TIDMCDI
23rd August 2017
Candover* Investments plc
Interim results for the half year ended 30th June 2017
* Net assets per share of 156p (31st December 2016: 163p) a 4.3% decrease
over the six months to 30th June 2017.
* Three realisations were announced generating proceeds of GBP18.3 million, of
which GBP16.7 million was received in the period.
* Net cash at 30th June 2017 of GBP1.7 million (31st December 2016: Net debt GBP
13.7 million) which benefitted from realisation proceeds and dividends of GBP
2 million received after the period end.
* Debt facility was fully repaid in March 2017.
* Parques investment, representing approximately 2.4% of its share capital,
now directly held and controlled by Candover.
Malcolm Fallen, Chief Executive Officer, said:
"Following a series of realisations in the first half, we have repaid our debt,
simplified our balance sheet and now have net cash. Our focus is to complete
the run-off of Candover's portfolio in the most effective way."
* Candover means Candover Investments plc and/or one or more of its
subsidiaries
For further information, please contact:
Candover Investments plc
Malcolm Fallen, CEO
+44 20 7489 9848
Business and financial review
Overview
Net assets per share decreased by 4.3% or 7p per share during the six months to
30th June 2017 to 156p (31st December 2016: 163p). The overall reduction in
NAV reflects the benefit of a small foreign currency gain offset by financing
and administration costs. The portfolio returned a small net gain, with a
realised gain on the disposal of Parques Reunidos ("Parques"), offsetting an
unrealised loss.
The positive effect of a series of realisations has seen net debt move from GBP
13.7 million at the year end to a net cash position of GBP1.7 million at 30th
June 2017.
The first half of the year has seen a high level of realisation activity.
In early January, a further partial realisation of the investment in Parques
was announced following the first partial realisation completed at the time of
the initial public offering of Parques in April 2016. This disposal saw the
Company sell 26% of its interest in Parques for cash proceeds of EUR9.9 million
(GBP8.4 million).
Candover also announced in January the realisation of its remaining investment
in Technogym S.p.A ("Technogym"). The realisation, which followed the partial
realisation completed at the time of the initial public offering of Technogym
in April 2016, generated cash proceeds of EUR9.5 million (GBP8.3 million).
The disposal of Candover's interest in Hilding Anders for EUR1.9 million (GBP1.6
million) was also executed at the end of the half year, with proceeds received
prior to the end of July.
Following the termination of the Candover 2005 and 2008 Funds at the end of the
March 2017, Arle Capital Partners Limited ("Arle") no longer acts as the
Company's investment manager. Candover is now self-managing its remaining
investments, including the 2.4% direct interest in Parques which the Company
received as a distribution in specie when the 2005 Fund terminated.
The Board has continued to look at the timing and options for the disposal of
the Parques investment, the potential distribution of value to shareholders and
reducing the cost of managing through this phase of the run-off process. We
continue to explore whether Candover's accumulated income tax losses, in any
way, constitute a future realisable asset, and expect to conclude on the review
in the coming months.
Net asset value per share
In the six months to 30th June 2017, net assets per share decreased by 4.3%
from 163p to 156p. The decrease of 7p per share comprised favourable currency
movements (3p), the impact of financing costs (5p) together with management
fees and general administration costs (5p).
Table 1
GBPm p/share
Net asset value at 31st December 2016 as reported 35.6 163
Gain on financial instruments and other income1 0.1 -
Administrative expenses (1.1) (5)
Finance costs (1.2) (5)
Currency impact:
- Unrealised investments 0.8 4
- Retranslation of cash and cash equivalents 0.2 1
- Translation of loan (0.4) (2)
Net asset value at 30th June 2017 as reported 34.0 156
1 Stated before favourable currency impact of GBP0.8 million
Portfolio update and investments
The valuation of investments at 30th June 2017 was GBP30.9 million compared to GBP
46.7 million at the start of the year. The reduction reflects the disposal of
Technogym and a further partial realisation of Parques which generated combined
cash proceeds of GBP16.7 million.
