REG-BACIT Limited: Annual Financial Report <Origin Href="QuoteRef">BACT.L</Origin> - Part 2
05/07/2016 07:05
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Shareholders.
There is a formal process allowing the Board to scrutinise the list, and this
has been duly conducted.
The BACIT Foundation’s trustees consider carefully which charities to
include in the list, aiming to make sure both that expectations raised during
the establishment and early years of the Company are met, and that the
Company’s shareholders, when given their opportunity to allocate the
donation among charities, have an appropriate range to choose from.
Arabella Cecil, Thomas Henderson and Martin Thomas are Trustees of The BACIT
Foundation.
The charitable objects of The BACIT Foundation relate to the prevention,
treatment, cure and ultimately eradication of cancer, but also cover diseases
allied to cancer, and such other charitable objects and organisations as the
Foundation may from time to time consider desirable. The trustees have
considered a number of requests for funding that have been received. These
applications have been predominantly received from charities associated with
cancer in all of its forms, and that, too, has operated to inform the
trustees’ decision-making.
If the NAV of the Company grows, so too will the amount that is to be donated
by the Group to the charities selected by The BACIT Foundation and, over time,
the trustees intend to respond to this hoped-for growth with an increasingly
sophisticated charity selection, monitoring and impact measurement process.
Relations with Shareholders
The Net Asset Value figures are published monthly via Regulatory News Service
and are also available on the Company’s website, www.bacitltd.com. The
Directors receive regular feedback, with assistance from the Company’s
broker, from institutional shareholders, which is reported to the Board and
the Chairman. Shareholders who wish to communicate with the Board should
contact the Administrator in the first instance, whose contact details can be
found in the Management and Administration section. In addition, Board members
will be available to respond to shareholders’ questions at the Annual
General Meeting.
Nicholas
Moss
Peter Hames
4 July 2016
STATEMENT OF DIRECTORS’ RESPONSIBILITY IN RESPECT OF THE ANNUAL REPORT AND
AUDITED CONSOLIDATED FINANCIAL STATEMENTS
The Directors are responsible for preparing the Annual Report and the
Consolidated Financial Statements in accordance with applicable law and
regulations.
Company law requires the Directors to prepare Financial Statements for each
financial year. Under that law the Directors are required to prepare the group
financial statements in accordance with International Financial Reporting
Standards (“IFRS”) as adopted by the European Union.
Under company law the Directors must not approve the accounts unless they are
satisfied that they give a true and fair view of the state of affairs of the
Group and of the profit or loss of the Group for that period. In preparing
these Financial Statements, International Accounting Standard 1 requires that
Directors:
· properly select and apply accounting policies;
· present information, including accounting policies, in a manner
that provides relevant, reliable, comparable and understandable information;
· provide additional disclosures when compliance with the specific
requirements in IFRSs are insufficient to enable users to understand the
impact of particular transactions, other events and conditions on the
Group’s financial position and financial performance; and
· make an assessment of the company’s ability to continue as a
going concern.
The Directors are responsible for keeping adequate accounting records that
are sufficient to show and explain the company’s transactions and disclose
with reasonable accuracy at any time the financial position of the company and
enable them to ensure that the financial statements comply with The Companies
(Guernsey) Law, 2008. They are also responsible for safeguarding the assets
of the Group and hence for taking reasonable steps for the prevention and
detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the
corporate and financial information included on the company’s website.
Legislation in the Guernsey and the United Kingdom governing the preparation
and dissemination of financial statements may differ from legislation in other
jurisdictions.
Responsibility statement
We confirm that to the best of our knowledge,
· the financial statements have been prepared in accordance
with International Financial Reporting Standards, give a true and fair view of
the assets, liabilities, financial position and profit or loss of the Group as
a whole;
· the annual report and financial statements, taken as a
whole, are fair, balanced and understandable and provide the information
necessary for shareholders to assess the company’s performance, business
model and strategy; and
· these financial statements include information and details
in the Chairman’s Statement, the Directors’ Report, the Report of BACIT
(UK) Limited and the notes to the financial statements, which provide a fair
review of the information required by:
(a) DTR 4.1.8 of the Disclosure and Transparency Rules, being a fair review
of the Company business and a description of the principal risks and
uncertainties facing the Company; and
(b) DTR 4.1.11 of the Disclosure and Transparency Rules, being an
indication of important events that have occurred since the end of the
financial year and the likely future development of the Company.
