We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Conduity Capital Plc | LSE:CCAP | London | Ordinary Share | GB00BMX66220 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.975 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMCCAP
RNS Number : 2769L
Charlemagne Capital Limited
30 September 2016
Friday 30 September 2016
Charlemagne Capital Limited
Results for the six months to 30 June 2016
Financial Summary
Hot Features
Premium
As at As at
30 June 1 January
2016 2016
Assets under Management ("AuM") US$2.08bn US$1.90bn
6 months 6 months
to to
30 June 30 June
2016 2015
Net management fees US$9.0m US$10.7m
Net performance fees US$0.3m US$0.7m
Other (loss)/income (US$0.2m) US$0.4m
Operating (loss)/profit (US$1.0m) US$0.1m
(Loss)/Profit after tax and non-controlling (US$1.4m) US$2.8m
interests
Basic earnings per share for the
period (0.474c) 0.948c
Diluted earnings per share for the
period (0.473c) 0.935c
-- Group AuM US$2.1 billion as at 30 June 2016, up 9.9% since 1 January 2016
-- Net management fees down 15.5% on the prior year period
-- Loss after tax and non-controlling interests US$1.4 million
-- Operating loss US$1.0 million compared with profit of US$0.1 million in prior year period
-- Interim dividend of 0.5 US cents per share declared and paid during the period in respect of the year ended 31 December 2015
-- The Group has declared a special interim dividend of GB 3.0 pence per share for the 6 months ended 30 June 2016 conditional on the scheme implementing the recommended cash offer for the Company to be announced on 30 September 2016 becoming effective
-- Net assets attributable to shareholders of US$20.8 million (December 2015: US$23.6 million) includes cash and cash equivalents of US$13.9 million and current asset investments of US$9.8 million.
Enquiries:
N+1 Singer - Tel. 020 7496 3000
Gillian Martin
Smithfield Consultants - Tel. 020 7360 4900
John Kiely
Ged Brumby
Financial Summary
Summary Financial Information
The results and the assets and liabilities of the Group for the current and comparative interim periods along with the last full financial year (extracted from the audited financial statements) are set out below in summary:-
Results Notes Unaudited Unaudited Audited
for the for the year to
six months six months
to to
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
-------------------------- ------ ------------ ------------ ------------
Revenue 9,104 11,751 24,793
-------------------------- ------ ------------ ------------ ------------
Operating (loss)/profit (952) 51 450
(Loss)/profit before
tax (952) 51 450
-------------------------- ------ ------------ ------------ ------------
(Loss)/profit after
exceptional tax credit (952) 3,305 3,674
Balance sheet summary
Assets and liabilities
Property and equipment 77 64 86
Current assets 28,812 35,545 38,203
-------------------------- ------ ------------ ------------ ------------
Total assets 28,889 35,609 38,289
-------------------------- ------ ------------ ------------ ------------
Total liabilities 7,634 9,345 13,316
-------------------------- ------ ------------ ------------ ------------
Net assets 21,255 26,264 24,973
-------------------------- ------ ------------ ------------ ------------
Non-Controlling Interest 427 550 1,350
-------------------------- ------ ------------ ------------ ------------
Net assets attributable
to shareholders 20,828 25,714 23,623
-------------------------- ------ ------------ ------------ ------------
Earnings per share US$ cents US$ cents US$ cents
Basic 9 (0.474c) 0.948 0.800
Diluted 9 (0.473c) 0.935 0.796
US$'000 US$'000 US$'000
Dividends 5 1,454 1,454 2,909
-------------------------- ------ ------------ ------------ ------------
Assets under Management ("AuM")
The table below sets out the Group's AuM as at 30 June 2016 and the movements experienced in each product range in the period since 1 January 2016.
