International Public Partnership Ld Full Year -28-
March 26 2015 - 3:01AM
UK Regulatory
All income is attributable to the equity holders of the parent.
There are no non-controlling interests within the consolidated
group.
There are no other Comprehensive Income items in the current
year (2013: nil). The profit for the year represents the Total
Comprehensive Income for the year.
Other
distributable Retained
Notes Share capital reserve earnings Total
GBP'000s GBP'000s GBP'000s GBP'000s
============================ ====== ============== ================== ============ =============
Balance at 31 December
2013 524,393 182,481 228,517 935,391
============================ ====== ============== ================== ============ =============
Total comprehensive income - - 73,211 73,211
Issue of Ordinary Shares 17 101,688 - - 101,688
Issue fees applied to new
shares 17 (792) - - (792)
Distributions in the year 17 - - (47,430) (47,430)
============================ ====== ============== ================== ============ =============
Balance at 31 December
2014 625,289 182,481 254,298 1,062,068
============================ ====== ============== ================== ============ =============
As at 31 December 2013
Other
distributable Retained
Notes Share capital reserve earnings Total
GBP'000s GBP'000s GBP'000s GBP'000s
============================ ====== ============== ================== ============ ============
Balance at 31 December
2012 463,054 182,481 215,419 860,954
Total comprehensive income - - 58,634 58,634
Issue of Ordinary Shares 17 61,754 - - 61,754
Issue fees applied to new
shares 17 (415) - - (415)
Distributions in the year 17 - - (45,536) (45,536)
============================ ====== ============== ================== ============ ============
Balance at 31 December
2013 524,393 182,481 228,517 935,391
============================ ====== ============== ================== ============ ============
31 December 31 December
2014 2013
Notes GBP'000s GBP'000s
================================== ======= =========== ===========
Non-current assets
Investments at fair value through
profit or loss 13 1,032,941 844,382
================================== ======= =========== ===========
Total non-current assets 1,032,941 844,382
================================== ======= =========== ===========
Current assets
Trade and other receivables 15 19,529 13,020
Cash and cash equivalents 13 29,391 80,609
Derivative financial instruments 13 2,948 3,664
================================== ======= =========== ===========
Total current assets 51,868 97,293
================================== ======= =========== ===========
Total assets 1,084,809 941,675
================================== ======= =========== ===========
Current liabilities
Trade and other payables 16 6,414 6,284
================================== ======= =========== ===========
Total current liabilities 6,414 6,284
================================== ======= =========== ===========
Non-current liabilities
Bank loans 10,13 16,327 -
================================== ======= =========== ===========
Total non-current liabilities 16,327 -
================================== ======= =========== ===========
Total liabilities 22,741 6,284
================================== ======= =========== ===========
Net assets 1,062,068 935,391
================================== ======= =========== ===========
Equity
Share capital 17 625,289 524,393
Other distributable reserve 17 182,481 182,481
Retained earnings 17 254,298 228,517
================================== ======= =========== ===========
Equity attributable to equity
holders of the parent 1,062,068 935,391
================================== ======= =========== ===========
Net assets per share (pence per
share) 18 127.0 123.0
================================== ======= =========== ===========
The financial statements were approved by the Board of Directors
on 25 March 2015.
They were signed on its behalf by:
Rupert Dorey John Whittle
25 March 2015 25 March 2015
Chairman Director
Year ended Year ended
31 December 31 December
2014 2013
Notes GBP'000s GBP'000s
=================================================== ========== ============= =============
Profit from operations 73,211 58,634
Adjusted for:
Gain on investments at fair value through
profit or loss 4 (32,187) (30,697)
Unrealised exchange (loss)/gain (528) 45
Share settled performance fee 19 - 6,584
Finance costs 10 2,668 1,390
Net income tax credit 11 (2,042) (2,551)
Fair value movement on derivative financial
instruments 13 716 (3,950)
Realised gain on disposal of investments 5 (2,104) -
Working capital adjustments
Increase in receivables (5,830) (564)
Increase /(decrease) in payables 80 (257)
=================================================== ========== ============= =============
33,984 28,634
Income tax received(1) 1,033 1,049
=================================================== ========== ============= =============
Net cash inflow from operations 35,017 29,683
=================================================== ========== ============= =============
Investing Activities
Acquisition of investments at fair value
through profit or loss 14 (188,228) (36,476)
Net repayments from investments at fair
value through profit or loss 11,628 13,455
Cash received from disposal of investments 5 22,332 -
=================================================== ========== ============= =============
Net cash outflow from investing activities (154,268) (23,021)
=================================================== ========== ============= =============
Financing Activities
Proceeds from issue of shares net of issue
costs 17 94,208 46,080
Dividends paid 17 (40,742) (36,860)
Finance costs paid (1,879) (1,005)
Net loan drawdowns 10,13 16,327 -
=================================================== ========== ============= =============
Net cash provided by financing activities 67,914 8,215
=================================================== ========== ============= =============
Net (decrease)/increase in cash and cash
equivalents (51,337) 14,877
Cash and cash equivalents at beginning
of year 80,609 65,776
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