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1. General information
Cordiant Digital Infrastructure Limited (the Company; LSE ticker: CORD) was incorporated and
registered in Guernsey on 4 January 2021 with registered number 68630 as a non-cellular company
limited by shares and is governed in accordance with the provisions of the Companies (Guernsey)
Law 2008. The registered office address is East Wing, Trafalgar Court, Les Banques, St Peter Port,
Guernsey GY1 3PP. The Company\u2019s ordinary shares were admitted to trading on the Specialist Fund
Segment of the London Stock Exchange on 16 February 2021 and its C Shares on 10 June 2021. On
20 January 2022, all C Shares were converted to ordinary shares. A second issuance of ordinary
shares took place on 25 January 2022. Note 10 gives more information on share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-3": { "value": "Cordiant Digital Infrastructure Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-4": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-5": { "value": "non-cellular company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-6": { "value": "East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3PP", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-281": { "value": "
2. Material accounting policies
The material accounting policies applied in the preparation of these financial statements are
set out below. These policies have been consistently applied to all the years presented, unless
otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with IFRS as issued by the IASB, the
Statement of Recommended Practice issued by the Association of Investment Companies (the
AIC SORP) and the Companies (Guernsey) Law 2008.
The financial statements have been prepared on an historical cost basis as modified for the
measurement of certain financial instruments at fair value through profit or loss. They are presented
in pounds sterling, which is the currency of the primary economic environment in which the
Company operates, and are rounded to the nearest thousand, unless otherwise stated.
The material accounting policies are set out below.
Going concern
The financial statements have been prepared on a going concern basis as the Directors have a
reasonable expectation that the Company has adequate resources to continue in operational
existence for the foreseeable future.
While the ongoing geopolitical conflicts and market volatility in different parts of the world during
the year have affected the way in which the Company\u2019s investee companies are conducted, this did
not have a material direct effect on the results of the business. The Directors are satisfied that the
resulting macroeconomic environment is not likely to significantly restrict business activity.
The Directors have reviewed different scenarios and stress testing of the cash flow forecasts
prepared by the Investment Manager to understand the resilience of the Company\u2019s cash flows to
adverse scenarios.
The Directors and Investment Manager are actively monitoring these risks and their potential effect
on the Company and its underlying investments. In particular, they have considered the following
specific key potential impacts:
\u2014 increased volatility in the fair value of investments
\u2014 disruptions to business activities of the underlying investments; and
\u2014 recoverability of income and principal and allowance for expected credit losses.
In considering the above key potential impacts on the Company and its underlying investments, the
Investment Manager has assessed these with reference to the mitigation measures in place. Based
on this assessment, the Directors do not consider that the effects of the above risks have created a
material uncertainty over the assessment of the Company as a going concern.
As further detailed in note 6 to the financial statements, the Board uses a third-party valuation provider
to perform a reasonableness assessment of the Investment Manager\u2019s valuation of the underlying
investments. Additionally, the Investment Manager and Directors have considered the cash flow
forecast to determine the term over which the Company can remain viable given its current resources.
On the basis of this review, and after making due enquiries, the Directors have a reasonable
expectation that the Company has adequate resources to continue in operational existence for
at least the period from 19 June 2024 to 30 September 2025, being the period of assessment
considered by the Directors. Accordingly, they continue to adopt the going concern basis in
preparing the financial statements.
Accounting for subsidiaries
The Directors have concluded that the Company has all the elements of control as prescribed by
IFRS 10 \u2018Consolidated Financial Statements\u2019 in relation to all its subsidiaries and that the Company
satisfies the three essential criteria to be regarded as an Investment Entity as defined in IFRS 10.
The three essential criteria are that the entity must:
\u2014 obtain funds from one or more investors for the purpose of providing these investors with
professional investment management services;
\u2014 commit to its investors that its business purpose is to invest its funds solely for returns from capital
appreciation, investment income or both; and
\u2014 measure and evaluate the performance of substantially all of its investments on a fair value basis.
In satisfying the second essential criterion, the notion of an investment time frame is critical and
an Investment Entity should have an exit strategy for the realisation of its investments. The Board
has approved a divestment strategy under which the Investment Manager will, within two years
from acquisition of an investment and at least annually thereafter, undertake a review of the current
condition and future prospects of the investment. If the Investment Manager concludes that:
\u2014 the future prospects for an investment are insufficiently strong to meet the Company\u2019s rate of
return targets; or
\u2014 the value that could be realised by an immediate disposal would outweigh the value of retaining
the investment; or
\u2014 it would be more advantageous to realise capital for investment elsewhere than to continue to
hold the investment
\u2014 then the Investment Manager will take appropriate steps to dispose of the investment.
Also as set out in IFRS 10, further consideration should be given to the typical characteristics of an
Investment Entity, which are that:
\u2014 it should have more than one investment, to diversify the risk portfolio and maximise returns;
\u2014 it should have multiple investors, who pool their funds to maximise investment opportunities;
\u2014 it should have investors that are not related parties of the entity; and
\u2014 it should have ownership interests in the form of equity or similar interests.
The Directors are of the opinion that the Company meets the essential criteria and typical
characteristics of an Investment Entity. Therefore, subsidiaries are measured at fair value
through profit or loss, in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value is measured in
accordance with IFRS 13 \u2018Fair Value Measurement\u2019.
Financial instruments
In accordance with IFRS 9, financial assets and financial liabilities are recognised in the Statement of
Financial Position when the Company becomes a party to the contractual provisions of the instrument.
Financial assets
The classification of financial assets at initial recognition depends on the purpose for which the
financial asset was acquired and its characteristics. All purchases of financial assets are recorded at
the date on which the Company became party to the contractual requirements of the financial asset.
The Company\u2019s financial assets principally comprise investments held at fair value through profit or
loss, cash and cash equivalents, and trade receivables.
Financial assets are recognised at the date of purchase or the date on which the Company became
party to the contractual requirements of the asset. Financial assets are initially recognised at cost,
being the fair value of consideration given. Transaction costs of financial assets at fair value through
profit or loss are recognised in the Statement of Comprehensive Income as incurred.
A financial asset is derecognised (in whole or in part) either:
\u2014 when the Company has transferred substantially all the risks and rewards of ownership; or
\u2014 when it has neither transferred nor retained substantially all the risks and rewards and when it no
longer has control over the assets or a portion of the asset; or
\u2014 when the contractual right to receive cash flow has expired.
Investments held at fair value through profit or loss
Investments are measured at fair value through profit or loss. Gains or losses resulting from the
movement in fair value are recognised in the Statement of Comprehensive Income at each interim
and annual valuation point, 30 September and 31 March respectively.
The loans provided to subsidiaries are held at fair value through profit or loss as they form part of
a managed portfolio of assets whose performance is evaluated on a fair value basis. These loans
are recognised at the loan principal value plus outstanding interest. Any gain or loss on the loan
investment is recognised in profit or loss.
Fair value is defined as 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. Fair value is
calculated on an unlevered, discounted cash flow basis in accordance with IFRS 13.
When available, the Company measures fair value using the quoted price in an active market. A market
is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and
volume to provide pricing information on an ongoing basis. If there is no quoted price in an active
market, then the Company uses valuation techniques that maximise the use of relevant observable
inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all
of the factors that market participants would take into account when pricing a transaction.
Valuation process
The Investment Manager is responsible for proposing the valuation of the assets held by the
Company, and the Directors are responsible for reviewing the Company\u2019s valuation policy and
approving the valuations for 31 March and 30 September annually.
The Investment Manager reviews the key assumptions of the valuations of the assets proposed
to the Board and performs sensitivity analysis on them. The results of this sensitivity analysis are
included in note 6.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term
highly liquid investments with an original maturity of three months or less that are readily convertible
to a known amount of cash and are subject to an insignificant risk of changes in value.
Cash Collateral
Cash collateral is classified as a financial asset at amortised cost. It is measured at amortised cost.
Cash collateral is recorded based on agreements entered into with an entity without notable history
of default causing ECL to be immaterial and therefore not recorded.
Financial liabilities
Financial liabilities are classified according to the substance of the contractual agreements
entered into and are recorded on the date on which the Company becomes party to the contractual
requirements of the financial liability.
The Company\u2019s financial liabilities measured at amortised cost include trade and other payables,
intercompany loans and other short-term monetary liabilities which are initially recognised at fair
value and subsequently measured at amortised cost using the effective interest rate method.
A financial liability (in whole or in part) is derecognised when the Company has extinguished its
contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the
Statement of Comprehensive Income.
Equity Financial instruments issued by the Company are treated as equity if the holder has only a residual interest in the assets of the Company after the deduction of all liabilities. The Company\u2019s ordinary shares and Subscription Shares are classified as equity. Share issue costs directly attributable to the issue of ordinary shares are shown in equity as a deduction from share capital. When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. Dividends Dividends payable are recognised as distributions in the financial statements when the Company\u2019s obligation to make payment has been established. Revenue recognition Dividend income is recognised when the Company\u2019s entitlement to receive payment is established. Other income is accounted for on an accruals basis using the effective interest rate method. Expenses Expenses are recognised on an accruals basis in the Statement of Comprehensive Income in the period in which they are incurred. Taxation The Company has met the conditions in section 1158 Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011 for each period to date, and it is the intention of the Directors to conduct the affairs of the Company so that it continues to satisfy those conditions and continue to be approved by HMRC as an investment trust. In respect of each accounting period for which the Company is approved by HMRC as an investment trust, the Company will be exempt from UK corporation tax on its chargeable gains and its capital profits from creditor loan relationships. The Company will, however, be subject to UK corporation tax on its income (currently at a rate of 25%). In principle, the Company will be liable to UK corporation tax on its dividend income. However, there are broad-ranging exemptions from this charge which would be expected to be applicable in respect of most of the dividends the Company may receive. A company that is an approved investment trust in respect of an accounting period is able to take advantage of modified UK tax treatment in respect of its \u2018qualifying interest income\u2019 for an accounting period. It is expected that the Company will have material amounts of qualifying interest income and that it may, therefore, decide to designate some or all of the dividends paid in respect of a given accounting period as interest distributions.
To the extent that the Company receives income from, or realises amounts on the disposal of,
investments in foreign countries it may be subject to foreign withholding or other taxation in those
jurisdictions. To the extent it relates to income, this foreign tax may, to the extent not relievable under
a double tax treaty, be able to be treated as an expense for UK corporation tax purposes, or it may be
treated as a credit against UK corporation tax up to certain limits and subject to certain conditions.
Current tax is the expected tax payable on the taxable income for the period, using tax rates that
have been enacted or substantively enacted at the reporting date. Deferred tax is the tax expected
to be payable or recoverable on temporary differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that taxable profits will be
available against which deductible temporary differences can be utilised.
Deferred tax assets and liabilities are not recognised if the temporary differences arise from
goodwill or from the initial recognition of other assets and liabilities in a transaction that is not a
business combination and that affects neither the taxable profit nor the accounting profit. Deferred
tax assets and liabilities are recognised for taxable temporary differences arising on investments,
except where the Company is able to control the timing of the reversal of the difference and it is
probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is
calculated at the tax rates that are expected to apply in the period when the liability is settled or the
asset is realised. Deferred tax is charged or credited to the Statement of Comprehensive Income
except when it relates to items charged or credited directly to equity, in which case the deferred tax
is also dealt with directly in equity.
Deferred tax assets and liabilities are offset when: there is a legally enforceable right to set off tax
assets against tax liabilities; they relate to income taxes levied by the same taxation authority; and
the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets
and liabilities are not discounted.
Foreign currencies
The functional currency of the Company is the pound sterling, reflecting the primary economic
environment in which it operates. The Company has chosen pounds sterling as its presentation
currency for financial reporting purposes.
Foreign currency transactions during the year, including purchases and sales of investments,
income and expenses are translated into pounds sterling at the rate of exchange prevailing on the
date of the transaction.
Monetary assets and liabilities denominated in currencies other than pounds sterling are
retranslated at the rate of exchange ruling at the reporting date. Non-monetary items that are
measured in terms of historical cost in a currency other than pounds sterling are translated using the
exchange rates at the dates of the initial transactions.
Non-monetary items measured at fair value in a currency other than pounds sterling are translated
using the exchange rates at the date as at which the fair value was determined. Foreign currency
transaction gains and losses on financial instruments classified as at fair value through profit or loss
are included in profit or loss in the Statement of Comprehensive Income as part of the change in fair
value of investments.
Foreign currency transaction gains and losses on financial instruments are included in profit or loss
in the Statement of Comprehensive Income as a finance income or expense.
Segmental reporting
The chief operating decision maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the Board of Directors as a whole.
The key measure of performance used by the Directors to assess the Company\u2019s performance and
to allocate resources is the Company\u2019s NAV, as calculated under IFRS as issued by the IASB, and
therefore no reconciliation is required between the measure of profit or loss used by the Board and
that contained in the Annual Report.
For management purposes, the Company is organised into one main operating segment, which
invests in Digital Infrastructure Assets.
Due to the Company\u2019s nature, it has no customers.
New standards, amendments and interpretations issued and effective for the financial period
beginning 1 April 2023
The Board of Directors has considered new standards and amendments that are mandatorily
effective from 1 January 2023 and with the exception of the Disclosure of Accounting Policies
(Amendment to IAS1) has not had a significant impact on the financial statements. The Disclosure
of Accounting Policies amendment generated a review of and reduction in the accounting policy
disclosures to reflect only material accounting policy information. Accounting policy information
is material if, when considered together with other information included in an entity\u2019s financial
statements, it can reasonably be expected to influence decisions that primary users of the financial
statements make on the basis of those financials statements.