1 January 30 June Movement
2016 Net subscriptions Net performance 2016 in period
AuM (US$m) (US$m) (%) (US$m) (%) AuM (US$m) (%)
--------------- ----------- ---------- -------- --------- ------- ----------- -----------
Magna 508 (45) (8.9) 30 6.2 493 (3.1)
OCCO 493 23 4.7 25 5.0 541 9.7
Institutional 805 65 8.1 85 10.1 955 18.6
Specialist 91 11 12.1 (6) (6.2) 96 5.5
--------------- ----------- ---------- -------- --------- ------- ----------- -----------
Total 1,897 54 2.8 134 7.0 2,085 9.9
--------------- ----------- ---------- -------- --------- ------- ----------- -----------
Note: Closing AuM is stated as including all subscription and redemption orders received for the relevant funds as at the close of the period but not processed until the first dealing date of the following period.
Chief Executive's Report
Emerging markets equities gained during the first half of the year with a sharp fall in the initial weeks evolving into one of the better periods for the asset class in the last few years. Having declined 6.6% to the end of February, the MSCI Emerging Markets index ended the half with an overall gain of 6.4% over the six months. However, following the significant underperformance of the asset class over the last five years - MSCI EM was down 22% between the start of 2011 and the end of 2015 compared to a gain of 44% in MSCI World during the same period - industry-wide flows, which have amounted to withdrawals of over $100bn in the previous three years, continued to be negative during the period. This suggests investor positioning is very light and risk aversion high. From July, there has been some indication that this is starting to change, with 11 consecutive weeks of inflows into the asset class.
The portfolios the Group manages on behalf of clients have continued to perform well over the period, with four of the seven strategies in our Magna fund range in the first quartile of their respective FactSet Morningstar peer rankings. MENA and Frontiers performed particularly strongly during the half. The longer term numbers remain good, with five of the seven funds in the top half. The OCCO Eastern European Fund also continues to deliver consistent numbers in what has been a tough market environment.
The Group's assets under management rose from $1.9bn to $2.1bn during the half year, mainly due to market moves and investment performance. During the six months, overall flows for the Group were positive, in contrast to the negative flows seen by the industry as a whole referred to above. The average level of AuM during the period was US$1.9 billion compared with US$2.2 billion in the prior year period. Net management fees receivable were US$9.0 million compared with US$10.0 million for the previous six months and US$10.7 million for the comparable period in 2015, reflecting the decrease in AuM during the period and a small reduction in net revenue margin. Net crystallised performance fees in the period were US$0.3 million (2015: US$0.7 million) and accruing (non crystallised) performance fees for 2016 as at 30 June were US$8.5 million, compared with US$0.9 million as at the same date in 2015. Operating loss for the six month period was US$ 0.95 million (2015: profit US$ 0.05 million) and loss attributable to shareholders was US$ 1.38 million (2015: profit US$ 2.76 million following the receipt of an exceptional tax credit of US$ 3.2 million). Loss after tax attributable to shareholders represents negative earnings per share of 0.47 US cents for the period.
Group AuM at the end of August stands at US$2.19bn due to positive market performance and net inflows during the period since June. This level of AuM is still below break-even on a recurring fee basis therefore the quantum of performance fees at year end will be the principal determinant of the level of operating loss/profit for the year as a whole. Accruing (non-crystallised) performance fees as at 31 August are US$11.4 million, US$9.1 million of which relates to OCCO and are subject to a minority interest, compared with US$ 1.5 million as at the same date in 2015. The Group has a strong balance sheet with net assets attributable to shareholders of US$20.8 million, which include cash and cash equivalents of US$13.9 million and current asset investments of US$9.8 million.
