연간 재무 보고서
EPE 특별 기회 제한
("ESO" 또는 "회사")
Reports and Accounts for the year ended 31 January 2024
The Board of EPE Special Opportunities is pleased to announce the Company's Report and Accounts for the year ended 31 January 2024.
요약
· The macro-economic environment has continued to be complex throughout the year ended 31 January 2024, creating headwinds for the Company and its portfolio. Economic uncertainty has underpinned an adverse environment for new investments or disposals within the portfolio at acceptable pricing. As a result, the Board and Investment Advisor have prioritised positioning the portfolio to navigate turbulent market conditions, focussing on operating improvements and liquidity, alongside progressing longer term growth strategies which will allow the Company to capitalise as the trading environment begins to stabilise. The Board and Investment Advisor are encouraged by early signs of stabilisation in key indicators and are cautiously optimistic of further improvement over the coming period.
· 31년 2024월 324일 현재 회사의 주당 순자산가치("NAV")는 1펜스로 328% 감소했습니다. 31년 2023월 XNUMX일 기준 주당 NAV XNUMX펜스.
· 31년 2024월 165일 현재 회사의 주가는 3펜스로 170% 하락했습니다. 31년 2023월 XNUMX일 현재 주가는 XNUMX펜스입니다.
· In March 2024, Luceco released its results for the year ended 31 December 2023, announcing trading ahead of market expectations. The group announced sales of £209 million, with Q4 trading 9.5 per cent. ahead of the prior year. The business generated operating profit of £24 million, ahead of expectations. The business achieved strong cash generation driven by higher operating profit and improved working capital efficiency which supported further deleveraging, with net debt of 0.6x LTM EBITDA as at 31 December 2023. An excellent achievement and well below Luceco's target range of 1.0-2.0x net debt to EBITDA.
· Whittard of Chelsea("Whittard")는 국내 및 관광객의 발판 강화로 인해 영국 소매 채널의 성장이 주도하는 기간 동안 강력한 성과를 거두었으며, 크리스마스 기간 동안 런던 패딩턴 역에 새로운 팝업 스토어를 오픈하여 더욱 강화되었습니다. Whittard는 해외 진출을 위해 Rayware와 전략적 파트너십을 맺고 2023년 2024월 한국 프랜차이즈 파트너와 함께 삼성 타운에 새 매장을 오픈하는 등 국제 전략을 계속 진행해 왔습니다. 회사는 XNUMX년 XNUMX월에 두 명의 고위 인사를 임명했습니다. , 새로운 최고재무책임자(CFO) 및 최고마케팅책임자(CMO)가 포함됩니다.
· The Rayware Group ("Rayware") has experienced challenging trading conditions throughout the period. Financial performance was impacted by customer destocking, acute supply chain costs, depressed consumer confidence and well publicised inflationary cost pressures. Rayware's capital structure has therefore remained under pressure due to depressed EBITDA, interest exposure and mezzanine finance raised at acquisition. ESO invested £3.35 million in the period to reduce external debt and has a contingent guarantee of £1.75 million outstanding. More positively, in support of the international growth strategy, a new Head of US Sales and Marketing was appointed in June 2023 and a new Head of Export was appointed in February 2024.
· 데이비드 필립스(David Phillips)는 임대형 및 프로젝트 기반 사업부를 지속적으로 개발하여 전년 대비 매출 성장을 이루었습니다. 더 나은 제품 소싱, 가격 책정 및 반복 판매 채널에 대한 집중으로 수익성이 향상되었습니다. 기본 비용을 줄이기 위한 신중한 조치를 통해 효율성이 더욱 향상되었습니다.
· Pharmacy2U ("P2U") demonstrated an increased rate of organic growth in its core NHS online prescription division in the period. In October 2023, P2U announced the acquisition of LloydsDirect, the UK's second largest online pharmacy, from McKesson UK. In March 2024, the UK Competition and Markets Authority provided clearance for the transaction.
· Denzel's는 야심찬 성장 계획을 지원하기 위해 해당 기간 동안 팀과 인프라를 개발하는 동시에 전년 대비 높은 매출 성장을 달성하는 데 중점을 두었습니다. 이 회사는 웹사이트를 다시 런칭했으며 오프라인 소매 채널에서의 초기 성공을 지원하기 위해 온라인 마케팅 및 거래 활동이 크게 증가했습니다.
· In January 2024, EPIC Acquisition Corp ("EAC") announced that it will return all residual capital to third parties and wind up. A perfect storm of Ukraine, global divestment from China, economic flux from energy prices, subsequent inflation and inevitable stock market volatility made 2022 and 2023 difficult years with regards to a high conviction, high risk, capital markets product. Over the 24 month investment period, the EAC team reviewed over 250 opportunities, engaged actively with 12 targets and held over 100 investor meetings. Interesting transaction opportunities arose but could not be completed given the lack of appetite for public market transactions during the period. A disappointing end to an interesting investment product and opportunity for ESO. ESO's holding in EAC was realised at par after the year end, while the value realised from EAC Sponsor will be determined following the completion of the liquidation.
· 2023년 2023월에 회사는 Atlantic Credit Opportunities Fund의 지분 실현을 완료했고, XNUMX년 XNUMX월에는 Prelude Structured Alternatives Master Fund LP의 지분 실현을 완료했습니다. 두 가지 모두 보유 가치로 실현되었습니다.
· The Company had cash balances of £15.3 million1 as at 31 January 2024. The Board continues to focus on maintaining satisfactory liquidity during the ongoing period of market uncertainty. In July 2023, the Company exercised its right to extend the maturity of its £4.0 million unsecured loan notes to 23 July 2024. In July 2023, the Company also repurchased 7.5 million zero dividend preference ("ZDP") shares for a total consideration of £7.9 million. Following this buyback, the Company has 12.5 million ZDP shares remaining in issue, maturing in December 2026. The Company has no other third-party debt outstanding.
· As at 31 January 2024, the Company's unquoted portfolio was valued at a weighted average EBITDA to enterprise value multiple of 7.2x (excluding assets investing for growth) and the portfolio continues with a low level of third party leverage, which is commensurate with current market conditions, with net third party debt at 1.4x EBITDA in aggregate.
Mr Clive Spears, Chairman, commented: "The Company has faced a complicated operating environment in the period, but the Board and Investment Advisor have prudently managed its positioning of the portfolio and the Company with particular focus on maintaining liquidity and structural or operational support as required at company and portfolio level. The Board would like to thank Mr Wilson, who retired in September 2023, for his long period of service and express their gratitude for his dedication and support throughout his appointment to the Company over the last 20 years. The Board would like to express its gratitude to the Investment Advisor and the portfolio management teams for their diligence during another turbulent year which has been particularly demanding to ensure investee companies remain on track. The Board will continue to monitor developments and looks forward to updating shareholders at the half year."
회사를 대신하여 이 정보를 공개할 책임이 있는 사람은 Langham Hall Fund Management(Jersey) Limited의 Amanda Robinson입니다.
주1: 회사의 유동성은 회사가 단독으로 보유하고 있는 자회사가 보유하고 있는 현금을 포함하여 기재합니다. 투자자
문의 :
EPIC 투자 파트너 LLP | + 44 (0) 207 269 8865 알렉스 레슬리 |
Langham Hall Fund Management (Jersey) Limited | + 44 (0) 15 3488 5200 아만다 로빈슨 |
카듀 그룹 리미티드 | + 44 (0) 207 930 0777 리처드 슈피겔버그 |
(주)누미스증권 | + 44 (0) 207 260 1000 |
지명 고문: | 스튜어트 스키너 |
Corporate Broker: | 찰스 파콰르 |
회장 성명서
The macro-economic environment has continued to be complex throughout the year ended 31 January 2024, creating headwinds for the Company and its portfolio. Economic uncertainty has underpinned an adverse environment for new investments or disposals within the portfolio at acceptable pricing. As a result, the Board and Investment Advisor have prioritised positioning the portfolio to navigate turbulent market conditions, focussing on operating improvements and liquidity alongside progressing longer term growth strategies which will allow the Company to capitalise as the trading environment begins to stabilise. The Board and Investment Advisor are encouraged by early signs of stabilisation in key indicators and are cautiously optimistic of further improvement over the coming period.
The Net Asset Value ("NAV") per share* of the Company as at 31 January 2024 was 324 pence, representing a decrease of 1 per cent. on the NAV per share* of 328 pence as at 31 January 2023. The share price of the Company as at 31 January 2024 was 165 pence, representing a decrease of 3 per cent. on the share price of 170 pence as at 31 January 2023. The share price of the Company represents a discount* of 49% to the NAV per share of the Company as at 31 January 2024. The Company seeks to manage the discount to NAV via capital management, including ordinary share buyback programs, as well as achieving further diversification of the investment portfolio and scale in the Company.
The Company has prudently managed its positioning of the portfolio, whilst maintaining momentum within overarching strategic initiatives to drive growth;
· Luceco plc ("Luceco") released its results for the year ended 31 December 2023 announcing sales of £209 million and an operating profit of £24 million, ahead of expectations.
· The Rayware Group ("Rayware") trading was impacted by customer destocking, supply chain, consumer confidence and inflationary pressures. A new Head of US Sales and Marketing was appointed in June 2023 and Head of Export in February 2024.
· Whittard of Chelsea ("Whittard") delivered its highest revenue under EPIC ownership, with notable gains in its UK retail channel. A new CMO and CFO were appointed in January 2024.
· David Phillips has grown sales year-on-year, driven by notable gains across the build-to-rent and project-based divisions.
· Pharmacy2U ("P2U") delivered sustained growth in its core NHS online prescription division. The acquisition of LloydsDirect promises to materially increase the scale of the platform.
· Denzel's has grown sales year-on-year and built a strong foundation to support its future growth plans. In January 2024, the business appointed an experienced Chairman to the board.
· EPIC Acquisition Corp ("EAC") announced that it will return all residual capital to third parties and wind up. ESO's holding in EAC was realised at par after the year end, while the value realised from EAC Sponsor will be determined following the completion of the liquidation.
회사는 해당 기간 동안 다음과 같은 투자와 실현을 성공적으로 완료했습니다.
· In the year ended 31 January 2024, the Company, through its subsidiary ESO Investments 1 Limited, invested £3.35 million in Rayware, reducing the business' senior debt, and provided a contingent guarantee to Rayware's third party lenders with a balance of £1.75m outstanding as at 31 January 2024, following a £0.75 million drawdown in the period.
· 2023년 2023월에 회사는 Atlantic Credit Opportunities Fund의 지분 실현을 완료했고, XNUMX년 XNUMX월에는 Prelude Structured Alternatives Master Fund LP의 지분 실현을 완료했습니다. 두 가지 모두 보유 가치로 실현되었습니다.
The performance of the investment portfolio is a key driver of the Net Asset Value performance of the Company.
The Company had cash balances of £15.3 million*1 as at 31 January 2024. Maintaining liquidity has existed as a core focus for the Board, whilst the macroeconomic environment remains turbulent. In July 2023, the Company exercised its right to extend the maturity of its £4.0 million unsecured loan notes to 23 July 2024. In July 2023, the Company also repurchased 7.5 million zero dividend preference ("ZDP") shares for a total consideration of £7.9 million. Following this buyback, the Company has 12.5 million ZDP shares remaining in issue, maturing in December 2026. The Company has no other third-party debt outstanding.
The Board would like to thank Mr Wilson, who retired in September 2023, for his long period of service and express their gratitude for his dedication and support throughout his appointment to the Company over the last 20 years. The Board would like to note its appreciation of the Investment Advisor and the portfolio management teams for their efforts through a complicated period. The Board will monitor the progress of the portfolio over the coming months and looks forward to updating shareholders at the half year.
클라이브 스피어스
의장
월 27 2024
*See Alternative Performance Measures of this Report and Accounts.
[1] Company liquidity is stated inclusive of cash held in subsidiaries in which the Company is the sole investor.
투자 고문 보고서
The macroeconomic backdrop remained volatile, presenting challenges for both the Company and its portfolio. A complex global economic landscape has generated a market environment inconducive to new investments or divestments. As a result, the Board and Investment Advisor have remained focused on providing support to the portfolio and their management teams, ensuring they are well-positioned from a strategic, operational and liquidity standpoint. The Company has taken action to de-risk its capital structure and improved liquidity by electing to extend the maturity of its £4.0 million unsecured loan notes to July 2024. This supported the repurchase of 7.5 million of its ZDP shares, decreasing the redemption amount payable at maturity in December 2026.
The NAV per share* of the Company as at 31 January 2024 was 324 pence, representing a decrease of 1 per cent. on the NAV per share* of 328 pence as at 31 January 2023. The share price of the Company as at 31 January 2024 was 165 pence, representing a decrease of 3 per cent. on the share price of 170 pence as at 31 January 2023.
The Company maintains satisfactory liquidity during the ongoing period of market uncertainty. The Company had cash balances of £15.3 million*1 as at 31 January 2024, which are available to support the portfolio, meet committed obligations and deploy into attractive investment opportunities. Net third party debt* in the underlying portfolio stands at 1.4x EBITDA* 종합적으로.
The Company's unquoted private investments portfolio is valued at a weighted average enterprise value to EBITDA multiple* of 7.2x for mature assets (excluding assets investing for growth). The valuation has been derived by reference to quoted comparables, after the application of a liquidity discount to adjust for the portfolio's scale and unquoted nature. The Investment Advisor notes that the fair market value of the portfolio remains exposed to a volatile macro environment and equity market valuations.
In July 2023, the Company completed the repurchase of 7.5 million of its ZDP shares in the market (or 38 per cent. of the Company's issued ZDP share capital) at a weighted average share price of 105 pence for a total consideration of £7.9 million.
Luceco released its results for the year ended 31 December 2023 in March 2024. The business announced trading ahead of market expectations, with sales of £209 million and Q4 trading 9.5 per cent. ahead of the prior year. The business generated operating profit of £24 million, ahead of expectations. The business achieved strong cash generation driven by higher operating profit and improved working capital efficiency which supported further deleveraging, with net debt* of 0.6x LTM EBITDA* as at 31 December 2023. An excellent achievement and well below Luceco's target range of 1.0-2.0x net debt* EBITDA로*.
Rayware experienced challenging trading conditions throughout the period. Financial performance was impacted by customer destocking, acute supply chain costs, depressed consumer confidence and well publicised inflationary cost pressures. Rayware's capital structure has therefore remained 압력을 받고 due to depressed EBITDA*, interest exposure and mezzanine finance raised at acquisition. ESO invested £3.35 million in the period to reduce external debt and has a contingent guarantee of £1.75 million outstanding. More positively, in support of the international growth strategy, a new Head of US Sales and Marketing was appointed in June 2023 and a new Head of Export was appointed in February 2024.
Whittard of Chelsea delivered a strong performance in the period led by growth in its UK retail channel, due to strengthening domestic and tourist footfall, further enhanced by a new pop-up store in London Paddington station over the Christmas period. Whittard has continued to progress its international strategy, with the business entering a strategic partnership with Rayware to develop its overseas presence and with its South Korean franchise partner opening a new store in Samsung Town in April 2023. The business made two senior appointments in January 2024, including a new Chief Financial Officer and Chief Marketing Officer.
