued employment on 31 December 2014 (2011 ESOP), 31 December
2015 (2012 ESOP), 31 December 2016 (2013 ESOP), 31 December 2017 (2014 ESOP)
and 31 December 2017 (2015 ESOP).
The expected volatility was determined by reviewing the historical volatility
of the Company and that of comparator companies.
Restricted Share Scheme
Under the 2014 plan, awards of 1,250,000 restricted shares were made to
certain employees in respect of services provided from 1 October 2013 and
under the 2015 plan the Board has approved further awards of 3,140,000 shares
to be made to certain employees in respect of services from 1 October 2014.
Following grant, the shares are held by a nominee for employees - who are then
immediately entitled to receive dividends. After a period of three years the
employees will be able to sell one third of the shares, after four years a
further third and after five years the final third.
The fair value of the 2015 RSS awards has been determined as 47.3p and has
been calculated using the Black-Scholes-Merton model with an adjustment to
reflect that dividends are received during the vesting period. The
assumptions used in the Black-Scholes-Merton model were the same as for the
2015 ESOP shown in the above table but assuming an exercise price of 0p and an
option life equal to the vesting period.
The fair value of the 2014 RSS awards has been determined as 49.9p and was
determined in the same way as for the 2015 RSS.
Options outstanding
An analysis of the options over the Company's shares is provided below:
2015 Weighted average exercise price p
Options outstanding at 1 October 2014 15,083,955 31.5
Options granted during the year* 3,704,000 53.6
Options forfeited during the year (1,100,000) 47.3
Options exercised during the year (145,455) 1.0
Options expired during the year - n/a
Options outstanding at 30 September 2015 17,542,500 35.3
Options exercisable at 30 September 2015 9,182,500 24.8
* As noted above a further 800,000 options were approved for grant in December 2015
For the options outstanding at the end of the Period the exercise prices were nil or 1p for the LTIP, 49.6p for the ESOP 2011, 37.6p for the ESOP 2012, 47.9p/54.0p for the ESOP 2013 and 56.9p for the ESOP 2014 and the weighted average remaining contractual life was 3.99 years.
1,250,000 Restricted Shares were granted during the year. Of these 500,000 were forfeited following the resignation of an employee. All of the remaining shares remain subject to restrictions.
5. CREDITS/(CHARGES) RELATED TO LEGACY LONG-TERM INCENTIVE SCHEMES
2015 2014
£000 £000
EBT 2004 taxation 1,360 (223)
Advisory fees incurred on EBT settlement (90) -
LTIP NIC credit/(charge) 5 (207)
LTIP Additional payments credit/(charge) 10 (109)
1,285 (539)
EBT 2004 taxationThe Impax Group Employee Benefit Trust 2004 ("EBT 2004")
holds Impax shares and other assets in sub-funds for the benefit of
certain of the Group's past and current employees. The Impax shares were
awarded under the Group's Employee Incentive Arrangement Schemes in 2011
and prior years. Taxation of these schemes has been subject to
uncertainty. In prior years the Group accrued for Employers National
Insurance payments that would have been payable on the value of any
assets transferred out of the Trust but did not recognise a deferred tax
asset for the corporation tax deduction that would be available in the
event the assets transferred out of the EBT were in the form of Impax
shares. During the year the Group reached agreement with HMRC whereby it
made a payment of £715,000 to HMRC in full settlement of income tax,
National Insurance and corporation tax credits considered payable/due in
respect of the awards. The EBT 2004 has agreed to pay the Company
£894,000 in respect of this settlement. The credit of £1,360,000 is made
up of the release of the amounts previously accrued for Employers
National Insurance, payment of the £715,000 and the re-imbursement of the
£894,000.
Long-Term Incentive Plan NIC charge ("LTIP")
The Group made option awards under the LTIP plan in 2011. These awards
vested in 2012 but 4,540,000 remained outstanding at 30 September 2015.
The Group pays Employer's NIC when individuals exercise their options and
accordingly accrues for the estimated amount that would be payable on
exercise using the year end share price. The amount accrued therefore
varies from period to period in line with the Group's share price with
any adjustment recorded through the income statement.
LTIP Additional payments
Individuals receiving LTIP options are eligible for a retention payment
or sale of payment payable after the end of the financial year in which
each employee exercises his or her LTIP options. The payment will be
equal to the corporation tax benefit realised by the Group on the
exercise of the LTIP options minus the amount of the employer's NIC
suffered by the Group on the exercise of the LTIP options.