New standards, amendments and interpretations issued but not yet effective
There are a number of new standards, amendments to standards and interpretations which are
not yet mandatory for the 31 March 2024 reporting period and have not been adopted early by the
Company. These standards are not expected to have a material impact on the financial statements
of the Company in the current or future reporting periods and on foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-283": { "value": "Basis of preparation The financial statements have been prepared in accordance with IFRS as issued by the IASB, the Statement of Recommended Practice issued by the Association of Investment Companies (the AIC SORP) and the Companies (Guernsey) Law 2008. The financial statements have been prepared on an historical cost basis as modified for the measurement of certain financial instruments at fair value through profit or loss. They are presented in pounds sterling, which is the currency of the primary economic environment in which the Company operates, and are rounded to the nearest thousand, unless otherwise stated. The material accounting policies are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-307": { "value": "The financial statements have been prepared in accordance with IFRS as issued by the IASB, the Statement of Recommended Practice issued by the Association of Investment Companies (the AIC SORP) and the Companies (Guernsey) Law 2008. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-308": { "value": "The financial statements have been prepared on an historical cost basis as modified for the measurement of certain financial instruments at fair value through profit or loss. They are presented in pounds sterling, which is the currency of the primary economic environment in which the Company operates, and are rounded to the nearest thousand, unless otherwise stated. The material accounting policies are set out below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-284": { "value": "Going concern The financial statements have been prepared on a going concern basis as the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. While the ongoing geopolitical conflicts and market volatility in different parts of the world during the year have affected the way in which the Company\u2019s investee companies are conducted, this did not have a material direct effect on the results of the business. The Directors are satisfied that the resulting macroeconomic environment is not likely to significantly restrict business activity. The Directors have reviewed different scenarios and stress testing of the cash flow forecasts prepared by the Investment Manager to understand the resilience of the Company\u2019s cash flows to adverse scenarios. The Directors and Investment Manager are actively monitoring these risks and their potential effect on the Company and its underlying investments. In particular, they have considered the following specific key potential impacts: \u2014 increased volatility in the fair value of investments \u2014 disruptions to business activities of the underlying investments; and \u2014 recoverability of income and principal and allowance for expected credit losses. In considering the above key potential impacts on the Company and its underlying investments, the Investment Manager has assessed these with reference to the mitigation measures in place. Based on this assessment, the Directors do not consider that the effects of the above risks have created a material uncertainty over the assessment of the Company as a going concern. As further detailed in note 6 to the financial statements, the Board uses a third-party valuation provider to perform a reasonableness assessment of the Investment Manager\u2019s valuation of the underlying investments. Additionally, the Investment Manager and Directors have considered the cash flow forecast to determine the term over which the Company can remain viable given its current resources. On the basis of this review, and after making due enquiries, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least the period from 19 June 2024 to 30 September 2025, being the period of assessment considered by the Directors. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-285": { "value": "Accounting for subsidiaries The Directors have concluded that the Company has all the elements of control as prescribed by IFRS 10 \u2018Consolidated Financial Statements\u2019 in relation to all its subsidiaries and that the Company satisfies the three essential criteria to be regarded as an Investment Entity as defined in IFRS 10. The three essential criteria are that the entity must: \u2014 obtain funds from one or more investors for the purpose of providing these investors with professional investment management services; \u2014 commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation, investment income or both; and \u2014 measure and evaluate the performance of substantially all of its investments on a fair value basis. In satisfying the second essential criterion, the notion of an investment time frame is critical and an Investment Entity should have an exit strategy for the realisation of its investments. The Board has approved a divestment strategy under which the Investment Manager will, within two years from acquisition of an investment and at least annually thereafter, undertake a review of the current condition and future prospects of the investment. If the Investment Manager concludes that: \u2014 the future prospects for an investment are insufficiently strong to meet the Company\u2019s rate of return targets; or \u2014 the value that could be realised by an immediate disposal would outweigh the value of retaining the investment; or \u2014 it would be more advantageous to realise capital for investment elsewhere than to continue to hold the investment \u2014 then the Investment Manager will take appropriate steps to dispose of the investment. Also as set out in IFRS 10, further consideration should be given to the typical characteristics of an Investment Entity, which are that: \u2014 it should have more than one investment, to diversify the risk portfolio and maximise returns; \u2014 it should have multiple investors, who pool their funds to maximise investment opportunities; \u2014 it should have investors that are not related parties of the entity; and \u2014 it should have ownership interests in the form of equity or similar interests. The Directors are of the opinion that the Company meets the essential criteria and typical characteristics of an Investment Entity. Therefore, subsidiaries are measured at fair value through profit or loss, in accordance with IFRS 9 \u2018Financial Instruments\u2019. Fair value is measured in accordance with IFRS 13 \u2018Fair Value Measurement\u2019. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-286": { "value": "Financial instruments In accordance with IFRS 9, financial assets and financial liabilities are recognised in the Statement of Financial Position when the Company becomes a party to the contractual provisions of the instrument. Financial assets The classification of financial assets at initial recognition depends on the purpose for which the financial asset was acquired and its characteristics. All purchases of financial assets are recorded at the date on which the Company became party to the contractual requirements of the financial asset. The Company\u2019s financial assets principally comprise investments held at fair value through profit or loss, cash and cash equivalents, and trade receivables. Financial assets are recognised at the date of purchase or the date on which the Company became party to the contractual requirements of the asset. Financial assets are initially recognised at cost, being the fair value of consideration given. Transaction costs of financial assets at fair value through profit or loss are recognised in the Statement of Comprehensive Income as incurred. A financial asset is derecognised (in whole or in part) either: \u2014 when the Company has transferred substantially all the risks and rewards of ownership; or \u2014 when it has neither transferred nor retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2014 when the contractual right to receive cash flow has expired. Investments held at fair value through profit or loss Investments are measured at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Statement of Comprehensive Income at each interim and annual valuation point, 30 September and 31 March respectively. The loans provided to subsidiaries are held at fair value through profit or loss as they form part of a managed portfolio of assets whose performance is evaluated on a fair value basis. These loans are recognised at the loan principal value plus outstanding interest. Any gain or loss on the loan investment is recognised in profit or loss. Fair value is defined as 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. Fair value is calculated on an unlevered, discounted cash flow basis in accordance with IFRS 13. When available, the Company measures fair value using the quoted price in an active market. A market is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account when pricing a transaction. Valuation process The Investment Manager is responsible for proposing the valuation of the assets held by the Company, and the Directors are responsible for reviewing the Company\u2019s valuation policy and approving the valuations for 31 March and 30 September annually. The Investment Manager reviews the key assumptions of the valuations of the assets proposed to the Board and performs sensitivity analysis on them. The results of this sensitivity analysis are included in note 6. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Cash Collateral Cash collateral is classified as a financial asset at amortised cost. It is measured at amortised cost. Cash collateral is recorded based on agreements entered into with an entity without notable history of default causing ECL to be immaterial and therefore not recorded. Financial liabilities Financial liabilities are classified according to the substance of the contractual agreements entered into and are recorded on the date on which the Company becomes party to the contractual requirements of the financial liability. The Company\u2019s financial liabilities measured at amortised cost include trade and other payables, intercompany loans and other short-term monetary liabilities which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A financial liability (in whole or in part) is derecognised when the Company has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-309": { "value": "Financial assets The classification of financial assets at initial recognition depends on the purpose for which the financial asset was acquired and its characteristics. All purchases of financial assets are recorded at the date on which the Company became party to the contractual requirements of the financial asset. The Company\u2019s financial assets principally comprise investments held at fair value through profit or loss, cash and cash equivalents, and trade receivables. Financial assets are recognised at the date of purchase or the date on which the Company became party to the contractual requirements of the asset. Financial assets are initially recognised at cost, being the fair value of consideration given. Transaction costs of financial assets at fair value through profit or loss are recognised in the Statement of Comprehensive Income as incurred. A financial asset is derecognised (in whole or in part) either: \u2014 when the Company has transferred substantially all the risks and rewards of ownership; or \u2014 when it has neither transferred nor retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2014 when the contractual right to receive cash flow has expired. Investments held at fair value through profit or loss Investments are measured at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Statement of Comprehensive Income at each interim and annual valuation point, 30 September and 31 March respectively. The loans provided to subsidiaries are held at fair value through profit or loss as they form part of a managed portfolio of assets whose performance is evaluated on a fair value basis. These loans are recognised at the loan principal value plus outstanding interest. Any gain or loss on the loan investment is recognised in profit or loss. Fair value is defined as 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. Fair value is calculated on an unlevered, discounted cash flow basis in accordance with IFRS 13. When available, the Company measures fair value using the quoted price in an active market. A market is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account when pricing a transaction. Valuation process The Investment Manager is responsible for proposing the valuation of the assets held by the Company, and the Directors are responsible for reviewing the Company\u2019s valuation policy and approving the valuations for 31 March and 30 September annually. The Investment Manager reviews the key assumptions of the valuations of the assets proposed to the Board and performs sensitivity analysis on them. The results of this sensitivity analysis are included in note 6. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Cash Collateral Cash collateral is classified as a financial asset at amortised cost. It is measured at amortised cost. Cash collateral is recorded based on agreements entered into with an entity without notable history of default causing ECL to be immaterial and therefore not recorded. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-329": { "value": "Investments held at fair value through profit or loss Investments are measured at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Statement of Comprehensive Income at each interim and annual valuation point, 30 September and 31 March respectively. The loans provided to subsidiaries are held at fair value through profit or loss as they form part of a managed portfolio of assets whose performance is evaluated on a fair value basis. These loans are recognised at the loan principal value plus outstanding interest. Any gain or loss on the loan investment is recognised in profit or loss. Fair value is defined as 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. Fair value is calculated on an unlevered, discounted cash flow basis in accordance with IFRS 13. When available, the Company measures fair value using the quoted price in an active market. A market is regarded as \u2018active\u2019 if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account when pricing a transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-330": { "value": "Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments with an original maturity of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-310": { "value": "Financial liabilities Financial liabilities are classified according to the substance of the contractual agreements entered into and are recorded on the date on which the Company becomes party to the contractual requirements of the financial liability. The Company\u2019s financial liabilities measured at amortised cost include trade and other payables, intercompany loans and other short-term monetary liabilities which are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. A financial liability (in whole or in part) is derecognised when the Company has extinguished its contractual obligations, it expires or is cancelled. Any gain or loss on derecognition is taken to the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-287": { "value": "
Equity
Financial instruments issued by the Company are treated as equity if the holder has only a residual
interest in the assets of the Company after the deduction of all liabilities. The Company\u2019s ordinary
shares and Subscription Shares are classified as equity.
Share issue costs directly attributable to the issue of ordinary shares are shown in equity as a
deduction from share capital. When shares recognised as equity are repurchased, the amount of
the consideration paid, which includes directly attributable costs, is recognised as a deduction
from equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-288": { "value": "
Dividends
Dividends payable are recognised as distributions in the financial statements when the Company\u2019s
obligation to make payment has been established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-289": { "value": "
Revenue recognition
Dividend income is recognised when the Company\u2019s entitlement to receive payment is established.
Other income is accounted for on an accruals basis using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-290": { "value": "
Expenses
Expenses are recognised on an accruals basis in the Statement of Comprehensive Income in the
period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-291": { "value": "
Taxation
The Company has met the conditions in section 1158 Corporation Tax Act 2010 and the Investment
Trust (Approved Company) (Tax) Regulations 2011 for each period to date, and it is the intention of
the Directors to conduct the affairs of the Company so that it continues to satisfy those conditions
and continue to be approved by HMRC as an investment trust.
In respect of each accounting period for which the Company is approved by HMRC as an
investment trust, the Company will be exempt from UK corporation tax on its chargeable gains and
its capital profits from creditor loan relationships. The Company will, however, be subject to UK
corporation tax on its income (currently at a rate of 25%).
In principle, the Company will be liable to UK corporation tax on its dividend income. However,
there are broad-ranging exemptions from this charge which would be expected to be applicable in
respect of most of the dividends the Company may receive.
A company that is an approved investment trust in respect of an accounting period is able to
take advantage of modified UK tax treatment in respect of its \u2018qualifying interest income\u2019 for an
accounting period. It is expected that the Company will have material amounts of qualifying interest
income and that it may, therefore, decide to designate some or all of the dividends paid in respect of
a given accounting period as interest distributions.
To the extent that the Company receives income from, or realises amounts on the disposal of, investments in foreign countries it may be subject to foreign withholding or other taxation in those jurisdictions. To the extent it relates to income, this foreign tax may, to the extent not relievable under a double tax treaty, be able to be treated as an expense for UK corporation tax purposes, or it may be treated as a credit against UK corporation tax up to certain limits and subject to certain conditions. Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition of other assets and liabilities in a transaction that is not a business combination and that affects neither the taxable profit nor the accounting profit. Deferred tax assets and liabilities are recognised for taxable temporary differences arising on investments, except where the Company is able to control the timing of the reversal of the difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the Statement of Comprehensive Income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with directly in equity. Deferred tax assets and liabilities are offset when: there is a legally enforceable right to set off tax assets against tax liabilities; they relate to income taxes levied by the same taxation authority; and the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-311": { "value": "Taxation The Company has met the conditions in section 1158 Corporation Tax Act 2010 and the Investment Trust (Approved Company) (Tax) Regulations 2011 for each period to date, and it is the intention of the Directors to conduct the affairs of the Company so that it continues to satisfy those conditions and continue to be approved by HMRC as an investment trust. In respect of each accounting period for which the Company is approved by HMRC as an investment trust, the Company will be exempt from UK corporation tax on its chargeable gains and its capital profits from creditor loan relationships. The Company will, however, be subject to UK corporation tax on its income (currently at a rate of 25%). In principle, the Company will be liable to UK corporation tax on its dividend income. However, there are broad-ranging exemptions from this charge which would be expected to be applicable in respect of most of the dividends the Company may receive. A company that is an approved investment trust in respect of an accounting period is able to take advantage of modified UK tax treatment in respect of its \u2018qualifying interest income\u2019 for an accounting period. It is expected that the Company will have material amounts of qualifying interest income and that it may, therefore, decide to designate some or all of the dividends paid in respect of a given accounting period as interest distributions. To the extent that the Company receives income from, or realises amounts on the disposal of, investments in foreign countries it may be subject to foreign withholding or other taxation in those jurisdictions. To the extent it relates to income, this foreign tax may, to the extent not relievable under a double tax treaty, be able to be treated as an expense for UK corporation tax purposes, or it may be treated as a credit against UK corporation tax up to certain limits and subject to certain conditions. Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted at the reporting date. Deferred tax is the tax expected to be payable or recoverable on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax assets and liabilities are not recognised if the temporary differences arise from goodwill or from the initial recognition of other assets and liabilities in a transaction that is not a business combination and that affects neither the taxable profit nor the accounting profit. Deferred tax assets and liabilities are recognised for taxable temporary differences arising on investments, except where the Company is able to control the timing of the reversal of the difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to the Statement of Comprehensive Income except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with directly in equity. Deferred tax assets and liabilities are offset when: there is a legally enforceable right to set off tax assets against tax liabilities; they relate to income taxes levied by the same taxation authority; and the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax assets and liabilities are not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-292": { "value": "Foreign currencies The functional currency of the Company is the pound sterling, reflecting the primary economic environment in which it operates. The Company has chosen pounds sterling as its presentation currency for financial reporting purposes. Foreign currency transactions during the year, including purchases and sales of investments, income and expenses are translated into pounds sterling at the rate of exchange prevailing on the date of the transaction. Monetary assets and liabilities denominated in currencies other than pounds sterling are retranslated at the rate of exchange ruling at the reporting date. Non-monetary items that are measured in terms of historical cost in a currency other than pounds sterling are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a currency other than pounds sterling are translated using the exchange rates at the date as at which the fair value was determined. Foreign currency transaction gains and losses on financial instruments classified as at fair value through profit or loss are included in profit or loss in the Statement of Comprehensive Income as part of the change in fair value of investments. Foreign currency transaction gains and losses on financial instruments are included in profit or loss in the Statement of Comprehensive Income as a finance income or expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-293": { "value": "Segmental reporting The chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors as a whole. The key measure of performance used by the Directors to assess the Company\u2019s performance and to allocate resources is the Company\u2019s NAV, as calculated under IFRS as issued by the IASB, and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the Annual Report. For management purposes, the Company is organised into one main operating segment, which invests in Digital Infrastructure Assets. Due to the Company\u2019s nature, it has no customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-313": { "value": "New standards, amendments and interpretations issued and effective for the financial period beginning 1 April 2023 The Board of Directors has considered new standards and amendments that are mandatorily effective from 1 January 2023 and with the exception of the Disclosure of Accounting Policies (Amendment to IAS1) has not had a significant impact on the financial statements. The Disclosure of Accounting Policies amendment generated a review of and reduction in the accounting policy disclosures to reflect only material accounting policy information. Accounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that primary users of the financial statements make on the basis of those financials statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-294": { "value": "New standards, amendments and interpretations issued and effective for the financial period beginning 1 April 2023 The Board of Directors has considered new standards and amendments that are mandatorily effective from 1 January 2023 and with the exception of the Disclosure of Accounting Policies (Amendment to IAS1) has not had a significant impact on the financial statements. The Disclosure of Accounting Policies amendment generated a review of and reduction in the accounting policy disclosures to reflect only material accounting policy information. Accounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that primary users of the financial statements make on the basis of those financials statements. New standards, amendments and interpretations issued but not yet effective There are a number of new standards, amendments to standards and interpretations which are not yet mandatory for the 31 March 2024 reporting period and have not been adopted early by the Company. These standards are not expected to have a material impact on the financial statements of the Company in the current or future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-312": { "value": "New standards, amendments and interpretations issued but not yet effective There are a number of new standards, amendments to standards and interpretations which are not yet mandatory for the 31 March 2024 reporting period and have not been adopted early by the Company. These standards are not expected to have a material impact on the financial statements of the Company in the current or future reporting periods and on foreseeable future transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-295": { "value": "
3. Significant accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of
assets, liabilities, income, and expenses.
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances. The key estimates made by the Company are disclosed in note 6.
The resulting accounting estimates will, by definition, seldom equal the related actual results.
Revisions to accounting estimates are recognised in the period in which the estimate is revised and
in any future periods affected.
Judgements
In the process of applying the Company\u2019s accounting policies, management has made the following
judgements, which have the most significant effect on the amounts recognised in the financial
statements:
Assessment as an Investment Entity
In the judgement of the Directors, the Company qualifies as an Investment Entity under IFRS 10
and therefore its subsidiary entities have not been consolidated in the preparation of the financial
statements. Further details of the impact of this accounting policy are included in note 7.
Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of resulting
in a material adjustment to the carrying amounts of assets and liabilities within the year ended
31 March 2024 is included in note 6 and relates to the determination of fair value of investments with
significant unobservable inputs.
Climate change
In preparing the financial statements, the Directors have considered the impact of climate change,
particularly in the context of the climate change risks identified in the ESG report section of the
Strategic report.
In preparing the financial statements, the Directors have considered the medium- and longer-term
cash flow impacts of climate change on a number of key estimates within the financial statements,
including:
\u2014 the estimates of future cash flows used in assessments of the fair value of investments; and
\u2014 the estimates of future profitability used in the assessment of distributable income.
These considerations did not have a material impact on the financial reporting judgements and
estimates in the current year. This reflects the conclusion that climate change is not expected to
have a significant impact on the Company\u2019s short- or medium-term cash flows including those
considered in the going concern and viability assessments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-296": { "value": "
4. Other expenses
Other expenses in the Statement of Comprehensive Income comprises:
Year ended Year ended
31 March 2024 31 March 2023
Note \u00a3\u2019000 \u00a3\u2019000
Management fees
13
5,928
7,271
Legal and professional fees
713
1,281
Aborted deal fees
1,888
1,793
Directors\u2019 fees
185
185
Fees payable to the statutory auditor
11
198
195
Other expenses
604
621
9,516
11,346
11. Audit fees
Other operating expenses include fees payable to the Company\u2019s auditor, which can be analysed
as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the statutory auditor
for audit of the statutory financial statements
198
195
for other audit-related services
\u2013
\u2013
for non-audit services
\u2013
\u2013
198
195
At 31 March 2024, there were no audit fees from the year ended 31 March 2023 remaining unpaid.
