profit/(loss) (1) 51,020 12,436 1,389 (6,211) 58,634
========================= =========== ========== ============ ============ =============
Segmental financial
position
Investments at fair
value 525,060 187,104 41,659 90,559 844,382
Current assets 97,293 - - - 97,293
========================= =========== ========== ============ ============ =============
Total assets 622,353 187,104 41,659 90,559 941,675
Total liabilities (6,284) - - - (6,284)
========================= =========== ========== ============ ============ =============
Net assets 616,069 187,104 41,659 90,559 935,391
========================= =========== ========== ============ ============ =============
(1) Reporting segment results are stated net of operational
costs including management fees.
(2) North American segment currently relates entirely to projects in Canada.
Revenue from investments which represents more than 10% of the
Group's interest and dividend income approximates GBP17.0 million
(2013: GBP18.04 million).
4. Investment Income
Accounting policy
Interest Income
Interest income is recognised when it is probable that the
economic benefits will flow to the Group and the amount of income
can be measured reliably. Interest income is accrued on a
time-apportioned basis, using the effective interest rate of the
instrument concerned as calculated at the acquisition or
origination date. Interest income is recognised gross of
withholding tax, if any.
The effective interest rate is the rate that exactly discounts
the estimated future cash payments and receipts through the
expected life of the financial instrument (or, when appropriate, a
shorter period). When calculating the effective interest rate, the
Group estimates future cash flows considering all contractual terms
of the financial instrument, but not future credit losses.
Dividend Income
Dividend income is recognised gross of withholding tax in the
Consolidated Statement of Comprehensive Income on the date the
right to receive payment is established. This is the date when the
directors of the underlying project entity approve the payment of a
dividend.
Net Gain from Financial Instruments at Fair Value through Profit
or Loss
Net gain from financial instruments at fair value through profit
or loss includes all realised and unrealised fair value changes
(including foreign exchange movements) other than interest and
dividend income recognised separately.
Year ended Year ended
31 December 31 December
2014 2013
GBP'000s GBP'000s
================================================= ============ ============
Interest income
Interest on investments 31,862 28,309
Interest on bank deposits 338 549
================================================= ============ ============
Total interest income 32,200 28,858
================================================= ============ ============
Dividend income 23,605 17,669
Net change in fair value of financial assets
at fair value through profit or loss 32,187 30,697
ReRealised gain on disposal of investments
(see note 5) 2,104 -
================================================= ============ ============
Total investment income 90,096 77,224
================================================= ============ ============
All dividend and interest income has resulted from transactions
with unconsolidated subsidiary entities. Gains on investments at
fair value through profit or loss are also recognised on the
Group's investments in unconsolidated subsidiaries.
5. Gain on Disposal of Investments
During the year, the Group disposed of a number of non-strategic
minority investments where there was no realistic scope to increase
the investment in the future. The divestments predominantly relate
to a small number of minority interests in the Group's Building
Schools for the Future (BSF) project portfolio. The aggregate gains
realised in the period are shown in the table below:
Fair value Cash received Net Realised
of investment at disposal gain on disposal
at disposal GBP'000s GBP'000s
Divestment GBP'000s
======================= =============== ============== ==================
Aggregate divestments 20,228 22,332 2,104
======================= =============== ============== ==================
No disposals were carried out by the group during the year ended
31 December 2013.
6. Other Operating expense/(income)
Year ended Year ended
31 December 31 December
2014 2013
GBP'000s GBP'000s
Fair value loss/(gain) on foreign exchange
contracts 716 (3,833)
Unrealised gain on foreign exchange movements (117) (310)
============================================== ============ ============
Total operating expense/(income) 599 (4,143)
============================================== ============ ============
7. Management Costs
Year ended Year ended
31 December 31 December
2014 2013
GBP'000s GBP'000s
======================= ============ ============
Recurring
Base fee 11,608 10,702
Non recurring
Incentive fee - 10,973
======================= ============ ============
Total management costs 11,608 21,675
======================= ============ ============
In 2013, the Investment Adviser was entitled to an additional
incentive fee. This was the final incentive fee paid following the
amendments made to the Investment Advisory Agreement and
Partnership Deed on 28 August 2013.
8. Transaction Costs
Year ended Year ended
31 December 31 December
2014 2013
GBP'000s GBP'000s
============================= ============ ============
Investment advisory costs 2,818 548
Legal and professional costs 56 48
============================= ============ ============
Total transaction costs 2,874 596
============================= ============ ============
Details of investment advisory costs paid are provided in note
19.
9. Auditor's Remuneration
Year ended Year ended
31 December 31 December
2014 2013
GBP'000s GBP'000s
============================================================== ============ ============
Fees payable to the Group's auditor for the
audit of the Group's financial statements 93 148
Fees payable to the Group's auditor and their
associates for other services to the Group
* The audit of the Group's consolidated subsidiaries 9 7
* The audit of the Group's unconsolidated subsidiaries 339 438
* Audit related assurance services 20 20
============================================================== ============ ============
Total audit fees 461 613
============================================================== ============ ============
Other fees
* Regulatory reporting 49 55
* Other services 9 18
============================================================== ============ ============
Total non-audit fees 58 73
============================================================== ============ ============
10. Finance Costs
Accounting policy
Borrowing costs are recognised in the Consolidated Statement of
Comprehensive Income in the period in which they are incurred using
the effective interest rate method. Arrangement fees are amortised
over the term of the corporate borrowing facility.
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