6. TAXATION The Group is subject to
taxation in the countries in which
it operates (the UK, the US and Hong
Kong) at the rates applicable in
those countries. The total tax
charge includes taxes payable for
the reporting period (current tax)
and also charges relating to taxes
that will be payable in future years
due to income or expenses being
recognised in different periods for
tax and accounting periods (deferred
tax). 2015 2014 £000 £000 (a)
Analysis of charge for the year
Current tax expense: UK
corporation tax 101 - Foreign
taxes 164 68 Adjustment in respect
of prior years 536 17 Total
current tax 801 85 Deferred tax
expense/(credit): Charge for the
year 984 203 Adjustment in respect
of prior years (281) (9) Total
deferred tax 703 194 Total income
tax expense 1,504 279 (b) Factors
affecting the tax charge for the
year With effect from 1 April 2015
the UK tax rate changed from 21% to
20%. The weighted average tax rate
for the year is therefore 20.5%.
The tax assessment for the period is
higher than this rate (2014: lower).
The differences are explained below:
2015 2014 £000 £000 Profit/(Loss)
before tax 5,137 3,535 Effective
tax charge/(credit) at 20.5% (2014:
22%) 1,054 778 Effects of: Non
-deductible expenses and charges
169 40 Increase in tax deduction re
share awards from share price
increase - (241) Tax effect of
previously unrecognised tax losses
- (61) Adjustment in respect of
prior years 255 8 Effect of higher
tax rates in foreign jurisdictions
48 18 Exchange differences - (247)
Change in UK tax rates (22) (16)
Total income tax expense 1,504 279
(c) Deferred Tax The deferred
tax (liability) included in the
consolidated statement of financial
position is as follows: Accelerated
capital allowances Income not yet
taxable Share-based payment scheme
Other temporary differences Total
£000 £000 £000 £000 £000 As at 1
October 2013 37 (2,297) 763 (155)
(1,652) Charge to equity - - -
(13) (13) Exchange differences on
consolidation - 163 - - 163
Credit/(charge) to the income
statement 12 (369) (253) 415 (195)
As at 30 September 2014 49 (2,503)
510 247 (1,697) Credit/(charge) to
equity - - - 39 39 Exchange
differences on consolidation - 124
- - 124 Credit/(charge) to the
income statement (8) (557) 74 (212)
(703) As at 30 September 2015 41
(2,936) 584 74 (2,237) Reductions
in the UK corporation tax rate from
23% to 21% (effective from 1 April
2014) and 20% (effective from 1
April 2015) were substantively
enacted on 2 July 2013. Further
reductions to 19% (effective from 1
April 2017) and to 18% (effective 1
April 2020) were substantively
enacted on 26 October 2015. This
will reduce the Company's future
current tax charge accordingly and
reduce the deferred tax
asset/liability at 30 September 2015
(which has been calculated based on
the rate of 20% substantively
enacted at the statement of
financial position date) by
£228,000.
7. EARNINGS PER SHARE Basic
earnings per share ("EPS") is
calculated by dividing the profit
for the year attributable to
ordinary equity holder of the parent
by the weighted average number of
ordinary shares outstanding during
the year, less the weighted average
number of own shares held. Own
shares are held in Employee Benefit
Trusts. Diluted EPS includes an
adjustment to reflect the dilutive
impact of option awards and
restricted share plan awards.
Earnings for the year Shares
Earnings per share £000 '000 2015
Basic 3,633 115,133 3.16p Diluted
3,633 115,909 3.13p 2014 Basic
3,256 117,314 2.78p Diluted 3,256
117,773 2.76p The weighted average
number of shares is calculated as
shown in the table below: 2015 2014
'000 '000 Issued share capital
127,749 127,749 Less Own shares
held (12,616) (10,435) Weighted
average number of ordinary shares
used in the calculation of basic EPS
115,133 117,314 Additional dilutive
shares re share schemes 10,090 5,350
Adjustment to reflect option
exercise proceeds and future service
from employees receiving awards
(9,314) (4,891) Weighted average
number of Ordinary Shares used in
the calculation of diluted earnings
per share 115,909 117,773 The basic
and diluted earnings per shares
includes vested LTIP option shares
on the basis that these have an
inconsequential exercise price (1p
or 0p).
In the prior years an adjusted
earnings and earnings per share was
shown. These have not been shown as
they are not materially different
from IFRS earnings per share.