Conversations with current and potential investors in our strategies in recent months have had a different tone to them compared with twelve or eighteen months ago. Whereas the focus was previously on the stock picking within the portfolios we manage, the discussions now are as likely to include a fair amount of time on the outlook for the asset class. After a long period of underperformance, many of those prescient enough to have
been bearish in emerging markets equities are reconsidering their positions. After five years of disappointments, the second quarter was the first period for at least eight quarters in which positive earnings surprises have outnumbered negative ones. Emerging markets currencies are stable to stronger: current accounts are in a better state than two or three years ago, the increases in the US interest rates are, in our opinion, likely to be modest in nature and reasonably well spaced. The emerging markets GDP growth differential over developed economies, which has halved from over 4% to 2% in the last five years, is now starting to expand again. Finally, the Brexit vote and the upcoming elections in the US, France and Germany are a reminder that emerging markets do not have a monopoly of political risk.
The directors have declared a special interim dividend of GB3.0 pence per share for the 6 months ended 30 June 2016, conditional on the scheme implementing the recommended cash offer for the Company to be announced on 30 September 2016 becoming effective.
Jayne Sutcliffe
Chief Executive
30 September 2016
Condensed Consolidated Statement of Comprehensive Income
Expressed in United States Notes Unaudited Unaudited Audited
Dollars
Six months Six months Year to
to to
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
----------------------------------- ------ ----------- ----------- ------------
Revenue 2 9,104 11,751 24,793
Expenses
Personnel expenses (7,603) (8,574) (18,052)
Other costs (2,453) (3,126) (6,291)
----------------------------------- ------ ----------- ----------- ------------
Operating (Loss)/Profit
before tax (952) 51 450
Taxation 3 - 3,254 3,224
----------------------------------- ------ ----------- ----------- ------------
(Loss)/Profit after tax (952) 3,305 3,674
----------------------------------- ------ ----------- ----------- ------------
(Loss)/Profit after tax
attributable to
Non-Controlling interests 426 548 1,348
Owners of the Company (1,378) 2,757 2,326
(Loss)/Profit after tax (952) 3,305 3,674
----------------------------------- ------ ----------- ----------- ------------
Other Comprehensive Income
Foreign currency translation - - -
differences
----------------------------------- ------ ----------- ----------- ------------
Total Comprehensive (Loss)/Income
for the Period (952) 3,305 3,674
----------------------------------- ------ ----------- ----------- ------------
Total Comprehensive(Loss)/Income
attributable to
Non-Controlling Interest 426 548 1,348
Owners of the Company (1,378) 2,757 2,326
----------------------------------- ------ ----------- ----------- ------------
Total Comprehensive Income
for the Period (952) 3,305 3,674
----------------------------------- ------ ----------- ----------- ------------
US$ cents US$ cents US$ cents
Earnings per share
Basic 8 (0.474) 0.948 0.800
----------------------------------- ------ ----------- ----------- ------------
Diluted 8 (0.473) 0.935 0.796
----------------------------------- ------ ----------- ----------- ------------
Condensed Consolidated Statement of Financial Position
Expressed in United States Notes Unaudited Audited
Dollars
As at As at
30 June 31 December
2016 2015
US$'000 US$'000
-------------------------------- ------ ---------- ------------
Non-current assets
Property and equipment 77 86
Total non-current assets 77 86
-------------------------------- ------ ---------- ------------
Current assets
Current investments 9,822 9,560
Trade and other receivables 5 5,063 10,911
Cash and cash equivalents 13,927 17,732
-------------------------------- ------ ---------- ------------
Total current assets 28,812 38,203
-------------------------------- ------ ---------- ------------
Total assets 28,889 38,289
-------------------------------- ------ ---------- ------------
Equity
Issued share capital 7 2,909 2,909
Reserves 17,919 20,714
-------------------------------- ------ ---------- ------------
Shareholders' equity 20,828 23,623
Non-Controlling Interest 427 1,350
-------------------------------- ------ ---------- ------------
Total equity 21,255 24,973
-------------------------------- ------ ---------- ------------
Current liabilities
Trade and other payables 6 7,178 13,144
Financial liabilities at fair
value through profit and loss 456 172
Total current liabilities 7,634 13,316
-------------------------------- ------ ---------- ------------
Total equity and liabilities 28,889 38,289
-------------------------------- ------ ---------- ------------
Condensed Consolidated Statement of Changes in Equity