Signed on behalf of the Board by:
Nicholas
Moss
Peter Hames
4 July 2016
DIRECTORS’ REMUNERATION REPORT
Introduction
An ordinary resolution for the approval of the annual remuneration report
will be put to the Shareholders at the Annual General Meeting to be held in
2016.
Remuneration Policy
All Directors are non-executive and a Remuneration Committee has not been
established.
The Articles of Association provide that, unless otherwise determined by
ordinary resolution, the number of the Directors shall not be less than two
and the aggregate remuneration of all Directors in any twelve month period, or
pro rata for any lesser period, shall not exceed £500,000 or such higher
amount as may be approved by ordinary resolution. Subject to this overall
limit, it is the Board’s policy to determine the level of Directors’ fees
having regard to the fees payable to non-executive directors in the industry
generally, the role that individual Directors fulfil in respect of Board and
Committee responsibilities and time committed to the Company’s affairs.
The Directors shall also be entitled to be repaid all reasonable out of
pocket expenses properly incurred by them in or with a view to the performance
of their duties or in attending meetings of the Board or of committees or
general meetings.
The Board shall have the power at any time to appoint any person to be a
Director, either to fill a casual vacancy or as an addition to the existing
Directors. There shall be no maximum number of Directors unless otherwise
determined by the Company by Ordinary Resolution. Any Director so appointed
shall hold office only until the next following Annual General Meeting and
shall then be eligible for re-election.
Remuneration
For the year ended 31 March 2016, each Director was entitled to a fee of
£20,000 per annum, except for the Chairman who was entitled to £30,000 per
annum. With effect from 1 April 2016, the Chairman is entitled to a fee of
£40,000 per annum, the Chairman of the Audit Committee is entitled to a fee
of £30,000 per annum and the other Directors are each entitled to a fee of
£25,000 per annum. Mr Tigue, Mr Henderson and Ms Cecil will continue to
waive their rights to receive their fees.
For the year to 31 March 2016, the fees for Directors were as follows:
31.03.16 31.03.15
£'000 £'000
Jeremy Tigue (Chairman) - -
Arabella Cecil* - -
Peter Hames 20 20
Thomas Henderson - -
Colin Maltby 20 20
Nicholas Moss 20 20
Jonathan Moulton** 9 20
Martin Thomas*** 19 20
88 100
* Arabella Cecil was appointed to the Board on 9 September 2015.
** Jonathan Moulton resigned from the Board on 9 September 2015.
*** Martin Thomas resigned from the Board on 18 March 2016.
Signed on behalf of the Board by:
Nicholas Moss Peter Hames
4 July 2016
REPORT OF THE AUDIT COMMITTEE
We present below the Audit Committee’s (the “Committee”) Report for the
year, setting out the Committee’s structure, duties and evaluations during
the year. As in the previous year, the Committee has reviewed the Company’s
financial reporting, the independence of the Independent Auditor and
effectiveness of the audit process and the internal control and risk
management systems of the service providers.
Structure of the Committee
The Committee’s members are Nicholas Moss (Chairman), Colin Maltby and
Peter Hames. Peter Hames was appointed to the Committee on 23 November 2015.
The chairman and the members are all independent directors.
The Committee comprises at least three members, all of whom are appointed by
the Board. Appointments to the Committee shall be for a period of up to three
full years, extendable for two further three year periods. The chairman and
the members of the Committee are all serving their third year of the first
three year term.
The Committee conducts formal meetings at least three times a year. The table
in the Composition and Independence of the Board section sets out the number
of meetings held during the year and the number of meetings attended by each
of the members. Other Directors who are not members of the Committee may also
be invited to the meetings. The Independent Auditor is invited to attend those
meetings at which the annual and interim reports as well as the planning
report are considered. The Independent Auditor and the Committee also meet
together without representatives of either the Administrator or the Investment
Manager being present if either considers this to be necessary.
Duties of the Committee
The role of the Committee includes, but is not limited to:
· monitoring the integrity of the Consolidated Financial Statements;
· reviewing the significant issues and judgements made in the
preparation of the Consolidated Financial Statements and other financial
information and reporting them to the Board;
· monitoring and reviewing the relevant internal control and risk
management systems;
· monitoring and reviewing the quality and effectiveness of the
Independent Auditor, their independence and audit process; and
· considering and making recommendations to the Board on the
appointment, reappointment, replacement and remuneration to the Company’s
Independent Auditor.