8. DIVIDENDS Dividends are
recognised as a reduction in equity
in the period in which they are paid
or in the case of final dividends
when they are approved by
shareholders. The reduction in
equity in the year therefore
comprises the prior year final
dividend and the current year
interim dividend. Dividends
declared/proposed in respect of the
year 2015 2014 pence pence Interim
dividend declared per share 0.4 0.3
Special dividend proposed per share
0.5 - Final dividend proposed per
share 1.2 1.1 Total 2.1 1.4 The
proposed final dividend of 1.2p and
the special dividend will be
submitted for formal approval at the
Annual General Meeting to be held on
3 March 2016. Based on the number
of shares in issue at the year end
and excluding Own shares held the
total amount payable would be
£1,927,000. Dividends paid in the
year 2015 2014 £000 £000 Prior year
final dividend - 1.1p, 0.9p
1,231 1,004
Interim dividend - 0.4p, 0.3p
445
334 1,676 1,338
9. CURRENT ASSET INVESTMENTS The
Group makes seed investments into
its own Listed Equity funds and also
invests in its Private Equity funds.
Where the funds are consolidated
the underlying investments are shown
in the table below as part of Listed
Investments. Investments made in
unconsolidated funds are shown as
part of Unlisted investments.
Details of the actual investments
made are provided below the table.
Unlisted investments Listed
investments Total £000 £000 £000 At
1 October 2013 6,624 2,712 9,336
Additions 638 5,263 5,901 Fair value
movements (261) 88 (173)
Repayments/disposals (1,809) (1,553)
(3,362) Foreign Exchange - (62) (62)
At 30 September 2014 5,192 6,448
11,640 Additions 124 5,092 5,216
Fair value movements 606 210 816
Repayments/disposals (2,593) (7,841)
(10,434) Foreign Exchange - 181 181
At 30 September 2015 3,329 4,090
7,419 Listed investments Impax
Global Equity Opportunities Fund
(consolidated) On 23 December 2014
the Group launched the Impax Global
Equity Opportunities fund ("IGEO")
and invested from its own resources
£2,000,000 in the fund. IGEO
invests in listed equities using the
Group's Global Equity Strategy. The
Group's investment represented more
than 50 per cent of IGEO's Net Asset
Value ("NAV") from the date of
launch to 30 September 2015 and the
fund has been consolidated
throughout this period. Impax Food
and Agriculture Fund (consolidated)
On 1 December 2012 the Group
launched the Impax Food and
Agriculture Fund ("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 per cent of
the IFAF's NAV from the date of
launch to 30 September 2015 and has
been consolidated throughout this
period with its underlying
investments included in listed
equities in the table above. Impax
Fundamental Long-Term Opportunities
in Water Fund (consolidated) On 31
January 2014 the Group launched the
Impax Fundamental Long-Term
Opportunities in Water Fund LP
("IFLOW") and invested, from its own
resources $5,000,000 (£3,016,000)
into the fund. IFLOW invested in
listed equities using the Group's
Water Strategy. During year ended
30 September 2015 the Group and
third-party investors redeemed all
of their investments in the fund.
The Group's investment represented
more than 50 per cent of IFLOW's NAV
from the date of launch to the date
of the last redemption and has been
consolidated throughout this period
with its underlying investments
included in listed equities in the
table above. Impax Global Resource
Optimization Fund ("IGRO") (not
consolidated) In December 2011 the
Group launched the Impax Green
Markets Fund LP and invested, from
its cash reserves, $5,000,000 into
the fund. The Fund's name was
subsequently changed to the Impax
Global Resource Optimization Fund
("IGRO"). IGRO invests in listed
equities using the Group's
Environmental Specialists Strategy.
In prior years the Group redeemed
$3,000,000 of its investment and in
the current year a further
$3,894,000 to exit the fund fully.
The Group's share of the NAV of the
fund was such that consolidation was
not required throughout the period
covered by this report. Unlisted
investments Private equity funds
(not consolidated) The Group has
invested in its private equity
funds, Impax New Energy Investors LP
and Impax New Energy Investors II LP
("INEI" and "INEI II"). The
investments represent 3.76% and
1.14% respectively of these funds.