Table 2
Residual Valuation Additions Valuation Valuation Valuation Valuation
cost1 at 31st and movement movement at 30th movement
December disposals excluding attributable June 2017 pence per
Portfolio 2016 FX2 to FX2 share2
company GBPm GBPm GBPm GBPm GBPm GBPm
Parques 30.0 35.3 (1.0) (6.2)4 0.9 29.0 (24.0)
Reunidos
Technogym - 8.2 (8.2) - - - -
Expro 94.4 0.6 - (0.5) (0.1) - (3.0)
International
Hilding 24.3 1.6 - - - 1.6 -
Anders
Stork Group 5.0 0.3 - - - 0.3 -
All 153.7 46.0 (9.2) (6.7) 0.8 30.9 (27.0)
investments
Other 18.1 0.7 - (0.7) - - (3.0)
investments3
Total 171.8 46.7 (9.2) (7.4) 0.8 30.9 (30.0)
1 Residual cost is original cost less realisations to date
2 Compared to the valuation at 31st December 2016 or acquisition date, if
later
3 Represents other co-investments
4 The unrealised revaluation movement on Parques is offset by a GBP6.1 million
realised revenue gain
Over the course of the first nine months to 30th June 2017, Parques has traded
favourably. On 28th July 2017, it reported Q3 results which saw revenues grow
4% on a like-for-like basis, whilst EBITDA was up 64%.The critical summer
trading period for the business is the last quarter to 30th September, during
which approximately 60% of its annual revenues and the majority of its profits
are generated.
Hilding Anders was realised during the period, in line with the 30th June 2017
valuation, with receipt of proceeds of EUR1.9 million occurring in July 2017. The
Stork value reflects the current estimated proceeds due to Candover from a
legacy escrow arrangement related to the sale of Fokker in 2015.
Expro continues to face challenging trading conditions with earnings continuing
to fall. As a consequence, the investment was fully written down at 30th June
2017.
Valuations of the retained portfolio decreased for the period by GBP7.4 million,
before currency effects, representing a decrease of 19.7% in the value of these
investments since 31st December 2016. After including GBP0.8 million of
favourable foreign currency movements, the valuation of the retained portfolio
reduced by GBP6.6 million (17.6%).
The unrealised loss of GBP6.2 million in relation to Parques offsets the realised
revenue gain of GBP6.1 million recognised in the period. This was as a result of
the reallocation of value in the investment instruments prior to the
distribution in specie occurring.
Net cash/(debt) position
Candover's net cash was GBP1.7 million as at 30th June 2017 compared to net debt
of GBP13.7 million as at 31st December 2016. This reflects the cash inflow from
realisations of GBP16.7 million offset by the impact of interest accrued on
borrowings, operating expenses and adverse foreign currency movements in the
period.
At the end of March 2017, Candover fully repaid its remaining debt from surplus
cash balances which had increased as a result of realisations completed in the
early part of the year. After discussion with its debt provider, the
anticipated cost of repayment was reduced by EUR918,000 (GBP795,000).
Following the end of the half year, realisation proceeds and dividends
totalling GBP2 million were received.
Table 3
30th June 31st December
2017 2016
GBPm GBPm
Loans and borrowings - (34.7)
Deferred costs - (0.3)
Value of loan - (35.0)
Cash 1.7 21.3
Net cash/(debt) 1.7 (13.7)
Profit before and after tax
Net revenue profit before tax and exceptional non-recurring costs for the
period was GBP4.5 million compared to a loss of GBP3.0 million in the comparable
period.
Including capital costs of GBP0.7 million (2016: GBP2.5 million), total
administrative and finance costs in the period were GBP2.3 million (2016: GBP5.6
million). This included GBP0.2 million (2016: GBP0.6 million) of management fees
payable to Arle, linked to the value of investments managed, and GBP1.2 million
of financing costs (2016: GBP4.4 million). The reduction in financing costs
reflected the benefit of repaying the debt facility in two tranches over the
course of the last twelve months.
Board
Board changes were announced at the time of the preliminary results in February
2017 and took effect from the Annual General Meeting on 23rd May 2017.
Dividend
The Board is not recommending a dividend payment.