Share Share Retained Treasury Share Foreign Total Non-Controlling Total
Capital Premium Earnings Shares Option Currency attributable Interest Equity
Reserve Exchange to the
Reserve Owners
of the
Company
Equity US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- -------- -------- --------- --------- -------- --------- ------------- ---------------- --------
At 1 January
2016 2,909 6,520 10,791 - 103 3,300 23,623 1,350 24,973
Share based
payment
plans - - - - 37 - 37 - 37
Comprehensive
(loss) for
the period - - (1,378) - - - (1,378) 426 (952)
Dividends - - (1,454) - - - (1,454) (1,349) (2,803)
--------------- -------- -------- --------- --------- -------- --------- ------------- ---------------- --------
At 30 June
2016 2,909 6,520 7,959 - 140 3,300 20,828 427 21,255
--------------- -------- -------- --------- --------- -------- --------- ------------- ---------------- --------
Share Share Retained Treasury Share Foreign Total Non-Controlling Total
Capital Premium Earnings Shares Option Currency attributable Interest Equity
Reserve Exchange to the
Reserve Owners
of the
Company
Equity US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- -------- -------- --------- --------- -------- --------- ------------- ---------------- --------
At 1 January
2015 2,909 6,520 11,403 (16) 213 3,300 24,329 1,535 25,864
Share based
payment
plans - - (8) 4 86 - 82 - 82
Comprehensive
income for
the period - - 2,757 - - - 2,757 548 3,305
Dividends - - (1,454) - - - (1,454) (1,533) (2,987)
--------------- -------- -------- --------- --------- -------- --------- ------------- ---------------- --------
At 30 June
2015 2,909 6,520 12,698 (12) 299 3,300 25,714 550 26,264
--------------- -------- -------- --------- --------- -------- --------- ------------- ---------------- --------
Share Share Retained Treasury Share Foreign Total Non-Controlling Total
Capital Premium Earnings Shares Option Currency attributable Interest Equity
Reserve Exchange to the
Reserve Owners
of the
Company
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
--------------- -------- -------- --------- --------- -------- --------- ------------- ---------------- --------
At 1 January
2015 2,909 6,520 11,403 (16) 213 3,300 24,329 1,535 25,864
Share based
payment
plans - - (29) 16 (110) - (123) - (123)
Comprehensive
income for
the year - - 2,326 - - - 2,326 1,348 3,674
Dividends - - (2,909) - - - (2,909) (1,533) (4,442)
--------------- -------- -------- --------- --------- -------- --------- ------------- ---------------- --------
At 31 December
2015 2,909 6,520 10,791 - 103 3,300 23,623 1,350 24,973
--------------- -------- -------- --------- --------- -------- --------- ------------- ---------------- --------
Condensed Consolidated Statement of Cash Flows
Expressed in United States Notes Unaudited Unaudited Audited
Dollars
Six months Six months Year to
to to
30 June 30 June 31 December
2016 2015 2015
US$'000 US$'000 US$'000
Operating (Loss)/Profit (952) 51 450
Adjustments for:
Depreciation 18 18 38
Provision for unrealised
loss/(gain) on foreign exchange
contracts and investments 21 (206) 501
Equity settled incentive
plans 37 82 149
Other incentive plans 246 234 689
Decrease/(increase) in trade
& other receivables 5,848 2,074 (1,222)
(Decrease)/increase in trade
& other payables (6,211) (2,153) 919
Tax received - 3,214 3,319
Cash flows from operating
activities (993) 3,314 4,843
-------------------------------------------- ----------- ----------- ------------
Investing activities
Purchase of property and
equipment (9) (22) (64)
Cash flows used in investing
activities (9) (22) (64)
-------------------------------------------- ----------- ----------- ------------
Financing activities
Dividends paid to non-controlling
interest (1,349) (1,533) (1,533)
Dividends paid (1,454) (1,454) (2,909)
-------------------------------------------- ----------- ----------- ------------
Cash flows used in financing
activities (2,803) (2,987) (4,442)
-------------------------------------------- ----------- ----------- ------------
Net (decrease)/increase
in cash and cash equivalents (3,805) 305 337
Cash and cash equivalents
at the beginning of the
period 17,732 17,395 17,395
-------------------------------------------- ----------- ----------- ------------
Cash and cash equivalents
at the end of the period 13,927 17,700 17,732
-------------------------------------------- ----------- ----------- ------------
Notes to the Condensed Consolidated Interim Financial Statements
1. Basis of Preparation and Significant Accounting Policies
The condensed consolidated interim financial statements have been prepared on a condensed basis, in accordance with the requirements of International Accounting Standard 34 "Interim Financial Reporting". They do not include all of the information required in annual financial statements in accordance with IFRS and where appropriate should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2015.