The fair value of the investments in
INEI II is calculated using either
the discounted cash flow method, the
cost of investment or agreed sale
prices. The key assumptions for the
discounted cash flow valuations of
the investments, which consists
mainly of investments in wind farms,
is the discount rate. The discount
rate was determined by reference to
market transactions for equivalent
assets. A rise of 1 per cent in the
discount rate applied to cash flows
would result in a decrease in profit
before taxation and net assets of
£10,000. A 1 per cent reduction in
the discount rate would result in a
corresponding increase of £11,000 in
profit before taxation and net
assets. The INEI I investment,
which is recorded at a fair value of
£637,000, consists mainly of
investments in Spanish solar farms
(accounting for 78 per cent of the
partnership's valuation) which are
reliant on tariff subsidies. The
fair value of this investment was
determined using a discounted cash
flow approach, or agreed sale
prices. 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. The
partnership is still in negotiations
with the relevant banks to
restructure the loans and is also in
the process of pursuing a claim for
compensation from the Spanish
government. In the event that the
banks take possession of the assets
and the claims for compensation are
unsuccessful the investment would be
impaired by £426,000. The unlisted
investments include £2,941,000 in
related parties of the Group (2014:
£4,830,000)
10. CASH AND CASH EQUIVALENTS AND
CASH INVESTED IN MONEY MARKET FUNDS
AND LONG-TERM DEPOSITS
Cash and cash equivalents under IFRS
does not include deposits in money
market funds and cash held in
deposits with more than an original
maturity of three months. The Group
however considers its total cash
reserves to include these amounts.
Cash held by consolidated funds is
not available to the Group so is not
included in cash reserves. A
reconciliation is shown below:
2015 2014
£000 £000
Cash and cash equivalents 2,364 6,634
Cash invested in money market funds 17,153 10,615
and long-term deposit accounts
Less cash and cash equivalents held (193) (74)
by consolidated funds
Cash reserves 19,324 17,175
11. ORDINARY SHARES
2015 2014
Issued and fully paid £000 £000
127,749,098 ordinary shares of 1p 1,277 1,277
each
2015
2014
£000
£000
Profit/(Loss) before tax
5,137
3,535
Effective tax charge/(credit) at 20.5% (2014: 22%)
1,054
778
Effects of:
Non-deductible expenses and charges
169
40
Increase in tax deduction re share awards from share price increase
-
(241)
Tax effect of previously unrecognised tax losses
-
(61)
Adjustment in respect of prior years
255
8
Effect of higher tax rates in foreign jurisdictions
48
18
Exchange differences
-
(247)
Change in UK tax rates
(22)
(16)
Total income tax expense
1,504
279
(c) Deferred Tax
The deferred tax (liability) included in the consolidated statement of
financial position is as follows:
Accelerated capital allowances
Income not yet taxable
Share-based payment scheme
Other temporary differences
Total
£000
£000
£000
£000
£000
As at 1 October 2013
37
(2,297)
763
(155)
(1,652)
Charge to equity
-
-
-
(13)
(13)
Exchange differences on consolidation
-
163
-
-
163
Credit/(charge) to the income statement
12
(369)
(253)
415
(195)
As at 30 September 2014
49
(2,503)
510
247
(1,697)
Credit/(charge) to equity
-
-
-
39
39
Exchange differences on consolidation
-
124
-
-
124
Credit/(charge) to the income statement
(8)
(557)
74
(212)
(703)
As at 30 September 2015
41
(2,936)
584
74
(2,237)
Reductions in the UK corporation tax rate from 23% to 21% (effective from 1
April 2014) and 20% (effective from 1 April 2015) were substantively enacted
on 2 July 2013. Further reductions to 19% (effective from 1 April 2017) and to
18% (effective 1 April 2020) were substantively enacted on 26 October 2015.
This will reduce the Company's future current tax charge accordingly and
reduce the deferred tax asset/liability at 30 September 2015 (which has been
calculated based on the rate of 20% substantively enacted at the statement of
financial position date) by £228,000.
7. EARNINGS PER SHARE
Basic earnings per share ("EPS") is calculated by dividing the profit for the year attributable to ordinary equity holder of the parent by the weighted average number of ordinary shares outstanding during the year, less the weighted average number of own shares held. Own shares are held in Employee Benefit Trusts.
Diluted EPS includes an adjustment to reflect the dilutive impact of option awards and restricted share plan awards.