데이비드 필립스(David Phillips)는 임대형 및 프로젝트 기반 사업부를 지속적으로 개발하여 전년 대비 매출 성장을 이루었습니다. 더 나은 제품 소싱, 가격 책정 및 반복 판매 채널에 대한 집중으로 수익성이 향상되었습니다. 기본 비용을 줄이기 위한 신중한 조치를 통해 효율성이 더욱 향상되었습니다.
Pharmacy2U demonstrated an increased rate of organic growth in its core NHS online prescription division in the period. In October 2023, P2U announced the acquisition of LloydsDirect, the UK's second largest online pharmacy, from McKesson UK. In March 2024, the UK Competition and Markets Authority provided clearance for the transaction.
Denzel's has focussed on developing its team and infrastructure in the period to support its ambitious growth plans, whilst at the same time achieving strong year-on-year sales growth. The business relaunched its website and has seen a significant increase in online marketing and transactional activity to support its early successes in offline retail channels. In January 2024, the business appointed an experienced Chairman to the board.
In January 2024, EPIC Acquisition Corp announced that it will return all residual capital to third parties and wind up. A perfect storm of Ukraine, global divestment from China, economic flux from energy prices, subsequent inflation and inevitable stock market volatility made 2022 and 2023 difficult years with regards to a high conviction, high risk, capital markets product. Over the 24 month investment period, the EAC team reviewed over 250 opportunities, engaged actively with 12 targets and held over 100 investor meetings. Interesting transaction opportunities arose but could not be completed given the lack of appetite for public market transactions during the period. A disappointing end to an interesting investment product and opportunity for ESO. ESO's holding in EAC was realised at par after the year end, while the value realised from EAC Sponsor will be determined following the completion of the liquidation.
The Investment Advisor continues to monitor the Company's credit fund investments. European Capital Private Debt Fund has completed its investment period and is distributing capital to the Company. In July 2023, the Company completed the realisation of its holdings in Atlantic Credit Opportunities Fund and in August 2023 completed the realisation of its holdings in Prelude Structured Alternatives Master Fund LP, both realised at carrying value.
The Investment Advisor would like to convey its thanks to all of the management teams across the portfolio for their continued commitment during a difficult period, and to the Board and the Company's shareholders for their counsel and support.
EPIC 투자 파트너 LLP
회사 투자 고문
월 27 2024
*See Alternative Performance Measures of this Report and Accounts.
[1] Company liquidity is stated inclusive of cash held in subsidiaries in which the Company is the sole investor.
감사 및 위험위원회 보고서
The Audit and Risk Committee is chaired by David Pirouet and comprises all other Directors. Mr Pirouet was appointed as Chairman of the Committee on 28 June 2019.
The Audit and Risk Committee's main duties are:
· 중간 및 연간 재무제표, 중간제표, 발표 및 회사의 회계 정책, 법률 및 규정과 관련된 문제의 무결성을 검토하고 모니터링합니다.
· 재무보고 프로세스의 품질과 효율성에 대한 위험을 평가합니다.
· 회사의 내부 통제 시스템과 위험 관리 정책 및 절차의 효과성과 견고성을 검토합니다.
· 포트폴리오 투자의 가치 평가를 검토합니다.
· To review corporate governance compliance, including the Company's compliance with the QCA Corporate Governance Code and Disclosure Guidance and Transparency Rules ("DTR") reporting requirements;
· 감사인이 수행할 업무의 성격과 범위, 감사인의 독립성과 객관성을 검토합니다. 그리고
· 외부 감사인의 임명과 보수에 관해 이사회에 권고합니다.
The Audit and Risk Committee has a calendar which sets out its work programme for the year to ensure it covers all areas within its remit appropriately. It met four times during the period under review to carry out its responsibilities and senior representatives of the Investment Advisor attended the meetings as required by the Audit and Risk Committee. In between meetings, the Audit and Risk Committee chairman maintains ongoing dialogue with the Investment Advisor and the lead audit partner via regular calls and physical meetings.
During the past year the Audit and Risk Committee carried out an ongoing review of its own effectiveness. These concluded that the Audit and Risk Committee is satisfactorily fulfilling its terms of reference and is operating effectively. In addition, the Audit and Risk Committee undertook a review of the Company's corporate governance and compliance with the QCA Corporate Governance Code and DTR reporting requirements.
중요한 회계사항
The primary risk considered by the Audit and Risk Committee during the period under review in relation to the financial statements of the Company is the valuation of unquoted investments.
The Company's accounting policy for valuing investments is set out in notes 3i and 12. The Audit and Risk Committee examined and challenged the valuations prepared by the Investment Advisor, taking into account the latest available information on the Company's investments and the Investment Advisor's knowledge of the underlying portfolio companies through their ongoing monitoring. The Audit and Risk Committee satisfied itself that the valuation of investments had been carried out consistently with prior accounting periods, or that any change in valuation basis was appropriate, and was conducted in accordance with published industry guidelines.
The Auditors explained the results of their review of the procedures undertaken by the Investment Advisor in preparation of valuation recommendations for the Audit and Risk Committee. On the basis of their audit work, no material adjustments were identified by the Auditor.
외부 감사
The Audit and Risk Committee reviewed the audit plan and fees presented by the auditors, PricewaterhouseCoopers CI LLP ("PwC"), and considered their report on the financial statements. The fee for the audit of the annual report and financial statements of the Company (and subsidiaries) for the year ended 31 January 2024 is £81,200 (2023: £61,350).
The Audit and Risk Committee reviews the scope and nature of all proposed non-audit services before engagement, with a view to ensuring that none of these services have the potential to impair or appear to impair the independence of their audit role. The Audit and Risk Committee receives an annual assurance from the auditors that their independence is not compromised by the provision of such services, if applicable. During the period under review, the auditors provided non-audit services to the Company in relation to the Interim Review representing total fees of £26,350 (2023: £17,000).
On 22 April 2022, PwC were appointed as auditors to the Company from the 31 July 2023 Interim review and the 31 January 2023 audit. The Audit and Risk Committee regularly considers the need to put the audit out to tender, the auditors' fees and independence, alongside matters raised during each audit.
PwC, being eligible, have expressed their willingness to continue in office for the current financial year.
기타 서비스 제공 업체
The Board will review the performance and services offered by Langham Hall, as fund administrator and EPIC Administration as fund sub-administrator on an ongoing basis. EPIC Administration completed its last triennial agreed upon procedures review during the year ended 31 January 2021. The agreed upon procedures review for 2024 is currently ongoing.
리스크 관리 및 내부통제
The Company does not have an internal audit function. The Audit and Risk Committee believes this is appropriate as all of the Company's operational functions are delegated to third party service providers who have their own internal control and risk monitoring arrangements. A report on these arrangements is prepared by each third party service provider and submitted to the Audit and Risk Committee which it reviews on behalf of the Board to support the Directors' responsibility for overall internal control. The Company does not have a whistleblowing policy and procedure in place. The Company delegates this function to the Investment Advisor who is regulated by the FCA and has such policies in place. The Audit and Risk Committee has been informed by the Investment Advisor that these policies meet the industry standard and no whistleblowing took place during the year.
기업지배구조 선언문
EPE 특별 기회 이사회는 회사가 2018년 인용 기업 연합 기업 지배구조 규정("QCA 규정")을 준수하고 있음을 주주들에게 업데이트하게 된 것을 기쁘게 생각합니다.
The Company is committed to the highest standards of corporate governance, ethical practices and regulatory compliance. The Board believe that these standards are vital to generate long-term, sustainable value for the Company's shareholders. In particular the Board is concerned that the Company is governed in a manner to allow efficient and effective decision making, with robust risk management procedures.
As an investment vehicle, the Company is reliant upon its service providers for many of its operations. The Board maintains ongoing and rigorous review of these providers. Specifically the Board reviews the governance and compliance of these entities to ensure they meet the high standards of the Company.
이사회는 이러한 높은 기준을 유지하는 데 전념하고 있으며 지속적으로 회사의 지배구조를 강화하기 위해 노력할 것입니다.
The Company's compliance with the QCA Code is included in this report and on the Company's website (www.epespecialopportunities.com). The Board deems the QCA Code sufficient and any additional listing rules and DTR disclosures are covered in this Corporate Governance report. The Company will provide annual updates on changes to compliance with the QCA Code.
The Quoted Companies Alliance has announced that a revised version of the QCA Code will apply to accounting periods commencing on or after 1 April 2024. The Company will update its corporate governance disclosures to reflect the revised code in the Report and Accounts released in the relevant future accounting period.
The FCA also progresses on changing the UK Listing Rules. The key changes include creating a single segment for listed equity securities, replacing the current premium and standard distinctions and placing additional obligations on standard listed issuers, including related party transactions as well as bringing them within scope of the UK Governance Code. The Board will monitor and make an assessment of how these changes impact the Company.
The Board has reviewed the analysis below and confirms in its view that the Company has complied with the applicable requirements of the 2018 QCA Code.
클라이브 스피어스
의장
월 27 2024
이사 보고
Principal activity and incorporation
EPE Special Opportunities Limited (the "Company") was incorporated in the Isle of Man as a company limited by shares under the Laws with registered number 108834C on 25 July 2003. On 23 July 2012, the Company re-registered under the Isle of Man Companies Act 2006, with registration number 008597V. On 11 September 2018, the Company re-registered under the Bermuda Companies Act 1981, with registration number 53954. The Company's ordinary shares are quoted on AIM, a market operated by the London Stock Exchange, and the Growth Market of the Aquis Stock Exchange (formerly the NEX Exchange). The Company's Unsecured Loan Notes ("ULN") are quoted on the Aquis Stock Exchange.
The Company's Zero Dividend Preference Shares ("ZDP") are admitted to trade on the main market of the London Stock Exchange (standard listed). It was identified that the 31 January 2023 accounts did not fully include certain disclosures and requirements necessitated by the main market listing of the ZDP shares. Detailed review has been performed by management to consider obligations and reporting requirements in accordance with the Listing Rules and DTR for the standard listed segment (shares) on the London Stock Exchange. The format of the annual report has been updated to include the required disclosures.
The principal activity of the Company and its subsidiaries holding vehicles (together the "Subsidiaries") is to provide long- term return on equity for its shareholders by investing between £2m and £30m in small and medium sized companies. The Company targets growth capital and buy-out opportunities, special situations and distressed transactions, deploying capital where it believes the potential for shareholder value creation to be compelling. The Company has the flexibility to invest in public as well as private companies and is also able to invest in Special Purpose Acquisition Companies ("SPACs") and third party funds. The Company will consider most industry sectors including business services, consumer and retail, financial services and the industrials sector. The portfolio is likely to be concentrated, numbering between two and ten assets at any one time, which allows the Company to allocate the necessary resource to form genuinely engaged and supportive partnerships with management teams. This active approach facilitates the delivery of truly transformational initiatives in underlying investments during the Company's period of ownership.
The Subsidiary investment holding vehicles are not consolidated in the group's financial statements in accordance with IFRS 10. The Company also controls an employee benefit trust ("EBT") established to operate the jointly owned share plan and share based payment scheme for the Company's Directors and certain employees of the Investment Advisor. The financial statements presented in this Report and Accounts are the consolidated financial statements of the Company and the EBT subsidiary. The Company and the EBT subsidiary are collectively referred to as the "Group" hereinafter.
Head office
The Company's registered office is:
Clarendon 하우스, 2 Church Street, 해밀턴 HM11, 버뮤다.
사업장
15년 2023월 XNUMX일 이전에 회사는 다음을 통해 운영되고 통제되었습니다.
Liberation House, Castle Street, St Helier, Jersey JE1 2LH.
15년 2023월 XNUMX일 회사의 사업장이 다음과 같이 변경되었습니다.
Gaspe House, 66-72 Esplanade, St Helier, Jersey, Channel Islands, JE1 2LH.
회계연도 결과
Results for the year are set out in the Consolidated Statement of Comprehensive Income and in the Consolidated Statement of Changes in Equity.
배당
이사회는 금년도(2023년: 없음)와 관련하여 배당을 권장하지 않습니다(자세한 내용은 주석 10 참조).
기업 지배구조 원칙
Please refer to the Corporate Governance Statement of this Report & Accounts. The Directors, place a high degree of importance on ensuring that the Company maintains high standards of Corporate Governance and have therefore adopted the Quoted Companies Alliance 2018 Corporate Governance Code (the "QCA Code").
The Board holds at least four meetings annually and has established an Audit and Risk Committee. The Investment Committee was agreed to be disbanded by the Board, given that the Subsidiary investment holding vehicles have their own Boards and governance structure in place. The Subsidiary investment holding vehicles' Boards review and approve the direct investments, and as such a separate Investment Committee at the Company level is not required. The Board does not intend to establish remuneration and nomination committees given the current composition of the Board and the nature of the Company's operations. The Board reviews annually the remuneration of the Directors and agrees on the level of Directors' fees.
이사회 구성
The Board currently comprises four non-executive directors, all of whom are independent. Clive Spears is Chairman of the Board, David Pirouet is Chairman of the Audit and Risk Committee.
Nicholas Wilson stepped down from the Board on 30 September 2023.
감사 및 위험위원회
감사 및 위험 위원회는 David Pirouet(위원장) 및 기타 모든 이사로 구성됩니다. 감사 및 위험 위원회는 회사의 외부 감사인이 이사회에 보고하는 포럼을 제공합니다.
감사 및 위험 위원회는 최소한 2010년에 XNUMX번 회의를 열고, 외부 감사인의 임명과 보수를 고려하고, 감사 범위에 동의하고 그 결과를 검토하는 역할을 담당합니다. 이는 회계 및 법적 요구 사항 준수를 모니터링하고 효과적인 내부 통제 시스템이 유지되도록 보장하며 이사회 승인을 위해 제출하기 전에 회사의 연간 및 중간 재무제표를 검토하는 책임이 있습니다. 감사 및 위험 위원회는 이사회가 수시로 검토한 대로 XNUMX년 XNUMX월 회사의 AIM 재승인에 대해 구현된 확장된 위임 사항을 채택하고 준수했습니다.
이사회는 감사 및 위험 위원회에 최근 관련 재무 경험이 충분한 구성원이 포함되어 있다는 점에 만족합니다.
주요 위험 및 불확실성
The Group has a robust approach to risk management that involves ongoing risk assessments, communication with our Board of Directors and Investment Advisor, and the development and implementation of a risk management framework along with reports, policies and procedures. We continue to monitor relevant emerging risks and consider the market and macro impacts on our key risks.