Outlook
Progress over the first half of the year has significantly changed the
financial position of Candover, with realisation proceeds enabling the full
repayment of our debt and leaving the Company with net cash. We are now moving
towards the final stages of the full realisation of Candover's legacy
investment portfolio, with the disposal options for Parques under review. We
continue to explore whether Candover's accumulated income tax losses, in any
way, constitute a future realisable asset, and expect to conclude on the review
in the coming months.
Principal risks and uncertainties
Details of the principal risks and uncertainties facing the Group were set out
in the Risk review on pages 5 to 7 of the 2016 Report and Accounts, a copy of
which is available on our website (www.candoverinvestments.com).
The principal risks and uncertainties identified in the 2016 Report and
Accounts, and the policies and procedures for minimising these risks and
uncertainties, remain unchanged and each of them has the potential to affect
the Group's results during the remainder of 2017. Our views on the current
market conditions are reflected in the Business and financial review.
Statement of Directors' responsibilities
The Directors of Candover Investments plc confirm that, to the best of their
knowledge, the condensed set of financial statements in this interim report
have been prepared in accordance with International Accounting Standard 34
'Interim Financial Reporting' as adopted by the EU, and give a fair view of the
assets, liabilities, financial position and profit or loss of Candover
Investments plc, and the undertakings included in the consolidation as a whole.
By order of the Board
Ipes (UK) Limited
Company Secretary
23rd August 2017
Independent review report to the members of Candover Investments plc
Introduction
We have reviewed the condensed set of financial statements in the half-yearly
financial report of Candover Investments plc for the six months ended 30 June
2017 which comprises the Group statement of comprehensive income, the Group
statement of changes in equity, the Group statement of financial position, the
Group cash flow statement, and the related explanatory notes. We have read the
other information contained in the half-yearly financial report which comprises
only the Business and financial review, the Principal risks and uncertainties
and the Statement of directors' responsibilities and considered whether it
contains any apparent misstatements or material inconsistencies with the
information in the condensed set of financial statements.
This report is made solely to the company's members, as a body, in accordance
with International Standard on Review Engagements (UK and Ireland) 2410,
'Review of Interim Financial Information performed by the Independent Auditor
of the Entity'. Our review work has been undertaken so that we might state to
the company's members those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other
than the company and the company's members as a body, for our review work, for
this report, or for the conclusion we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the Disclosure and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
As disclosed in note 2, the annual financial statements of the Group are
prepared in accordance with International Financial Reporting Standards as
adopted by the European Union. The condensed set of financial statements
included in this half-yearly financial report has been prepared in accordance
with International Accounting Standard 34, 'Interim Financial Reporting', as
adopted by the European Union.
Our responsibility
Our responsibility is to express a conclusion on the condensed set of financial
statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity'. A review of interim
financial information consists of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2017 is not prepared, in all
material respects, in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European Union and the
Disclosure and Transparency Rules of the United Kingdom's Financial Conduct
Authority.
Grant Thornton UK LLP
Statutory Auditor, Chartered Accountants
London
23rd August 2017