13. Management and performance fees
Under the Investment Management Agreement, the Investment Manager is entitled to receive
an annual management fee and a performance fee, plus any applicable VAT, in addition to the
reimbursement of reasonable expenses incurred by it in the performance of its duties.
Management fee
The Investment Manager receives from the Company an annual management fee, based on the
average market capitalisation of the Company, calculated using the closing market capitalisation for
each LSE trading day for the relevant month, and paid monthly in arrears. The management fee has
been payable since 30 April 2021, being the date on which more than 75% of the IPO proceeds were
deployed in investment activities.
The annual management fee is calculated on the following basis:
\u2014 1.00% of the average market capitalisation up to \u00a3500 million.
\u2014 0.90% of the average market capitalisation between \u00a3500 million and \u00a31 billion; and
\u2014 0.80% of the average market capitalisation in excess of \u00a31 billion.
Following the publication of each Interim Report and Annual Report, the Investment Manager is
required to apply an amount, in aggregate, equal to 10% of the annual management fee for the
preceding six-month period in the following manner:
a) if the average trading price, calculated over the 20 trading days immediately preceding the
announcement date, is equal to, or higher than, the last reported NAV per ordinary share (as
adjusted to reflect any dividends reflected in the average trading price) the Investment Manager
shall use the relevant amount to subscribe for new ordinary shares (rounded down to the nearest
whole number of ordinary shares), issued at the average trading price; or
b) if the average trading price is lower than the last reported NAV per ordinary share (as adjusted
to reflect any dividends reflected in the average trading price) the Investment Manager shall, as
soon as reasonably practicable, use the relevant amount to make market purchases of ordinary
shares (rounded down to the nearest whole number of ordinary shares) within two months of the
relevant NAV announcement date.
Even though the annual management fee is payable on a monthly basis, ordinary shares will only be
acquired by the Investment Manager on a half-yearly basis.
Any ordinary shares subscribed or purchased by the Investment Manager pursuant to the above
arrangements are, subject to usual exceptions, subject to a lock-up of 12 months from the date of
subscription or purchase.
For the year ended 31 March 2024, the Investment Manager has charged management fees
of \u00a35.9 million (31 March 2023: \u00a37.3 million) to the Company, with \u00a30.6 million (31 March 2023:
\u00a30.6 million) owed at year end.
During the year ended 31 March 2024, the Investment Manager was not required to subscribe
for new ordinary shares (31 March 2023: \u00a30.29 million) but was required to conduct open market
purchases for aggregate consideration of \u00a30.63million (31 March 2023: \u00a30.39 million).
Performance fee
The Investment Manager may in addition receive a performance fee on each performance fee
calculation date, dependent on the performance of the Company\u2019s NAV and share price. The
first performance fee calculation date is 31 March 2024 and subsequent calculation dates are on
31 March each year thereafter. The fee will be equal to 12.5% of the excess return over the target of
9% for the NAV return or share price return, whichever is the lower, multiplied by the time-weighted
average number of ordinary shares in issue (excluding any ordinary shares held in treasury) during
the relevant period.
Any performance fee is to be satisfied as follows:
\u2014 as to 50% in cash; and
\u2014 as to the remaining 50% of the performance fee, subject to certain exceptions and the relevant
regulatory and tax requirements:
a) if the average trading price, calculated over the 20 trading days immediately preceding
the performance fee calculation date, is equal to or higher than the last reported NAV per
ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the
Company will issue to the Investment Manager such number of new ordinary shares (credited
as fully paid) as is equal to the performance fee investment amount divided by the average
trading price (rounded down to the nearest whole number of ordinary shares); or
b) if the average trading price is lower than the last reported NAV per ordinary share (as adjusted
to reflect any dividends reflected in the average trading price) then the Company shall (on
behalf of, and as agent for, the Investment Manager) apply the performance fee investment
amount in making market purchases of ordinary shares, provided any such ordinary shares
are purchased at prices below the last reported NAV per ordinary share.
Any ordinary shares subscribed or purchased by the Investment Manager pursuant to the above
arrangements will, subject to usual exceptions, be subject to a lock-up of 36 months from the date of
subscription or purchase.
For the year ended 31 March 2024, no performance fee is due to the Investment Manager
(31 March 2023: \u00a3nil) and no amount has been accrued as the share price performance hurdle has
not been met.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-331": { "value": "4. Other expenses Other expenses in the Statement of Comprehensive Income comprises:
Year ended Year ended
31 March 2024 31 March 2023
Note \u00a3\u2019000 \u00a3\u2019000
Management fees
13
5,928
7,271
Legal and professional fees
713
1,281
Aborted deal fees
1,888
1,793
Directors\u2019 fees
185
185
Fees payable to the statutory auditor
11
198
195
Other expenses
604
621
9,516
11,346
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-314": { "value": "4. Other expenses Other expenses in the Statement of Comprehensive Income comprises:
Year ended Year ended
31 March 2024 31 March 2023
Note \u00a3\u2019000 \u00a3\u2019000
Management fees
13
5,928
7,271
Legal and professional fees
713
1,281
Aborted deal fees
1,888
1,793
Directors\u2019 fees
185
185
Fees payable to the statutory auditor
11
198
195
Other expenses
604
621
9,516
11,346
11. Audit fees Other operating expenses include fees payable to the Company\u2019s auditor, which can be analysed as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Fees payable to the statutory auditor
for audit of the statutory financial statements
198
195
for other audit-related services
\u2013
\u2013
for non-audit services
\u2013
\u2013
198
195
At 31 March 2024, there were no audit fees from the year ended 31 March 2023 remaining unpaid. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-297": { "value": "
5. Finance income
Finance income in the Statement of Comprehensive Income comprises:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Bank interest received
418
157
Interest on fixed term deposits
1,708
9,549
2,126
9,706
During the year ended 31 March 2024, the Company invested \u00a3180.5 million in RBSI and \u00a37.0 million Investec fixed term
deposits at an average interest rate of 3% per annum. At 31 March 2024, \u00a353.8 million of these deposits had
not matured.
During the year ended 31 March 2024, the Company entered into two foreign exchange forward
contracts totalling \u00a337.2 million. The maturity date of one of these foreign exchange forwards
was 27 March 2024 and the other instrument was 3 May 2024. The fair value gain or loss on these
instruments during the year was immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-343": { "value": "5. Finance income Finance income in the Statement of Comprehensive Income comprises:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Bank interest received
418
157
Interest on fixed term deposits
1,708
9,549
2,126
9,706
During the year ended 31 March 2024, the Company invested \u00a3180.5 million in RBSI and \u00a37.0 million Investec fixed term deposits at an average interest rate of 3% per annum. At 31 March 2024, \u00a353.8 million of these deposits had not matured. During the year ended 31 March 2024, the Company entered into two foreign exchange forward contracts totalling \u00a337.2 million. The maturity date of one of these foreign exchange forwards was 27 March 2024 and the other instrument was 3 May 2024. The fair value gain or loss on these instruments during the year was immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-332": { "value": "5. Finance income Finance income in the Statement of Comprehensive Income comprises:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Bank interest received
418
157
Interest on fixed term deposits
1,708
9,549
2,126
9,706
During the year ended 31 March 2024, the Company invested \u00a3180.5 million in RBSI and \u00a37.0 million Investec fixed term deposits at an average interest rate of 3% per annum. At 31 March 2024, \u00a353.8 million of these deposits had not matured. During the year ended 31 March 2024, the Company entered into two foreign exchange forward contracts totalling \u00a337.2 million. The maturity date of one of these foreign exchange forwards was 27 March 2024 and the other instrument was 3 May 2024. The fair value gain or loss on these instruments during the year was immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-315": { "value": "5. Finance income Finance income in the Statement of Comprehensive Income comprises:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Bank interest received
418
157
Interest on fixed term deposits
1,708
9,549
2,126
9,706
During the year ended 31 March 2024, the Company invested \u00a3180.5 million in RBSI and \u00a37.0 million Investec fixed term deposits at an average interest rate of 3% per annum. At 31 March 2024, \u00a353.8 million of these deposits had not matured. During the year ended 31 March 2024, the Company entered into two foreign exchange forward contracts totalling \u00a337.2 million. The maturity date of one of these foreign exchange forwards was 27 March 2024 and the other instrument was 3 May 2024. The fair value gain or loss on these instruments during the year was immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-316": { "value": "
6. Investments at fair value through profit or loss
Year ended 31 March 2024
Year ended 31 March 2023
Loans Equity Total Loans Equity Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Opening balance
37,350
834,965
872,315
27,671
382,185
409,856
Additions
4,807
61,485
66,292
4,691
379,724
384,415
Shareholder loan interest capitalised
\u2013
\u2013
\u2013
521
\u2013
521
Interest on promissory notes
1,877
\u2013
1,877
2,228
\u2013
2,228
Shareholder loan repayment
(32,530)
\u2013
(32,530)
\u2013
\u2013
\u2013
Net (losses)/gains on investments at fair value through profit or loss
(2,060)
100,043
97,983
2,239
73,056
75,295
9,444
996,493
1,005,937
37,350
834,965
872,315
During the year ended 31 March 2024 the Company, through its indirect subsidiary Cordiant Digital Holdings Ireland (CDHI), acquired Speed Fibre DAC. The Company subscribed for 40 million additional
shares in CDH UK for cash consideration of \u00a356.1 million in order to provide funds for CDHI to complete the acquisition of Speed Fibre DAC. The value of the Company\u2019s indirect investment in Speed Fibre
DAC at 31 March 2024 was \u00a386.4 million; after taking into account the vendor loan note, the net value is \u00a360.8 million.
The Company also subscribed for an additional 3.5 million ordinary shares in CDH UK for cash consideration of \u00a35.4 million which was directed towards acquisition of Norkring Belgi\u00eb NV (Norkring) at \u00a35.4
million on 15 January 2024. The timing of this transaction was close to the year end and therefore the investment has not been revalued as the price of the recent acquisition is considered to be equal to its
fair value at 31 March 2024.
In the prior year ended 31 March 2023, the Company restructured its loan and equity investments in Communication Investments Holdings s.r.o. (CIH), an entity incorporated in the Czech Republic and
the parent company of \u010cesk\u00e9 Radiokomunikace a.s. (CRA), to hold them indirectly through Cordiant Digital Holdings UK Limited (CDHUK) and Cordiant Digital Holdings Two Limited (CDH2), two wholly
owned subsidiaries of the Company. CDH2 issued shares and promissory notes to the Company in consideration for the transfer of the loan and equity investments in CIH. CDHUK then issued shares and
promissory notes to the Company in consideration for the transfer of the shares and promissory notes of CDH2. The value of the Company\u2019s indirect investment in CRA as at 31 March 2024 was \u00a3385.9
million (31 March 2023: \u00a3389.1 million), comprising an equity investment only as the loan of \u00a332.5 million (31 March 2023: \u00a326.2 million) including the accrued interest during the year was fully settled.
The Company, through its indirect subsidiary Cordiant Digital Holdings One Limited (CDH1), acquired 100% of the equity of Emitel S.A. during the year ended 31 March 2023. During the year ended 31
March 2024, CDH1 restructured part of its equity investment in Emitel S.A. into a loan investment. \u00a337.2 million (PLN 192.5 million) was transferred from equity to loan. At 31 March 2024, the value of CDH1\u2019s
equity investment was \u00a3490.0 million (31 March 2023: \u00a3429.0 million) and the loan investment was \u00a335.0 million (31 March 2023: \u00a3 nil).
The fair value of the shares and promissory notes issued by CDHUK are included in the table above, and represent the fair values of the underlying investments together with other assets and liabilities
of its subsidiaries. The promissory notes were repaid in full on 19 December 2023. The fair value of the Company\u2019s equity investment in CDHUK amounted to \u00a3963.8 million at 31 March 2024 (31 March
2023: \u00a3782.8 million) and the loan investment amounted to \u00a3nil (31 March 2023: \u00a332.5 million). Movements in the fair value of CDHUK are driven largely by movements in the fair value of the underlying
investee companies calculated in their local currencies, and by the effects of foreign currency fluctuations when those fair values are translated into sterling. Further information regarding foreign currency
exposure is given in note 16 on page 99.
The Company has direct investments in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (previously operating under the name DataGryd). As at 31 March 2024, the equity
investment was valued at \u00a332.8 million (31 March 2023: \u00a352.3 million) and the loan investments amounted to \u00a39.4 million (31 March 2023: \u00a34.7 million).
The table below details all gains on investments through profit or loss.
As at 31 March 2024
As at 31 March 2023
Loans Equity Total Loans Equity Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Movement in fair value of investments
\u2013
99,588
99,588
\u2013
73,079
73,079
Unrealised foreign exchange (loss)/gain on investment
(2,060)
(953)
(3,013)
\u2013
6,143
6,143
Management fee income
\u2013
1,408
1,408
\u2013
\u2013
\u2013
Realised loss on restructure
\u2013
\u2013
\u2013
-
3,927
3,927
Shareholder loan interest income
1,877
\u2013
1,877
2,546
3,597
6,143
Total investment income recognised in the year
(183)
100,043
99,860
4,988
73,056
78,044
Fair value measurements
IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is
significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels:
\u2014 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2014 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
\u2014 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed
or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.
The Company\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager. In
order to obtain assurance in respect of the valuations calculated by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the
unobservable inputs and of the forecast cash flows of the Company\u2019s investments.
During the year ended 31 March 2024, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2023: nil)
The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC and Emitel have been valued using a DCF methodology. This involves forecasting the entity\u2019s future cash flows, taking into
account the terms of existing contracts, expected rates of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity\u2019s
estimated weighted average cost of capital (WACC). This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast
with reasonable accuracy, which is March 2030 for CRA, December 2030 for Emitel, December 2031 for Speed Fibre and March 2037 for Hudson Interxchange. The terminal value is calculated using
an assumed terminal growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates. The Norkring investment has been valued at cost, the price of the most recent
transaction being regarded as the most appropriate indicator of fair value.
The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company\u2019s portfolio of reasonably possible alternative
investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above.