위험 | 상품 설명 | 완화 |
성능 위험 | 회사의 투자 포트폴리오가 시장보다 저조한 경우 회사는 시장 및 동종 벤치마크 대비 저조한 성과를 낼 수 있습니다. | The Board independently reviews any investment recommendation made by the Investment Advisor in light of the investment objectives of the Company and the expectations of shareholders. 투자 자문가는 모든 다수 소유 포트폴리오 투자에 대해 이사회 대표성을 유지하고 투자 성공을 보장하기 위한 통제 장치가 마련되어 있는지 확인하기 위해 투자에 대한 경영진 및 기타 주요 이해관계자들과 지속적인 논의를 유지합니다. |
포트폴리오 집중 위험 | 회사의 투자 정책은 2~10개 자산으로 구성된 집중 포트폴리오를 보유하는 것입니다. 집중된 포트폴리오에서 자산의 가치 평가가 감소하면 회사의 NAV에 중대한 영향을 미칠 수 있습니다. | 이사와 투자 자문가는 포트폴리오를 지속적으로 검토하고 총 가치 중 가장 큰 비중을 차지하는 보유 자산에 집중합니다. |
유동성 관리 | 유동성위험은 회사가 현금 등 금융자산을 인도하여 결제하는 금융부채와 관련된 의무를 이행하는 데 어려움을 겪게 될 위험입니다. | 이사회와 투자 자문가는 부채 만기와 함께 현금 흐름 예측을 면밀히 모니터링합니다. 유동성 예측은 자본 배치 결정이 내려지기 전에 신중하게 고려됩니다. |
신용 위험 | Credit risk is the risk that an issuer or counterparty will be unable or unwilling to meet a commitment that it has entered into with the Company. The Company, through its interests in subsidiaries, has advanced loans to a number of private companies which exposes the Company to credit risk. The loans are advanced to unquoted private companies, which have no credit risk rating. | Loan investments are entered into as part of the investment strategy of the Company and its subsidiaries, and credit risk is managed by taking security where available (typically a floating charge) and the Investment Advisor taking an active role in the management of the borrowing companies. In addition to the repayment of loans advanced, the Company and subsidiaries will often arrange additional preference share structures and take significant equity stakes so as to create shareholder value. It is the performance of the combination of all securities including third party debt that determines the Company's view of each investment. |
운영 위험 | The Company outsources investment advisory and administrative functions to service providers. Inadequate or failed internal processes could lead to operational performance risk and regulatory risk. | The primary responsibility for the development and implementation of controls over operational risk rests with the Board of Directors. This responsibility is supported by the development of overall standards for the management of operational risk, which encompasses the controls and processes at the service providers and the establishment of service levels with the service providers. The Directors' assessment of the adequacy of the controls and processes in place at the service providers with respect to operational risk is carried out via regular discussions with the service providers as well as site visits to their offices. The Company also undertakes periodic third-party reviews of service providers' activities. |
중요한 보유
Significant shareholdings are analysed in the unaudited schedule of shareholders holding over 3% of issued shares. The Directors are not aware of any other holdings greater than 3 per cent. of issued shares.
이사
회계연도 및 현재까지 회사의 이사는 다음과 같습니다.
씨엘 스피어스(회장)
Mr. N.V. Wilson (resigned on 30 September 2023)
H. 베스트윅 씨
DR 피루에 씨
미스터 MM 그레이
관련 당사자 거래
Details in respect of the Group's related party transactions during the period are included in note 22 to the financial statements.
직원 및 비서
At 31 January 2024 the Group employed no staff (2023: none).
독립 감사인
The current year is the second year in which PricewaterhouseCoopers CI LLP are undertaking the audit for the Group. PricewaterhouseCoopers CI LLP have indicated willingness to continue in office.
이사회를 대신하여
헤더 베스트윅
책임자
월 27 2024
이사의 책임 성명서
연례 보고서 및 재무 제표와 관련하여
이사는 관련 법률 및 규정에 따라 연차 보고서와 재무제표를 작성할 책임이 있습니다.
The Directors are required to prepare financial statements for each financial year. The Group is required to prepare the financial statement in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (hereinafter "IFRS Accounting Standards") and applicable legal and regulatory requirements of Bermuda Companies Act 1981.
The Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and of its profit or loss for that period. In preparing the Group's financial statements, the Directors are required to:
· 적절한 회계 정책을 선택한 다음 일관되게 적용합니다.
· 합리적이고 적절하며 신뢰할 수 있는 판단과 추정을 내립니다.
· state whether they have been prepared in accordance with IFRS Accounting Standards; and
· assess the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and use the going concern basis of accounting unless they either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
이사는 재무제표 작성 시 위의 요구사항을 준수했음을 확인합니다.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and enable them to ensure that its financial statements comply with the Bermuda Companies Act 1981. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
The maintenance and integrity of the Company's website is the responsibility of the Directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that might have occurred to the annual financial statements since they were initially presented on the website. Legislation in Bermuda governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
각 이사는 자신이 아는 한 다음 사항을 확인합니다.
· The financial statements, prepared in accordance with IFRS Accounting Standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
· the Investment Advisor's report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
이사 보고서가 승인된 날짜에 재임 중인 각 이사의 경우:
· 이사가 알고 있는 한, 그룹의 감사인이 알지 못하는 관련 감사정보는 없습니다. 그리고
· 그들은 관련 감사 정보를 스스로 인식하고 그룹의 감사인이 해당 정보를 인식하고 있음을 확인하기 위해 이사로서 취해야 하는 모든 조치를 취했습니다.
This annual report was approved by the Board and the above Director's Responsibility Statement was signed on behalf of the Board by:
헤더 베스트윅
책임자
월 27 2024
연결포괄손익계산서
31년 2024월 XNUMX일로 종료되는 연도의 경우
1월 31 2024 |
| 1월 31 2023 | |||
| 금액 |
| 금액 | ||
주의 사항 | £ |
| £ | ||
| 수입 |
| |||
4 | 이자 소득 | 366,660 | 79,899 | ||
11 | 투자에 대한 순 공정 가치 변동* | 3,384,604 | (39,438,551) | ||
Total income / (loss) |
| 3,751,264 |
| (39,358,652) | |
| 경비 |
| |||
5 | 투자 고문 수수료 | (1,832,745) | (1,755,442) | ||
6 | 이사 수수료 | (162,474) | (172,000) | ||
7 | 공유 기반 지불 비용 | (339,593) | (555,225) | ||
8 | 기타 경비 | (635,675) | (557,416) | ||
총 비용 |
| (2,970,487) |
| (3,040,083) | |
| Profit / (loss) before finance costs and tax |
| 780,777 |
| (42,398,735) |
금융 수수료 |
| ||||
15 | 무담보 대출 증서에 대한 이자 | (309,049) | (309,382) | ||
15 | 무배당우선주 금융수수료 | (868,190) | (1,128,093) | ||
과세 전 XNUMX년간의 손실 |
| (396,462) |
| (43,836,210) | |
9 | 과세 |
| - | - | |
올해의 손실 |
| (396,462) |
| (43,836,210) | |
| 기타 포괄 손익 | - | - | ||
총 포괄 손실 |
| (396,462) |
| (43,836,210) | |
17 | 보통주당 기본손실(펜스) |
| (1.39) |
| (147.95) |
17 | 보통주당 희석손실(펜스) |
| (1.33) |
| (141.77) |
* The net fair value movements on investments is allocated to the capital reserve and all other income and expenses are allocated to the revenue reserve in the Consolidated Statement of Changes in Equity. All items derive from continuing activities.
연결 자산 및 부채 명세서
31년 2024월 XNUMX일
1월 31 2024 |
| 1월 31 2023 | |||
주의 사항 | £ |
| £ | ||
| 비유동 자산 |
| |||
11 | 당기손익인식투자 | 95,459,612 | 100,412,977 | ||
95,459,612 |
| 100,412,977 | |||
| 유동 자산 |
| |||
11 | 당기손익인식투자 |
| 5,262,427 | - | |
13 | 현금 및 현금성 자산 | 14,462,495 | 22,226,008 | ||
매출채권 및 기타채권과 선급금 | 73,646 | 87,899 | |||
19,798,568 |
| 22,313,907 | |||
| 유동 부채 |
| |||
14 | 매입 채무 및 기타 채무 | (676,284) | (596,790) | ||
15 | 무담보 대출 증서 | (3,987,729) | (3,987,729) | ||
|
| (4,664,013) |
| (4,584,519) | |
| 순유동 자산 |
| 15,134,555 |
| 17,729,388 |
| |||||
비유동 부채 |
| ||||
15 | 무배당우선주 | (13,714,191) | (20,721,001) | ||
(13,714,191) |
| (20,721,001) | |||
| 순자산 |
| 96,879,976 |
| 97,421,364 |
| 공평 |
| |||
16 | 주식 자본 | 1,730,828 | 1,730,828 | ||
16 | 프리미엄 공유 | 13,619,627 | 13,619,627 | ||
24 | 자본 준비금 | 100,523,993 | 97,139,389 | ||
24 | 수익 준비금 및 기타 자본 | (18,994,472) | (15,068,480) | ||
총 자본 |
| 96,879,976 |
| 97,421,364 | |
18 | 주당 순 자산 가치(펜스) |
| 324.26 |
| 328.41 |
재무제표는 27년 2024월 XNUMX일 이사회에서 승인되었습니다. 다음과 같이 서명했습니다.
클라이브 스피어스 다비드 피루에
이사 이사
연결 자본 변동표
31년 2024월 XNUMX일로 종료되는 연도의 경우
31년 2024월 XNUMX일 종료 연도 | |||||||
| 주식 자본 | 프리미엄 공유 | 자본 준비금 | 수익 reserve and other equity
| 금액 | ||
주의 사항 | £ | £ | £ | £ | £ | ||
| 1년 2023월 XNUMX일의 잔액 |
| 1,730,828 | 13,619,627 | 97,139,389 | (15,068,480) | 97,421,364 |
해당 연도의 총 포괄 손실 | - | - | 3,384,604 | (3,781,066) | (396,462) | ||
소유자에 의한 기부 및 분배 |
| ||||||
7 | 주식기준보상수수료 | - | - | - | 339,593 | 339,593 | |
공유 소유권 계획 참여 | - | - | - | 41,401 | 41,401 | ||
16 | JOSP 방식의 주식 취득 | - | - | - | (525,920) | (525,920) | |
소유자와의 총 거래 |
| - | - | - | (144,926) | (144,926) | |
| 31년 2024월 XNUMX일 잔액 |
| 1,730,828 | 13,619,627 | 100,523,993 | (18,994,472) | 96,879,976 |
31년 2023월 XNUMX일 종료 연도 | ||||||
| 주식 자본 | 프리미엄 공유 | 자본 준비금 | 수익 비축 과 기타 자본 | 금액 | |
주의 사항 | £ | £ | £ | £ | £ | |
| 1년 2022월 XNUMX일의 잔액 | 1,730,828 | 13,619,627 | 136,577,940 | (8,303,418) | 143,624,977 |
해당 연도의 총 포괄 손실 | - | - | (39,438,551) | (4,397,659) | (43,836,210) | |
소유자에 의한 기부 및 분배 | ||||||
7 | 주식기준보상수수료 | - | - | - | 555,225 | 555,225 |
| 공유 소유권 계획 참여 | - | - | - | 149,568 | 149,568 |
16 | 주식 구매 | - | - | - | (2,587,375) | (2,587,375) |
16 | JOSP 방식의 주식 취득 | - | - | - | (484,821) | (484,821) |
| 소유자와의 총 거래 | - | - | - | (2,367,403) | (2,367,403) |
| 31년 2023월 XNUMX일 잔액 | 1,730,828 | 13,619,627 | 97,139,389 | (15,068,480) | 97,421,364 |
연결 현금 흐름표
31년 2024월 XNUMX일로 종료되는 연도의 경우
1월 31 2024 |
| 1월 31 2023 | |||
주의 사항 | £ |
| £ | ||
| 영업 활동 |
| |||
받은 이자 수입 | 366,660 | 79,899 | |||
지불된 비용 | (2,535,853) | (2,853,467) | |||
11 | 투자 구매 | (3,350,000) | (3,174,948) | ||
11 | 투자 수익 | 6,425,542 | 3,848,880 | ||
19 | 영업 활동에서 생성된/(사용된) 순 현금 |
| 906,349 |
| (2,099,636) |
|
|
|
|
|
|
| 금융 활동 |
| |||
15 | 무담보 대출 어음 이자 지급 | (309,049) | (299,080) | ||
주식 구매 | (525,920) | (3,072,196) | |||
15 | 제로배당우선주 자사주 매입 | (7,875,000) | - | ||
공유 소유권 계획 참여 | 41,401 | 149,568 | |||
금융 활동에 사용 된 순 현금 |
| (8,668,568) |
| (3,221,708) | |
| 현금 및 현금성 자산의 감소 |
| (7,762,219) | (5,321,344) | |
| 환율 변동이 현금 및 현금 등가물에 미치는 영향 |
| (1,294) | 2,310 | |
연초 현금 및 현금성자산 |
| 22,226,008 | 27,545,042 | ||
13 | 연말 현금 및 현금 등가물 |
| 14,462,495 |
| 22,226,008 |
순 부채 조정
현금 및 현금성 자산 | 31 년 2023 월 XNUMX 일 | 현금 흐름 | 기타 비현금 청구 | 31 년 2024 월 XNUMX 일 |
£ | £ | £ | £ | |
은행에서 현금 | 22,226,008 | (7,762,219) | (1,294) | 14,462,495 |
무담보 대출 어음 악기 |
(3,987,729) | 309,049 | (309,049) | (3,987,729) |
무배당우선주 | (20,721,001) | 7,875,000 | (868,190) | (13,714,191) |
순 부채 | (2,482,722) | 421,830 | (1,178,533) | (3,239,425) |
연결재무제표에 대한 주석
31년 2024월 XNUMX일로 종료되는 연도의 경우
1 일반 정보
On 25 July 2003, the Company was incorporated with limited liability in the Isle of Man. On 23 July 2012, the Company then re-registered in the Isle of Man in order to bring the Company within the Isle of Man Companies Act 2006, with registration number 008597V. On 11 September 2018, the Company re-registered under the Bermuda Companies Act 1981, with registration number 53954. The Company moved its operations to Jersey with immediate effect on 17 May 2017 and has subsequently operated from Jersey only.
회사의 보통주는 런던증권거래소가 운영하는 시장인 AIM과 Aquis 증권거래소(구 NEX Exchange)의 성장시장에 상장되어 있습니다. 회사의 배당금 우선주는 런던 증권 거래소(표준 상장)의 주요 시장에서 거래가 허용됩니다. 회사의 무담보 대출 어음은 Aquis 증권 거래소에서 거래됩니다.
The Company's portfolio investments are held in two majority owned subsidiary entities, ESO Investments 1 Limited and ESO Investments 2 Limited and one wholly owned subsidiary entity, ESO Alternative Investments LP (together the "Subsidiaries"). ESO Investments 1 Limited and ESO Investments 2 Limited operate out of Jersey and ESO Alternative Investments LP operates out of the United Kingdom.
개별 포트폴리오 투자에 대한 직접적인 지분은 다음 자회사가 보유합니다.
· ESO 투자 1 제한: Rayware, Whittard, David Phillips 및 Denzel's
· ESO Investments 2 Limited: Luceco 및 Pharmacy2U
· ESO Alternative Investments LP: European Capital Private Debt Fund LP, Atlantic Credit Opportunities DAC, EPIC Acquisition Corp and EAC Sponsor Limited
The above Subsidiaries are subsidiary holding vehicles and are not consolidated in accordance with IFRS 10 as detailed in Notes 3a and 3b.