Group statement of comprehensive income
for the period ended 30th June 2017
GBP million Six months to 30th Six months to 30th Year to 31st December
June 2017 June 2016 2016
Revenue Capital Total Revenue Capital Total Revenue Capital Total
unaudited unaudited audited
Gain/(loss) on financial
instruments
at fair value through profit
and loss
Realised gains/(losses) 6.1 - 6.1 - (3.4) (3.4) - (3.4) (3.4)
Unrealised (losses)/gains - (5.0) (5.0) - (7.3) (7.3) (10.3) 11.4 1.1
6.1 (5.0) 1.1 - (10.7) (10.7) (10.3) 8.0 (2.3)
Revenue
Investment and other income - - - 0.1 - 0.1 0.2 - 0.2
Administrative expenses (1.0) (0.1) (1.1) (0.9) (0.3) (1.2) (1.7) (0.4) (2.1)
(Loss)/profit before finance 5.1 (5.1) - (0.8) (11.0) (11.8) (11.8) 7.6 (4.2)
costs and taxation
Finance costs (0.6) (0.6) (1.2) (2.2) (2.2) (4.4) (3.7) (3.7) (7.4)
Exchange movements on - (0.4) (0.4) - (4.7) (4.7) - (6.0) (6.0)
borrowings
Profit/(loss) before 4.5 (6.1) (1.6) (3.0) (17.9) (20.9) (15.5) (2.1) (17.6)
taxation
Taxation - - - - - - - - -
Profit/(loss) after taxation 4.5 (6.1) (1.6) (3.0) (17.9) (20.9) (15.5) (2.1) (17.6)
Total comprehensive income 4.5 (6.1) (1.6) (3.0) (17.9) (20.9) (15.5) (2.1) (17.6)
Earnings per ordinary share:
Total earnings per share 21p (28p) (7p) (13p) (82p) (95p) (70p) (10p) (80p)
- basic and diluted
The total column represents the Group statement of comprehensive income under
IFRS. The supplementary revenue and capital columns are presented for
information purposes as recommended by the Statement of Recommended Practice
issued by the Association of Investment Companies and updated in November 2014
All of the loss for the period and the total comprehensive income for the
period are attributable to the owners of the Company
No interim dividend is proposed
Group statement of changes in equity
for the period ended 30th June 2017
unaudited Called Share Other Capital Capital Revenue Total
up premium reserves reserves reserves - reserve equity
share account - unrealised
capital realised GBPm
GBPm GBPm GBPm GBPm GBPm GBPm
Balance at 1st January 2017 5.5 1.2 (0.1) 191.5 (136.1) (26.4) 35.6
Net revenue after tax - - - - - (1.6) (1.6)
Unrealised loss on financial - - - (0.6) (4.4) - (5.0)
instruments
Realised gain on financial - - - - - 6.1 6.1
instruments
Exchange movements on - - - - (0.4) - (0.4)
borrowing
Costs net of tax - - - (0.7) - - (0.7)
(Loss)/profit after tax - - - (1.3) (4.8) 4.5 (1.6)
Total comprehensive income - - - (1.3) (4.8) 4.5 (1.6)
Balance at 30th June 2017 5.5 1.2 (0.1) 190.2 (140.9) (21.9) 34.0
unaudited
Balance at 1st January 2016 5.5 1.2 (0.1) 309.9 (252.4) (10.9) 53.2
Net revenue after tax - - - - - (3.0) (3.0)
Unrealised loss on financial - - - - (7.3) - (7.3)
instruments
Realised (loss)/gain on - - - (27.9) 24.5 - (3.4)
financial instruments
Exchange movements on - - - - (4.7) - (4.7)
borrowing
Costs net of tax - - - (2.5) - - (2.5)
(Loss)/profit after tax - - - (30.4) 12.5 (3.0) (20.9)
Total comprehensive income - - - (30.4) 12.5 (3.0) (20.9)
Balance at 30th June 2016 5.5 1.2 (0.1) 279.5 (239.9) (13.9) 32.3
audited
Balance at 1st January 2016 5.5 1.2 (0.1) 309.9 (252.4) (10.9) 53.2
Net revenue after tax - - - - - (5.2) (5.2)
Unrealised loss on financial - - - - 11.4 (10.3) 1.1
instruments
Realised (loss)/gain on - - - (114.3) 110.9 - (3.4)
financial instruments
Exchange movements on - - - - (6.0) - (6.0)
borrowing
Costs net of tax - - - (4.1) - - (4.1)
(Loss)/profit after tax - - - (118.4) 116.3 (15.5) (17.6)
Total comprehensive income - - - (118.4) 116.3 (15.5) (17.6)
Balance at 31st December 2016 5.5 1.2 (0.1) 191.5 (136.1) (26.4) 35.6
Group statement of financial position
at 30th June 2017
GBP million Notes 30th June 2017 30th June 2016 31st December
unaudited unaudited 2016
audited
Non-current assets
Financial investments designated at
fair value through profit and loss
Investee companies 5 30.9 38.7 46.0
Other financial investments 5 - 0.6 0.7
30.9 39.3 46.7
Trade and other receivables - 3.2 2.4
- 3.2 49.1
Current assets
Trade and other receivables 1.7 0.1 -
Current tax asset - 0.1 -
Cash and cash equivalents 1.7 20.6 21.3
3.4 20.8 21.3
Current liabilities
Trade and other payables (0.3) (0.6) (0.1)
(0.3) (0.6) (0.1)