31 March 2024
Valuation if Valuation if
rate increases Movement in rate decreases Movement in
Unobservable input
Range
by 1% (\u00a3m) valuation (\u00a3m) by 1% (\u00a3m) valuation (\u00a3m)
WACC
9.00%-10.13%
858
(182)
1,276
236
TGR
1.25%-2.40%
1,194
154
920
(119)
31 March 2023
Valuation if Valuation if
rate increases Movement in rate decreases Movement in
Unobservable input
Range
by 1% (\u00a3m) valuation (\u00a3m) by 1% (\u00a3m) valuation (\u00a3m)
WACC
8.20%-11.00%
729
(146)
1,063
188
TGR
1.25%-2.25%
993
118
783
(92)
Changes to WACC and TGR could be driven by, among other factors: market movements in interest rates, inflation rates and other macroeconomic indicators; perception of risk and volatility in debt and equity markets affecting general market returns; and by political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which they operate. Both the Investment Manager and the third-party valuation expert use a combination of other valuation techniques to verify the reasonableness of the DCF valuations, as recommended in the International Private Equity and Venture Capital (IPEV) Valuation Guidelines: \u2014 earnings multiple: applying a multiple, derived largely from comparable listed entities in the market, to the forecast EBITDA of the entity to calculate an enterprise value, and then deducting the fair value of any debt in the entity; \u2014 DCF with multiple: calculating a DCF valuation of the cash flows of the entity to the end of the period for which cash flows can be forecast with reasonable accuracy, and then applying a multiple to EBITDA at the end of that period to estimate a terminal value; and \u2014 dividend yield: forecasting the entity\u2019s capacity to pay dividends in the future and applying an equity yield to that forecast dividend, based on comparable listed entities in the market. The DCF valuations derived by the Investment Manager and those derived by the third-party valuation expert were not materially different from each other, and the other valuation techniques used provided assurance that the DCF valuations are reasonable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-298": { "value": "6. Investments at fair value through profit or loss
Year ended 31 March 2024
Year ended 31 March 2023
Loans Equity Total Loans Equity Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Opening balance
37,350
834,965
872,315
27,671
382,185
409,856
Additions
4,807
61,485
66,292
4,691
379,724
384,415
Shareholder loan interest capitalised
\u2013
\u2013
\u2013
521
\u2013
521
Interest on promissory notes
1,877
\u2013
1,877
2,228
\u2013
2,228
Shareholder loan repayment
(32,530)
\u2013
(32,530)
\u2013
\u2013
\u2013
Net (losses)/gains on investments at fair value through profit or loss
(2,060)
100,043
97,983
2,239
73,056
75,295
9,444
996,493
1,005,937
37,350
834,965
872,315
During the year ended 31 March 2024 the Company, through its indirect subsidiary Cordiant Digital Holdings Ireland (CDHI), acquired Speed Fibre DAC. The Company subscribed for 40 million additional shares in CDH UK for cash consideration of \u00a356.1 million in order to provide funds for CDHI to complete the acquisition of Speed Fibre DAC. The value of the Company\u2019s indirect investment in Speed Fibre DAC at 31 March 2024 was \u00a386.4 million; after taking into account the vendor loan note, the net value is \u00a360.8 million. The Company also subscribed for an additional 3.5 million ordinary shares in CDH UK for cash consideration of \u00a35.4 million which was directed towards acquisition of Norkring Belgi\u00eb NV (Norkring) at \u00a35.4 million on 15 January 2024. The timing of this transaction was close to the year end and therefore the investment has not been revalued as the price of the recent acquisition is considered to be equal to its fair value at 31 March 2024. In the prior year ended 31 March 2023, the Company restructured its loan and equity investments in Communication Investments Holdings s.r.o. (CIH), an entity incorporated in the Czech Republic and the parent company of \u010cesk\u00e9 Radiokomunikace a.s. (CRA), to hold them indirectly through Cordiant Digital Holdings UK Limited (CDHUK) and Cordiant Digital Holdings Two Limited (CDH2), two wholly owned subsidiaries of the Company. CDH2 issued shares and promissory notes to the Company in consideration for the transfer of the loan and equity investments in CIH. CDHUK then issued shares and promissory notes to the Company in consideration for the transfer of the shares and promissory notes of CDH2. The value of the Company\u2019s indirect investment in CRA as at 31 March 2024 was \u00a3385.9 million (31 March 2023: \u00a3389.1 million), comprising an equity investment only as the loan of \u00a332.5 million (31 March 2023: \u00a326.2 million) including the accrued interest during the year was fully settled. The Company, through its indirect subsidiary Cordiant Digital Holdings One Limited (CDH1), acquired 100% of the equity of Emitel S.A. during the year ended 31 March 2023. During the year ended 31 March 2024, CDH1 restructured part of its equity investment in Emitel S.A. into a loan investment. \u00a337.2 million (PLN 192.5 million) was transferred from equity to loan. At 31 March 2024, the value of CDH1\u2019s equity investment was \u00a3490.0 million (31 March 2023: \u00a3429.0 million) and the loan investment was \u00a335.0 million (31 March 2023: \u00a3 nil). The fair value of the shares and promissory notes issued by CDHUK are included in the table above, and represent the fair values of the underlying investments together with other assets and liabilities of its subsidiaries. The promissory notes were repaid in full on 19 December 2023. The fair value of the Company\u2019s equity investment in CDHUK amounted to \u00a3963.8 million at 31 March 2024 (31 March 2023: \u00a3782.8 million) and the loan investment amounted to \u00a3nil (31 March 2023: \u00a332.5 million). Movements in the fair value of CDHUK are driven largely by movements in the fair value of the underlying investee companies calculated in their local currencies, and by the effects of foreign currency fluctuations when those fair values are translated into sterling. Further information regarding foreign currency exposure is given in note 16 on page 99. The Company has direct investments in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (previously operating under the name DataGryd). As at 31 March 2024, the equity investment was valued at \u00a332.8 million (31 March 2023: \u00a352.3 million) and the loan investments amounted to \u00a39.4 million (31 March 2023: \u00a34.7 million). The table below details all gains on investments through profit or loss.
As at 31 March 2024
As at 31 March 2023
Loans Equity Total Loans Equity Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Movement in fair value of investments
\u2013
99,588
99,588
\u2013
73,079
73,079
Unrealised foreign exchange (loss)/gain on investment
(2,060)
(953)
(3,013)
\u2013
6,143
6,143
Management fee income
\u2013
1,408
1,408
\u2013
\u2013
\u2013
Realised loss on restructure
\u2013
\u2013
\u2013
-
3,927
3,927
Shareholder loan interest income
1,877
\u2013
1,877
2,546
3,597
6,143
Total investment income recognised in the year
(183)
100,043
99,860
4,988
73,056
78,044
Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels: \u2014 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2014 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2014 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Company\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager. In order to obtain assurance in respect of the valuations calculated by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the unobservable inputs and of the forecast cash flows of the Company\u2019s investments. During the year ended 31 March 2024, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2023: nil) The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC and Emitel have been valued using a DCF methodology. This involves forecasting the entity\u2019s future cash flows, taking into account the terms of existing contracts, expected rates of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity\u2019s estimated weighted average cost of capital (WACC). This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast with reasonable accuracy, which is March 2030 for CRA, December 2030 for Emitel, December 2031 for Speed Fibre and March 2037 for Hudson Interxchange. The terminal value is calculated using an assumed terminal growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates. The Norkring investment has been valued at cost, the price of the most recent transaction being regarded as the most appropriate indicator of fair value. The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company\u2019s portfolio of reasonably possible alternative investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above.
31 March 2024
Valuation if Valuation if
rate increases Movement in rate decreases Movement in
Unobservable input
Range
by 1% (\u00a3m) valuation (\u00a3m) by 1% (\u00a3m) valuation (\u00a3m)
WACC
9.00%-10.13%
858
(182)
1,276
236
TGR
1.25%-2.40%
1,194
154
920
(119)
31 March 2023
Valuation if Valuation if
rate increases Movement in rate decreases Movement in
Unobservable input
Range
by 1% (\u00a3m) valuation (\u00a3m) by 1% (\u00a3m) valuation (\u00a3m)
WACC
8.20%-11.00%
729
(146)
1,063
188
TGR
1.25%-2.25%
993
118
783
(92)
Changes to WACC and TGR could be driven by, among other factors: market movements in interest rates, inflation rates and other macroeconomic indicators; perception of risk and volatility in debt and
equity markets affecting general market returns; and by political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which they
operate.
Both the Investment Manager and the third-party valuation expert use a combination of other valuation techniques to verify the reasonableness of the DCF valuations, as recommended in the International
Private Equity and Venture Capital (IPEV) Valuation Guidelines:
\u2014 earnings multiple: applying a multiple, derived largely from comparable listed entities in the market, to the forecast EBITDA of the entity to calculate an enterprise value, and then deducting the fair value
of any debt in the entity;
\u2014 DCF with multiple: calculating a DCF valuation of the cash flows of the entity to the end of the period for which cash flows can be forecast with reasonable accuracy, and then applying a multiple to
EBITDA at the end of that period to estimate a terminal value; and
\u2014 dividend yield: forecasting the entity\u2019s capacity to pay dividends in the future and applying an equity yield to that forecast dividend, based on comparable listed entities in the market.
The DCF valuations derived by the Investment Manager and those derived by the third-party valuation expert were not materially different from each other, and the other valuation techniques used
provided assurance that the DCF valuations are reasonable.
9. Loan and Borrowings
As at As at
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Opening balance
20,287
\u2013
Drawdown of principal during the year
148,992
20,287
Repayments of principal during the year
(9,990)
\u2013
Unrealised exchange loss
(1,660)
\u2013
157,629
20,287
As at 31 March 2024, the Company had borrowings of \u00a3157.6 million (\u20ac184.4 million) from CDH2
compared to \u00a320.3 million (\u20ac23.1 million) at 31 March 2023. The loan between the Company and
CDH2 is repayable on demand and carries interest at a fixed margin over a variable EURIBOR rate
set at the beginning of each six-month interest period. Note 17 provides more detail on interest
charged during the year ended 31 March 2024.
16. Financial risk management
Financial risk management objectives
The Company\u2019s investing activities intentionally expose it to various types of risks that are
associated with the underlying investments. The Company makes the investment in order to
generate returns in accordance with its investment policy and objectives.
The most important types of financial risks to which the Company is exposed are market risk
(including price, interest rate and foreign currency risk), liquidity risk and credit risk. The Board of
Directors has overall responsibility for the determination of the Company\u2019s risk management and
sets policy to manage that risk at an acceptable level to achieve those objectives. The policy and
process for measuring and mitigating each of the main risks are described below.
The Investment Manager and the Administrator provide advice to the Company which allows
it to monitor and manage financial risks relating to its operations through internal risk reports
which analyse exposures by degree and magnitude of risks. The Investment Manager and the
Administrator report to the Board on a quarterly basis.
Categories of financial instruments
For those financial assets and liabilities carried at amortised cost, the Directors are of the opinion
that their carrying value approximates to their fair value.
As at As at
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value through profit or loss:
Investments
1,005,937
872,315
Other financial assets at amortised cost:
Cash and cash equivalents
60,085
10,498
Trade and other receivables (excluding prepayments)
17,174
14,603
Financial liabilities
Financial liabilities at amortised cost:
Loans and borrowings
(157,629)
(20,287)
Accrued expenses and other creditors
(5,012)
(1,495)
Fair value hierarchy
The table below analyses financial instruments measured at fair value at the reporting date by the
level in fair value hierarchy into which the fair value measurement is categorised. The amounts are
based on the values recognised in the Statement of Financial Position. All fair value measurements
below are recurring.
Level 1 Level 2 Level 3 Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
Investments
\u2013
\u2013
1,005,937
1,005,937
\u2013
\u2013
1,005,937
1,005,937
Level 1 Level 2 Level 3 Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
Investments
\u2013
\u2013
872,315
872,315
\u2013
\u2013
872,315
872,315
Capital risk management
The Company manages its capital to ensure that it will be able to continue as a going concern while
maximising the capital return to shareholders. The capital structure of the Company consists of
issued share capital and retained earnings, as stated in the Statement of Financial Position.
In order to maintain or adjust the capital structure, the Company may issue new shares. There are no
external capital requirements imposed on the Company.
The Company\u2019s investment policy is set out under the Additional information section on pages 106
and 107.
Market risk
Market risk includes price risk, foreign currency risk and interest rate risk.
Price risk
The underlying investments held present a potential risk of loss of capital to the Company. As
outlined in note 6, investments are in the form of shareholder loans and equity with protective
provisions in place. Price risk arises from uncertainty about future prices of underlying financial
investments held by the Company. As at 31 March 2024, the fair value of investments, excluding
cash and cash equivalents, was \u00a31,005.9 million (31 March 2023: \u00a3872.3 million) and a 5% increase/
(decrease) in the price of investments with all other variables held constant would result in a change
to the fair value of investments of +/- \u00a350.3 million (31 March 2023: \u00a343.6 million).
Please refer to note 6 for quantitative information about the fair value measurements of the
Company\u2019s Level 3 investments.
The Company is exposed to a variety of risks which may have an impact on the carrying value of its
investments. The risk factors are set out below.
Not actively traded
The Company\u2019s investments are not generally traded in an active market but are indirectly exposed
to market price risk arising from uncertainties about future values of the investments held. The
investments of the Company vary as to geographic distribution of operations and size, all of which
may impact the susceptibility of their valuation to uncertainty.
Concentration
The Company invests in the Digital Infrastructure sector. While the Company is subject to the
investment and diversification restrictions in its investment policy, within those limits material
concentrations of investments may arise.
Although the investments are in the same industry, each individual underlying data centre, mobile
telecommunications tower or segment of a fibre-optic network held within the portfolio constitutes a
separate Digital Infrastructure Asset. This risk is managed through careful selection of investments
within the specified limits of the investment policy.
Each of these investment restrictions is calculated and applied as at the time of investment and
non-compliance resulting from changes in the price or value of assets following investment is not
considered a breach of the investment restrictions.
Foreign currency risk
The Company invests in financial instruments and enters into transactions that are denominated
in currencies other than its functional currency, primarily in Polish zloty, Czech koruna, Euros and
US dollars.
The Company\u2019s currency risk is managed by the Investment Manager in accordance with the
policies and procedures in place.
The Company also has exposure to foreign currency risk due to the payment of some expenses in
Polish zloty, Czech koruna, Euros, US dollars and Canadian dollars. Consequently, the Company
is exposed to risks that the exchange rate of its currency relative to other foreign currencies may
change in a manner that has an adverse effect on the value of that portion of the Company\u2019s assets
or liabilities denominated in currencies other than pounds sterling. Any exposure to foreign currency
risk at the underlying investment level is captured within price risk.
The following table sets out, in pounds sterling, the Company\u2019s total exposure to foreign currency risk and the net exposure to foreign currencies of the monetary assets and liabilities. Of the total exposure
set out below, the Company\u2019s direct foreign exchange exposure is \u00a366.7 million.
As at 31 March 2024
USD CZK CAD PLN EUR GBP Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-current assets
Financial assets at fair value through profit or loss
42,262
385,941
\u2013
525,050
52,654
30
1,005,937
Total non-current assets
42,262
385,941
\u2013
525,050
52,654
30
1,005,937
Current assets
Receivables and prepayments
9,171
\u2013
\u2013
\u2013
2,568
5,540
17,279
Cash and cash equivalents
67
\u2013
\u2013
\u2013
40,734
19,284
60,085
Total current assets
9,238
\u2013
\u2013
\u2013
43,302
24,824
77,364
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
\u2013
(157,629)
\u2013
(157,629)
Accrued expenses and other creditors
(29)
\u2013
\u2013
\u2013
(3,862)
(1,121)
(5,012)
Total current liabilities
(29)
\u2013
\u2013
\u2013
(161,491)
(1,121)
(162,641)
Total net assets
51,471
385,941
\u2013
525,050
(65,535)
23,733
920,660
As at 31 March 2023
USD CZK CAD PLN EUR GBP Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-current assets
Financial assets at fair value through profit or loss
56,993
389,101
\u2013
429,002
(2,984)
203
872,315
Total non-current assets
56,993
389,101
\u2013
429,002
(2,984)
203
872,315
Current assets
Receivables and prepayments
9,164
\u2013
\u2013
\u2013
2,639
2,877
14,680
Cash and cash equivalents
168
\u2013
1
\u2013
1
10,328
10,498
Total current assets
9,332
\u2013
1
\u2013
2,640
13,205
25,178
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
\u2013
(20,745)
\u2013
(20,745)
Payables
(30)
\u2013
\u2013
\u2013
\u2013
(1,007)
(1,037)
Total current liabilities
(30)
\u2013
\u2013
\u2013
(20,745)
(1,007)
(21,782)
Total net assets
66,295
389,101
1
429,002
(21,089)
12,401
875,711
The table below sets out the effect on the net assets against a reasonably possible weakening of
the pound against the US dollar, Czech koruna, Polish zloty and euros by 5%, at 31 March 2024.
The analysis assumes that all other variables remain constant.
As at As at
31 March 2024 31 March 2023
Effect in increase of pounds sterling \u00a3\u2019000 \u00a3\u2019000
USD
2,574
3,315
CZK
19,297
19,455
PLN
26,253
21,450
EUR
(3,277)
(1,054)
A strengthening of the pound against the above currencies would have resulted in an equal but
opposite effect to the amounts shown above.
Interest rate risk
The Company\u2019s exposure to interest rate risk relates to the Company\u2019s cash and cash equivalents
and intercompany loans and borrowings. The Company is subject to risk due to fluctuations in the
prevailing levels of market interest rates.
As at 31 March 2024, the cash balance held by the Company was \u00a360.1 million (31 March 2023:
\u00a310.5 million). A 1% increase/(decrease) in interest rates with all other variables held constant would
result in a change to interest received of +/- \u00a30.6 million (31 March 2023: +/- \u00a30.1 million) per annum.
As at 31 March 2024, the intercompany loans and borrowings balance held by the Company was
\u00a3157.6 million (31 March 2023: \u00a320.3 million). A 1% increase/(decrease) in interest rates with all other
variables held constant would result in a change to interest payable of +/- \u00a31.6 million (31 March 2023:
\u00a30.2 million). This effect at the Company level would be off-set by an equal and opposite change in the
investments as the loan is with a 100% owned subsidiary (note 17).
Liquidity risk
Ultimate responsibility for liquidity risk management rests with the Board of Directors.
Liquidity risk is defined as the risk that the Company may not be able to settle or meet its obligations
on time or at a reasonable price. The Company\u2019s policy and the Investment Manager\u2019s approach to
managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stress conditions, without incurring unacceptable losses
or risking damage to the Company\u2019s reputation. The Company\u2019s liabilities are made up of estimated
accruals and trade creditors which are due to be settled within three months of the year end.
The Company\u2019s liquidity risk arises principally from the fact that there is no liquid market for its
investments and it may not be able to realise their full value on a timely basis. The Company will
maintain flexibility in funding by keeping sufficient liquidity in cash and cash equivalents, which
may be invested on a temporary basis in line with the cash management policy as agreed by the
Directors from time to time.