The condensed consolidated interim financial statements have been prepared in accordance with the accounting policies adopted in the last annual financial statements for the year to 31 December 2015.
The condensed consolidated interim financial statements are prepared on the historical cost basis except that the following are stated at their fair value: financial instruments at fair value through profit or loss including derivative financial instruments. Recognised assets and liabilities that are hedged are stated at fair value in respect of the risk that is hedged.
2. Segment Reporting
Unaudited
Six months to
30 June 2016
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Magna OCCO Institutional Specialist Other Total
Net Management
Fees 2,098 4,128 2,339 463 - 9,028
Net Performance
Fees 45 191 15 10 - 261
Return on Investment - - - - 278 278
FX loss including
loss on Forwards (581) (581)
Other Income - - - - 118 118
-------- -------- -------------- ----------- -------- --------
Segment Revenue 2,143 4,319 2,354 473 (185) 9,104
-------- -------- -------------- ----------- -------- --------
Segment Result 1,911 2,642 2,214 440 (185) 7,022
Unallocated Expenses (7,974)
Results from Operating
Activities (952)
--------
Unaudited
Six months to
30 June 2015
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Magna OCCO Institutional Specialist Other Total
Net Management
Fees 2,936 4,503 2,789 457 - 10,685
Net Performance
Fees 104 374 56 126 - 660
Return on Investment - - - - 250 250
Other Income - - - - 156 156
-------- -------- -------------- ----------- -------- --------
Segment Revenue 3,040 4,877 2,845 583 406 11,751
-------- -------- -------------- ----------- -------- --------
Segment Result 2,664 3,210 2,678 510 406 9,468
Unallocated Expenses (9,417)
Results from Operating
Activities 51
--------
3. Taxation
Income tax expense is recognised in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year. Amounts accrued for income tax expense in one interim period may be adjusted in a subsequent period of that financial year if the estimate of the effective rate of income tax changes.
Unaudited Unaudited
Six months Six months
to to
30 June 30 June
2016 2015
US$'000 US$'000
----------------------------------- ------------ -----------
Income tax expense for the period - -
Amount recovered in respect of
prior years - (3,254)
----------------------------------- ------------ -----------
- (3,254)
------------------------------------------------ -----------
The amount recovered in respect of prior years during 2015 relates to the Charlemagne Employee Benefit Trust settlement agreement entered into with HMRC on 23 March 2015. Under the terms of the settlement agreement contributions to the trust made in previous years were allowed as a deduction from taxable income in respect of those years of assessment resulting in the amount of tax recovered shown above.
4. Dividends
Unaudited Unaudited
Six months Six months
to to
30 June 30 June
2016 2015
US$'000 US$'000
---------------------------------- ----------- -----------
Interim dividend of 0.5 US cents
(2015: 0.5 US cents) 1,454 1,454
---------------------------------- ----------- -----------
An interim dividend of 0.5 US cents (GB 0.3513p) (2015: 0.5 US cents, GB 0.3393p) per ordinary share in respect of the year ended 31 December 2015 was paid on 22 April 2016 to those shareholders on the register on 29 March 2016 and was charged to the income statement in 2016.