Net current assets 3.1 20.2 21.2
Total assets less current 34.0 62.7 70.3
liabilities
Non-current liabilities
Loans and borrowings - (30.4) (34.7)
Net assets 34.0 32.3 35.6
Equity attributable to equity
holders
Called up share capital 5.5 5.5 5.5
Share premium account 1.2 1.2 1.2
Other reserves (0.1) (0.1) (0.1)
Capital reserve - realised 190.2 279.5 191.5
Capital reserve - unrealised (140.9) (239.9) (136.1)
Revenue reserve (21.9) (13.9) (26.4)
Total equity 34.0 32.3 35.6
Net asset value per share
Basic 156p 148p 163p
Diluted 156p 148p 163p
Group cash flow statement
for the period ended 30th June 2017
GBP million Notes Six months to Six months to Year to
30th June 2017 30th June 2016 31st December
unaudited unaudited 2016
audited
Cash flows from operating activities
Cash flow from operations 4 (0.2) (0.4) (0.6)
Interest paid (9.8) (2.4) (2.4)
Net cash outflow from operating (10.0) (2.8) (3.0)
activities
Cash flows from investing activities
Sale of financial investments 16.7 30.1 30.1
Net cash inflow from investing 16.7 30.1 30.1
activities
Cash flows from financing activities
Loan facility repaid (26.5) (15.8) (15.8)
Net cash outflow from financing (26.5) (15.8) (15.8)
activities
(Decrease)/increase in cash and cash (19.8) 11.5 11.3
equivalents
Opening cash and cash equivalents 21.3 6.5 6.5
Effect of exchange rates and 0.2 2.6 3.5
revaluation on cash and cash
equivalents
Closing cash and cash equivalents 1.7 20.6 21.3
Notes to the financial statements
for the period ended 30th June 2017
Note 1 General information
Candover Investments plc is a private equity investment trust listed on the
London Stock Exchange, registered and incorporated in England and Wales. The
consolidated financial statements, which are made up to the Statement of
financial position date, incorporate the Financial statements of Candover
Investments plc and Candover Services Limited, its wholly owned subsidiary.
This condensed consolidated half-year financial information does not comprise
statutory accounts within the meaning of Section 434 of the Companies Act 2006.
Statutory accounts for the year ended 31st December 2016 were approved on 4th
April 2017. Those accounts, which contained an unqualified audit report under
Section 498 of the Companies Act 2006 and which did not make any statements
under Section 498 of the Companies Act 2006, have been delivered to the
Registrar of Companies in accordance with Section 441 of the Companies Act
2006.
Note 2 Basis of preparation
The condensed interim consolidated financial statements ("the interim financial
statements") incorporate the Financial statements for the six months ended 30th
June 2017 and are presented in Sterling which is the functional currency of the
parent company. The accounting policies and presentation used in the
preparation of this report are consistent with the consolidated financial
statements for the year ended 31st December 2016. They have been prepared in
accordance with IAS 34 'Interim Financial Reporting' (IAS 34). They do not
include all of the information required in annual financial statements in
accordance with International Financial Reporting Standards ("IFRS"), and
should be read in conjunction with the consolidated financial statements for
the year ended 31st December 2016.
Under the UK Corporate Governance Code dated September 2014 and applicable
regulations and guidance, including the FRC's 'Going Concern and Liquidity
Risk: Guidance for Directors of UK Companies 2009', the Directors are required
to satisfy themselves that it is reasonable to presume that the Company is a
going concern. Candover's business activities, together with the factors likely
to affect its future development, performance and position, are set out in the
Business and financial review on pages 2 to 5. The financial position of
Candover, its cash flows and liquidity position are described in the business
and financial review on pages 4 to 5. The Directors have a reasonable
expectation that Candover and the Group have adequate resources to continue as
a going concern for the foreseeable future. For these reasons, they continue to
adopt the going concern basis in preparing the interim financial statements as
at 30th June 2017.