The Company adopts a prudent approach to liquidity management and through the preparation of budgets and cash flow forecasts maintains sufficient cash reserves to meet its obligations. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Financial assets mainly consist of cash and cash equivalents and investments at fair value through profit or loss. The Company\u2019s risk on liquid funds is managed by only depositing monies with institutions with a short term credit rating of A1/P-1 \u2013 A1/F1 or equivalent. The Company mitigates its credit risk exposure on its investments at fair value through profit or loss by the exercise of due diligence on the counterparties and the Investment Manager. The table below shows the material cash balances and the credit rating for the counterparties used by the Company at the year/period-end date:
31 March 2024 31 March 2023
Location \u00a3\u2019000 \u00a3\u2019000
Royal Bank of Scotland International
Guernsey
24,481
10,498
Investec Bank Plc
UK
35,604
\u2013
Credit ratings:
S&P
Moody\u2019s
Fitch
Royal Bank of Scotland International
A/A-1
A1/P-1
A1/F1
Investec Bank Plc
Not rated
AA1/P-1
BBB+/ F2
The Company\u2019s maximum exposure to loss of capital at the year/period end is shown below: Carrying value and maximum exposure
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets (including cash and equivalents but excluding
prepayments)
77,259
25,101
Gearing As at the date of these financial statements the Company had gearing of 17.1% (31 March 2023: 2.3%) calculated as loans and borrowings divided by net assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-333": { "value": "6. Investments at fair value through profit or loss
Year ended 31 March 2024
Year ended 31 March 2023
Loans Equity Total Loans Equity Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Opening balance
37,350
834,965
872,315
27,671
382,185
409,856
Additions
4,807
61,485
66,292
4,691
379,724
384,415
Shareholder loan interest capitalised
\u2013
\u2013
\u2013
521
\u2013
521
Interest on promissory notes
1,877
\u2013
1,877
2,228
\u2013
2,228
Shareholder loan repayment
(32,530)
\u2013
(32,530)
\u2013
\u2013
\u2013
Net (losses)/gains on investments at fair value through profit or loss
(2,060)
100,043
97,983
2,239
73,056
75,295
9,444
996,493
1,005,937
37,350
834,965
872,315
During the year ended 31 March 2024 the Company, through its indirect subsidiary Cordiant Digital Holdings Ireland (CDHI), acquired Speed Fibre DAC. The Company subscribed for 40 million additional shares in CDH UK for cash consideration of \u00a356.1 million in order to provide funds for CDHI to complete the acquisition of Speed Fibre DAC. The value of the Company\u2019s indirect investment in Speed Fibre DAC at 31 March 2024 was \u00a386.4 million; after taking into account the vendor loan note, the net value is \u00a360.8 million. The Company also subscribed for an additional 3.5 million ordinary shares in CDH UK for cash consideration of \u00a35.4 million which was directed towards acquisition of Norkring Belgi\u00eb NV (Norkring) at \u00a35.4 million on 15 January 2024. The timing of this transaction was close to the year end and therefore the investment has not been revalued as the price of the recent acquisition is considered to be equal to its fair value at 31 March 2024. In the prior year ended 31 March 2023, the Company restructured its loan and equity investments in Communication Investments Holdings s.r.o. (CIH), an entity incorporated in the Czech Republic and the parent company of \u010cesk\u00e9 Radiokomunikace a.s. (CRA), to hold them indirectly through Cordiant Digital Holdings UK Limited (CDHUK) and Cordiant Digital Holdings Two Limited (CDH2), two wholly owned subsidiaries of the Company. CDH2 issued shares and promissory notes to the Company in consideration for the transfer of the loan and equity investments in CIH. CDHUK then issued shares and promissory notes to the Company in consideration for the transfer of the shares and promissory notes of CDH2. The value of the Company\u2019s indirect investment in CRA as at 31 March 2024 was \u00a3385.9 million (31 March 2023: \u00a3389.1 million), comprising an equity investment only as the loan of \u00a332.5 million (31 March 2023: \u00a326.2 million) including the accrued interest during the year was fully settled. The Company, through its indirect subsidiary Cordiant Digital Holdings One Limited (CDH1), acquired 100% of the equity of Emitel S.A. during the year ended 31 March 2023. During the year ended 31 March 2024, CDH1 restructured part of its equity investment in Emitel S.A. into a loan investment. \u00a337.2 million (PLN 192.5 million) was transferred from equity to loan. At 31 March 2024, the value of CDH1\u2019s equity investment was \u00a3490.0 million (31 March 2023: \u00a3429.0 million) and the loan investment was \u00a335.0 million (31 March 2023: \u00a3 nil). The fair value of the shares and promissory notes issued by CDHUK are included in the table above, and represent the fair values of the underlying investments together with other assets and liabilities of its subsidiaries. The promissory notes were repaid in full on 19 December 2023. The fair value of the Company\u2019s equity investment in CDHUK amounted to \u00a3963.8 million at 31 March 2024 (31 March 2023: \u00a3782.8 million) and the loan investment amounted to \u00a3nil (31 March 2023: \u00a332.5 million). Movements in the fair value of CDHUK are driven largely by movements in the fair value of the underlying investee companies calculated in their local currencies, and by the effects of foreign currency fluctuations when those fair values are translated into sterling. Further information regarding foreign currency exposure is given in note 16 on page 99. The Company has direct investments in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (previously operating under the name DataGryd). As at 31 March 2024, the equity investment was valued at \u00a332.8 million (31 March 2023: \u00a352.3 million) and the loan investments amounted to \u00a39.4 million (31 March 2023: \u00a34.7 million). The table below details all gains on investments through profit or loss.
As at 31 March 2024
As at 31 March 2023
Loans Equity Total Loans Equity Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Movement in fair value of investments
\u2013
99,588
99,588
\u2013
73,079
73,079
Unrealised foreign exchange (loss)/gain on investment
(2,060)
(953)
(3,013)
\u2013
6,143
6,143
Management fee income
\u2013
1,408
1,408
\u2013
\u2013
\u2013
Realised loss on restructure
\u2013
\u2013
\u2013
-
3,927
3,927
Shareholder loan interest income
1,877
\u2013
1,877
2,546
3,597
6,143
Total investment income recognised in the year
(183)
100,043
99,860
4,988
73,056
78,044
Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels: \u2014 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2014 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2014 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Company\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager. In order to obtain assurance in respect of the valuations calculated by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the unobservable inputs and of the forecast cash flows of the Company\u2019s investments. During the year ended 31 March 2024, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2023: nil) The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC and Emitel have been valued using a DCF methodology. This involves forecasting the entity\u2019s future cash flows, taking into account the terms of existing contracts, expected rates of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity\u2019s estimated weighted average cost of capital (WACC). This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast with reasonable accuracy, which is March 2030 for CRA, December 2030 for Emitel, December 2031 for Speed Fibre and March 2037 for Hudson Interxchange. The terminal value is calculated using an assumed terminal growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates. The Norkring investment has been valued at cost, the price of the most recent transaction being regarded as the most appropriate indicator of fair value. The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company\u2019s portfolio of reasonably possible alternative investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above.
31 March 2024
Valuation if Valuation if
rate increases Movement in rate decreases Movement in
Unobservable input
Range
by 1% (\u00a3m) valuation (\u00a3m) by 1% (\u00a3m) valuation (\u00a3m)
WACC
9.00%-10.13%
858
(182)
1,276
236
TGR
1.25%-2.40%
1,194
154
920
(119)
31 March 2023
Valuation if Valuation if
rate increases Movement in rate decreases Movement in
Unobservable input
Range
by 1% (\u00a3m) valuation (\u00a3m) by 1% (\u00a3m) valuation (\u00a3m)
WACC
8.20%-11.00%
729
(146)
1,063
188
TGR
1.25%-2.25%
993
118
783
(92)
Changes to WACC and TGR could be driven by, among other factors: market movements in interest rates, inflation rates and other macroeconomic indicators; perception of risk and volatility in debt and equity markets affecting general market returns; and by political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which they operate. Both the Investment Manager and the third-party valuation expert use a combination of other valuation techniques to verify the reasonableness of the DCF valuations, as recommended in the International Private Equity and Venture Capital (IPEV) Valuation Guidelines: \u2014 earnings multiple: applying a multiple, derived largely from comparable listed entities in the market, to the forecast EBITDA of the entity to calculate an enterprise value, and then deducting the fair value of any debt in the entity; \u2014 DCF with multiple: calculating a DCF valuation of the cash flows of the entity to the end of the period for which cash flows can be forecast with reasonable accuracy, and then applying a multiple to EBITDA at the end of that period to estimate a terminal value; and \u2014 dividend yield: forecasting the entity\u2019s capacity to pay dividends in the future and applying an equity yield to that forecast dividend, based on comparable listed entities in the market. The DCF valuations derived by the Investment Manager and those derived by the third-party valuation expert were not materially different from each other, and the other valuation techniques used provided assurance that the DCF valuations are reasonable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-344": { "value": "6. Investments at fair value through profit or loss
Year ended 31 March 2024
Year ended 31 March 2023
Loans Equity Total Loans Equity Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Opening balance
37,350
834,965
872,315
27,671
382,185
409,856
Additions
4,807
61,485
66,292
4,691
379,724
384,415
Shareholder loan interest capitalised
\u2013
\u2013
\u2013
521
\u2013
521
Interest on promissory notes
1,877
\u2013
1,877
2,228
\u2013
2,228
Shareholder loan repayment
(32,530)
\u2013
(32,530)
\u2013
\u2013
\u2013
Net (losses)/gains on investments at fair value through profit or loss
(2,060)
100,043
97,983
2,239
73,056
75,295
9,444
996,493
1,005,937
37,350
834,965
872,315
During the year ended 31 March 2024 the Company, through its indirect subsidiary Cordiant Digital Holdings Ireland (CDHI), acquired Speed Fibre DAC. The Company subscribed for 40 million additional shares in CDH UK for cash consideration of \u00a356.1 million in order to provide funds for CDHI to complete the acquisition of Speed Fibre DAC. The value of the Company\u2019s indirect investment in Speed Fibre DAC at 31 March 2024 was \u00a386.4 million; after taking into account the vendor loan note, the net value is \u00a360.8 million. The Company also subscribed for an additional 3.5 million ordinary shares in CDH UK for cash consideration of \u00a35.4 million which was directed towards acquisition of Norkring Belgi\u00eb NV (Norkring) at \u00a35.4 million on 15 January 2024. The timing of this transaction was close to the year end and therefore the investment has not been revalued as the price of the recent acquisition is considered to be equal to its fair value at 31 March 2024. In the prior year ended 31 March 2023, the Company restructured its loan and equity investments in Communication Investments Holdings s.r.o. (CIH), an entity incorporated in the Czech Republic and the parent company of \u010cesk\u00e9 Radiokomunikace a.s. (CRA), to hold them indirectly through Cordiant Digital Holdings UK Limited (CDHUK) and Cordiant Digital Holdings Two Limited (CDH2), two wholly owned subsidiaries of the Company. CDH2 issued shares and promissory notes to the Company in consideration for the transfer of the loan and equity investments in CIH. CDHUK then issued shares and promissory notes to the Company in consideration for the transfer of the shares and promissory notes of CDH2. The value of the Company\u2019s indirect investment in CRA as at 31 March 2024 was \u00a3385.9 million (31 March 2023: \u00a3389.1 million), comprising an equity investment only as the loan of \u00a332.5 million (31 March 2023: \u00a326.2 million) including the accrued interest during the year was fully settled. The Company, through its indirect subsidiary Cordiant Digital Holdings One Limited (CDH1), acquired 100% of the equity of Emitel S.A. during the year ended 31 March 2023. During the year ended 31 March 2024, CDH1 restructured part of its equity investment in Emitel S.A. into a loan investment. \u00a337.2 million (PLN 192.5 million) was transferred from equity to loan. At 31 March 2024, the value of CDH1\u2019s equity investment was \u00a3490.0 million (31 March 2023: \u00a3429.0 million) and the loan investment was \u00a335.0 million (31 March 2023: \u00a3 nil). The fair value of the shares and promissory notes issued by CDHUK are included in the table above, and represent the fair values of the underlying investments together with other assets and liabilities of its subsidiaries. The promissory notes were repaid in full on 19 December 2023. The fair value of the Company\u2019s equity investment in CDHUK amounted to \u00a3963.8 million at 31 March 2024 (31 March 2023: \u00a3782.8 million) and the loan investment amounted to \u00a3nil (31 March 2023: \u00a332.5 million). Movements in the fair value of CDHUK are driven largely by movements in the fair value of the underlying investee companies calculated in their local currencies, and by the effects of foreign currency fluctuations when those fair values are translated into sterling. Further information regarding foreign currency exposure is given in note 16 on page 99. The Company has direct investments in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (previously operating under the name DataGryd). As at 31 March 2024, the equity investment was valued at \u00a332.8 million (31 March 2023: \u00a352.3 million) and the loan investments amounted to \u00a39.4 million (31 March 2023: \u00a34.7 million). The table below details all gains on investments through profit or loss.
As at 31 March 2024
As at 31 March 2023
Loans Equity Total Loans Equity Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Movement in fair value of investments
\u2013
99,588
99,588
\u2013
73,079
73,079
Unrealised foreign exchange (loss)/gain on investment
(2,060)
(953)
(3,013)
\u2013
6,143
6,143
Management fee income
\u2013
1,408
1,408
\u2013
\u2013
\u2013
Realised loss on restructure
\u2013
\u2013
\u2013
-
3,927
3,927
Shareholder loan interest income
1,877
\u2013
1,877
2,546
3,597
6,143
Total investment income recognised in the year
(183)
100,043
99,860
4,988
73,056
78,044
Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels: \u2014 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2014 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2014 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Company\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager. In order to obtain assurance in respect of the valuations calculated by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the unobservable inputs and of the forecast cash flows of the Company\u2019s investments. During the year ended 31 March 2024, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2023: nil) The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC and Emitel have been valued using a DCF methodology. This involves forecasting the entity\u2019s future cash flows, taking into account the terms of existing contracts, expected rates of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity\u2019s estimated weighted average cost of capital (WACC). This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast with reasonable accuracy, which is March 2030 for CRA, December 2030 for Emitel, December 2031 for Speed Fibre and March 2037 for Hudson Interxchange. The terminal value is calculated using an assumed terminal growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates. The Norkring investment has been valued at cost, the price of the most recent transaction being regarded as the most appropriate indicator of fair value. The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company\u2019s portfolio of reasonably possible alternative investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above. 7. Unconsolidated subsidiaries The following table shows the subsidiaries of the Company. As the Company qualifies as an Investment Entity as referred to in note 3, these subsidiaries have not been consolidated in the preparation of the financial statements:
Ownership Ownership
Place of interest at interest at
Investment business 31 March 2024 31 March 2023
Held directly
Cordiant Digital Holdings UK Limited
United Kingdom
100%
100%
CDIL Data Centre USA LLC
USA
100%
100%
Held indirectly
Cordiant Digital Holdings One Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Two Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Three Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Four Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Ireland
Ireland
100%
0%
Communications Investments Holdings s. r. o.
Czech Republic
100%
100%
\u010cesk\u00e9 Radiokomunikace a.s. (Czechia)
Czech Republic
100%
100%
Czech Digital Group, a.s
Czech Republic
100%
100%
Cloud4com s.r.o.
Czech Republic
100%
0%
Datov\u00e9 centrum Lu\u017eice s.r.o.
Czech Republic
100%
0%
Prague Digital TV s.r.o
Czech Republic
100%
0%
Emitel S.A.
Poland
100%
100%
Allford Investments S.A.
Poland
100%
100%
EM Properties sp. z o. o.
Poland
100%
100%
EM Projects sp. z o. o.
Poland
100%
100%
Hub Investments sp. z o. o.
Poland
100%
100%
Norkring Belgi\u00eb NV
Belgium
100%
0%
Speed Fibre DAC
Ireland
100%
0%
Speed Fibre 2 Holdings Limited
Ireland
100%
0%
Speed Fibre Intermediate Holdings Limited
Ireland
100%
0%
Speed Fibre Borrower Limited
Ireland
100%
0%
Airspeed Communications Holdings ULC
Ireland
100%
0%
Airspeed Communications Solutions ULC
Ireland
100%
0%
Airspeed Investments Limited
Isle of Man
100%
0%
Airspeed Networks Limited
Isle of Man
100%
0%
Airspeed Ventures Unlimited
Isle of Man
100%
0%
Speed Fibre Group Limited
Ireland
100%
0%
Airspeed Communications Limited
Ireland
100%
0%
E-Nasc \u00c9ireann Teoranta
Ireland
100%
0%
Enet Telecommunications Networks Limited
Ireland
100%
0%
Enet Telecommunications Networks Limited
Ireland
100%
0%
The following additional information is provided in relation to unquoted investments as recommended by the AIC SORP.