Details of the Committee’s formal duties and responsibilities are set out
in the Committee’s terms of reference, which can be obtained from the
Company’s Administrator.
Independent Auditor
The independence and objectivity of the Independent Auditor is reviewed by
the Committee which also reviews the terms under which the Independent Auditor
is appointed to perform non?audit services. The outsourcing of any non-audit
services to the Independent Auditor will require prior Committee approval
where fees for the services are in excess of £10,000.
As a general policy, the Company does not utilise the Independent Auditor for
internal audit purposes, secondments or valuation advice. Services which are
in the nature of audit such as tax compliance, tax structuring, accounting
advice, quarterly reviews and disclosure advice are normally permitted but
should be pre-approved where fees in a year are likely to be above £10,000.
The audit and non-audit fees proposed by the Independent Auditor each year
are reviewed by the Committee taking into account the Company’s structure,
operations and other requirements during the year and the Committee makes
recommendations to the Board.
The recent revisions to the UK Corporate Governance Code introduced a
recommendation that the independent audit of FTSE 350 companies be put out to
tender every ten years. The Audit Committee has noted this and will develop a
plan for tendering at the appropriate time.
Deloitte LLP (“Deloitte”) has been the Independent Auditor from the date
of the initial listing on the LSE. David Becker is the lead audit partner and
opinion signatory, and has been the lead audit partner for three financial
years. At the Group’s Annual General Meeting on 8 September 2015, Deloitte
was re-appointed.
Key evaluations during the year
As a result of the adoption of IFRS 10: Investment Entities Exemption the
Group only has one investment being the investment in the Partnership which is
being valued at the Net Asset Value of the Partnership. The following
significant issues considered during the year by the audit committee form a
key part of the valuation of the Partnership.
1. Significant Financial Statement Issues
a. Performance fee rebates
The performance and management fee rebates as well as the movement in the
fair value of the Partnership are key drivers in the Group’s revenue
recorded in the Statement of Comprehensive Income. Performance fee rebates
accrued by the Partnership are recognised in the Consolidated Statement of
Comprehensive Income under net gains on financial assets at fair value through
profit or loss. However, income is recorded only when the rights and
obligations associated with such income is transferred to the Group. Therefore
performance fee rebates are adjusted to the fair value of the investments in
the Partnership until they are crystallised. Crystallised performance fee
rebates are recognised in the Consolidated Statement of Comprehensive Income
under net gains on financial assets at fair value through profit or loss. At
the year-end, uncrystallised performance fee rebates adjustment amounted to
£100 (31 March 2015: £914,000). This issue is mitigated by the review
process of the monthly NAV calculation and the audit of the year end NAV.
b. Liquidity and Valuation of Investments
The ongoing liquidity of the Partnership’s investment portfolio has been
evaluated and included a review of both financial and relevant non-financial
information. Based on the review, the portfolio was assessed to be relatively
liquid, with the exceptions of the investment in drug development, through
BACIT Discovery Limited, and the private equity investments, which are
disclosed separately in the financial statements. The valuations of these
investments have been valued in accordance with International Private Equity
and Venture Capital (“IPEVC”) valuation guidelines. The Audit Committee
considered the valuation of these investments to be reasonable from
discussions with the Investment Manager, Custodian and Administrator.
2. Effectiveness of the External Audit
The Committee held formal and informal meetings with Deloitte during the
course of the year: 1) before the start of the annual audit to discuss formal
planning, discuss any potential issues and to agree the scope that would be
covered; 2) after the annual audit work was concluded to discuss any
significant issues; and 3) to consider and discuss the interim condensed
consolidated financial statements. The Committee performed the following in
relation to its review of the effectiveness and independence of the
Independent Auditor.
· Reviewed the audit plan presented to the Committee before the start
of the audit;
· Reviewed the audit findings report;
· Monitored changes to audit personnel;
· Discussed with both the Investment Manager and the Administrator
any feedback on the audit process;
· Reviewed and approved the terms of engagement during the year,
including review of the scope and related fees; and
· Reviewed and discussed Deloitte’s own internal procedures and
conclusion on its independence.