Earnings for the year Shares Earnings per share
£000 '000
2015
Basic 3,633 115,133 3.16p
Diluted 3,633 115,909 3.13p
2014
Basic 3,256 117,314 2.78p
Diluted 3,256 117,773 2.76p
The weighted average number of shares is calculated as shown in the table below:
2015 2014
'000 '000
Issued share capital 127,749 127,749
Less Own shares held (12,616) (10,435)
Weighted average number of ordinary shares used in the calculation of basic EPS 115,133 117,314
Additional dilutive shares re share schemes 10,090 5,350
Adjustment to reflect option exercise proceeds and future service from employees receiving awards (9,314) (4,891)
Weighted average number of Ordinary Shares used in the calculation of diluted earnings per share 115,909 117,773
The basic and diluted earnings per shares includes vested LTIP option shares on the basis that these have an inconsequential exercise price (1p or 0p).
In the prior years an adjusted earnings and earnings per share was shown. These have not been shown as they are not materially different from IFRS earnings per share.
8. DIVIDENDS
Dividends are recognised as a reduction in equity in the period in which they are paid or in the case of final dividends when they are approved by shareholders. The reduction in equity in the year therefore comprises the prior year final dividend and the current year interim dividend.
Dividends declared/proposed in respect of the year
2015 2014
pence pence
Interim dividend declared per share 0.4 0.3
Special dividend proposed per share 0.5 -
Final dividend proposed per share 1.2 1.1
Total 2.1 1.4
The proposed final dividend of 1.2p and the special dividend will be submitted for formal approval at the Annual General Meeting to be held on 3 March 2016. Based on the number of shares in issue at the year end and excluding Own shares held the total amount payable would be £1,927,000.
Dividends paid in the year
2015 2014
£000 £000
Prior year final dividend - 1.1p, 0.9p 1,231 1,004
Interim dividend - 0.4p, 0.3p 445 334
1,676 1,338
9. CURRENT ASSET INVESTMENTS
The Group makes seed investments into its own Listed Equity funds and
also invests in its Private Equity funds. Where the funds are
consolidated the underlying investments are shown in the table below as
part of Listed Investments. Investments made in unconsolidated funds are
shown as part of Unlisted investments. Details of the actual investments
made are provided below the table.
Unlisted investments Listed investments Total
£000 £000 £000
At 1 October 2013 6,624 2,712 9,336
Additions 638 5,263 5,901
Fair value movements (261) 88 (173)
Repayments/disposals (1,809) (1,553) (3,362)
Foreign Exchange - (62) (62)
At 30 September 2014 5,192 6,448 11,640
Additions 124 5,092 5,216
Fair value movements 606 210 816
Repayments/disposals (2,593) (7,841) (10,434)
Foreign Exchange - 181 181
At 30 September 2015 3,329 4,090 7,419
Listed investments
Impax Global Equity Opportunities Fund (consolidated)
On 23 December 2014 the Group launched the Impax Global Equity
Opportunities fund ("IGEO") and invested from its own resources
£2,000,000 in the fund. IGEO invests in listed equities using the
Group's Global Equity Strategy. The Group's investment represented more
than 50 per cent of IGEO's Net Asset Value ("NAV") from the date of
launch to 30 September 2015 and the fund has been consolidated throughout
this period.
Impax Food and Agriculture Fund (consolidated)
On 1 December 2012 the Group launched the Impax Food and Agriculture Fund
("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
per cent of the IFAF's NAV from the date of launch to 30 September 2015
and has been consolidated throughout this period with its underlying
investments included in listed equities in the table above.
Impax Fundamental Long-Term Opportunities in Water Fund (consolidated)
On 31 January 2014 the Group launched the Impax Fundamental Long-Term
Opportunities in Water Fund LP ("IFLOW") and invested, from its own
resources $5,000,000 (£3,016,000) into the fund. IFLOW invested in listed
equities using the Group's Water Strategy. During year ended 30
September 2015 the Group and third-party investors redeemed all of their
investments in the fund. The Group's investment represented more than
50 per cent of IFLOW's NAV from the date of launch to the date of the
last redemption and has been consolidated throughout this period with its
underlying investments included in listed equities in the table above.
Impax Global Resource Optimization Fund ("IGRO") (not consolidated)
In December 2011 the Group launched the Impax Green Markets Fund LP and
invested, from its cash reserves, $5,000,000 into the fund. The Fund's
name was subsequently changed to the Impax Global Resource Optimization
Fund ("IGRO"). IGRO invests in listed equities using the Group's
Environmental Specialists Strategy. In prior years the Group redeemed
$3,000,000 of its investment and in the current year a further $3,894,000
to exit the fund fully. The Group's share of the NAV of the fund was
such that consolidation was not required throughout the period covered by
this report.