Pre-tax Net assets/
Turnover profit/(loss) (liabilities)
Emitel
\u00a3113.8 million
(\u00a324.3 million)
\u00a3214.2 million
CRA
\u00a380.0 million
\u00a316.9 million
(\u00a357.3 million)
Hudson Interxchange
\u00a318.2 million
(\u00a312.4 million)
\u00a346.8 million
Speed Fibre DAC
\u00a368.4 million
(\u00a311.4 million)
(\u00a399.3 million)
Norkring Belgi\u00eb NV
\u00a37.7 million
\u00a31.7 million
\u00a34.8 million
2 3 4 5 6 2 Figures from Emitel\u2019s audited IFRS accounts for the year ended 31 December 2023. 3 Figures from CRA\u2019s audited IFRS accounts for the year ended 31 March 2023. 4 Figures from Hudson\u2019s audited US GAAP accounts for the period from 13 January 2022 to 31 March 2023. 5 Figures from Speed Fibre DAC audited IFRS accounts for the year ended 31 December 2023. 6 Figures from Norkring management pack at 31 December 2023. The amounts invested in the Company\u2019s unconsolidated subsidiaries during the year and their carrying value at 31 March 2024 are as outlined in note 6. There are certain restrictions on the ability of the Company\u2019s unconsolidated subsidiaries in the Czech Republic to transfer funds to the Company in the form of cash dividends or repayment of loans. In accordance with the documentation relating to loans made by various banks to CRA, such cash movements are subject to limitations on amounts and timing, and satisfaction of certain conditions relating to leverage and interest cover ratio. The Directors do not consider that these restrictions are likely to have a significant effect on the ability of the Company\u2019s subsidiaries to transfer funds to the Company. In addition, during the year, the Investment Manager received immaterial fees from Emitel and CRA for advisory services rendered. Subsidiaries held in the Czech Republic, Ireland, Belgium and in Poland are profitable and cash generative, and do not need the financial support of the Company. The subsidiary based in the US will receive the financial support of the Company for a period of at least 12 months from the publication of this report. Investments As part of the initial acquisition of Communications Investments Holdings s.r.o. (CIH) in April 2021, the Company acquired a loan due from CIH which accrues interest at 9.9% per annum. Total interest receivable by the Company in relation to the year was \u00a31.9 million (31 March 2023: \u00a30.5 million), of which \u00a3nil (31 March 2023: \u00a3nil) remained outstanding at the year/period end. The loan investment was transferred to the Company\u2019s subsidiary Cordiant Digital Holdings Two Ltd (CDH2) on 31 May 2022, in exchange for a promissory note. The balance on the promissory note investment at 31 March 2024, including accrued interest, was \u00a3nil (31 March 2023: \u00a332.6 million). In January 2022, the assets of Hudson Interxchange were acquired by the Company\u2019s subsidiary CDIL Data Centre USA LLC. The Company provided funding for this transaction in the form of equity contributions. The balance of the equity investment at 31 March 2024, was \u00a332.8 million (31 March 2023: \u00a352.2 million). Company subsidiaries On 16 December 2022, the Company borrowed \u00a320.3 million from CDH2, and a further \u00a3149.0 million on 6 June 2023, representing proceeds from Eurobonds issued by CDH2. At 31 March 2024, the loan principal was valued at \u00a3157.6 million (31 March 2023: \u00a320.3 million). The loan is subject to interest charged at a variable rate. Interest charged during the year amounted to \u00a312.1 million (31 March 2023: \u00a30.4 million) of which \u00a33.9 million remained outstanding as at 31 March 2024 (31 March 2023: \u00a30.4 million). The expenses paid by the Company on behalf of subsidiary companies during the year amounted to \u00a31.6 million (31 March 2023: \u00a32.9 million). During the year ended 31 March 2024, the Company charged management fees amounting to \u00a31.4 million related to management services provided to CRA and Emitel investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-348": { "value": "Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels: \u2014 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2014 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2014 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Company\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager. In order to obtain assurance in respect of the valuations calculated by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the unobservable inputs and of the forecast cash flows of the Company\u2019s investments. During the year ended 31 March 2024, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2023: nil) The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC and Emitel have been valued using a DCF methodology. This involves forecasting the entity\u2019s future cash flows, taking into account the terms of existing contracts, expected rates of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity\u2019s estimated weighted average cost of capital (WACC). This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast with reasonable accuracy, which is March 2030 for CRA, December 2030 for Emitel, December 2031 for Speed Fibre and March 2037 for Hudson Interxchange. The terminal value is calculated using an assumed terminal growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates. The Norkring investment has been valued at cost, the price of the most recent transaction being regarded as the most appropriate indicator of fair value. The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company\u2019s portfolio of reasonably possible alternative investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above.
31 March 2024
Valuation if Valuation if
rate increases Movement in rate decreases Movement in
Unobservable input
Range
by 1% (\u00a3m) valuation (\u00a3m) by 1% (\u00a3m) valuation (\u00a3m)
WACC
9.00%-10.13%
858
(182)
1,276
236
TGR
1.25%-2.40%
1,194
154
920
(119)
31 March 2023
Valuation if Valuation if
rate increases Movement in rate decreases Movement in
Unobservable input
Range
by 1% (\u00a3m) valuation (\u00a3m) by 1% (\u00a3m) valuation (\u00a3m)
WACC
8.20%-11.00%
729
(146)
1,063
188
TGR
1.25%-2.25%
993
118
783
(92)
Changes to WACC and TGR could be driven by, among other factors: market movements in interest rates, inflation rates and other macroeconomic indicators; perception of risk and volatility in debt and equity markets affecting general market returns; and by political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which they operate. Both the Investment Manager and the third-party valuation expert use a combination of other valuation techniques to verify the reasonableness of the DCF valuations, as recommended in the International Private Equity and Venture Capital (IPEV) Valuation Guidelines: \u2014 earnings multiple: applying a multiple, derived largely from comparable listed entities in the market, to the forecast EBITDA of the entity to calculate an enterprise value, and then deducting the fair value of any debt in the entity; \u2014 DCF with multiple: calculating a DCF valuation of the cash flows of the entity to the end of the period for which cash flows can be forecast with reasonable accuracy, and then applying a multiple to EBITDA at the end of that period to estimate a terminal value; and \u2014 dividend yield: forecasting the entity\u2019s capacity to pay dividends in the future and applying an equity yield to that forecast dividend, based on comparable listed entities in the market. The DCF valuations derived by the Investment Manager and those derived by the third-party valuation expert were not materially different from each other, and the other valuation techniques used provided assurance that the DCF valuations are reasonable. Fair value hierarchy The table below analyses financial instruments measured at fair value at the reporting date by the level in fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values recognised in the Statement of Financial Position. All fair value measurements below are recurring.
Level 1 Level 2 Level 3 Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
Investments
\u2013
\u2013
1,005,937
1,005,937
\u2013
\u2013
1,005,937
1,005,937
Level 1 Level 2 Level 3 Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
Investments
\u2013
\u2013
872,315
872,315
\u2013
\u2013
872,315
872,315
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-346": { "value": "Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels: \u2014 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2014 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2014 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Company. The Directors consider observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The Company\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The valuations have been carried out by the Investment Manager. In order to obtain assurance in respect of the valuations calculated by the Investment Manager, the Company has engaged a third-party valuations expert to carry out an independent assessment of the unobservable inputs and of the forecast cash flows of the Company\u2019s investments. During the year ended 31 March 2024, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2023: nil) The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC and Emitel have been valued using a DCF methodology. This involves forecasting the entity\u2019s future cash flows, taking into account the terms of existing contracts, expected rates of contract renewal and targeted new contracts, and the economic and geopolitical environment. These cash flows are discounted at the entity\u2019s estimated weighted average cost of capital (WACC). This method also requires estimating a terminal value, being the value of the investment at the end of the period for which cash flows can be forecast with reasonable accuracy, which is March 2030 for CRA, December 2030 for Emitel, December 2031 for Speed Fibre and March 2037 for Hudson Interxchange. The terminal value is calculated using an assumed terminal growth rate (TGR) into perpetuity based on anticipated industry trends and long-term inflation rates. The Norkring investment has been valued at cost, the price of the most recent transaction being regarded as the most appropriate indicator of fair value. The DCF valuation methodology requires estimation of unobservable inputs. The following table summarises the effect on the valuation of the Company\u2019s portfolio of reasonably possible alternative investment assumptions with regards to those estimates; these are calculated using the DCF valuation models referred to above.
31 March 2024
Valuation if Valuation if
rate increases Movement in rate decreases Movement in
Unobservable input
Range
by 1% (\u00a3m) valuation (\u00a3m) by 1% (\u00a3m) valuation (\u00a3m)
WACC
9.00%-10.13%
858
(182)
1,276
236
TGR
1.25%-2.40%
1,194
154
920
(119)
31 March 2023
Valuation if Valuation if
rate increases Movement in rate decreases Movement in
Unobservable input
Range
by 1% (\u00a3m) valuation (\u00a3m) by 1% (\u00a3m) valuation (\u00a3m)
WACC
8.20%-11.00%
729
(146)
1,063
188
TGR
1.25%-2.25%
993
118
783
(92)
Changes to WACC and TGR could be driven by, among other factors: market movements in interest rates, inflation rates and other macroeconomic indicators; perception of risk and volatility in debt and equity markets affecting general market returns; and by political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which they operate. Both the Investment Manager and the third-party valuation expert use a combination of other valuation techniques to verify the reasonableness of the DCF valuations, as recommended in the International Private Equity and Venture Capital (IPEV) Valuation Guidelines: \u2014 earnings multiple: applying a multiple, derived largely from comparable listed entities in the market, to the forecast EBITDA of the entity to calculate an enterprise value, and then deducting the fair value of any debt in the entity; \u2014 DCF with multiple: calculating a DCF valuation of the cash flows of the entity to the end of the period for which cash flows can be forecast with reasonable accuracy, and then applying a multiple to EBITDA at the end of that period to estimate a terminal value; and \u2014 dividend yield: forecasting the entity\u2019s capacity to pay dividends in the future and applying an equity yield to that forecast dividend, based on comparable listed entities in the market. The DCF valuations derived by the Investment Manager and those derived by the third-party valuation expert were not materially different from each other, and the other valuation techniques used provided assurance that the DCF valuations are reasonable. Fair value hierarchy The table below analyses financial instruments measured at fair value at the reporting date by the level in fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values recognised in the Statement of Financial Position. All fair value measurements below are recurring.
Level 1 Level 2 Level 3 Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
Investments
\u2013
\u2013
1,005,937
1,005,937
\u2013
\u2013
1,005,937
1,005,937
Level 1 Level 2 Level 3 Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
Investments
\u2013
\u2013
872,315
872,315
\u2013
\u2013
872,315
872,315
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-317": { "value": "
7. Unconsolidated subsidiaries
The following table shows the subsidiaries of the Company. As the Company qualifies as an
Investment Entity as referred to in note 3, these subsidiaries have not been consolidated in the
preparation of the financial statements:
Ownership Ownership
Place of interest at interest at
Investment business 31 March 2024 31 March 2023
Held directly
Cordiant Digital Holdings UK Limited
United Kingdom
100%
100%
CDIL Data Centre USA LLC
USA
100%
100%
Held indirectly
Cordiant Digital Holdings One Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Two Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Three Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Four Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Ireland
Ireland
100%
0%
Communications Investments Holdings s. r. o.
Czech Republic
100%
100%
\u010cesk\u00e9 Radiokomunikace a.s. (Czechia)
Czech Republic
100%
100%
Czech Digital Group, a.s
Czech Republic
100%
100%
Cloud4com s.r.o.
Czech Republic
100%
0%
Datov\u00e9 centrum Lu\u017eice s.r.o.
Czech Republic
100%
0%
Prague Digital TV s.r.o
Czech Republic
100%
0%
Emitel S.A.
Poland
100%
100%
Allford Investments S.A.
Poland
100%
100%
EM Properties sp. z o. o.
Poland
100%
100%
EM Projects sp. z o. o.
Poland
100%
100%
Hub Investments sp. z o. o.
Poland
100%
100%
Norkring Belgi\u00eb NV
Belgium
100%
0%
Speed Fibre DAC
Ireland
100%
0%
Speed Fibre 2 Holdings Limited
Ireland
100%
0%
Speed Fibre Intermediate Holdings Limited
Ireland
100%
0%
Speed Fibre Borrower Limited
Ireland
100%
0%
Airspeed Communications Holdings ULC
Ireland
100%
0%
Airspeed Communications Solutions ULC
Ireland
100%
0%
Airspeed Investments Limited
Isle of Man
100%
0%
Airspeed Networks Limited
Isle of Man
100%
0%
Airspeed Ventures Unlimited
Isle of Man
100%
0%
Speed Fibre Group Limited
Ireland
100%
0%
Airspeed Communications Limited
Ireland
100%
0%
E-Nasc \u00c9ireann Teoranta
Ireland
100%
0%
Enet Telecommunications Networks Limited
Ireland
100%
0%
Enet Telecommunications Networks Limited
Ireland
100%
0%
The following additional information is provided in relation to unquoted investments as recommended by the AIC SORP.
Pre-tax Net assets/
Turnover profit/(loss) (liabilities)
Emitel
\u00a3113.8 million
(\u00a324.3 million)
\u00a3214.2 million
CRA
\u00a380.0 million
\u00a316.9 million
(\u00a357.3 million)
Hudson Interxchange
\u00a318.2 million
(\u00a312.4 million)
\u00a346.8 million
Speed Fibre DAC
\u00a368.4 million
(\u00a311.4 million)
(\u00a399.3 million)
Norkring Belgi\u00eb NV
\u00a37.7 million
\u00a31.7 million
\u00a34.8 million
2 3 4 5 6 2 Figures from Emitel\u2019s audited IFRS accounts for the year ended 31 December 2023. 3 Figures from CRA\u2019s audited IFRS accounts for the year ended 31 March 2023. 4 Figures from Hudson\u2019s audited US GAAP accounts for the period from 13 January 2022 to 31 March 2023. 5 Figures from Speed Fibre DAC audited IFRS accounts for the year ended 31 December 2023. 6 Figures from Norkring management pack at 31 December 2023. The amounts invested in the Company\u2019s unconsolidated subsidiaries during the year and their carrying value at 31 March 2024 are as outlined in note 6. There are certain restrictions on the ability of the Company\u2019s unconsolidated subsidiaries in the Czech Republic to transfer funds to the Company in the form of cash dividends or repayment of loans. In accordance with the documentation relating to loans made by various banks to CRA, such cash movements are subject to limitations on amounts and timing, and satisfaction of certain conditions relating to leverage and interest cover ratio. The Directors do not consider that these restrictions are likely to have a significant effect on the ability of the Company\u2019s subsidiaries to transfer funds to the Company. In addition, during the year, the Investment Manager received immaterial fees from Emitel and CRA for advisory services rendered. Subsidiaries held in the Czech Republic, Ireland, Belgium and in Poland are profitable and cash generative, and do not need the financial support of the Company. The subsidiary based in the US will receive the financial support of the Company for a period of at least 12 months from the publication of this report. Investments As part of the initial acquisition of Communications Investments Holdings s.r.o. (CIH) in April 2021, the Company acquired a loan due from CIH which accrues interest at 9.9% per annum. Total interest receivable by the Company in relation to the year was \u00a31.9 million (31 March 2023: \u00a30.5 million), of which \u00a3nil (31 March 2023: \u00a3nil) remained outstanding at the year/period end. The loan investment was transferred to the Company\u2019s subsidiary Cordiant Digital Holdings Two Ltd (CDH2) on 31 May 2022, in exchange for a promissory note. The balance on the promissory note investment at 31 March 2024, including accrued interest, was \u00a3nil (31 March 2023: \u00a332.6 million). In January 2022, the assets of Hudson Interxchange were acquired by the Company\u2019s subsidiary CDIL Data Centre USA LLC. The Company provided funding for this transaction in the form of equity contributions. The balance of the equity investment at 31 March 2024, was \u00a332.8 million (31 March 2023: \u00a352.2 million). Company subsidiaries On 16 December 2022, the Company borrowed \u00a320.3 million from CDH2, and a further \u00a3149.0 million on 6 June 2023, representing proceeds from Eurobonds issued by CDH2. At 31 March 2024, the loan principal was valued at \u00a3157.6 million (31 March 2023: \u00a320.3 million). The loan is subject to interest charged at a variable rate. Interest charged during the year amounted to \u00a312.1 million (31 March 2023: \u00a30.4 million) of which \u00a33.9 million remained outstanding as at 31 March 2024 (31 March 2023: \u00a30.4 million). The expenses paid by the Company on behalf of subsidiary companies during the year amounted to \u00a31.6 million (31 March 2023: \u00a32.9 million). During the year ended 31 March 2024, the Company charged management fees amounting to \u00a31.4 million related to management services provided to CRA and Emitel investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-334": { "value": "7. Unconsolidated subsidiaries The following table shows the subsidiaries of the Company. As the Company qualifies as an Investment Entity as referred to in note 3, these subsidiaries have not been consolidated in the preparation of the financial statements:
Ownership Ownership
Place of interest at interest at
Investment business 31 March 2024 31 March 2023
Held directly
Cordiant Digital Holdings UK Limited
United Kingdom
100%
100%
CDIL Data Centre USA LLC
USA
100%
100%
Held indirectly
Cordiant Digital Holdings One Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Two Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Three Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Four Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Ireland
Ireland
100%
0%
Communications Investments Holdings s. r. o.