Note 3 Estimates
When preparing the interim financial statements, management undertakes a number
of judgements, estimates and assumptions about recognition and measurement of
assets, liabilities, income and expenses. The actual results may differ from
the judgements, estimates and assumptions made by management, and will seldom
equal the estimated results. The judgements, estimates and assumptions applied
in the interim financial statements, including the key sources of estimation
uncertainty, were consistent with those applied in the Group's last annual
financial statements for the year ended 31st December 2016.
Note 4 Reconciliation of operating income to net cash flow from operating
activities
GBP million Six months to Six months to Year to
30th June 2017 30th June 2016 31st December
unaudited unaudited 2016
audited
Total income - 0.1 0.2
Administrative expenses (1.1) (1.2) (2.1)
Operating loss (1.1) (1.1) (1.9)
Decrease in trade and 0.7 0.3 1.4
other receivables1
Increase/(decrease) in 0.2 0.4 (0.1)
trade and other payables
Net cash outflow from (0.2) (0.4) (0.6)
operating activities
1 Includes accrued portfolio income recognised within Financial investments
shown under Non-current assets on the Group statement of financial position.
Note 5 Financial investments designated at fair value through profit and loss
GBP million Six months to Six months to Year to
30th June 2017 30th June 2016 31st December
unaudited unaudited 2016
audited
Opening valuation 46.7 82.6 82.6
Disposals at valuation (9.2) (33.6) (33.6)
Valuation movements (6.6) (9.7) (2.3)
Closing valuation 30.9 39.3 46.7
Note 6 Fair value hierarchy measurements and disclosures
IFRS 13 requires a company to classify fair value measurements using a fair
value hierarchy that reflects the significance of the inputs used in making the
measurements. The fair value hierarchy has the following levels:
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 (that is, as prices) or
indirectly (that is, derived from prices including interest rates, yield
curves, volatilities, prepayment speeds, credit risks and default rates) or
other market corroborated inputs.
Level 3 - Inputs for the asset or liability that are not based on observable
market data (that is unobservable inputs).
The table below sets out fair value hierarchy under the IFRS 7 fair value
disclosures and IFRS 13 fair value measurement:
Six months to 30th June 2017
unaudited
Group Level 1 Level 2 Level 3 Total
GBPm GBPm GBPm GBPm
Continuing equity investments 29.0 - 1.9 30.9
Cash equivalents1 - - - -
Total 29.0 - 1.9 30.9
Six months to 30th June 2016
unaudited
Group Level 1 Level 2 Level 3 Total
GBPm GBPm GBPm GBPm
Continuing equity investments - - 39.3 39.3
Cash equivalents1 - - - -
Total - - 39.3 39.3
Year to 31st December 2016
audited
Group Level 1 Level 2 Level 3 Total
GBPm GBPm GBPm GBPm
Continuing equity investments - 43.5 3.2 46.7
Cash equivalents1 - - - -
Total - 43.5 3.2 46.7
1These are short-dated listed fixed income securities and money market
instruments which meet the definition of cash and cash equivalents
There has been one transfer from Level 2 to Level 1 since the year ended 31st
December 2016. This relates to Candover's investment in Parques as Candover now
holds ordinary shares in Parques, which is listed on the Spanish stock
exchange. The valuation of Candover's interest in Parques is now based on the
quoted price of Parques as at 30th June 2017.
The valuation for Hilding Anders has changed since the year end from an
earnings multiple following the agreement to sell the portfolio company. The
valuation of Hilding Anders is currently based on the fair value of the
expected proceeds as at 30th June 2017.
Note 7 Related party transactions
The nature of the Company's interest in the Candover 2005 and 2008 Funds is
disclosed in Note 9 on page 64 of the 2016 Report and Accounts.
As at 30th June 2017, Candover's investments as a Special Limited Partner in
the Candover 2005 Fund were valued at GBPnil (31st December 2016: GBP0.5 million).
Note 8 Operating segments
Candover's operating segments are being reported based on the financial
information provided to the Chief Executive Officer of Candover. Co-investment
activity is presented on the Group statement of comprehensive income in
accordance with the Statement of Recommended Practice. Income arising from
co-investment is reported under 'revenue', and capital gains and losses within
'capital'. The Group's material non-current assets are the portfolio companies
of the co-investment segment. There have been no changes from prior periods in
measurement methods used to determine operating segments during the six month
period to 30th June 2017.
END
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