Further to the above, during each year, the Committee performs a specific
evaluation of the performance of the Independent Auditor. This is supported by
the results of questionnaires completed by the Committee covering areas such
as the quality of the audit team, business understanding, audit approach and
management.
There were no significant adverse findings from the evaluation this year and
the Committee is satisfied that the audit process is effective.
3. Audit Fees and Safeguards of Non-Audit Services
The table below summarises the remuneration paid by the Group to Deloitte for
audit and non-audit services provided:
31.03.16 31.03.15
Deloitte LLP £'000 £'000
Audit services
Annual Audit 54 47
Non-audit services
Interim Review 14 14
Tax Services 5 5
FATCA registration services - 1
FATCA classification services - 5
UK Corporate tax return for BACIT Discovery Limited 2 -
The annual budget for both the audit and non-audit related services was
presented to the Committee for pre-approval.
The Committee does not consider that the provision of these non-audit
services is a threat to the objectivity and independence of the audit. Where
non-audit services were performed, the fees were insignificant to the Group as
a whole and when required a separate team was utilised. Further, the Committee
has obtained Deloitte’s confirmation that the other services provided do not
prejudice its independence.
4. Internal Control
The Committee has examined the need for an internal audit function. The
Committee considered that the systems and procedures employed by the
Investment Manager and the Administrator, including any internal audit
functions, provided sufficient assurance that a sound system of internal
control, which safeguards the Company’s assets, has been maintained. An
internal audit function specific to the Company is therefore considered
unnecessary.
The Committee received an externally prepared assessment of the control
environment in place at the Administrator, who provides a Service Organisation
Control (“SOC1”) report. In addition, the Committee and the Board have
received presentations from the Investment Manager regarding its operations
and controls. No significant findings have been noted during the year.
5. Risk Management
The Audit Committee continued to consider the process for managing the risk
of the Group and its service providers. Risk management procedures for the
Group, as detailed in the Group’s risk assessment matrix, were reviewed and
approved by the Audit Committee. During the year there were no issues noted.
Conclusion and Recommendation
After reviewing various reports such as performance reports from the
Investment Manager, compliance reports from the Administrator, consulting
where necessary with Deloitte, and assessing the significant Financial
Statement issues listed above, the Committee is satisfied that the
Consolidated Financial Statements appropriately address the critical
judgements and key estimates in respect to the amounts reported and the
disclosures. The Committee is also satisfied that the significant assumptions
used for determining the value of assets and liabilities have been
appropriately scrutinised, challenged and are sufficiently robust. The
Committee further concludes that the Consolidated Financial Statements, taken
as a whole, are fair, balanced and understandable and provide the information
necessary for Shareholders to assess the Group’s performance, business model
and strategy.
The Independent Auditor reported to the Committee that no material
misstatements were found in the course of its work. Furthermore, both the
Investment Manager and the Administrator confirmed to the Committee that they
were not aware of any material misstatements including matters relating to the
presentation of the Consolidated Financial Statements. The Committee confirms
that it is satisfied that the Independent Auditor has fulfilled its
responsibilities with diligence and has acted independently on the work
undertaken on behalf of the Group. The Committee further recommended that
Deloitte be reappointed for the next financial year.
A member of the Committee attends each Annual General Meeting to respond to
any questions on matters not addressed in the foregoing.
The Committee also reviews, considers and, if thought appropriate, recommends
for the purposes of the Company’s financial statements valuations prepared
by the Investment Manager. These valuations are the most critical element in
the Company’s financial statements and the Audit Committee questions them
carefully. Most valuations are based directly on the statements received from
the underlying funds’ administrators. The Committee reviews these but also
pays particular attention to any valuations which are based on the Investment
Manager’s own valuation.