The Company also controls the EPIC Private Equity Employee Benefit Trust (referred herein as the "EBT subsidiary"), an employee benefit trust, which financial position and results are consolidated in these financial statements (refer to Notes 3a and 7 for details). These financial statements are consolidated financial statements of the Company and the EBT subsidiary. The Company and the EBT subsidiary are collectively referred to as the "Group" hereinafter.
The Group's primary objective is to provide long-term return on equity for its shareholders by investing between £2m and £30m in small and medium sized companies.
The Group targets growth capital and buy-out opportunities, special situations and distressed transactions, deploying capital where it believes the potential for shareholder value creation to be compelling. ESO has the flexibility to invest in public as well as private companies and is also able to invest in Special Purpose Acquisition Companies ("SPACs") and third party funds.
ESO will consider most industry sectors including business services, consumer and retail, financial services and the industrials sector.
The portfolio is likely to be concentrated, numbering between two and ten assets at any one time, which allows the Group to allocate the necessary resource to form genuinely engaged and supportive partnerships with management teams. This active approach facilitates the delivery of truly transformational initiatives in underlying investments during the Group's period of ownership.
The Group has no employees.
The following significant changes occurred during the year ended 31 January 2024:
· In July 2023, the Company completed the realisation of its holdings in Atlantic Credit Opportunities Fund and in August 2023 completed the realisation of its holdings in Prelude Structured Alternatives Master Fund LP, with both realised at carrying value.
· In January 2024, EPIC Acquisition Corp. announced that it will return all residual capital to third parties and wind up. The valuation methodology for EPIC Acquisition Corp. and EAC Sponsor Limited was amended to a liquidation valuation, implying a reduction in the aggregate value of the holdings. As a result, the designation of the level of fair value hierarchy of EPIC Acquisition Corp was amended to Level 3 from Level 2 as at 31 January 2023 (see note 12).
· In July 2023, the Company completed the buyback of 7.5 million zero dividend preference shares ("ZDP"). Following this buyback, the Company has 12.5 million ZDP shares remaining in issue, maturing in December 2026 for a value of £7,875,000 (see note 15).
· 투자가치의 변동과 공정가치의 변동은 당기 중 유의적인 변동으로 간주됩니다(주석 12 참조).
The financial information is derived from the Group's consolidated financial statements for the year ended 31 January 2024. The financial information set out above does not constitute the Group's statutory accounts for the years ended 31 January 2023 and 31 January 2024 but is derived from those accounts. The Auditors have reported on the statutory accounts and their report was unqualified and did not draw attention to any matters by way of emphasis. The full text of the auditors' report can be found in the Company's full 2024 Report and Accounts on pages 48 to 53.
The 2024 Report and Accounts will be published on the Company's 의 웹 사이트 https://www.epespecialopportunities.com/ as soon as practicable. They will also be submitted to the National Storage Mechanism where they will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
2 기초 예비의정액
ㅏ. 준수 선언문
The financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and applicable legal and regulatory requirements of Bermuda Companies Act 1981. The following accounting policies have been adopted and applied consistently. The financial statements comply with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).
비. 측정기준
The financial statements have been prepared on the historical cost convention except for financial instruments at fair value through profit or loss which are measured at fair value (note 12). The following are amendments that the Group has decided not to adopt early:
· 1년 2023월 XNUMX일부터 적용되는 표준 및 기존 표준에 대한 개정
There are no standards, amendments to standards or interpretations that are effective for annual periods beginning on 1 January 2023 that have a material effect on the financial statements of the Group.
· 1년 2023월 XNUMX일 이후 발효되고 조기 채택되지 않은 새로운 기준, 개정 및 해석
A number of new standards, amendments to standards and interpretations are effective for annual periods beginning after 1 January 2023, and have not been early adopted in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Group.
씨. 기능적 및 표시 통화
These financial statements are presented in Sterling, which is the Group's functional and presentation currency. All financial information presented in Sterling has been rounded to the nearest pound.
'Functional currency' is the currency of the primary economic environment in which the Group operates. The expenses (including investment advisory and administration fees) and investments are denominated and paid in Sterling. Accordingly, management has determined that the functional currency of the Group is Sterling.
A foreign currency transaction is recorded initially at the rate of exchange at the date of the transaction. Assets and liabilities are translated from foreign currency to the functional currency at the closing rate at the end of the reporting period. The resulting gains or losses are included in the Consolidated Statement of Comprehensive Income.
디. 추정 및 판단의 사용
The preparation of financial statements in conformity with IFRS Accounting Standard requires the Directors and the Investment Advisor to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expense. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The Directors have, to the best of their ability, provided as true and fair a view as is possible. Actual results may differ from these estimates.
추정치와 기본 가정은 지속적으로 검토됩니다. 회계추정에 대한 수정은 수정이 해당 기간에만 영향을 미칠 경우 추정이 수정된 기간에 인식되고, 수정이 당기와 미래 기간 모두에 영향을 미칠 경우 수정 기간과 미래 기간에 인식됩니다.
Critical accounting estimates and assumptions made by Directors and the Investment Advisor in the application of IFRS Accounting Standards that have a significant effect on the financial statements and estimates with a significant risk of material adjustments in the year relate to the determination of fair value of financial instruments with significant unobservable inputs (see note 12).
이 재무제표를 준비할 때 이사와 투자 고문이 내린 중요한 판단은 다음과 같습니다.
· Classification of the zero dividend preference share as a non-current liability in the Consolidated Statement of Assets and Liabilities. The zero dividend preference shares meet the definition of a non-current liability as detailed in note 3(l). Please refer to note 15 for further details.
· Categorisation of ESO Alternative Investments LP, ESO Investments 1 Limited and ESO Investments 2 Limited as Subsidiaries. The Company is deemed to have control over these Subsidiaries. Please refer to note 3(a) for details.
이자형. 비연결구조화기업
The Company invests in portfolio investments through its Subsidiaries. See note 3(a) for an explanation of why these entities are considered controlled subsidiary investments. The purpose of the Subsidiaries is to hold investments. The Subsidiaries meet the definition of unconsolidated structured entities under IFRS 12. There are letters of support in place between the Company and ESO Investments 1 Limited and ESO Investments 2 Limited for the payment of expenses. ESO Alternative Investments LP pays its own expenses.
The total fair value of the Subsidiaries, and the amount recognised in the Company's financial statements (as investments at fair value) is £100,722,039 (2023: £100,412,977).
In respect of ESO Alternative Investments LP, the Company has 100% beneficial ownership of the entity. In respect of ESO Investments 1 Limited, the Company has 80% beneficial ownership of the entity.
ESO Investments 2 Limited와 관련하여 회사는 법인의 80% 수익적 소유권을 보유하고 있습니다.
상기 자회사가 현금 배당이나 대출 상환의 형태로 회사에 자금을 이체할 수 있는 능력에는 제한이 없습니다.
자회사에 대한 지분으로 인한 손실에 대한 회사의 최대 노출은 자회사에 대한 투자의 총 공정 가치와 동일합니다.
The Company's Subsidiaries invest in quoted and unquoted securities, in line with the Company's investment policy. The value of these investments may be impacted by market price risk arising from uncertainty about the future market value of these holdings as well as the risk of underperformance of the underlying portfolio companies.
공정가치로 측정되는 종속기업 투자에 대한 노출은 다음 표에 나와 있습니다.
|
| 1월 31 2024 £ | 1월 31 2023 £ |
ESO 투자 1 제한 | 52,200,243 | 43,217,307 | |
ESO 투자 2 제한 | 42,722,072 | 44,330,483 | |
ESO 대체 투자 LP | 5,799,724 | 12,865,187 | |
100,722,039 | 100,412,977 |
During the year ended 31 January 2024 total net profit incurred on the fair value movement on investments in Subsidiaries was £3,384,604 (2023: loss of £39,438,551) (as set out in note 11).
에프. 관심가는
The Group's management has assessed the Group's ability to continue as a going concern and is satisfied that the Group has adequate resources to continue in business for at least twelve months from the date of approval of financial statements. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt upon the Group's ability to continue as a going concern. Therefore, the financial statements continue to be prepared on the going concern basis.
3 Material accounting policy information
ㅏ. 자회사 및 통합
회사는 통제 자회사 투자로 결정된 자회사를 보유하고 있습니다. 종속 자회사 투자는 당기손익-공정가치로 측정되며 IFRS 10에 따라 연결되지 않습니다. 종속 종속투자의 공정가치는 당기손익-공정가치로 측정되는 다른 모든 투자와 일관되게 다음과 같이 결정됩니다. 주석 3.i에 설명되어 있습니다.
A controlled subsidiary investment involves holding companies over which the Company has the power to govern the financial and operating policies. These holding companies are subsidiaries that have been incorporated for the purpose of holding underlying investments on behalf of the Company. Such holding companies have no operations other than providing a vehicle for the acquisition, holding and onward sale of certain portfolio investment companies. The holding companies are also reflected at its fair value, with the key fair value driver thereof being the investment in the underlying portfolio company investments that the holding company holds on behalf of the Company. The holding companies require no consolidation, because the holding companies are not deemed to be providing investment related services, as defined by IFRS 10.
회사가 기초 포트폴리오 회사를 직간접적으로 통제하는 것으로 간주되는 경우, 통제가 의결권을 통한 것인지 또는 변동 이익과 손실의 상당 부분에 대한 대가로 관련 활동을 지시하는 능력을 통한 것인지 여부 이러한 관련 활동에서 파생되는 경우 회사는 기본 포트폴리오 회사를 통합하지 않습니다. 대신 회사는 당기손익을 통해 공정가치로 투자를 반영합니다.
The EPIC Private Equity Employee Benefit Trust ("EBT Subsidiary or Trust") is treated as a subsidiary and consolidated in the financial statements. The impact on the financial statements is immaterial. All transactions and balances between the Company and EBT Subsidiary are eliminated on consolidation. Amounts reported in the financial statements have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Company. Please refer to note 7 for more details.
b. Investment entity
IFRS 10: "Consolidated Financial Statements", provides an exception to the consolidation requirement for entities that meet the definition of an investment entity.
The Directors believe the Company meets the definition of an investment entity as the following conditions exist:
· The Company obtains funds from its members for the purpose of providing those members with investment management services;
· The Company commits to its members that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both; and
· The Company measures and evaluates the performance of substantially all of its investments on a fair value basis.
The exception to consolidation requires investment entities to account for subsidiaries at fair value through profit or loss.
씨. 세그먼트별 보고
The Directors are of the opinion that the Company is engaged in a single segment of business and geographic area, being arranging financing for growth, buyout and special situations investments in the United Kingdom. Information presented to the Board of Directors for the purpose of decision making is based on this single segment. All significant operating decisions are based upon the analysis of the Company's investments as a single operating segment. The financial information from this segment are equivalent to the financial information of the Company as a whole, which are evaluated on a regular basis by the Board of Directors.
d. Income
이자수익은 발생하는 시점에 유효이자율법을 적용하여 당기손익으로 인식합니다. 배당수익은 배당수익을 받을 권리가 확정되는 시점에 회계처리됩니다.
e. Expenses
모든 비용은 발생주의에 따라 계산됩니다.
f. Cash and cash equivalents
현금 및 현금 등가물은 은행에 대한 현재 현금 예금으로만 구성됩니다. 현금 등가물은 알려진 금액의 현금으로 쉽게 전환할 수 있고 가치 변동 위험이 미미한 단기적이고 매우 유동적인 투자입니다.
g. Finance charges
기타 금융비용은 비용으로 인식됩니다.
h. Trade and other payables
매입채무와 기타채무는 IFRS 9에 따라 상각후원가로 표시됩니다.
i. Unsecured loan note instruments
무담보 대출증권은 IFRS 9에 따라 상각후원가로 표시됩니다.
j. Financial assets and financial liabilities
가. 구분
금융 자산
When the Group first recognises a financial asset, it classifies it based on the business model for managing the
asset and the asset's contractual cash flow characteristics, as follows:
· 상각후원가: 다음 조건을 모두 충족하는 경우 금융자산을 상각후원가로 측정합니다.
- the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and
- the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
· 기타포괄손익-공정가치: 계약상 현금흐름을 수집하고 금융자산을 매각하는 것이 목적인 사업모형에 따라 금융자산을 보유하는 경우 금융자산을 기타포괄손익-공정가치로 분류하고 측정합니다.
· 당기손익-공정가치: 언급된 두 가지 사업 모델 중 하나로 보유되지 않은 금융자산은 당기손익-공정가치로 측정됩니다.
When, and only when, the Group changes its business model for managing financial assets it must reclassify all affected assets
금융 부채
당기손익인식금융부채를 제외한 모든 금융부채는 상각후원가로 측정됩니다. 그러한 부채에는 파생상품(금융 보증 계약이거나 유효한 위험회피수단으로 지정되어 있는 파생상품 제외), 기타 매매용 부채, 당기손익-공정가치로 측정하도록 기업이 지정한 부채가 포함됩니다.
나. 인정
The Group recognises financial assets and financial liabilities on the date it becomes a party to the contractual provisions of the instrument.
다. 측정
종속기업이 보유한 것을 포함하여 지분 및 부채 투자는 공정 가치로 표시됩니다. 대출금 및 수취채권은 손상차손을 차감한 상각후원가로 표시됩니다.
투자 자문가는 IFRS 13의 평가 원칙을 사용하여 자산 가치를 결정합니다.
'Fair value' is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantages market to which the Group has access at that date. The fair value of a liability reflects its non-performance risk.
When available, the Company measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as 'active' if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. The Company measures instruments quoted in an active market at closing price on the relevant exchange at the measurement date.
활성시장에 공시되는 가격이 없는 경우, 회사는 관련된 관측 가능한 투입변수의 사용을 최대화하고 관측 불가능한 투입변수의 사용을 최소화하는 평가기법을 사용합니다. 선택한 평가 기법에는 시장 참가자가 거래 가격을 책정할 때 고려하는 모든 요소가 포함되어 있습니다.
회사는 공정가치 서열체계 수준 간 이전을 해당 변동이 발생한 보고기간말 현재로 인식합니다.
금융자산이나 금융부채의 상각후원가는 금융자산이나 금융부채를 최초 인식시점에 측정한 금액에서 원금상환액을 차감하고 최초 인식한 금액과의 차이에 대한 유효이자율법을 사용한 누적상각액을 가감한 금액입니다. 만기금액에서 손상차손을 뺀 금액입니다. 당기손익을 통해 공정가치로 측정되지 않는 금융자산은 손상검사를 받습니다. 포트폴리오 회사에 대한 대출의 경우, 위에서 설명한 대로 관련 사업의 기업 가치에 대한 공정 가치 평가의 일환으로 손상 테스트가 수행됩니다. 예상 수명을 확실하게 결정할 수 없는 경우 계약 수명이 사용됩니다.
D. 장애
12개월 예상 신용 손실
12개월 예상 신용 손실은 손실 발생 시기와 상관없이 해당 채무 불이행으로 인해 발생하는 총(평생) 예상 신용 손실에 향후 12개월 내에 채무 불이행이 발생할 확률을 곱하여 계산됩니다. 따라서 12개월 기대신용손실은 자산 발생 후 12개월 이내에 또는 해당 자산의 최초 인식 단계에서 각 보고일로부터 발생할 수 있는 채무불이행 사건으로 인해 발생할 것으로 예상되는 금융자산의 전체 기간 기대신용손실을 나타냅니다. .