The Group has declared an interim dividend of 3.0 GB pence per ordinary share in respect of the half year to 30 June 2016 conditional on the scheme implementing the recommended cash offer for the Company to be announced on 30 September 2016 becoming effective.
5. Receivables
Unaudited Audited
Six months Year to
to
30 June 31 December
2016 2015
US$'000 US$'000
------------------- ----------- ------------
Trade customers 3,298 6,763
Other receivables 1,110 1,969
EBT settlements - 1,398
Prepayments 655 781
------------------- ----------- ------------
5,063 10,911
------------------- ----------- ------------
6. Accounts Payable, Accruals and Other Payables
Unaudited Audited
Six months Year to
to
30 June 31 December
2016 2015
US$'000 US$'000
--------------------------------- ----------- ------------
Accruals for performance awards 3,795 7,586
EBT settlements - 1,398
Other incentive plans 1,638 1,391
Other accruals and payables 1,745 2,769
--------------------------------- ----------- ------------
7,178 13,144
--------------------------------- ----------- ------------
7. Issued Share Capital
Shares Unaudited Audited
30 June 31 December
2016 2015
US$'000 US$'000
----------------------------------------- ------------- ---------------
Authorised
2,000,000,000 ordinary shares of
US$0.01 each 20,000 20,000
----------------------------------------- ------------- ---------------
Issued and fully paid
At beginning of period; 290,885,616
(2015: 290,885,616) ordinary shares
of US$0.01 each 2,909 2,909
At end of period; 290,885,616(2015:
290,885,616) fully paid 2,909 2,909
----------------------------------------- ------------- ---------------
As at the date of issuing the financial statements there were 290,885,616 ordinary shares of US$0.01 each issued and fully paid.
8. Earnings per Share
The calculation of basic earnings per share of the Group is based on the net loss attributable to shareholders for the six months to 30 June 2016 of US$1.378m (2015: profit of US$2.757m) and the weighted average number of shares of 290,885,616 (2015: 290,885,616) in issue during the period.
The calculation of diluted earnings per share of the Group includes the effect of those outstanding share options where specified performance conditions have been satisfied but which have not yet vested. The calculation of diluted earnings per share of the Group is based on the net loss attributable to shareholders for the six months to 30 June 2016 of US$1.378m (2015: profit of US$2.757m) and the weighted average number of shares of 291,210,725 (2015: 294,850,476) in issue during the period.
9. Share Based Incentive Plans
During the period the Group did not issue any new share based incentive programmes to its employees and none of the previously granted options vested or expired.
Equity Settled
At the beginning and end of the period there were 1,527,148 share options outstanding with a weighted average exercise price of GBP0.031.
Cash Settled
There were no cash settled awards in existence during the period.
Other incentive plans
During the year ended 31 December 2014, awards of shares in the Magna Global Emerging Markets Fund ("the Fund") were issued to certain employees subject to the vesting conditions set out below. The fair value of the awards granted is spread over the vesting period, and recognised as an expense in the accounts with a corresponding increase in liabilities. The fair value of the awards is measured by reference to the fair value of the equivalent number of shares held by the Company with the intention that they will be utilised to settle these awards as they vest.
The total number of shares subject to the award as at 30 June 2016 was 139,295.656 (2015: 156,843.762) with 100% of the shares allocated to each employee vesting upon three years' service provided that the Fund outperforms the MSCI Emerging Market Index (USD) ("the benchmark") by 1% to 2.99% per annum over the whole life of the award. If the Fund outperforms the benchmark by 3% or more, 110% of the shares subject to the award vest but if the Fund's performance is less than the benchmark plus 0.99%, then 80% of the shares subject to the award vest.
The amount charged as an expense during the 6 months to June 2016 in respect of these awards is US$245,883.