Nicholas Moss
4 July 2016
BACIT INVESTMENTS LP INCORPORATED PORTFOLIO STATEMENT
As at 31 March 2016
% of Total % of Total
Fair NAV of NAV of
Value Partnership Partnership
£'000 as at 31.03.16 as at 31.03.15
Equity Funds
Majedie UK Equity UK equities 25,430 5.4
Man GLG Pan-European Growth European high growth equities (Long bias) (Long; mandate permits Short) 8,648 1.8
Polar Capital Japan Alpha Japanese large and mid cap equities 29,950 6.4
Prosperity Russia Domestic Russian equities with a domestic focus 4,951 1.0
Russian Prosperity Russian equities 9,452 2.0
The SFP Value Realization Small and mid-cap Japanese equities 17,595 3.7
Woodford Patient Capital UK listed and unlisted growth companies 11,122 2.4
107,148 22.7 23.8
Equity Hedge Funds
Argenta Value Long/Short European equities 9,860 2.1
Maga Smaller Companies UCITS European equities (Long/Short) 23,454 5.0
Polygon European Equity Opportunity European event-driven equities (Long/Short) 27,016 5.7
Polygon Mining Junior gold miners, hedged with commodities, indices and large caps 16,290 3.4
Portland Hill Event-driven equity investments (Long/Short) 18,225 3.9
SW Mitchell Emerging European Emerging European equities (Long; mandate permits Short) 1,749 0.4
SW Mitchell European European equities (Long/Short) 21,778 4.6
Tower South African listed equities (Long/Short) 22,354 4.7
Tower GEM UCITS EM equities, primarily sub-Saharan Africa (Long/Short) 2,992 0.7
Zebedee Growth European equities (Long/Short) 11,328 2.4
155,046 32.9 30.5
Commodity Funds
Cumulus European, Australasian and US power; oil, natural gas, coal (Long/Short) 18,079 3.8
The AlphaGen Long Short Agriculture Global exchange traded agricultural commodities (Long/Short) 8,690 1.9
26,769 5.7 4.5
Fixed Income and Credit Funds
CG Portfolio Dollar US TIPs (inflation linked government bonds) 16,079 3.4
Chenavari EU Real Estate European real estate debt, through private and public transactions 2,274 0.4
Chenavari EU Regulatory Capital European corporate credit through private transactions 7,914 1.7
Chenavari Long Short Corporate Credit European corporate credit through cash and derivatives (Long/Short) 15,312 3.2
Polygon Convertible Opportunity US and European convertible arbitrage 10,483 2.2
WyeTree European Recovery European residential mortgage-backed securities 14,305 3.1
WyeTree RRETRO US subprime mortgage-backed securities 9,387 2.0
75,754 16.0 16.6
Global Macro Funds
Parity Value Discretionary global macro (Long/Short) 22,057 4.7
Seia Global Macro Discretionary global macro (Long/Short) 15,472 3.3
Sinfonietta Equities, rates, FX and commodities, with an Asian focus (Long/Short) 20,923 4.4
58,452 12.4 16.8
Other Strategies
BACIT Discovery Oncology-related drug & medtech 9,606 2.0
Bridge 140 AB Private equity, early growth investments in Northern Europe 3,928 0.8
Infracapital Partners II Private investments in European infrastructure 11,718 2.5
Permira V Private equity, mid to large cap European buyouts 11,997 2.5
37,249 7.8 3.0
Total Investments 460,418 97.5 95.2
Cash and cash equivalents 12,358 2.6
Unrealised gains on forward currency contracts 4,049 0.8
Trade and other receivables 281 0.1
Trade and other payables (4,812) (1.0)
11,876 2.5 4.8
Total Value of the Partnership 472,294 100.0 100.0
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF BACIT LIMITED
Opinion on consolidated financial statements of BACIT Limited (the “Group”) In our opinion the financial statements: · give a true and fair view of the state of the Group’s affairs as at 31 March 2016 and of the Group’s loss for the year then ended; · have been properly prepared in accordance
with International Financial Reporting Standards (IFRSs) as adopted by the European Union; and · have been prepared in accordance with the requirements of The Companies (Guernsey) Law, 2008. The financial statements comprise the
Consolidated Statement of Comprehensive Income, the Consolidated Statement of Changes in Net Assets Attributable to Holders of Ordinary Shares, the Consolidated Statement of Financial Position, the Consolidated Statement of Cash Flows and the related notes
1 to 23. The financial reporting framework that has been applied in their preparation is applicable law and IFRSs as adopted by the European Union.