평생 기대 신용 손실
평생 기대 신용 손실은 대출 기관의 금융 자산 기간 중 어느 시점에서든 차용인이 의무를 불이행하는 경우 발생하는 예상 신용 손실의 현재 가치입니다(즉, 금융 자산 기간 동안 발생할 수 있는 모든 채무 불이행 사건이 여기에 포함됩니다). 분석). 평생 기대신용손실은 기대신용손실의 가중평균을 기준으로 계산되며, 가중치는 각 채무불이행 확률에 따라 결정됩니다.
E. 인식 제거
회사는 금융자산의 현금흐름에 대한 계약상 권리가 만료되거나 금융자산을 양도하고 그 양도가 IFRS 9에 따라 제거조건을 충족하는 경우 금융자산을 제거합니다.
당사는 제거로 인한 실현손익을 결정하기 위해 가중평균법을 사용하고 있습니다. 금융부채는 계약에 명시된 의무가 이행, 취소 또는 만료되면 제거됩니다.
k. Share capital
보통주 자본
보통주는 자본으로 분류됩니다. 보통주 및 주식선택권의 발행과 직접적으로 관련된 증분비용은 세금효과를 반영하지 않은 순액으로 자본에서 차감되어 인식됩니다.
자기자본(자사주) 환매의 건
When share capital recognised as equity is repurchased, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented as a deduction from total equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to / from revenue reserves.
Capital Reserve and Revenue Reserve and other equity
The capital reserve comprises net gains and losses on investments. The revenue reserve and other equity comprise other income and expenses plus other items recorded directly in equity (excluding items recorded as share capital / share premium).
l. Jointly owned share plan ("JOSP") and share-based payments
회사의 이사와 투자 고문의 특정 직원(총칭하여 "참가자")은 JOSP 제도를 통해 주식 결제형 주식 기반 지불 거래의 형태로 보수를 받습니다.
Equity-settled share-based payments are measured at fair value at the date of grant. The fair value is determined based on the share price of the equity instrument at the grant date. The fair value determined at the grant date of the equity-settled share-based payment is expensed on a straight-line basis over the vesting period, based on the Company's estimate of the number of shares that will eventually vest. The instruments are subject to a three-year service vesting condition from the grant date, and their fair value is recognised as a share-based expense with a corresponding increase in revenue reserves within equity over the vesting period. Contributions received from employees as part of the JOSP arrangement are recognised directly in equity in the line share ownership scheme participation.
The assets (other than investments in the Company's shares), liabilities, income and expenses of the Trust established to operate the JOSP scheme are consolidated in these financial statements. Any expense incurred by the Trust are borne by the Company. The Trust's investment in the Company's shares is deducted from shareholders' funds in the Consolidated Statement of Asset and Liabilities as if they were treasury shares (see note 7).
m. Zero dividend preference shares ("ZDP")
Under IAS 32 - Financial Instruments: Presentation, the ZDP Shares are classified as financial liabilities and are held at amortised cost. An accrual for the final capital entitlement of the ZDP Shares is included in the Consolidated Statement of Comprehensive Income as a finance cost and is calculated using the effective interest rate method ("EIR"). The costs of issue of the ZDP Shares are amortised over the period to the ZDP Share redemption date.
n. Future changes in accounting policies
Several new standards and interpretations have been published that are not mandatory for 31 January 2024 reporting periods and earlier application is permitted; however, the Group has not adopted early the new or amended standards in preparing these financial statements.
The Directors do not expect the adoption of the standards and interpretations to have a material impact on the Group's financial statements in the period of initial application.
o. Change in categorisation of holding companies
During the year ended 31 January 2023, the Directors reassessed its categorisation of ESO Alternative Investments LP, ESO Investments 1 Limited and ESO Investments 2 Limited from Associates to Subsidiaries. These entities were set up by the Company as holding vehicles for investments acquired for the benefit of the Company. The holding companies are structured entities and as such voting rights or similar rights are not the dominant factor in decision-making power over them. As a result, the Directors deem the classification of these entities as Subsidiaries to be more appropriate.
4 이자소득
2024 | 2023 | ||
| 그룹 | 그룹 | |
£ | £ | ||
Interest earned on cash balances | 366,660 | 79,899 | |
금액 |
| 366,660 | 79,899 |
5 투자 자문, 관리 및 성과 수수료
투자 자문 수수료
The investment advisory fee payable to EPIC Investment Partners LLP ("EPIC") is assessed and payable at the end of each fiscal quarter and is calculated as 2 per cent. of the Group's NAV where the Group's NAV is less than £100 million; otherwise the investment advisory fee is calculated as the greater of £2.0 million or the sum of 2 per cent. of the Group's NAV comprising Level 2 and Level 3 portfolio assets, 1 per cent. of the Group's NAV comprising Level 1 assets, no fees on assets which are managed or advised by a third-party manager, 0.5 per cent. of the Group's net cash (if greater than nil), and 2 per cent. of the Group's net cash (if less than nil) (i.e. reducing fees for net debt positions).
The charge for the current year was £1,832,745 (2023: £1,755,442). The amount outstanding as at 31 January 2024 was £484,400 (2023: £487,107 ) (see note 14).
관리비
EPIC Administration Limited provides accounting and financial administration services to the Group. The fee payable to EPIC Administration Limited is assessed and payable at the end of each fiscal quarter and is calculated as 0.15 per cent. of the Group's NAV where the Group's NAV is less than £100 million (subject to a minimum fee of £35,000); otherwise the advisory fee shall be calculated as 0.15 per cent. of £100 million plus a fee of 0.1 per cent.
of the excess of the Group's NAV above £100 million.
The charge for the current year was £141,330 (2023: £147,043).
해당 연도의 기타 관리 비용은 £82,406(2023년: £76,302)였습니다.
자회사가 지급하는 성과보수
종속기업은 공정가치로 표시됩니다. 성과수수료는 자회사의 실적에 따라 투자자문사에게 지급되며, 자회사의 공정가치 산정 시 차감됩니다.
ESO Investments 1 Limited의 성과보수
The distribution policy of ESO Investments 1 Limited includes an allocation of profits to the Investment Advisor such that, for each investment where a returns hurdle of 8 per cent. per annum has been achieved, the Investment Advisor is entitled to receive 20 per cent. of the increase above the base value of investment. As at 31 January 2024, £4,983,792 has been accrued in the profit share account of the Investment Advisor in the records of ESO Investments 1 Limited (2023: £nil accrued).
ESO Investments 2 Limited의 성과보수
ESO Investments 2 Limited의 분배 정책에는 각 투자에 대해 8%의 수익 장애물이 있도록 투자 고문에게 이익을 할당하는 것이 포함됩니다. 연간 목표액을 달성한 경우, 투자 자문가는 20%를 받을 자격이 있습니다. 기본 투자 가치를 초과하는 증가분. 31년 2024월 9,104,320일 현재 ESO Investments 2 Limited(2023년: £9,112,002 발생) 기록에 있는 Investment Advisor의 이익 공유 계정에 £XNUMX가 발생했습니다.
공동 소유 주식 계획("JOSP") 및 주식 기준 지불
회사의 이사와 투자 고문의 특정 직원(총칭하여 "참가자")은 JOSP 제도를 통해 주식 결제형 주식 기반 지급 거래의 형태로 보수를 받습니다(주석 7 참조).
6 이사보수
2024 | 2024 | 2023 | 2023 | ||
| 기업 정보 | 주식 기준 지불 | 기업 정보 | 주식 기준 지불 | |
£ | £ | £ | £ | ||
씨엘 스피어스(회장) | 42,000 | 6,393 | 42,000 | 9,388 | |
N.V. Wilson (resigned on 30 September 2023) | 22,474 | 5,972 | 32,000 | 9,216 | |
H. 베스트윅 | 32,000 | 6,393 | 32,000 | 9,388 | |
DR 피루에 | 34,000 | 8,298 | 34,000 | 6,132 | |
MM그레이 | 32,000 | 4,296 | 32,000 | 2,093 | |
금액 | 162,474 | 31,352 | 172,000 | 36,217 |
위에서 언급한 수수료 외에도 CL Spears, H. Bestwick 및 MM Gray는 해당 연도에 수령했습니다.
· ESO Investments 3,750 Limited의 이사직에 대한 이사 수수료로 각각 £1; 그리고
· ESO Investments 3,750 Limited의 이사직에 대한 이사 수수료로 각각 £2.
Aggregate Directors' fees for ESO Investments 1 Limited and ESO Investments 2 Limited for the year ended 31 January 2024 amounted to £22,500 (2023 : £22,500).
Nicholas Wilson resigned on 30 September 2023. The share-based payment expense is calculated as set out in note 7.
7 주식기준보상비용
JOSP 제도 참가자에 대한 주식결제형 거래 비용은 부여일의 공정가치로 측정됩니다. 공정가치는 부여일 현재 지분상품의 주가에 기초하여 결정됩니다.
The Trust was created to award shares to Participants as part of the JOSP. The Trust is consolidated in these financial statements in accordance with Note 3a. Participants are awarded a certain number of shares ("Matching Shares") which are subject to a three-year service vesting condition from the grant date. In order to receive their Matching Share allocation Participants are required to purchase shares in the Company on the open market ("Bought Shares"). The Participant will then be entitled to acquire a joint ownership interest in the Matching Shares for the payment of a nominal amount, on the basis of one joint ownership interest in one Matching Share for every Bought Share they acquire in the relevant award period.
The Trust holds the Matching Shares jointly with the Participant until the award vests. These shares carry the same rights as the rest of the ordinary shares.
신탁은 역사적으로 투표하지 않은 1,546,693주(2023년: 1,290,202주)의 매칭 주식을 연말에 보유했습니다(주석 16 참조).
257,061 shares vested to Participants in the year ended 31 January 2024 (2023: 862,290). 305,082 shares were awarded to Participants in the year ended 31 January 2024 (2023: 156,173). The weighted average fair value of the shares awarded during the period is 146.33 pence per share.
The fair value of awards granted under the JOSP is recognised as an employee benefits expense, with a corresponding increase in equity. This has been calculated on the basis of the fair value of the equity instruments, which is the share price of the equity instrument on the AIM market of the London Stock Exchange at the grant date and the estimated number of equity instruments to be issued after the vesting period, less the amount paid for the joint ownership interest in the Matching Shares from the Participants. As the Company does not pay dividends, no expected dividends were incorporated into the measurement value. No other features other than the share price of the equity instrument is incorporated into the measurement of the fair value of the awards.
The impact of revision to original estimates, if any, is recognised in profit or loss, with a corresponding adjustment to equity.
31년 2024월 339,593일 종료된 회계연도의 총 주식 기준 지급 비용은 £2023(555,225년: £31)입니다. 2024년 31,352월 2023일 종료된 회계연도의 총 주식 기준 지급 비용 중 이사와 관련된 £36,217(XNUMX년: £XNUMX) 및 투자 고문의 구성원, 직원 및 컨설턴트와 관련된 잔액.
8 기타 비용
The breakdown of other expenses presented in the Consolidated Statement of Comprehensive Income is as follows:
31 1월 2024 | 31 1월 2023 | ||
| 금액 | 금액 | |
£ | £ | ||
관리비 | (223,806) | (223,345) | |
이사 및 임원 보험 | (27,993) | (27,464) | |
전문 수수료 | (145,363) | (94,442) | |
이사회 회의 및 여행 경비 | (1,639) | (1,085) | |
감사 보수 | (81,200) | (61,350) | |
중간심사 보수* | (26,350) | (17,000) | |
은행 수수료 | (1,404) | (1,705) | |
외환 움직임 | (1,137) | 2,687 | |
추천 고문 및 broker 요금 | (55,001) | (62,322) | |
상장 수수료 | (53,472) | (52,769) | |
잡다한 비용 | (18,310) | (18,621) | |
기타 경비 |
| (635,675) | (557,416) |
*This relates to the interim review of the half yearly financial report which was performed by the auditors.
9 과세
회사는 저지의 세금 거주자이며 0%의 적용을 받습니다. 법인세(2023년: 0%).
ESO Alternative Investments LP는 세금 목적상 투명합니다.
ESO Investments 1 Limited 및 ESO Investments 2 Limited는 저지에 거주하는 납세자이며 세율은 0%입니다. (2023: 0%.) 법인세.
10 배당금 지급 및 제안
31년 2024월 2023일에 종료된 연도(XNUMX년: £XNUMX)에는 배당금이 지급되거나 제안되지 않았습니다.
11 당기손익-공정가치 측정 투자
31 1월 2024 | 31 1월 2023 | ||
| £ | £ | |
손익을 통해 공정가치로 투자* | 100,722,039 | 100,412,977 | |
100,722,039 | 100,412,997 |
Investments roll forward schedule |
| ||
31 1월 2024 | 31 1월 2023 | ||
| £ | £ | |
1월 XNUMX일 현재 공정가치로 투자 | 100,412,977 | 140,525,060 | |
투자 구매 | 3,350,000 | 3,174,948 | |
투자 수익 | (6,425,542) | (3,848,880) | |
순 공정 가치 변동 | 3,384,604 | (39,438,551) | |
채무자 잔액을 피투자자로 재분류 | - | 400 | |
공정 가치 투자 | 100,722,039 | 100,412,977 |
* Comprises Subsidiaries stated at fair value in accordance with accounting policy set out in note 3(a) (ESO Investments 1 Limited, ESO Investments 2 Limited and ESO Alternative Investments LP).
개별 투자 성과에 대한 논의는 의장 성명서 및 투자 자문 보고서에 제시되어 있습니다.
12 Fair value of financial instruments
회사는 IPEV 지침과 IFRS 13(공정가치 측정)의 평가원칙을 참조하여 금융상품의 공정가치를 결정합니다. 회사는 자산의 공정 가치를 도출하는 데 사용된 투입 요소의 중요성과 확실성을 반영하는 IFRS 13 공정 가치 계층 구조를 사용하여 공정 가치를 측정합니다.
· 수준 1: 동일한 상품에 대한 활성 시장에서 공시된 시장 가격(조정되지 않음)인 투입물;
· 수준 2: 직접(예: 가격) 또는 간접적(예: 가격에서 파생)으로 관찰할 수 있는 수준 1에 포함된 공시 가격 이외의 투입물입니다. 이 범주에는 유사한 상품에 대한 활성 시장의 공시 시장 가격, 활성보다 낮은 것으로 간주되는 시장의 동일하거나 유사한 상품의 공시 가격 또는 모든 중요한 입력이 시장 데이터에서 직간접적으로 관찰 가능한 기타 평가 기법을 사용하여 평가된 상품이 포함됩니다.
· 수준 3: 관찰할 수 없는 입력입니다. 이 범주에는 평가기법이 관측 가능한 데이터에 기초하지 않은 입력값을 포함하고 관측 불가능한 입력값이 해당 상품의 가치 평가에 중요한 영향을 미치는 모든 상품이 포함됩니다. 이 범주에는 유사한 상품의 공시 가격을 기준으로 가치를 평가하지만 상품 간의 차이를 반영하기 위해 관찰할 수 없는 중요한 조정이나 가정이 필요한 상품이 포함됩니다.
