REG - Impax Asset Mngmnt - Interim Results <Origin Href="QuoteRef">IPX.L</Origin> - Part 2
15/07/2015 18:14
- Part 2: For the preceding part double click ID:nRSS5699Na
(1,936) (2,916) (5,263)
Sale of investments held by consolidated funds 524 17 1,553
Purchase of investments (38) (473) (638)
Purchase of intangible assets (7) (5) (28)
Purchase of property, plant and equipment (38) (9) (33)
Net cash used by investment activities (1,094) (2,870) (3,637)
Financing activities:
Dividends paid 8 (1,231) (1,004) (1,338)
Impax shares acquired by EBT 2012 (864) - (619)
Cash received on exercise of Impax share options - 38 47
(Redemptions)/Investments by third parties from/into consolidated funds (466) (38) 2,257
(Increase)/decrease in cash held in money market funds and long-term deposit accounts (8) 4,264 554
Net cash (used by)/generated from financing activities (2,569) 3,260 901
Net (decrease)/increase in cash and cash equivalents (4,811) 491 2,954
Cash and cash equivalents at the beginning of the period 6,634 3,680 3,680
Effect of foreign exchange rate changes 3 3 -
Cash and cash equivalents at the end of the period 11 1,826 4,174 6,634
Impax Asset Management Group plcNotes to the Condensed Consolidated Interim Financial StatementsFor the Six Months Ended 31 March 2015
1 Basis of
preparation
This interim report
is unaudited and
does not constitute
statutory accounts
within the meaning
of Section 435 of
the Companies Act
2006. These
condensed
consolidated
interim financial
statements have
been prepared in
accordance with IAS
34 "Interim
Financial
Reporting" as
adopted by the EU
and the AIM rules.
They do not include
all of the
information
required for full
annual financial
statements, and
should be read in
conjunction with
the consolidated
financial
statements of the
Group for the year
ended 30 September
2014.
The comparative
figures for the
financial year
ended 30 September
2014 are not the
Company's statutory
accounts for that
financial year.
Those accounts,
prepared in
accordance with
IFRSs as adopted by
the EU, have been
reported on by the
Company's auditors
and delivered to
Companies House.
The report of the
auditors was (i)
unqualified, (ii)
did not include a
reference to
matters to which
the auditors drew
attention by way of
emphasis without
qualifying their
report, and (iii)
did not contain a
statement under
section 498 (2) or
(3) of the
Companies Act 2006.
Copies of these
accounts are
available upon
request from the
Company's
registered office
at Norfolk House,
31 St James's
Square, London,
SW1Y 4JR or at the
Company's website:
www.impaxam.com.
This interim report
is prepared in
accordance with
International
Accounting Standard
("IAS") 34 Interim
Financial Reporting
and the AIM rules.
The Group has
considerable
financial resources
and a broad range
of products. As a
consequence the
Directors believe
the Group is well
placed to manage it
business risks in
the context of the
current economic
outlook. The
Directors therefore
have a reasonable
expectation that
the Group has
adequate resources
to continue in
operational
existence for the
foreseeable future
and have continued
to adopt the going
concern basis in
preparing these
interim financial
statements.
With effect from 1
October 2014 the
Group has adopted
IFRS 10,
Consolidated
Financial
Statements and IFRS
12, Disclosure of
Interests in Other
Entities. The
adoption of IFRS
10, which
determines when
entities should be
consolidated and in
particular changes
the definition of
control, has not
had an impact on
these financial
statements. IFRS
12 requires certain
disclosure to be
made in respect of
the Group's
investments in the
funds it manages.
These disclosures
are not required to
be presented in
interim financial
statements and will
be presented in the
2015 Annual Report
and Accounts. With
the exception of
the adoption of
IFRS 10 and 12 the
accounting policies
applied by the
Group in these
condensed
consolidated
interim financial
statements are the
same as those
applied by the
Group in its
consolidated
financial
statements for the
year ended 30
September 2014.
2 Estimates
The preparation of
interim financial
statements requires
management to make
judgements,
estimates and
assumptions that
affect the
application of
accounting policies
and the reported
amounts of assets
and liabilities,
income and expense.
Actual results may
differ from these
estimates.
In preparing these
condensed
consolidated
interim financial
statements, the
significant
judgements made by
management in
applying the
Group's accounting
policies and the
key sources of
estimation
uncertainty were:
i) judgements and
estimates made in
the valuation of
unlisted current
asset investments
(see note 9); ii)
determining whether
managed funds
should be
consolidated; iii)
determining the
size of the charge
for National
Insurance
Contributions
payable on long
-term incentive
schemes and iv)
determining the
value of deferred
tax assets.
3 Charges related to
legacy long-term
incentive schemes
Six months ended 31 March 2015 Six months ended 31 March 2014 Year ended 30 September 2014
£'000 £'000 £'000
EIA charge 93 303 223
EIA Extension NIC 51 274 207
charge
EIA Additional 18 130 109
payments
Other long-term 162 707 539
incentive scheme
related charges
(NIC = Employers
National Insurance
Charge)
EIA NIC Charge
The Impax 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
("EIA"). The Group
is required to pay
Employer's National
Insurance Charge
("NIC") on the
value of any assets
that are
transferred out of
the Trust and has
accrued for the
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