Unlisted investments
Private equity funds (not consolidated)
The Group has invested in its private equity funds, Impax New Energy
Investors LP and Impax New Energy Investors II LP ("INEI" and "INEI II").
The investments represent 3.76% and 1.14% respectively of these funds.
The fair value of the investments in INEI II is calculated using either
the discounted cash flow method, the cost of investment or agreed sale
prices. The key assumptions for the discounted cash flow valuations of
the investments, which consists mainly of investments in wind farms, is
the discount rate. The discount rate was determined by reference to
market transactions for equivalent assets. A rise of 1 per cent in the
discount rate applied to cash flows would result in a decrease in profit
before taxation and net assets of £10,000. A 1 per cent reduction in the
discount rate would result in a corresponding increase of £11,000 in
profit before taxation and net assets.
The INEI I investment, which is recorded at a fair value of £637,000,
consists mainly of investments in Spanish solar farms (accounting for 78
per cent of the partnership's valuation) which are reliant on tariff
subsidies. The fair value of this investment was determined using a
discounted cash flow approach, or agreed sale prices. 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. The partnership is still in negotiations with the
relevant banks to restructure the loans and is also in the process of
pursuing a claim for compensation from the Spanish government. In the
event that the banks take possession of the assets and the claims for
compensation are unsuccessful the investment would be impaired by
£426,000.
The unlisted investments include £2,941,000 in related parties of the
Group (2014: £4,830,000)
10. CASH AND CASH EQUIVALENTS AND CASH INVESTED IN MONEY MARKET FUNDS AND
LONG-TERM DEPOSITS
Cash and cash equivalents under IFRS does not include deposits in money market
funds and cash held in deposits with more than an original maturity of three
months. The Group however considers its total cash reserves to include these
amounts. Cash held by consolidated funds is not available to the Group so is
not included in cash reserves. A reconciliation is shown below:
2015
2014
£000
£000
Cash and cash equivalents
2,364
6,634
Cash invested in money market funds and long-term deposit accounts
17,153
10,615
Less cash and cash equivalents held by consolidated funds
(193)
(74)
Cash reserves
19,324
17,175
11. ORDINARY SHARES
2015
2014
Issued and fully paid
£000
£000
127,749,098 ordinary shares of 1p each
1,277
1,277
12. OWN SHARES Own shares Own shares Number £000 At 1 October 2013 20,239,769 6,331 Satisfaction of Option exercises (5,310,940) (1,806) EBT 2012 purchases 1,263,791 619 At 30 September 2014 16,192,620 5,144 Satisfaction of Option exercises (145,455) (511) EBT 2012 purchases 2,245,455 1,158 At 30 September 2015 18,292,620 5,791
12. OWN SHARES
Own shares
Own shares
Number
£000
At 1 October 2013
20,239,769
6,331
Satisfaction of Option exercises
(5,310,940)
(1,806)
EBT 2012 purchases
1,263,791
619
At 30 September 2014
16,192,620
5,144
Satisfaction of Option exercises
(145,455)
(511)
EBT 2012 purchases
2,245,455
1,158
At 30 September 2015
18,292,620
5,791
13. ACCOUNTING POLICIES BASIS OF PREPARATION These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs") adopted for use by the European Union ("EU").
The Directors have, at the time of approving the financial statements, a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and have concluded that it is appropriate to adopt the going concern basis in preparing the financial statements of the Group.
The financial statements have been prepared under the historical cost convention, with the exception of the revaluation of certain investments and derivatives being measured at fair value.
The financial statements are presented in sterling. All amounts have been rounded to the nearest thousand unless otherwise indicated.
13. ACCOUNTING POLICIES
BASIS OF PREPARATION
These financial statements have been prepared in accordance with International
Financial Reporting Standards ("IFRSs") adopted for use by the European Union
("EU").
The Directors have, at the time of approving the financial statements, a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future and have concluded that it is
appropriate to adopt the going concern basis in preparing the financial
statements of the Group.
The financial statements have been prepared under the historical cost
convention, with the exception of the revaluation of certain investments and
derivatives being measured at fair value.
The financial statements are presented in sterling. All amounts have been
rounded to the nearest thousand unless otherwise indicated.
This information is provided by RNS
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