The Investment Advisor undertakes the valuation of financial instruments required for financial reporting purposes. Recommended valuations are reviewed and approved by the Investment's Advisor's Valuation Committee for circulation to the Company's Board. The Audit and Risk Committee of the Company's Board meets at least once every six months, in line with the Company's semi-annual reporting periods, to review the recommended valuations and approve final valuations for adoption in the Company's financial statements.
회사는 공정가치 서열체계 수준 간 이전을 변동이 발생한 보고기간 말에 인식합니다.
평가 프레임워크
The Company employs the valuation framework detailed below with respect to the measurement of fair values. A valuation of the Company's investments held via its Subsidiaries are prepared by the Investment Advisor with reference to IPEV guidelines and the valuation principles of IFRS 13 (Fair Value Measurement). The Investment Advisor recommends these valuations to the Board of Directors. The Audit and Risk Committee of the Company's Board considers the valuations recommended by the Investment Advisor, determines any amendments required and thereafter adopts the fair values presented in the Company's financial statements. Changes in the fair value of financial instruments are recorded in the Consolidated Statement of Comprehensive Income in the line item "Net fair value movement on investments".
인용 투자
Quoted investments traded in an active market are classified as Level 1 in the IFRS 13 fair value hierarchy. The investment in Luceco is a Level 1 asset. For Level 1 assets, the holding value is calculated from the closing price on the relevant exchange at the measurement date.
Quoted investments traded in markets that are considered less than active are classified as Level 2 in the IFRS 13 fair value hierarchy. The investment in EPIC Acquisition Corp was considered to be a Level 2 asset in the year ended 31 January 2023. For the year ended 31 January 2024, the investment in EPIC Acquisition Corp is considered to be a Level 3 asset, and therefore no assets are considered to be Level 2.
인용되지 않은 사모펀드 투자 및 인용되지 않은 펀드 투자
Private equity investments and fund investments are classified as Level 3 in the IFRS 13 fair value hierarchy. The investments in Whittard, David Phillips, Rayware, Denzel's, Pharmacy2U, European Capital Private Debt Fund LP, EPIC Acquisition Corp and EAC Sponsor Limited are considered to be Level 3 assets. Various valuation techniques may be applied in determining the fair value of investments held as Level 3 in the fair value hierarchy;
· For underperforming assets, net asset or liquidation valuation is considered more applicable, in particular where the business' performance be contingent on shareholder financial support;
· For performing assets, market approach is considered to be the most appropriate with a specific focus on trading comparables, applied on a forward basis. Transaction comparables, applied on a historic basis may also be considered. The financial metric to which the multiple is applied will depend on the stage of the company and the sector in which it operates. Typically, mature companies will be valued on the basis of the basis of an EBITDA multiple, while growth companies will be valued on the basis of a sales multiple;
· 제XNUMX자 운용사가 관리하고 평가하는 자산에 대해서는 제XNUMX자 운용사의 평가 방법론을 검토합니다. 적절하고 보고 기준과 일치한다고 판단되는 경우 제XNUMX자 관리자가 작성한 평가가 사용됩니다.
For the year ended 31 January 2024, a public comparable sales multiple valuation is employed for the investment in Denzel's. The valuation methodology has been amended from investment cost given the elapsed time since investment, with changes in market conditions and trading outlook in the intervening period.
The Investment Advisor believe that it is appropriate to apply an illiquidity discount to the multiples of comparable companies when using them to calculate valuations for small, private companies. This discount adjusts for the difference in size between generally larger comparable companies and the smaller assets being valued. The illiquidity discount also considers the premium the market gives to comparable companies for being freely traded or listed securities. The Investment Advisor has determined between 15 per cent. and 25 per cent. to be an appropriate illiquidity discount with reference to market data and transaction multiples seen in the market in which the Investment Advisor operates.
포트폴리오 투자가 자회사 지주 회사를 통해 보유되는 경우 지주 회사의 순자산은 회사가 보유하는 지주 회사의 공정 가치를 도출하기 위해 평가되는 포트폴리오 투자 가치에 추가됩니다.
EPIC Acquisition Corp 및 EAC Sponsor Limited
EPIC Acquisition Corp ("EAC") is a special purpose acquisition company ("SPAC"). For the year ended 31 January 2024, a liquidation valuation is employed for the holdings in EPIC Acquisition Corp and EAC Sponsor Limited, calculated on the basis of the value of ESO Alternative Investments LP's holding in a liquidation scenario. The investments are considered as Level 3 assets. For the year ended 31 January 2023, EPIC Acquisition Corp was valued on a marked to market basis and considered a Level 2 asset and EAC Sponsor Limited was valued on the basis of a probability weighted range of implied values under potential realisation scenarios and considered a Level 3 asset. The valuation methodology has been amended to a liquidation value to reflect the announcement in January 2024 that EPIC Acquisition Corp. will return all residual capital to third parties and wind up. The liquidation valuation approach implies both assets are considered Level 3 assets.
Although management believes that its estimates of fair value are appropriate, the use of different methodologies or assumptions could lead to different measurements of fair value. For fair value measurements of EPIC Acquisition Corp and EAC Sponsor Limited's assets, changing one or more of the assumptions used to reasonably possible alternative assumptions would have the following effects on the investment valuations. The key inputs into the preparation of the valuations of EPIC Acquisition Corp and EAC Sponsor Limited were the distributions available in a liquidation scenario to EAC Sponsor Limited. If these inputs had been taken at the higher end of the range of expected realisations, the value of these assets and profit for the year would have been £33,299 higher. If these inputs had been taken at the lower end of the range, their would be nil change to the value of these assets and profit for the year, given the valuation is prepared on a nil realisation basis. This sensitivity excludes amounts held by EPIC Acquisition Corp. in escrow, which will deliver a fixed distribution in the event of a liquidation scenario.
공정가치 서열체계 - 공정가치로 측정되는 금융상품
The Company's investments in the Subsidiaries at 31 January 2024 are classified as Level 3 (in line with 31 January 2023), given the variation in classification of the underlying assets. The Company values these investments on the basis of the net asset value of these holdings.
아래 표는 공정 가치 측정이 분류되는 공정 가치 계층 구조의 수준별로 보고일에 공정 가치로 측정된 자회사가 보유한 기초 투자를 분석합니다. 이사회는 부채와 자본을 포함하는 총 투자의 공정 가치를 평가합니다.
The tables below show the gross amount and the net amount of all investments held via the Subsidiaries per the fair value hierarchy. The net amount is a result of the application of profit share adjustments relating to the performance fees discussed in Note 5.
레벨 1 | 레벨 3 | 금액 | ||
1월 31 2024 |
| £ | £ | £ |
당기 손익 인식 금융 자산 |
| |||
인용되지 않은 사모펀드 투자 (부채 포함) | - | 59,103,536 | 59,103,536 | |
펀드 투자 | - | 451,348 | 451,348 | |
Quoted investments* | 48,865,293 | 5,262,427 | 54,127,720 | |
당기손익인식투자 |
| 48,865,293 | 64,817,311 | 113,682,604 |
기타 자산 및 부채(원가로 보유) | - | - | 1,127,547 | |
공연 수수료 조정 | (8,732,750) | (5,355,362) | (14,088,112) | |
금액 |
| 40,132,543 | 59,461,949 | 100,722,039 |
| |||||
레벨 1 | 레벨 2 | 레벨 3 | 금액 | ||
1월 31 2023 |
| £ | £ | £ | £ |
당기 손익 인식 금융 자산 |
| ||||
인용되지 않은 사모펀드 투자 (부채 포함) | - | - | 47,752,184 | 47,752,184 | |
인용되지 않은 펀드 투자 | - | - | 3,184,749 | 3,184,749 | |
인용 투자 | 50,501,249 | 5,495,557 | - | 55,996,806 | |
당기손익인식투자 |
| 50,501,249 | 5,495,557 | 50,936,933 | 106,933,739 |
기타 자산 및 부채(원가로 보유) | - | - | - | 2,591,240 | |
공연 수수료 조정 | (8,743,708) | - | (368,294) | (9,112,002) | |
금액 |
| 41,757,541 | 5,495,557 | 50,568,639 | 100,412,977 |
* There has been a change in the designation of the level of fair value hierarchy of EPIC Acquisition Corp from Level 2 to Level 3 during the current year, with the valuation methodology amended to a liquidation value approach.
The following table, detailing the value of portfolio investments only, shows a reconciliation of the opening balances to the closing balances for fair value measurements in Level 3 of the fair value hierarchy for the underlying investments held by the Subsidiaries.
| 31 1월 2024 | 31 1월 2023 | |||
인용되지 않은 투자(부채 포함) |
| £ | £ | ||
1월 XNUMX일 기준 잔액 | 50,568,639 | 47,886,854 | |||
추가 투자 | 3,350,912 | 2,086,948 | |||
투자 자본 분배 | (2,694,993) | (2,235,136) | |||
레벨 3 투자로 전환 | 5,495,557 | - | |||
손익에 따른 공정가치의 변동 | 2,741,834 | 2,829,973 | |||
31월 XNUMX일 현재 잔액 |
|
|
| 59,461,949 | 50,568,639 |
공정가치 측정에 사용된 유의적 관측불가능한 투입변수
아래 표는 공정가치 서열체계에서 수준 31으로 분류된 금융상품을 측정하는 데 2024년 3월 XNUMX일 현재 사용된 관측 불가능한 유의적인 투입변수에 대한 정보를 제시합니다.
상품 설명 | 공정 가치 1월 31 2024 | 중요한 관찰할 수 없는 입력 |
£ | ||
인용되지 않은 사모펀드 투자(부채 포함) | 53,748,174 | Sales / EBITDA multiple |
펀드 투자 | 5,713,775 | 보고된 순자산가치 또는 청산가치 |
중요한 관찰 불가능한 입력은 다음과 같이 개발됩니다.
· 비교 가능한 배수 거래: 비교 가능한 자산의 가격을 책정할 때 다른 시장 참여자가 사용하는 평가 배수. 관련 유사 자산은 부문, 규모, 지리 또는 기타 관련 요소의 유사성을 기반으로 투자에 근접한 것으로 판단되는 공개 회사에서 선택됩니다. 비교 가능한 회사의 가치 평가 배수는 보고일 현재 시장 가격에 내포된 회사의 기업 가치를 계산하고 관련 재무 지표(매출 또는 EBITDA)로 나누어 결정합니다.
· 보고된 순 자산 가치: 제XNUMX자가 관리하고 평가하는 자산의 경우 운용사는 정기적으로 투자 평가를 제공합니다. 제XNUMX자 운용사의 평가 방법론을 검토합니다. 적절하고 보고 기준과 일치하는 것으로 판단되는 경우 이사회는 제XNUMX자 관리자가 준비한 평가를 채택합니다. 이사의 공정가치 추정치에 도달하는 데 필요하다고 간주되는 경우 제XNUMX자 평가가 조정됩니다.
· Investment cost: for recently acquired assets (typically completed in the last twelve months), the Investment Advisor considers the investment cost an appropriate fair value for the asset. No asset was valued using investment cost as at 31 January 2024.
· Liquidation value: for underperforming assets, the Investment Advisor considers the value recovered in the event of a liquidation of the asset an appropriate fair value for the asset.
경영진은 공정 가치 추정치가 적절하다고 믿지만 다른 방법론이나 가정을 사용하면 공정 가치 측정이 달라질 수 있습니다. 수준 3 자산의 공정가치 측정의 경우 합리적으로 가능한 대체 가정에 사용된 가정 중 하나 이상을 변경하면 수준 3 투자 평가에 다음과 같은 영향을 미칩니다.
· 만기 수준 3 자산에 대한 회사의 투자의 경우 재무제표 작성에 사용된 평가는 평균 EV 대 EBITDA 배수 7.2배(각 자산의 총 평가에 의해 가중됨)(2023년: 6.7배)를 의미합니다. 레벨 3 만기 자산의 평가를 준비할 때 관찰할 수 없는 핵심 입력은 자산의 재무 예측에 적용된 EBITDA 배수였습니다. 25퍼센트의 민감도. 평가에 사용된 최대 유동성 할인에 따라 이러한 배수에 적용되었습니다. 이러한 입력이 25%인 경우. 더 높으면 해당 연도의 레벨 3 자산 및 이익의 가치는 £15,161,561 더 높았을 것입니다. 이러한 입력이 25%인 경우. 더 낮으면 해당 연도의 레벨 3 자산 및 이익의 가치는 £17,786,484 더 낮았을 것입니다. 자산의 재무 예측에 상응하는 증가 또는 감소는 회사의 자산 및 이익에 유사한 영향을 미칩니다.
· 회사의 성장 수준 3 자산에 대한 투자의 경우 재무제표 작성에 사용된 평가는 1.5x(각 자산의 총 가치 평가에 의해 가중됨)의 평균 EV/매출 배수를 의미합니다(2023: 1.4x). 성장 수준 3 자산의 평가를 준비할 때 관찰할 수 없는 핵심 입력은 자산의 재무 예측에 적용된 판매 배수였습니다. 25퍼센트의 민감도. 평가에 사용된 최대 유동성 할인에 따라 이러한 배수에 적용되었습니다. 이러한 입력이 25%인 경우. 더 높으면 해당 연도의 레벨 3 자산 및 이익의 가치는 £860,072 더 높았을 것입니다. 이러한 입력이 25%인 경우. 더 낮으면 해당 연도의 레벨 3 자산 및 이익의 가치는 £707,743 더 낮았을 것입니다. 자산의 재무 예측에 상응하는 증가 또는 감소는 회사의 자산 및 이익에 유사한 영향을 미칩니다.
금융자산과 부채의 분류
아래 표는 회사의 금융자산과 부채의 장부금액을 금융상품별로 분류한 내용입니다.
1월 31 2024 |
| |||
금융 자산 |
| 박람회에서 가치 £ | 상각 시 비용 £ | 금액 £ |
당기손익인식투자 | 100,722,039 | - | 100,722,039 | |
현금 및 현금성 자산 | - | 14,462,495 | 14,462,495 | |
| 100,722,039 | 14,462,495 | 115,184,534 | |
금융 부채 |
|
|
|
|
매입 채무 및 기타 채무 | - | 676,284 | 676,284 | |
무담보 대출 어음 수단* | - | 3,987,729 | 3,987,729 | |
무배당우선주** | - | 13,714,191 | 13,714,191 | |
- | 18,378,204 | 18,378,204 | ||
| ||||
|
| |||
1월 31 2023 |
| |||
금융 자산 |
| 박람회에서 가치 £ | 상각 시 비용 £ | 금액 £ |
당기손익인식투자 | 100,412,977 | - | 100,412,977 | |
현금 및 현금성 자산 | - | 22,226,008 | 22,226,008 | |
100,412,977 | 22,226,008 | 122,638,985 | ||
금융 부채 |
|
|
|
|
매입 채무 및 기타 채무 | - | 596,790 | 596,790 | |
무담보 대출 어음 수단* | - | 3,987,729 | 3,987,729 | |
무배당우선주** | - | 20,721,001 | 20,721,001 | |
- | 25,305,520 | 25,305,520 |
* The Directors consider that the fair value of the unsecured loan note instruments is the same as its carrying value.
