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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ksk Power Ventur Plc | LSE:KSK | London | Ordinary Share | IM00B1G29327 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
The fair values of financial assets and financial liabilities, together with the carrying amounts in the Interim condensed consolidated statement of financial position, are as follows:
Carrying amount Fair value ---------------------------------------- ---------------- --------------- September 2014 September 2014 ---------------------------------------- ---------------- --------------- Non- current financial assets Trade and other receivables 3,792 3,792 Equity securities - available-for-sale 22,860 22,860 Loans and receivables 66,195 66,195 Derivative assets 49,604 49,604 Non-current bank deposits 10,346 10,346 ---------------- --------------- Total non-current 152,797 152,797 Current financial assets Trade and other receivables 170,672 170,672 Equity securities - held for trading 128 128 Debt securities-held for trading 2,421 2,421 Derivative assets 422 422 Loans and receivables 80,253 80,253 Cash and short-term deposits 194,091 194,091 ---------------- --------------- Total current 447,987 447,987 Total 600,784 600,784 ---------------- --------------- Non- current financial liabilities Trade and other payables 51,093 51,093 Interest bearing loans and borrowings 2,576,970 2,576,970 Interest rate swaps 1,569 1,569 Option premium payable 24,620 24,620 ---------------- --------------- Total non-current 2,654,252 2,654,252 Current financial liabilities Trade and other payables 310, 997 310,997 Interest bearing loans and borrowings 536,131 536,131 Option premium payable 5,042 5,042 ---------------- --------------- Total current 852,170 852,170 Total 3,506,422 3,506,422 ---------------------------------------- ---------------- ---------------
The fair values of financial assets and financial liabilities, together with the carrying amounts in the Interim condensed company statement of financial position, are as follows:
Carrying amount Fair value --------------------------------------- ---------------- --------------- September 2014 September 2014 --------------------------------------- ---------------- --------------- Non-current financial assets Loans and receivables 5,525 5,525 Loans and receivables to subsidiaries 166,068 166,068 Total non-current 171,593 171,593 Current financial assets Loans and receivables 29 29 Cash and short-term deposits 1,358 1,358 ---------------- --------------- Total current 1,387 1,387 Total 172,980 172,980 ---------------- --------------- Current financial liabilities Trade and other payables 1,386 1,386 Interest bearing loans and borrowings 100,912 100,912 Total current 102,298 102,298 --------------------------------------- ---------------- ---------------
Fair value hierarchy
The table below analyses recurring fair value measurements for financial assets and financial liabilities. These fair value measurements are categorised in to different levels in the fair value hierarchy based on the inputs to valuation techniques used. The different levels are defined as follows.
-- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
-- Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
-- Level 3: valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).
30 September 2014 Level Level Level Total 1 2 3 ----------------------------------------- ------ ------- ------- ------- Financial assets measured at fair value Equity securities - available-for-sale 1,904 - 20,956 22,860 Equity securities - held for trading 128 - - 128 Debt securities-held for trading 2,421 - - 2,421 Derivative assets - 50,026 - 50,026 ------ ------- ------- ------- Total 4,453 50,026 20,956 75,435 ------ ------- ------- ------- Financial liabilities measured at fair value Interest rate swaps - 1,569 - 1,569 Option premium payable - 29,662 - 29,662 ------ ------- ------- ------- Total - 31,231 - 31,231 ----------------------------------------- ------ ------- ------- -------
The Group recognises transfers between levels of the fair value hierarchy as of the end of the reporting period during which the transfer has occurred. During the six-month period ended 30 September 2014, there were no movements between Level 1, Level 2 and Level 3 fair value measurements.
Reconciliation of Level 3 fair value measurements of financial assets:
30 September 2014 Available-for-sale Total Unquoted Equities ---------------------------------- ------------------- ------- Opening balance 21,439 21,439 Total gains or losses: - in income statement - - - in other comprehensive income (483) (483) Settlements - - Transfers into level 3 - - ------------------- ------- Closing balance 20,956 20,956 ---------------------------------- ------------------- -------
Total gains or losses for the period shown above, relates to available for sale securities held at the end of the reporting period.
Valuation techniques
Level 2 fair values for simple over-the-counter derivative financial instruments are based on broker quotes. Those quotes are tested for reasonableness by discounting expected future cash flows using market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments to take account of the credit risk of the Group entity and counterparty when appropriate.
Level 3 fair values for equity securities-available for sale has been determined by using Comparable Company Analyses. This is a relative valuation technique which involves comparing that company's valuation multiples to those of its peers. The multiples consider for the valuation is P/B for book value which is then adjusted for differences that are directly related to the characteristics of equity instruments being valued such as discounting factor for size and liquidity of 15%.
Level 3 fair value of the unquoted venture capital units has been determined using a discounted cash flow model. The valuation requires management to make certain assumptions about unobservable inputs to the model, of which the significant unobservable inputs are disclosed in the table below.
Average growth rate for cash flows in subsequent years
3.00%
Discount rate 11.01%
Apart from the above, forecast cash flows for first five years is a significant unobservable input. The management regularly assesses a range of reasonably possible alternatives for those significant unobservable inputs and determines their impact on the total fair value. An increase in the forecast cash flows and the growth rate for cash flows in the subsequent periods would both lead to an increase in the fair value of the equity instruments. An increase in the discount rate used to discount the forecast cash flows would lead to a decrease in the fair value of the units. The significant unobservable inputs are not interrelated. The fair value of the units is not significantly sensitive to a reasonable change in the forecast cash flows or the discount rate, however it is to a reasonable change in the growth rate.
16. Subsequent Event:
Issue of warrants by KSK Energy Ventures Limited ('KEVL')
1 Year Ksk Power Ventur Chart |
1 Month Ksk Power Ventur Chart |
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