Czech Republic
100%
100%
\u010cesk\u00e9 Radiokomunikace a.s. (Czechia)
Czech Republic
100%
100%
Czech Digital Group, a.s
Czech Republic
100%
100%
Cloud4com s.r.o.
Czech Republic
100%
0%
Datov\u00e9 centrum Lu\u017eice s.r.o.
Czech Republic
100%
0%
Prague Digital TV s.r.o
Czech Republic
100%
0%
Emitel S.A.
Poland
100%
100%
Allford Investments S.A.
Poland
100%
100%
EM Properties sp. z o. o.
Poland
100%
100%
EM Projects sp. z o. o.
Poland
100%
100%
Hub Investments sp. z o. o.
Poland
100%
100%
Norkring Belgi\u00eb NV
Belgium
100%
0%
Speed Fibre DAC
Ireland
100%
0%
Speed Fibre 2 Holdings Limited
Ireland
100%
0%
Speed Fibre Intermediate Holdings Limited
Ireland
100%
0%
Speed Fibre Borrower Limited
Ireland
100%
0%
Airspeed Communications Holdings ULC
Ireland
100%
0%
Airspeed Communications Solutions ULC
Ireland
100%
0%
Airspeed Investments Limited
Isle of Man
100%
0%
Airspeed Networks Limited
Isle of Man
100%
0%
Airspeed Ventures Unlimited
Isle of Man
100%
0%
Speed Fibre Group Limited
Ireland
100%
0%
Airspeed Communications Limited
Ireland
100%
0%
E-Nasc \u00c9ireann Teoranta
Ireland
100%
0%
Enet Telecommunications Networks Limited
Ireland
100%
0%
Enet Telecommunications Networks Limited
Ireland
100%
0%
The following additional information is provided in relation to unquoted investments as recommended by the AIC SORP.
Pre-tax Net assets/
Turnover profit/(loss) (liabilities)
Emitel
\u00a3113.8 million
(\u00a324.3 million)
\u00a3214.2 million
CRA
\u00a380.0 million
\u00a316.9 million
(\u00a357.3 million)
Hudson Interxchange
\u00a318.2 million
(\u00a312.4 million)
\u00a346.8 million
Speed Fibre DAC
\u00a368.4 million
(\u00a311.4 million)
(\u00a399.3 million)
Norkring Belgi\u00eb NV
\u00a37.7 million
\u00a31.7 million
\u00a34.8 million
2 3 4 5 6 2 Figures from Emitel\u2019s audited IFRS accounts for the year ended 31 December 2023. 3 Figures from CRA\u2019s audited IFRS accounts for the year ended 31 March 2023. 4 Figures from Hudson\u2019s audited US GAAP accounts for the period from 13 January 2022 to 31 March 2023. 5 Figures from Speed Fibre DAC audited IFRS accounts for the year ended 31 December 2023. 6 Figures from Norkring management pack at 31 December 2023. The amounts invested in the Company\u2019s unconsolidated subsidiaries during the year and their carrying value at 31 March 2024 are as outlined in note 6. There are certain restrictions on the ability of the Company\u2019s unconsolidated subsidiaries in the Czech Republic to transfer funds to the Company in the form of cash dividends or repayment of loans. In accordance with the documentation relating to loans made by various banks to CRA, such cash movements are subject to limitations on amounts and timing, and satisfaction of certain conditions relating to leverage and interest cover ratio. The Directors do not consider that these restrictions are likely to have a significant effect on the ability of the Company\u2019s subsidiaries to transfer funds to the Company. In addition, during the year, the Investment Manager received immaterial fees from Emitel and CRA for advisory services rendered. Subsidiaries held in the Czech Republic, Ireland, Belgium and in Poland are profitable and cash generative, and do not need the financial support of the Company. The subsidiary based in the US will receive the financial support of the Company for a period of at least 12 months from the publication of this report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-347": { "value": "7. Unconsolidated subsidiaries The following table shows the subsidiaries of the Company. As the Company qualifies as an Investment Entity as referred to in note 3, these subsidiaries have not been consolidated in the preparation of the financial statements:
Ownership Ownership
Place of interest at interest at
Investment business 31 March 2024 31 March 2023
Held directly
Cordiant Digital Holdings UK Limited
United Kingdom
100%
100%
CDIL Data Centre USA LLC
USA
100%
100%
Held indirectly
Cordiant Digital Holdings One Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Two Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Three Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Four Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Ireland
Ireland
100%
0%
Communications Investments Holdings s. r. o.
Czech Republic
100%
100%
\u010cesk\u00e9 Radiokomunikace a.s. (Czechia)
Czech Republic
100%
100%
Czech Digital Group, a.s
Czech Republic
100%
100%
Cloud4com s.r.o.
Czech Republic
100%
0%
Datov\u00e9 centrum Lu\u017eice s.r.o.
Czech Republic
100%
0%
Prague Digital TV s.r.o
Czech Republic
100%
0%
Emitel S.A.
Poland
100%
100%
Allford Investments S.A.
Poland
100%
100%
EM Properties sp. z o. o.
Poland
100%
100%
EM Projects sp. z o. o.
Poland
100%
100%
Hub Investments sp. z o. o.
Poland
100%
100%
Norkring Belgi\u00eb NV
Belgium
100%
0%
Speed Fibre DAC
Ireland
100%
0%
Speed Fibre 2 Holdings Limited
Ireland
100%
0%
Speed Fibre Intermediate Holdings Limited
Ireland
100%
0%
Speed Fibre Borrower Limited
Ireland
100%
0%
Airspeed Communications Holdings ULC
Ireland
100%
0%
Airspeed Communications Solutions ULC
Ireland
100%
0%
Airspeed Investments Limited
Isle of Man
100%
0%
Airspeed Networks Limited
Isle of Man
100%
0%
Airspeed Ventures Unlimited
Isle of Man
100%
0%
Speed Fibre Group Limited
Ireland
100%
0%
Airspeed Communications Limited
Ireland
100%
0%
E-Nasc \u00c9ireann Teoranta
Ireland
100%
0%
Enet Telecommunications Networks Limited
Ireland
100%
0%
Enet Telecommunications Networks Limited
Ireland
100%
0%
The following additional information is provided in relation to unquoted investments as
recommended by the AIC SORP.
Pre-tax Net assets/
Turnover profit/(loss) (liabilities)
Emitel
\u00a3113.8 million
(\u00a324.3 million)
\u00a3214.2 million
CRA
\u00a380.0 million
\u00a316.9 million
(\u00a357.3 million)
Hudson Interxchange
\u00a318.2 million
(\u00a312.4 million)
\u00a346.8 million
Speed Fibre DAC
\u00a368.4 million
(\u00a311.4 million)
(\u00a399.3 million)
Norkring Belgi\u00eb NV
\u00a37.7 million
\u00a31.7 million
\u00a34.8 million
2
3
4
5
6
2
Figures from Emitel\u2019s audited IFRS accounts for the year ended 31 December 2023.
3
Figures from CRA\u2019s audited IFRS accounts for the year ended 31 March 2023.
4
Figures from Hudson\u2019s audited US GAAP accounts for the period from 13 January 2022 to 31 March 2023.
5
Figures from Speed Fibre DAC audited IFRS accounts for the year ended 31 December 2023.
6
Figures from Norkring management pack at 31 December 2023.
The amounts invested in the Company\u2019s unconsolidated subsidiaries during the year and their
carrying value at 31 March 2024 are as outlined in note 6.
There are certain restrictions on the ability of the Company\u2019s unconsolidated subsidiaries in the
Czech Republic to transfer funds to the Company in the form of cash dividends or repayment of
loans. In accordance with the documentation relating to loans made by various banks to CRA,
such cash movements are subject to limitations on amounts and timing, and satisfaction of certain
conditions relating to leverage and interest cover ratio. The Directors do not consider that these
restrictions are likely to have a significant effect on the ability of the Company\u2019s subsidiaries to
transfer funds to the Company. In addition, during the year, the Investment Manager received
immaterial fees from Emitel and CRA for advisory services rendered.
Subsidiaries held in the Czech Republic, Ireland, Belgium and in Poland are profitable and cash
generative, and do not need the financial support of the Company. The subsidiary based in the
US will receive the financial support of the Company for a period of at least 12 months from the
publication of this report.
Company subsidiaries On 16 December 2022, the Company borrowed \u00a320.3 million from CDH2, and a further \u00a3149.0 million on 6 June 2023, representing proceeds from Eurobonds issued by CDH2. At 31 March 2024, the loan principal was valued at \u00a3157.6 million (31 March 2023: \u00a320.3 million). The loan is subject to interest charged at a variable rate. Interest charged during the year amounted to \u00a312.1 million (31 March 2023: \u00a30.4 million) of which \u00a33.9 million remained outstanding as at 31 March 2024 (31 March 2023: \u00a30.4 million). The expenses paid by the Company on behalf of subsidiary companies during the year amounted to \u00a31.6 million (31 March 2023: \u00a32.9 million). During the year ended 31 March 2024, the Company charged management fees amounting to \u00a31.4 million related to management services provided to CRA and Emitel investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-299": { "value": "
8. Trade and other receivables
As at As at
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Cash collateral
8,963
9,130
Other Debtors
6,582
2,573
Expenses paid on behalf of related parties
1,599
2,866
Prepayments
105
77
Interest receivable
30
34
17,279
14,680
Cash collateral relates to one security deposit held in money market accounts. An amount of
USD 11.29 million (\u00a38.96 million) relates to collateral for a letter of credit relating to the lease of the
building occupied by Hudson, and generated interest of 5.4% per annum during the year ended
31 March 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-336": { "value": "8. Trade and other receivables
As at As at
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Cash collateral
8,963
9,130
Other Debtors
6,582
2,573
Expenses paid on behalf of related parties
1,599
2,866
Prepayments
105
77
Interest receivable
30
34
17,279
14,680
Cash collateral relates to one security deposit held in money market accounts. An amount of USD 11.29 million (\u00a38.96 million) relates to collateral for a letter of credit relating to the lease of the building occupied by Hudson, and generated interest of 5.4% per annum during the year ended 31 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-318": { "value": "8. Trade and other receivables
As at As at
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Cash collateral
8,963
9,130
Other Debtors
6,582
2,573
Expenses paid on behalf of related parties
1,599
2,866
Prepayments
105
77
Interest receivable
30
34
17,279
14,680
Cash collateral relates to one security deposit held in money market accounts. An amount of USD 11.29 million (\u00a38.96 million) relates to collateral for a letter of credit relating to the lease of the building occupied by Hudson, and generated interest of 5.4% per annum during the year ended 31 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-320": { "value": "9. Loan and Borrowings
As at As at
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Opening balance
20,287
\u2013
Drawdown of principal during the year
148,992
20,287
Repayments of principal during the year
(9,990)
\u2013
Unrealised exchange loss
(1,660)
\u2013
157,629
20,287
As at 31 March 2024, the Company had borrowings of \u00a3157.6 million (\u20ac184.4 million) from CDH2 compared to \u00a320.3 million (\u20ac23.1 million) at 31 March 2023. The loan between the Company and CDH2 is repayable on demand and carries interest at a fixed margin over a variable EURIBOR rate set at the beginning of each six-month interest period. Note 17 provides more detail on interest charged during the year ended 31 March 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-319": { "value": "
10. Share capital
Subject to any special rights, restrictions, or prohibitions regarding voting for the time being
attached to any shares, holders of ordinary shares have the right to receive notice of and to attend,
speak and vote at general meetings of the Company and each holder being present in person or
by proxy shall upon a show of hands have one vote and upon a poll shall have one vote in respect of
each ordinary share that they hold.
Holders of ordinary shares are entitled to receive and participate in any dividends or distributions
of the Company in relation to assets of the Company that are available for dividend or distribution.
On a winding-up of the Company, the surplus assets of the Company available for distribution
to the holders of ordinary shares (after payment of all other debts and liabilities of the Company
attributable to the ordinary shares) shall be divided amongst the holders of ordinary shares pro rata
according to their respective holdings of ordinary shares.
31 March 2024 31 March 2023
Number Number
Ordinary shares
of shares
\u00a3\u2019000
of shares
\u00a3\u2019000
Issued and fully paid
773,559,707
780,100
773,559,707
780,100
Shares held in treasury
(7,269,230)
(5,444)
(1,050,000)
(943)
Outstanding shares at year end
766,290,477
774,656
772,509,707
779,157
Holders of ordinary shares are entitled to all dividends paid by the Company on the ordinary shares
and, on a winding up, provided the Company has satisfied all of its liabilities, ordinary shareholders
are entitled to all of the surplus assets of the Company attributable to the ordinary shares.
Subscription shares carry no right to any dividends paid by the Company and have no voting rights.
No subscription shares have been exercised between 31 March 2024 and the date of this report.
31 March 2024 31 March 2023
Number Number
of shares of shares
Treasury shares \u00a3\u2019000 \u00a3\u2019000
Opening balance
1,050,000
\u2013
Shares repurchased during the year
6,219,230
1,050,000
Closing balance at year end
7,269,230
1,050,000
The Company has undertaken market buybacks during the year. The movements are shown in the
table above. The average purchase price of the shares bought back during the year is 72.4 pence.
The average price at which shares were repurchased represents a 39.75% discount to the NAV per
share (31 March 2023: 20.78%) at the time of repurchase. The shares repurchased were funded out
of distributable reserves.
Subscription shareholders have no right to any dividends paid by the Company and have no
voting rights.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-300": { "value": "10. Share capital Subject to any special rights, restrictions, or prohibitions regarding voting for the time being attached to any shares, holders of ordinary shares have the right to receive notice of and to attend, speak and vote at general meetings of the Company and each holder being present in person or by proxy shall upon a show of hands have one vote and upon a poll shall have one vote in respect of each ordinary share that they hold. Holders of ordinary shares are entitled to receive and participate in any dividends or distributions of the Company in relation to assets of the Company that are available for dividend or distribution. On a winding-up of the Company, the surplus assets of the Company available for distribution to the holders of ordinary shares (after payment of all other debts and liabilities of the Company attributable to the ordinary shares) shall be divided amongst the holders of ordinary shares pro rata according to their respective holdings of ordinary shares.
31 March 2024 31 March 2023
Number Number
Ordinary shares
of shares
\u00a3\u2019000
of shares
\u00a3\u2019000
Issued and fully paid
773,559,707
780,100
773,559,707
780,100
Shares held in treasury
(7,269,230)
(5,444)
(1,050,000)
(943)
Outstanding shares at year end
766,290,477
774,656
772,509,707
779,157
Holders of ordinary shares are entitled to all dividends paid by the Company on the ordinary shares and, on a winding up, provided the Company has satisfied all of its liabilities, ordinary shareholders are entitled to all of the surplus assets of the Company attributable to the ordinary shares. Subscription shares carry no right to any dividends paid by the Company and have no voting rights. No subscription shares have been exercised between 31 March 2024 and the date of this report.
31 March 2024 31 March 2023
Number Number
of shares of shares
Treasury shares \u00a3\u2019000 \u00a3\u2019000
Opening balance
1,050,000
\u2013
Shares repurchased during the year
6,219,230
1,050,000
Closing balance at year end
7,269,230
1,050,000
The Company has undertaken market buybacks during the year. The movements are shown in the table above. The average purchase price of the shares bought back during the year is 72.4 pence. The average price at which shares were repurchased represents a 39.75% discount to the NAV per share (31 March 2023: 20.78%) at the time of repurchase. The shares repurchased were funded out of distributable reserves. Subscription shareholders have no right to any dividends paid by the Company and have no voting rights.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-335": { "value": "
31 March 2024 31 March 2023
Number Number
of shares of shares
Treasury shares \u00a3\u2019000 \u00a3\u2019000
Opening balance
1,050,000
\u2013
Shares repurchased during the year
6,219,230
1,050,000
Closing balance at year end
7,269,230
1,050,000
The Company has undertaken market buybacks during the year. The movements are shown in the table above. The average purchase price of the shares bought back during the year is 72.4 pence. The average price at which shares were repurchased represents a 39.75% discount to the NAV per share (31 March 2023: 20.78%) at the time of repurchase. The shares repurchased were funded out of distributable reserves. Subscription shareholders have no right to any dividends paid by the Company and have no voting rights.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-301": { "value": "
12. Taxation
a) Analysis of the tax charge for the year
Year ended Year ended
31 March 2024 31 March 2023
Corporation tax \u00a3\u2019000 \u00a3\u2019000
Taxation for the year (see note 12b)
\u2013
\u2013
b) Factors affecting the tax charge for the year
The tax assessed for the year ended 31 March 2024 is lower than the Company\u2019s applicable rate of
corporation tax for that year of 25%. The factors affecting the tax charge for the year are as follows:
Year ended Year ended
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Profit for the year before tax
80,427
81,176
Net return before taxation multiplied by the Company\u2019s
applicable rate of corporation tax for the period of 25%
20,107
15,423
Effects of:
Capital return on investments
(24,306)
(17, 275)
Expenses not deductible for corporation tax
2,180
1,586
Realised loss on restructure not deductible
\u2013
746
Utilisation of expenses brought forward
\u2013
(480)
Amounts taxable in different periods
(173)
\u2013
Unrelieved current year expenses
2,192
\u2013
Total tax for the year (see note 12a)
\u2013
\u2013
c) Deferred taxation
The Company has an unrecognised deferred tax asset of \u00a32,192,000 (Prior year: \u00a377,000) based
on a main rate of corporation tax of 25%, in respect of excess management expenses of \u00a36,768,000
and non-trading relationships of \u00a32,000,000.