** The Directors consider that the fair value of the zero dividend preference shares is £12,812,500 (2023: £19,100,000) calculated on the basis of the quoted price of the instrument on the London Stock Exchange of 102.50 pence as at 31 January 2024 (2023: 95.50 pence).
13 현금 및 현금등가물
2024 | 2023 | |
£ | £ | |
현재 및 통화 계정 | 14,462,495 | 22,226,008 |
| 14,462,495 | 22,226,008 |
The current and call accounts have been classified as cash and cash equivalents in the Consolidated Statement of Cash Flows.
14 매입채무와 기타채무
2024 | 2023 | ||
|
| £ | £ |
매입 채무 | 91,297 | 1,008 | |
발생한 관리 수수료 | 36,330 | 36,533 | |
발생한 감사 수수료 | 20,918 | 9,920 | |
발생한 전문가 수수료 | 29,272 | 45,489 | |
누적된 투자 자문 수수료 | 484,400 | 487,107 | |
발생한 이사 보수 | 11,667 | 14,333 | |
기타 채무 | 2,400 | 2,400 | |
금액 |
| 676,284 | 596,790 |
15 부채
무담보 대출 증서("ULN")
The Company has issued ULN's that are redeemable on 24 July 2024, following the extension of their maturity in July 2023. The Company's ULN's are quoted on the Aquis Stock Exchange. The interest rate for the period up to 23 July 2023 was 7.5 per cent per annum. The interest rate was increased to 8.0 per cent per annum for the period subsequent to 23 July 2023. At 31 January 2024, £3,987,729 (2023: £3,987,729) of ULNs in principal amount were outstanding. Issue costs totalling £144,236 have been offset against the value of the loan note instrument and have been amortised over the period to 24 July 2022. The total issue costs expensed in the year ended 31 January 2024 was £nil (2023: £10,303). The carrying value of the ULNs in issue at the year end was £3,987,729 (2023: £3,987,729). The total interest expense for the ULNs for the year is £309,049 (2023: £309,382). The comparatives for interest expense includes the amortisation of the issue costs. The carrying value of the ULN is presented under current liabilities in the current period as they are redeemable within 12-month period from the Consolidated Statement of Assets and Liabilities date. The ULN has in place Financial Covenants including an Interest Coverage Test (that the ratio of cash and cash equivalents to interest payable is greater than or equal to 6:1) and a Gross Asset Test (that the ratio of gross asset value to financial indebtedness of the Company is greater than or equal to 2:1). The Covenants have been met for the years ended 31 January 2024 and 31 January 2023.
무배당 우선주("ZDP 주식")
On 17 December 2021 the Company issued 20,000,000 ZDP Shares at a price of £1 per share, raising £20,000,000. The Company's ZDP shares are admitted to trade on the main market of the London Stock Exchange (standard listed). The ZDP Shares will not pay dividends but have a final capital entitlement at maturity on 16 December 2026 of 129.14 pence per ZDP Share. It should be noted that the predetermined capital entitlement of a ZDP Share is not guaranteed and is dependent upon the Company's gross assets being sufficient on 16 December 2026 to meet the final capital entitlement. Under IAS 32 - Financial Instruments: Presentation, the ZDP Shares are classified as financial liabilities and are held at amortised cost. Issue costs totalling £573,796 have been offset against the value of the ZDP Shares and are being amortised over the life of the instrument. In July 2023, the Company completed the repurchase of 7,500,000 ZDP shares, which are held in treasury. Following this buyback, the Company has 12,500,000 ZDP shares remaining in issue. The total issue costs expensed in the year ended 31 January 2024 was £115,359 (2023: £115,359). The carrying value of the ZDP Shares in issue at the year-end was £13,714,191 (2023: £20,721,001). The total finance charge for the ZDP Shares for the year is £868,190 (2023: £1,128,093). This includes the ZDP Share finance charge and the amortisation of the Issue costs.
1월 31 2024 | 1월 31 2023 | ||
|
| £ | £ |
1월 XNUMX일 기준 잔액 | 20,721,001 | 19,580,190 | |
ZDP non cash charge | 945,348 | 1,140,811 | |
ZDP 주식 환매 | (7,952,158) | - | |
금액 |
| 13,714,191 | 20,721,001 |
16 자본금
2024 | 2024 | 2023 | 2023 | ||
번호 | £ | 번호 | £ | ||
승인된 자본금 | |||||
보통주 각 5p | 45,000,000 | 2,250,000 | 45,000,000 | 2,250,000 | |
호출, 할당 및 전액 지불 | |||||
보통주 각 5p | 34,616,554 | 1,730,828 | 34,616,554 | 1,730,828 | |
자사주 보유 보통주 5펜스 | (4,739,707) | - | (4,951,575) | - | |
|
| 29,876,847 | 1,730,828 | 29,664,979 | 1,730,828 |
프리미엄 공유 |
| - | 13,619,627 | - | 13,619,627 |
31년 2024월 31일 종료 연도와 2023년 XNUMX월 XNUMX일 종료 연도에는 주식이 발행되지 않았습니다.
During the year ended 31 January 2024, the Company transferred 211,868 out of treasury to the Trust (2023: repurchase of 1,855,000 shares into treasury) with a total value of £350,006 (2023: £2,587,375). These shares are held as treasury shares.
31년 2024월 301,684일 종료된 회계연도 동안 신탁은 총 가치가 £2023(280,739년: £525,920)인 2023주(484,821년: 257,061주)를 매입했습니다. 31년 2024월 2023일 종료된 회계연도(862,290년: 31주)에 2024주가 참가자에게 귀속되었습니다. 1,546,693년 2023월 1,290,202일에 신탁이 7주를 보유했습니다(XNUMX년: XNUMX주)(주석 XNUMX 참조).
17 기본 및 희석 주당 손실(펜스)
Basic loss per share for the year ended 31 January 2024 is 1.39 pence (2023: basic loss per share of 147.95 pence). This is calculated by dividing the loss of the Group for the year attributable to the ordinary shareholders of £396,462 (2023: loss of £43,836,210) divided by the weighted average number of shares outstanding, excluding the shares of the EBT subsidiary, during the year of 28,469,486 (2023: 29,628,992 shares). The basic loss per share for the year ended 31 January 2023 has been restated to exclude the shares of the EBT subsidiary from the weighted average number of outstanding shares so that it is consistent with the calculation for the year ended 31 January 2024.
Diluted loss per share for the year ended 31 January 2024 is 1.33 pence (2023: diluted profit per share of 141.77 pence). This is calculated by dividing the loss of the Group for the year attributable to ordinary shareholders of £396,462 (2023: loss of £43,836,210) divided by the weighted average number of shares outstanding, including the shares of the EBT 보조적인, during the year of 29,832,732 (2023: 30,921,130 shares).
주당 NAV 18(펜스)
The Group's NAV per share of 324.26 pence (2023: 328.41 pence) is based on the net assets of the Group at the year-end of £96,879,976 (2023: £97,421,364) divided by the outstanding shares of 29,876,847 (2023: 29,664,979).
The shares of the EBT subsidiary are included in the outstanding shares when calculating the Company's NAV per share to ensure that the NAV per share is stable in the event of share purchases made by the EBT subsidiary or the vesting of shares of the EBT subsidiary.
19 영업활동에 사용된 순현금
영업 활동에 사용된 순현금에 대한 금융 비용 및 세금 전 이익의 조정:
2024 | 2023 | |
| 그룹 | 그룹 |
£ | £ | |
과세 전 XNUMX년간의 손실 | (396,462) | (43,836,210) |
비현금 수입/비용 조정 |
|
|
투자에 대한 순 공정 가치 변동 | (3,384,604) | 39,438,551 |
무담보 대출 증서에 대한 이자 | 309,049 | 309,382 |
무배당우선주 금융수수료 | 868,190 | 1,128,093 |
금융비용 전 손실 | (2,603,827) | (2,960,184) |
조정 : | ||
주식기준보상비용 | 339,593 | 555,225 |
투자 구매 | (3,350,000) | (3,174,948) |
투자 수익 | 6,425,542 | 3,848,880 |
811,308 | (1,731,027) | |
운전 자본 변경 |
| |
매출채권 및 기타수취채권 및 선급금의 이동 | 14,253 | 6,848 |
거래 및 기타 미지급금의 이동 | 79,494 | (373,147) |
비 현금 품목 | ||
환율 변동이 현금 및 현금 등가물에 미치는 영향 | 1,294 | (2,310) |
Net cash gene쥐ed from / (used in) operating activities | 906,349 | (2,099,636) |
20 금융상품
회사의 금융상품은 다음과 같이 구성됩니다.
· 지분 및 대출로 구성된 자회사가 보유한 상장 및 비상장 회사에 대한 투자
· 현금 및 현금 등가물, ZDP 주식 및 무담보 대출 증서 그리고
· Accrued interest and trade and other receivables, accrued expenses and trade and other payables.
재무 위험 관리 목표 및 정책
당사의 금융상품에서 발생하는 주요 위험은 유동성위험, 신용위험, 시장가격위험 및 이자율위험입니다. 이러한 위험은 헤지되지 않습니다. 이러한 위험은 직접 보유한 금융 상품과 자회사의 기초 금융 상품에 의해 생성된 간접 익스포저를 통해 발생합니다. 이러한 위험은 투자 고문과 함께 이사가 관리합니다. 투자 고문은 자회사의 일상적인 금융 상품 관리를 담당합니다.
자본 관리
회사의 자본은 주식 자본, 주식 프리미엄 및 준비금으로 구성되며 외부에서 부과된 자본 요구 사항의 적용을 받지 않습니다.
유동성 위험
유동성위험은 회사가 현금 등 금융자산을 인도하여 결제하는 금융부채와 관련된 의무를 이행하는 데 어려움을 겪게 될 위험입니다. 회사의 유동자산은 쉽게 실현 가능한 현금및현금성자산, 매출채권 및 기타채권으로 구성되어 있습니다.
금융자산의 잔존만기
1월 31 2024 |
| 1개월 미만 | 1-3 개월 | 3개월에서 1년 | 1-5 년 | 이상 5년 | 명시된 만기 없음 | |
금융 자산 |
| |||||||
현금 및 현금성 자산 | 14,462,495 | - | - | - | - | - | ||
금액 |
| 14,462,495 | - | - | - | - | - | |
| ||||||||
1월 31 2023 |
| 1개월 미만 | 1-3 개월 | 3개월에서 1년 | 1-5 년 | 5 년 | 명시된 만기 없음 | |
금융 자산 |
| |||||||
현금 및 현금성 자산 | 22,226,008 | - | - | - | - | - | ||
금액 |
| 22,226,008 | - | - | - | - | - |
금융부채의 계약상 잔여만기
1월 31 2024 |
| 1개월 미만 | 1-3 개월 | 3개월에서 1년 | 1-5 년 | 이상 5년 | 명시된 만기 없음 | |
금융 부채 |
| |||||||
매입 채무 및 기타 채무 | 676,284 | - | - | - | - | - | ||
대출 어음 도구 | - | - | 3,987,729 | - | - | - | ||
무배당우선주 | - | - | - | 16,142,500 | - | - | ||
금액 |
| 676,284 | - | 3,987,729 | 16,142,500 | - | - | |
| ||||||||
1월 31 2023 |
| 1개월 미만 | 1-3 개월 | 3개월에서 1년 | 1-5 년 | 5 년 | 명시된 만기 없음 | |
금융 부채 |
| |||||||
매입 채무 및 기타 채무 | 596,790 | - | - | - | - | - | ||
대출 어음 도구 | - | - | 3,987,729 | - | - | - | ||
무배당우선주 | - | - | - | 25,827,284 | - | - | ||
금액 |
| 596,790 | - | 3,987,729 | 25,827,284 | - | - |
신용 위험
신용위험은 발행인이나 거래상대방이 회사와 체결한 약속을 이행할 수 없거나 이행할 의지가 없는 위험입니다.
회사는 자회사에 대한 지분을 통해 회사를 상당한 신용 위험에 노출시키는 여러 사기업에 대한 대출을 진행했습니다. 대출은 신용 위험 등급이 없는 인용되지 않은 민간 기업에 제공됩니다. 이는 회사 및 자회사의 투자 전략의 일부로 입력되며, 신용 위험은 가능한 경우 담보(일반적으로 유동 수수료) 및 차입 회사 관리에 적극적인 역할을 하는 투자 고문을 통해 관리됩니다.
투자 고문은 현실적인 상환 일정을 설정하려고 하지만 제 시간에 완전히 상환하지 않는 포트폴리오 회사를 반드시 '성과가 저조한' 것으로 간주하지 않으며 사례별로 각 포트폴리오 회사를 모니터링하려고 합니다. 그러나 모든 경우에 투자 고문은 단계적 권리를 행사할 권리를 보유합니다. 선불 대출금 상환 외에도 회사와 자회사는 주주 가치를 창출하기 위해 추가 우선주 구조를 마련하고 상당한 지분을 확보하는 경우가 많습니다. 각 투자에 대한 회사의 관점을 결정하는 것은 제XNUMX자 부채를 포함한 모든 증권의 결합 성과입니다.
보고일 현재 당사의 신용위험에 노출된 금융자산의 금액은 다음과 같습니다(대상 종속기업에 대한 노출 제외).
2024 | 2023 | ||
£ | £ | ||
현금 및 현금성 자산 | 14,462,495 | 22,226,008 | |
금액 | 14,462,495 | 22,226,008 |
Cash balances are placed with HSBC Bank plc, Barclays Bank plc and Santander Financial Services plc, all of which have the credit rating of A1 Stable (Moody's).
시장 가격 위험
시장가격위험이란 시장가격의 변동에 따라 금융상품의 가치가 변동할 위험(이자율위험이나 환위험은 제외)을 말합니다. 회사는 공정가치로 표시되는 종속기업에 대한 지분을 통해 보유하고 있는 지분투자로 인해 시장가격 위험에 노출되어 있습니다.
시장 가격 위험 민감도
회사는 공정가치로 표시되는 다수의 상장 및 비상장 기업에 대한 기본 지분과 관련하여 시장 가격 위험에 노출되어 있습니다. Luceco plc는 31년 2024월 31일 런던 증권 거래소 메인 마켓에서 호가되었습니다. EPIC Acquisition Corp의 주식 및 영장은 2024년 XNUMX월 XNUMX일 Euronext 암스테르담 증권 거래소에서 호가되었습니다.
If Luceco plc's share price had been 5.0 per cent. higher than actual close of market on 31 January 2024, EPE Special Opportunities Limited's NAV per share would have been 2.0 per cent. (2023: 2.03 per cent.) higher than reported. If Luceco's share price had been 5.0 per cent. lower than actual close of market on 31 January 2024, EPE Special Opportunities Limited's NAV per share would have been 2.0 per cent. (2023: 2.03 per cent.) lower than reported. These movements would have had a corresponding effect on the profit for the year.
A sensitivity is not prepared for EPIC Acquisition Corp. given that the vehicle is in liquidation.
