International Public Partnership Ld Full Year -34-
March 26 2015 - 3:01AM
UK Regulatory
(1) Weighted average discount rate on risk capital only (equity
and subordinated debt).
Reconciliation of Level 3 fair value measurements of GBP'000s
financial assets:
======================================================= =============
Balance at 1 January 2014 844,382
Additional investments during the year 188,228
Net repayments during the year (11,628)
Investments disposed of during the year (20,228)
Net change in fair value of investments at fair value
through profit or loss 32,187
======================================================= =============
Balance at 31 December 2014 1,032,941
======================================================= =============
13. Financial Instruments continued
13.5 Sensitivity analysis
The valuation requires management to make certain assumptions in
relation to unobservable inputs to the model, the significant
assumptions along with sensitivity analysis are provided below:
Significant assumptions Weighted average Sensitivity Change in Sensitivity Change in
rate applied factor fair value factor fair value
in base case of investment of investment
valuations GBP'000 GBP'000
------------------------ ---------------- ------------ -------------- ------------ --------------
Discount rate 7.48% + 1.00% (91,756) - 1.00% 107,077
======================== ================ ============ ============== ============ ==============
Inflation rate
(overall) 2.55% + 1.00% 87,136 - 1.00% (76,039)
UK 2.75% + 1.00% 40,111 - 1.00% (37,599)
Europe 2.00% + 1.00% 34,838 - 1.00% (28,664)
North America 2.00% + 1.00% 1,176 - 1.00% (1,032)
Australia 2.50% + 1.00% 11,011 - 1.00% (8,745)
======================== ================ ============ ============== ============ ==============
FX rate n/a + 10.00% 38,106 - 10.00% (31,180)
======================== ================ ============ ============== ============ ==============
Tax rate 23.39% + 1.00% (7,112) - 1.00% 7,878
------------------------ ---------------- ------------ -------------- ------------ --------------
Deposit rate 3.47% + 1.00% 13,774 - 1.00% (12,726)
------------------------ ---------------- ------------ -------------- ------------ --------------
14. Investment Acquisitions
2014
Consideration % Equity
GBP'000s stake post
Date of acquisition Description acquisition
===================== ============================================ ============== =============
The Group acquired an additional 48%
31 January interest in the Kent BSF education
2014 project 7,200 58%
The Group acquired 10% of the share
15 January capital in Inspiredspaces Wolverhampton
2014 (Project Co 2) Ltd. 453 10%
The Group acquired a controlling interest
in the new office building of the Federal
27 January German Ministry of Education and Research
2014 in Berlin (BMBF) 9,687 97%
The Group acquired an additional 72%
27 June 2014 interest in BSF Nottingham phase 2 2,777 82%
The Group acquired 100% of the equity
4 November in the Lincs offshore transmission
2014 project 168,111 100%
===================== ============================================ ============== =============
Total capital spend on new acquisitions during
the year 188,228
=================================================================== ============== =============
The BMBF interests were acquired by an unconsolidated subsidiary
entity of the Group from an associate of the Investment Adviser on
27 January 2014.
2013
Consideration % Equity
GBP'000s stake post
Date of acquisition Description acquisition
===================== ================================================ ============== =============
The Group acquired the remaining 25%
interest in the Alberta Schools project
3 April 2013 in Canada 7,476 100.00%
The Group acquired an additional 39.6%
of the issued share capital of Inspiredspaces
11 April 2013 STaG (Holdings 1) Limited 1,000 90.10%
The Group acquired an additional 25%
of the share capital in Northern Diabolo
Holdings Sarl (which owns 100% of the
24 September shares in Northern Diabolo NV) from
2013 Feronia Gmbh 28,000 100.00%
===================== ================================================ ============== =============
Total capital spend on new acquisitions during
the year 36,476
======================================================================= ============== =============
15. Trade and Other Receivables
31 December 31 December
2014 2013
GBP '000s GBP'000s
=================================== =============== ================
Accrued interest receivable 13,045 8,659
Other debtors 6,484 4,361
=================================== =============== ================
Total trade and other receivables 19,529 13,020
=================================== =============== ================
Other debtors included GBP4.9 million (2013: GBP3.7 million) of
receivables from unconsolidated subsidiary entities for surrender
of Group tax losses.
16. Trade and Other Payables
31 December 31 December
2014 2013
GBP '000s GBP '000s
================================ =============== ===============
Accrued management fee 5,980 5,446
Other creditors and accruals 434 838
================================ =============== ===============
Total trade and other payables 6,414 6,284
================================ =============== ===============
17. Share Capital and Reserves
31 December 31 December
2014 2013
shares shares
Share capital '000s '000s
==================================================== =========== ===========
In issue 1 January 760,642 711,582
Issued for cash 70,370 37,258
Issued as a scrip dividend alternative 5,147 6,791
Issued to the Investment Adviser as part settlement
of an incentive fee - 5,011
===================================================== =========== ===========
In issue at 31 December - fully paid 836,159 760,642
===================================================== =========== ===========
31 December 31 December
2014 2013
GBP'000s GBP'000s
================================================= =========== ===========
Opening balance 524,393 463,054
================================================== =========== ===========
Issued for cash (excluding issue costs) 95,000 46,495
Issued as a scrip dividend alternative 6,688 8,675
Issued to the Investment Adviser as an incentive
fee alternative - 6,584
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