Going concern and the directors’ assessment of the principal risks that would threaten the solvency or liquidity of the Group We have reviewed the directors’ statement regarding the appropriateness of the going concern basis of accounting contained within the Directors’ Report and the directors’ statement on the longer-term viability of the Group contained within the
Directors’ Report. We have nothing material to add or draw attention to in relation to: • the directors' confirmation in the Directors’ Report that they have carried out a robust assessment of the principal risks facing the Group,
including those that would threaten its business model, future performance, solvency or liquidity; • the disclosures in the Directors’ Report that describe those risks and explain how they are being managed or mitigated;
• the directors’ statement in the Directors’ Report about whether they considered it appropriate to adopt the going concern basis of accounting in preparing them and their identification of any material uncertainties to the
Group’s ability to continue to do so over a period of at least twelve months from the date of approval of the financial statements;
• the directors’ explanation in the Directors’ Report as to how they have assessed the prospects of the Group, over what period they have done so and why they consider that period to be appropriate, and their statement as to
whether they have a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment, including any related disclosures drawing attention to any necessary
qualifications or assumptions. We agreed with the directors’ adoption of the going concern basis of accounting and we did not identify any such material uncertainties. However, because not all future events or conditions can be predicted, this statement
is not a guarantee as to the Group’s ability to continue as a going concern.
Independence We are required to comply with the Financial Reporting Council’s Ethical Standards for Auditors and we confirm that we are independent of the Group and we have fulfilled our other ethical responsibilities in accordance with those standards. We also confirm we have not provided any of the prohibited non-audit services referred to in those standards.
Our assessment of risks of material misstatement The assessed risks of material misstatement described below are those that had the greatest effect on our audit strategy, the allocation of resources in the audit and directing the efforts of the engagement team.
Risk How the scope of our audit responded to the risk
Ownership and Valuation of Underlying Investments The financial assets at fair value through profit or loss recognised by the Group at year end are represented by a controlling capital interest in BACIT Investments LP Incorporated (“the LP”), which is In order to test the underlying investments as at 31 March 2016 we performed the following procedures: · Assessed the design and implementation of controls relating to the valuation and ownership of investments. This included reviewing the report prepared by the independent service auditor of the controls adopted by the LP’s Custodian and Administrator; · Verified 100% of holdings of investments at year end to independent third party confirmation by the LP’s Custodian; · Verified 100% of investment purchases and sales in the year to contract notes, in order to ensure these were recorded in the correct period; · Recalculated 100% of the realised gains and losses on investments based on proceeds received from contract notes and original cost, to gain assurance that these were accurate; · Recalculated the year end fair value of 100% of the investment portfolio using independent pricing information. For unquoted investments, prices for the purpose of subscriptions and redemptions from the funds were sought from the independent administrators of the underlying investee funds; · Reviewed the valuation methodology applied to those investments classified as Level 3 within the fair value hierarchy under IFRS 13, and challenged the Directors as to whether the assumptions used in valuing the underlying funds were a relevant and reasonable basis for calculating the fair value of those investments at year end; · Inspected the due diligence processes performed by the Investment Manager, BACIT (UK) Limited, for a sample of investments; · Inspected the latest available audited financial statements for each investment, where available, to determine whether prices reported by the investee funds’ administrators were reconciled to prices reported on the date of these audited financial statements; and · Recalculated the unrealised gains and losses on investments, based on original cost and year end fair
valued at £472.3m (2015: £479.2m) in the Consolidated Statement of Financial Position. The LP acts as the investment vehicle through which the Group holds its portfolio of investments. As described in Note 1 to the financial statements, the LP meets the value, to gain assurance that these were correct.
definition of an Investment Entity under IFRS 10 ‘Consolidated Financial Statements’ (‘IFRS 10’), and as such is held at fair value through profit or loss rather than being consolidated. The fair value of the investment portfolio of the LP at year
end is £460.4m (2015: £456.3m) and represents 97.5% (2015: 95.2%) of the fair value of the Group’s investment in the LP. Details of the investments balance are disclosed in notes 11, 17 and 18, and the accounting policies relating to them are disclosed
in note 1. The risk exists that the LP has not retained the rights and obligations of its investment portfolio, or that investment transactions have not been recognised on a trade date basis, which may result in gains and losses on investments being
materially incorrect. The risk also exists that the pricing methodology applied by the LP does not reflect the actual exit price of those investments at year end in accordance with IFRS 13 ‘Fair Value Measurement’ (‘IFRS 13’) and International
Private Equity and Venture Capital (‘IPEVC’) guidelines.
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