Expenses in respect of share based incentive plans
The following amounts have been charged as an expense within these financial statements:
Six months Six months
to to
30 June 30 June 2015
2016 US$
US$
--------------------------------- ----------- --------------
Equity settled incentive plans 37,652 85,741
Other incentive plans 245,883 468,283
--------------------------------- ----------- --------------
Total charged to employee costs 283,534 554,024
--------------------------------- ----------- --------------
10. Financial Instruments - Fair Values
a) Accounting Classification and Fair Values
The following table shows the carrying amounts and fair values of financial assets and financial assets and financial liabilities, including their levels in the fair value hierarchy.
30 June 2016
(unaudited) Carrying amount Fair value
------------------------------------------------- --------------------------------------
Financial
assets Designated Loans other
measured at at fair and financial Level Level Level
fair value value receivables liabilities Total 1 2 3 Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Current
investments 9,822 - - 9,822 - 9,815 7 9,822
-------- -------- -------- -------- --------
9,822 - - 9,822 - 9,815 7 9,822
------------- ----------- ------------ ------------ -------- -------- -------- -------- --------
Financial
assets
not measured
at fair
value
Trade and
other
receivable - 5,063 - 5,063
Cash and
bank
equivalents - 13,927 - 13,927
- 18,990 - 18,990
------------- ----------- ------------ ------------ --------
Financial
liabilities
measured at
fair value
Forward
exchange
contracts
used
for hedging 456 - - 456 - 456 - 456
------------- ----------- ------------ ------------ -------- -------- -------- -------- --------
456 - - 456 - 456 - 456
------------- ----------- ------------ ------------ -------- -------- -------- -------- --------
Financial
liabilities
not measured
at fair
value
Accounts
payable,
accruals
and
other
payables - - 7,178 7,178
- - 7,178 7,178
------------- ----------- ------------ ------------ --------
31 December
2015
(audited) Carrying amount Fair value
------------------------------------------------- --------------------------------------
Financial
assets Designated Loans other
measured at at fair and financial Level Level Level
fair value value receivables liabilities Total 1 2 3 Total
US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
Current
investments 9,560 - - 9,560 - 9,553 7 9,560
-------- -------- -------- --------
9,560 - - 9,560 - 9,553 7 9,560
------------- ----------- ------------ ------------ -------- -------- -------- -------- --------
Financial
assets
not measured
at fair
value
Trade and
other
receivable - 10,911 - 10,911
Cash and
bank
equivalents - 17,732 - 17,732
- 28,643 - 28,643
------------- ----------- ------------ ------------ --------
Financial
liabilities
measured at
fair value
Forward
exchange
contracts
used
for hedging 172 - - 172 - 172 - 172
------------- ----------- ------------ ------------ -------- -------- -------- -------- --------
172 - - 172 - 172 - 172
------------- ----------- ------------ ------------ -------- -------- -------- -------- --------
Financial
liabilities
not measured
at fair
value
Accounts
payable,
accruals
and
other
payables - - 13,144 13,144
- - 13,144 13,144 Carrying Fair
------------- ----------- ------------ ------------ -------- amount value
------
b) Measurement of Values
i) Valuation techniques
The valuation technique applied to level 2 financial instruments is based on the net asset value per share of the relevant investments which are published by their appointed custodian.
Level 3 financial assets consist solely of investments in a private company. The fair value of this investment is determined based on the most recent net assets of the company.
There have been no changes to the valuation techniques used during the period.
ii) Level 3 fair values
Reconciliation of Level 3 fair values
The following table shows a reconciliation from the opening balances to the closing balances for Level 3 fair values.
Equity securities
available for
sale
--------------------------------------- ------------------
Balance at 31 December 2015 7
Balance at 1 January 2016 and 30 June
2016 7
--------------------------------------- ------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR MMGFLDGDGVZG
(END) Dow Jones Newswires
September 30, 2016 02:02 ET (06:02 GMT)
1 Year Conduity Capital Chart |
1 Month Conduity Capital Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