금리 위험
회사는 무담보 대출채권과 현금잔고를 통해 이자율 위험에 노출되어 있습니다. 대부분의 대출은 고정금리입니다. 현금 잔액은 변동 금리로 이자를 받습니다. 무담보 대출 채권 상품은 고정 금리를 지닙니다.
아래 표는 당사의 이자율위험 노출정도를 요약한 것입니다. 여기에는 자산 및 부채의 장부금액으로 측정된 계약상 가격 조정 또는 만기일 중 이른 시점의 회사의 금융 자산 및 부채가 포함됩니다.
1월 31 2024 |
| 1 개월 미만 | 1 월 1년까지 | 1-5 년 | 이상 5년 | 무이자 | 금액 |
자산 |
| £ | £ | £ | £ | £ | £ |
채권 및 현금 |
| ||||||
매출 채권 및 기타 채권 | - | - | - | - | - | - | |
현금 및 현금성 자산 | 14,462,495 | - | - | - | - | 14,462,495 | |
총 금융 자산 | 14,462,495 | - | - | - | - | 14,462,495 | |
| |||||||
부채 |
| ||||||
금융부채 측정 상각 원가로 |
| ||||||
매입 채무 및 기타 채무 | - | - | - | - | (676,284) | (676,284) | |
무담보 대출 증서 | - | (3,987,729) | - | - | - | (3,987,729) | |
총금융부채 |
| - | (3,987,729) | - | - | (676,284) | (4,664,013) |
1월 31 2023 | 1 개월 미만 | 1 월 1년까지 | 1-5 년 | 이상 5년 | 무이자 | 금액 |
자산 | £ | £ | £ | £ | £ | £ |
채권 및 현금 | ||||||
매출 채권 및 기타 채권 | - | - | - | - | - | - |
현금 및 현금성 자산 | 22,226,008 | - | - | - | - | 22,226,008 |
총 금융 자산 | 22,226,008 | - | - | - | - | 22,226,008 |
| ||||||
부채 | ||||||
금융부채 측정 상각 원가로 | ||||||
매입 채무 및 기타 채무 | - | - | - | - | (596,790) | (596,790) |
무담보 대출 증서 | - | (3,987,729) | - | - | - | (3,987,729) |
총금융부채 | - | (3,987,729) | - | - | (596,790) | (4,584,519) |
금리 민감도
당사는 현금잔고 및 무담보대출어음을 통해 시장이자율 위험에 노출되어 있습니다. 민감도 분석은 회사 성과에 중요한 영향을 미치지 않는 것으로 판단되어 제공되지 않았습니다.
통화 위험
The Group has no significant exposure to foreign currency risk.
기타시장가격위험에 대한 노출
The Investment Advisor monitors the concentration of risk for equity and debt securities based on counterparties and industries (and geographical location). The Company's underlying investments including bank deposits held through its Subsidiaries are concentrated in the following industries.
2024 | 2023 | |
% | % | |
소비자 및 소매 | 49 | 41 |
엔지니어링, 제조 및 유통 | 35 | 34 |
의료 | 2 | 2 |
신용 기금 | <1 | 3 |
은행 예금 | 13 | 20 |
100 | 100 |
The Group notes that there was a concentration on the Consumer and Retail sector, representing 49 per cent. of investments for the year ended 31 January 2024 (2023: Consumer and Retail sector representing 41 per cent.). The Company monitors carefully the sector concentration risk across the portfolio.
운영 리스크
'운영 위험'은 회사의 활동을 지원하는 프로세스, 기술 및 인프라(회사 및 서비스 제공자 모두)와 관련된 다양한 원인과 외부 요인(신용 제외)으로 인해 발생하는 직간접적인 손실 위험입니다. , 시장 및 유동성 위험) 법적, 규제적 요구사항과 일반적으로 인정되는 투자 관리 행위 기준에서 발생하는 위험과 같습니다.
회사의 목적은 투자자에게 수익을 창출한다는 투자 목적을 달성하면서 재무적 손실과 회사의 평판 손상의 한계 사이에서 균형을 이루도록 운영 위험을 관리하는 것입니다.
운영 위험에 대한 통제 수단을 개발하고 구현하는 일차적인 책임은 이사회에 있습니다. 이러한 책임은 다음 영역에서 서비스 제공업체의 제어 및 프로세스와 서비스 제공업체의 서비스 수준 설정을 포함하는 운영 위험 관리를 위한 전반적인 표준 개발에 의해 뒷받침됩니다.
· 통제 및 절차의 문서화;
· 요구 사항:
- appropriate segregation of duties between various functions, roles and responsibilities;
- reconciliation and monitoring of transactions; and
- periodic assessment of operational risk faced;
· 식별된 위험을 해결하기 위한 통제 및 절차의 적절성
· 규제 및 기타 법적 요구 사항 준수
· 비상 계획 개발;
· 훈련 및 전문성 개발;
· 윤리 및 비즈니스 표준; 그리고
· 효과적인 경우 보험을 포함한 위험 완화.
회사의 주요 서비스 제공자는 다음과 같습니다.
· 관리자: Langham Hall Fund Management (Jersey) Limited
· 투자 자문: EPIC Investment Partners LLP
· 재무 관리자: EPIC Administration Limited
· 지명 고문 및 Broker: 누미스증권(주)
· Registrar and CREST Providers: Computershare Investor Services (Jersey) Limited
운영 위험과 관련하여 서비스 제공업체에 마련된 통제 및 프로세스의 적절성에 대한 이사의 평가는 서비스 제공업체와의 정기적인 논의 및 서비스 제공업체 사무실 현장 방문을 통해 수행됩니다. 또한 회사는 서비스 제공업체의 활동에 대해 정기적인 제XNUMX자 검토를 수행합니다.
21 이사의 이해관계
Four of the Directors have interests in the shares of the Company as at 31 January 2024 (2023: five). Clive Spears holds 63,010 ordinary shares (2023: 51,841). Heather Bestwick holds 50,600 ordinary shares (2023: 39,431). David
Pirouet holds 33,635 ordinary shares (2023: 17,309). Michael Gray holds 11,627 ordinary shares (2023: 5,614).
22 특수관계자
회사는 궁극적인 지배 당사자가 없습니다.
Directors' fees expenses during the year amounted to £162,474 (2023: £172,000) of which £11,667 is accrued as at 31 January 2024 (2023: £14,333).
There were no shares re-acquired from related parties during the year ended 31 January 2024 (2023: nil). Certain Directors of the Company and other participants are incentivised in the form of equity settled share-based payment transactions, through a Jointly Owned Share Plan (see note 7).
주요 서비스 제공자에게 지급되는 보수 세부사항은 재무제표 주석 5에 포함되어 있습니다.
성과수수료는 자회사의 성과에 따라 투자자문사에게 지급되며 자회사의 공정가치 산정 시 차감됩니다(주석 5 참조).
In December 2021, ESO Alternative Investments LP invested ?10 million into EPIC Acquisition Corp ("EAC"), a special purpose acquisition company ("SPAC") and EAC's sponsor, EAC Sponsor Limited (the "Sponsor"). The Sponsor was jointly led by the Investment Advisor and TT Bond Partners (an independent party). In January 2024, EPIC Acquisition Corp announced that it will return all residual capital to the Company and to third parties and wind up. In February 2024, the realisation of the investment in EPIC Acquistion Corp was completed, returning ?6.2 million. The realisation from EAC Sponsor Limited remains subject to the completion of the liquidation.
In July 2023, the Company agreed the extension of the maturity of £4.0 million unsecured loan notes to 24 July 2024. Delphine Brand, a Managing Partner of EPIC and a connected party of Giles Brand (a person discharging managerial responsibilities ("PDMR") for the Company), is a minority holder of the unsecured loan notes.
Giles Brand, Managing Partner of the Investment Advisor, is a director of certain portfolio holding vehicles, including Luceco plc and Hamsard 3145 Limited (trading as Whittard of Chelsea).
23 Commitments and Contingencies
As at 31 January 2024, ESO Investments 1 Limited has a contingent guarantee of £1.75 million outstanding (2023: £nil) in favour of Rayware Limited and its third party debt providers (a £2.50 million guarantee was provided in July 2023 of which £0.75 million was drawn down in the subsequent period).
24 기타 정보
The revenue and capital reserves are presented in accordance with the Board of Directors' agreed principles, which are that the net gain / loss on investments is allocated to the capital reserve and all other income and expenses are allocated to the revenue reserve and other equity. The total reserve of the Company for the year ended 31 January 2024 is £81,529,521 (2023: £82,070,909).
25 후속 이벤트
In February 2024, the Company received ?6.2 million as proceeds from the realisation of its holding in EPIC Acquisition Corp.
대체 성능 측정
An Alternative Performance Measure is a numerical measure of the Group's historical or current performance.
조치 | 정의 | ||||||||||||||||
Premium / Discount to NAV | The amount by which the share price of the Company is either higher (premium) or lower (discount) than the NAV per share, expressed as a percentage of the NAV per share.Please find a reconciliation to the NAV per share of the Company below
| ||||||||||||||||
EBITDA | 이자, 과세, 감가상각 및 상각 전 수입.
이 측정값은 기본 포트폴리오 수준에서 계산되므로 재무제표의 GAAP 지표와 직접적으로 조정할 수 없습니다. | ||||||||||||||||
EV / EBITDA multiple | The EV / EBITDA multiple is calculated by dividing a company's Enterprise Value ('EV') by its annual EBITDA. The mature unquoted asset valuation EV / EBITDA multiple quoted in the report is weighted by the Fair Value of the underlying investments, and excludes assets at a pre-profitability growth stage.
이 측정값은 기본 포트폴리오 수준에서 계산되므로 재무제표의 GAAP 지표와 직접적으로 조정할 수 없습니다.
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EV / Sales multiple | The EV / Sales multiple is calculated by dividing a company's EV by its annual Sales.
이 측정값은 기본 포트폴리오 수준에서 계산되므로 재무제표의 GAAP 지표와 직접적으로 조정할 수 없습니다. | ||||||||||||||||
IRR | The gross Internal Rate of Return ("IRR") of an investment or set of investments, calculated as the annual compound rate of return on the investment cashflows. Gross IRR does not reflect expenses to be borne by the relevant fund or its investors, including performance fees, management fees, taxes and organisational or transaction expenses.
This measure is calculated at the level of the underlying portfolio and therefore is not directly reconcilable to GAAP metrics in the financial statements.
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유동성 | Company liquidity is calculated as cash balances held by the Company, inclusive ofcash held by Subsidiaries in which the Company is the sole investor.
아래에서 회사가 보유하고 있는 현금 잔액에 대한 조정 내역을 확인하시기 바랍니다.
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포트폴리오 매출 CAGR | 포트폴리오 판매 복합 연간 성장률("CAGR")은 포트폴리오 회사의 최근 완료된 회계 연도와 이전 XNUMX년 동안의 연간 매출 합계에 내재된 CAGR을 기준으로 계산됩니다.
이 측정값은 기본 포트폴리오 수준에서 계산되므로 재무제표의 GAAP 지표와 직접적으로 조정할 수 없습니다.
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MM | 자금 배수("MM")는 투자 또는 투자 집합의 총 실현액을 총 투자 비용으로 나누어 계산합니다. 총 자금 배수는 성과 수수료, 관리 수수료, 세금, 조직 또는 거래 비용을 포함하여 관련 펀드 또는 그 투자자가 부담해야 하는 비용을 반영하지 않습니다.
이 측정값은 기본 포트폴리오 수준에서 계산되므로 재무제표의 GAAP 지표와 직접적으로 조정할 수 없습니다.
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주당 NAV | The Group's NAV per share is calculated as the net assets of the Group at the year-end divided by the outstanding shares.The shares of the EBT subsidiary are included in the outstanding shares when calculating the Company's NAV per share to ensure that the NAV per share is stable in the event of share purchases made by the EBT subsidiary or the vesting of shares of the EBT subsidiary.
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순 부채 | Net Debt is calculated as the total third party debt of a portfolio company, less cash balances.
이 측정값은 기본 포트폴리오 수준에서 계산되므로 재무제표의 GAAP 지표와 직접적으로 조정할 수 없습니다. | ||||||||||||||||
포트폴리오 활용 | 포트폴리오 레버리지는 포트폴리오의 총 순부채를 포트폴리오의 총 연간 EBITDA로 나누어 계산합니다.이 측정값은 기본 포트폴리오 수준에서 계산되므로 재무제표의 GAAP 지표와 직접적으로 조정할 수 없습니다.
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연간 주가 수익률
| 연간 주가 수익률은 회사 주가와 10년 전 주가가 내재하는 CAGR로 계산됩니다.
아래에서 회사 주가에 대한 조정 내용을 확인하세요.
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발행 주식의 3% 이상을 보유한 주주의 미감사 일정
31년 2024월 XNUMX일 현재
보유 비율 | |||
자일스 브랜드 | 35.5% | ||
로이드 주식회사 | 9.9% | ||
자산 가치 투자자 | 5.1% | ||
퍼스트 에쿼티 | 4.8% |
| |
Boston Trust Company Limited(ESO JOSP 제도의 수탁자) | 4.5% | ||
롬바르드 오디에 다리에 헨치 | 3.5% | ||
총 보유량 3% 이상 | 63.3% | ||
회사 정보
이사 | 관리자 및 회사 주소 |
씨엘 스피어스(회장) | 랭함 홀 펀드 매니지먼트 (저지) 리미티드 |
H. 베스트윅 | 가스페 하우스 |
D. 피루에 | 66-72 에스플러네이드, 세인트 헬리어 |
MM그레이 | 저지 JE1 2LH |
투자 자문관 | 재무 관리자 |
EPIC 투자 파트너 LLP | EPIC 관리 제한 |
오드리 하우스 | 오드리 하우스 |
16-20 엘리 플레이스 | 16-20 엘리 플레이스 |
런던 EC1N 6SN | 런던 EC1N 6SN |
감사인 및 보고 회계사 | 지명 고문 및 Broker |
프라이스워터하우스쿠퍼스 CI LLP | (주)누미스증권 |
37 에스플러네이드 | 45 그레샴 스트리트 |
세인트 헬리어, 저지 | 런던 EC2V 7BF |
채널 제도 JE1 4XA | |
은행가들 | 등록 에이전트(버뮤다) |
바클레이 은행 plc | 코니어스 딜 앤 피어맨 |
1 처칠 플레이스 | Clarendon 하우스, 2 처치 스트리트 |
카나리 워프 (Canary Wharf) | 해밀턴 HM 11 |
런던 E14 5HP | 버뮤다제도 |
HSBC 은행 plc | 레지스트라 및 CREST 공급자 |
1st 층 | Computershare 투자자 서비스(저지) 제한 |
60 퀸 빅토리아 스트리트 | 퀸즈웨이 하우스 |
런던 EC4N 4TR | 힐그로브 스트리트 |
세인트 헬리어 JE1 1ES | |
산탄데르인터내셔널 | 투자자 관계 |
PO Box 545 | 리처드 슈피겔버그 |
19-21 상업 거리 | 카듀 컴퍼니 |
St Helier, 저지, JE4 8XG | 29 링컨스 인 필드 |
| 런던 WC2A 3EG |
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.