It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these
expenses and therefore no deferred tax asset has been recognised.
Due to the Company\u2019s status as an investment trust and the intention to continue to meet the
conditions required to retain that status, the Company has not provided for tax on any capital gains
arising on capital gains or losses arising on the revaluation of investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-321": { "value": "c) Deferred taxation The Company has an unrecognised deferred tax asset of \u00a32,192,000 (Prior year: \u00a377,000) based on a main rate of corporation tax of 25%, in respect of excess management expenses of \u00a36,768,000 and non-trading relationships of \u00a32,000,000. It is unlikely that the Company will generate sufficient taxable profits in the future to utilise these expenses and therefore no deferred tax asset has been recognised. Due to the Company\u2019s status as an investment trust and the intention to continue to meet the conditions required to retain that status, the Company has not provided for tax on any capital gains arising on capital gains or losses arising on the revaluation of investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-322": { "value": "13. Management and performance fees Under the Investment Management Agreement, the Investment Manager is entitled to receive an annual management fee and a performance fee, plus any applicable VAT, in addition to the reimbursement of reasonable expenses incurred by it in the performance of its duties. Management fee The Investment Manager receives from the Company an annual management fee, based on the average market capitalisation of the Company, calculated using the closing market capitalisation for each LSE trading day for the relevant month, and paid monthly in arrears. The management fee has been payable since 30 April 2021, being the date on which more than 75% of the IPO proceeds were deployed in investment activities. The annual management fee is calculated on the following basis: \u2014 1.00% of the average market capitalisation up to \u00a3500 million. \u2014 0.90% of the average market capitalisation between \u00a3500 million and \u00a31 billion; and \u2014 0.80% of the average market capitalisation in excess of \u00a31 billion. Following the publication of each Interim Report and Annual Report, the Investment Manager is required to apply an amount, in aggregate, equal to 10% of the annual management fee for the preceding six-month period in the following manner: a) if the average trading price, calculated over the 20 trading days immediately preceding the announcement date, is equal to, or higher than, the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the Investment Manager shall use the relevant amount to subscribe for new ordinary shares (rounded down to the nearest whole number of ordinary shares), issued at the average trading price; or b) if the average trading price is lower than the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the Investment Manager shall, as soon as reasonably practicable, use the relevant amount to make market purchases of ordinary shares (rounded down to the nearest whole number of ordinary shares) within two months of the relevant NAV announcement date. Even though the annual management fee is payable on a monthly basis, ordinary shares will only be acquired by the Investment Manager on a half-yearly basis. Any ordinary shares subscribed or purchased by the Investment Manager pursuant to the above arrangements are, subject to usual exceptions, subject to a lock-up of 12 months from the date of subscription or purchase. For the year ended 31 March 2024, the Investment Manager has charged management fees of \u00a35.9 million (31 March 2023: \u00a37.3 million) to the Company, with \u00a30.6 million (31 March 2023: \u00a30.6 million) owed at year end. During the year ended 31 March 2024, the Investment Manager was not required to subscribe for new ordinary shares (31 March 2023: \u00a30.29 million) but was required to conduct open market purchases for aggregate consideration of \u00a30.63million (31 March 2023: \u00a30.39 million). Performance fee The Investment Manager may in addition receive a performance fee on each performance fee calculation date, dependent on the performance of the Company\u2019s NAV and share price. The first performance fee calculation date is 31 March 2024 and subsequent calculation dates are on 31 March each year thereafter. The fee will be equal to 12.5% of the excess return over the target of 9% for the NAV return or share price return, whichever is the lower, multiplied by the time-weighted average number of ordinary shares in issue (excluding any ordinary shares held in treasury) during the relevant period. Any performance fee is to be satisfied as follows: \u2014 as to 50% in cash; and \u2014 as to the remaining 50% of the performance fee, subject to certain exceptions and the relevant regulatory and tax requirements: a) if the average trading price, calculated over the 20 trading days immediately preceding the performance fee calculation date, is equal to or higher than the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) the Company will issue to the Investment Manager such number of new ordinary shares (credited as fully paid) as is equal to the performance fee investment amount divided by the average trading price (rounded down to the nearest whole number of ordinary shares); or b) if the average trading price is lower than the last reported NAV per ordinary share (as adjusted to reflect any dividends reflected in the average trading price) then the Company shall (on behalf of, and as agent for, the Investment Manager) apply the performance fee investment amount in making market purchases of ordinary shares, provided any such ordinary shares are purchased at prices below the last reported NAV per ordinary share. Any ordinary shares subscribed or purchased by the Investment Manager pursuant to the above arrangements will, subject to usual exceptions, be subject to a lock-up of 36 months from the date of subscription or purchase. For the year ended 31 March 2024, no performance fee is due to the Investment Manager (31 March 2023: \u00a3nil) and no amount has been accrued as the share price performance hurdle has not been met.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-302": { "value": "
14. Earnings per share and net asset value per share
Ordinary shares
Year ended 31 March 2024
Earnings per share
Basic
Diluted
Allocated profit attributable to this share class \u2013 \u00a3\u2019000
80,295
80,295
Weighted average number of shares in issue
770,510,117
770,510,117
Earnings per share from continuing operations
in the year (pence)
10.42
10.42
Ordinary shares
Year ended 31 March 2023
Earnings per share
Basic
Diluted
Allocated profit attributable to this share class \u2013 \u00a3\u2019000
81,176
81,176
Weighted average number of shares in issue
773,442,556
773,442,556
Earnings per share from continuing operations
in the year (pence)
10.50
10.50
As at 31 March 2024, there were 6,434,884 (31 March 2023: 6,434,884) Subscription Shares in issue.
During the year ended 31 March 2024, nil (31 March 2023: 187) Subscription Shares were exercised.
Year ended Year ended
31 March 2024 31 March 2023
Weighted average number of shares used in the calculation
of basic earnings per share
770,510,117
773,442,556
Weighted average number of shares used in the calculation
of diluted earnings per share
770,510,117
773,442,556
Net asset value \u2013 \u00a3\u2019000
920,660
875,711
Number of ordinary shares issued
766,290,477
772,509,707
Net asset value per share (pence)
120.15
113.36
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-323": { "value": "14. Earnings per share and net asset value per share
Ordinary shares
Year ended 31 March 2024
Earnings per share
Basic
Diluted
Allocated profit attributable to this share class \u2013 \u00a3\u2019000
80,295
80,295
Weighted average number of shares in issue
770,510,117
770,510,117
Earnings per share from continuing operations
in the year (pence)
10.42
10.42
Ordinary shares
Year ended 31 March 2023
Earnings per share
Basic
Diluted
Allocated profit attributable to this share class \u2013 \u00a3\u2019000
81,176
81,176
Weighted average number of shares in issue
773,442,556
773,442,556
Earnings per share from continuing operations
in the year (pence)
10.50
10.50
As at 31 March 2024, there were 6,434,884 (31 March 2023: 6,434,884) Subscription Shares in issue. During the year ended 31 March 2024, nil (31 March 2023: 187) Subscription Shares were exercised.
Year ended Year ended
31 March 2024 31 March 2023
Weighted average number of shares used in the calculation
of basic earnings per share
770,510,117
773,442,556
Weighted average number of shares used in the calculation
of diluted earnings per share
770,510,117
773,442,556
Net asset value \u2013 \u00a3\u2019000
920,660
875,711
Number of ordinary shares issued
766,290,477
772,509,707
Net asset value per share (pence)
120.15
113.36
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-303": { "value": "
15. Dividends declared and paid with respect to the year/period
Dividend per
ordinary share Total dividend
Dividends paid during the year ended 31 March 2024 pence \u00a3\u2019000
Second interim dividend in respect of the period
ended 31 March 2023
2.00
15,450
Interim dividend in respect of the period ended 31 March 2024
2.00
15,395
30,845
Dividend per
ordinary share Total dividend
Dividends declared pence \u00a3\u2019000
Second interim dividend in respect of the year
ended 31 March 2024
2.2
16,858
Dividend per
ordinary share Total dividend
Dividends paid during the period ended 31 March 2023 pence \u00a3\u2019000
Second interim dividend in respect of the period
ended 30 September 2023
2.00
11,599
Interim dividend in respect of the year ended 31 March 2023
2.00
15,473
27,072
On 14 June 2024, the Board approved a second interim dividend of 2. 20 pence per share in
respect of the period from 1 April 2023 to 31 March 2024, bringing the total dividend for the year to
4.2 0 pence per share. The record date for this dividend is 28 June 2024 and the payment date is
19 July 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-324": { "value": "0.02", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2022-04-01T00:00:00/2023-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-325": { "value": "0.022", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-326": { "value": "0.042", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-327": { "value": "16. Financial risk management Financial risk management objectives The Company\u2019s investing activities intentionally expose it to various types of risks that are associated with the underlying investments. The Company makes the investment in order to generate returns in accordance with its investment policy and objectives. The most important types of financial risks to which the Company is exposed are market risk (including price, interest rate and foreign currency risk), liquidity risk and credit risk. The Board of Directors has overall responsibility for the determination of the Company\u2019s risk management and sets policy to manage that risk at an acceptable level to achieve those objectives. The policy and process for measuring and mitigating each of the main risks are described below. The Investment Manager and the Administrator provide advice to the Company which allows it to monitor and manage financial risks relating to its operations through internal risk reports which analyse exposures by degree and magnitude of risks. The Investment Manager and the Administrator report to the Board on a quarterly basis. Categories of financial instruments For those financial assets and liabilities carried at amortised cost, the Directors are of the opinion that their carrying value approximates to their fair value.
As at As at
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value through profit or loss:
Investments
1,005,937
872,315
Other financial assets at amortised cost:
Cash and cash equivalents
60,085
10,498
Trade and other receivables (excluding prepayments)
17,174
14,603
Financial liabilities
Financial liabilities at amortised cost:
Loans and borrowings
(157,629)
(20,287)
Accrued expenses and other creditors
(5,012)
(1,495)
Fair value hierarchy The table below analyses financial instruments measured at fair value at the reporting date by the level in fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values recognised in the Statement of Financial Position. All fair value measurements below are recurring.
Level 1 Level 2 Level 3 Total
31 March 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
Investments
\u2013
\u2013
1,005,937
1,005,937
\u2013
\u2013
1,005,937
1,005,937
Level 1 Level 2 Level 3 Total
31 March 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
Investments
\u2013
\u2013
872,315
872,315
\u2013
\u2013
872,315
872,315
Capital risk management The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the capital return to shareholders. The capital structure of the Company consists of issued share capital and retained earnings, as stated in the Statement of Financial Position. In order to maintain or adjust the capital structure, the Company may issue new shares. There are no external capital requirements imposed on the Company. The Company\u2019s investment policy is set out under the Additional information section on pages 106 and 107. Market risk Market risk includes price risk, foreign currency risk and interest rate risk. Price risk The underlying investments held present a potential risk of loss of capital to the Company. As outlined in note 6, investments are in the form of shareholder loans and equity with protective provisions in place. Price risk arises from uncertainty about future prices of underlying financial investments held by the Company. As at 31 March 2024, the fair value of investments, excluding cash and cash equivalents, was \u00a31,005.9 million (31 March 2023: \u00a3872.3 million) and a 5% increase/ (decrease) in the price of investments with all other variables held constant would result in a change to the fair value of investments of +/- \u00a350.3 million (31 March 2023: \u00a343.6 million). Please refer to note 6 for quantitative information about the fair value measurements of the Company\u2019s Level 3 investments. The Company is exposed to a variety of risks which may have an impact on the carrying value of its investments. The risk factors are set out below. Not actively traded The Company\u2019s investments are not generally traded in an active market but are indirectly exposed to market price risk arising from uncertainties about future values of the investments held. The investments of the Company vary as to geographic distribution of operations and size, all of which may impact the susceptibility of their valuation to uncertainty. Concentration The Company invests in the Digital Infrastructure sector. While the Company is subject to the investment and diversification restrictions in its investment policy, within those limits material concentrations of investments may arise. Although the investments are in the same industry, each individual underlying data centre, mobile telecommunications tower or segment of a fibre-optic network held within the portfolio constitutes a separate Digital Infrastructure Asset. This risk is managed through careful selection of investments within the specified limits of the investment policy. Each of these investment restrictions is calculated and applied as at the time of investment and non-compliance resulting from changes in the price or value of assets following investment is not considered a breach of the investment restrictions. Foreign currency risk The Company invests in financial instruments and enters into transactions that are denominated in currencies other than its functional currency, primarily in Polish zloty, Czech koruna, Euros and US dollars. The Company\u2019s currency risk is managed by the Investment Manager in accordance with the policies and procedures in place. The Company also has exposure to foreign currency risk due to the payment of some expenses in Polish zloty, Czech koruna, Euros, US dollars and Canadian dollars. Consequently, the Company is exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of the Company\u2019s assets or liabilities denominated in currencies other than pounds sterling. Any exposure to foreign currency risk at the underlying investment level is captured within price risk. The following table sets out, in pounds sterling, the Company\u2019s total exposure to foreign currency risk and the net exposure to foreign currencies of the monetary assets and liabilities. Of the total exposure set out below, the Company\u2019s direct foreign exchange exposure is \u00a366.7 million.
As at 31 March 2024
USD CZK CAD PLN EUR GBP Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-current assets
Financial assets at fair value through profit or loss
42,262
385,941
\u2013
525,050
52,654
30
1,005,937
Total non-current assets
42,262
385,941
\u2013
525,050
52,654
30
1,005,937
Current assets
Receivables and prepayments
9,171
\u2013
\u2013
\u2013
2,568
5,540
17,279
Cash and cash equivalents
67
\u2013
\u2013
\u2013
40,734
19,284
60,085
Total current assets
9,238
\u2013
\u2013
\u2013
43,302
24,824
77,364
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
\u2013
(157,629)
\u2013
(157,629)
Accrued expenses and other creditors
(29)
\u2013
\u2013
\u2013
(3,862)
(1,121)
(5,012)
Total current liabilities
(29)
\u2013
\u2013
\u2013
(161,491)
(1,121)
(162,641)
Total net assets
51,471
385,941
\u2013
525,050
(65,535)
23,733
920,660
As at 31 March 2023
USD CZK CAD PLN EUR GBP Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-current assets
Financial assets at fair value through profit or loss
56,993
389,101
\u2013
429,002
(2,984)
203
872,315
Total non-current assets
56,993
389,101
\u2013
429,002
(2,984)
203
872,315
Current assets
Receivables and prepayments
9,164
\u2013
\u2013
\u2013
2,639
2,877
14,680
Cash and cash equivalents
168
\u2013
1
\u2013
1
10,328
10,498
Total current assets
9,332
\u2013
1
\u2013
2,640
13,205
25,178
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
\u2013
(20,745)
\u2013
(20,745)
Payables
(30)
\u2013
\u2013
\u2013
\u2013
(1,007)
(1,037)
Total current liabilities
(30)
\u2013
\u2013
\u2013
(20,745)
(1,007)
(21,782)
Total net assets
66,295
389,101
1
429,002
(21,089)
12,401
875,711
The table below sets out the effect on the net assets against a reasonably possible weakening of the pound against the US dollar, Czech koruna, Polish zloty and euros by 5%, at 31 March 2024. The analysis assumes that all other variables remain constant.
As at As at
31 March 2024 31 March 2023
Effect in increase of pounds sterling \u00a3\u2019000 \u00a3\u2019000
USD
2,574
3,315
CZK
19,297
19,455
PLN
26,253
21,450
EUR
(3,277)
(1,054)
A strengthening of the pound against the above currencies would have resulted in an equal but opposite effect to the amounts shown above. Interest rate risk The Company\u2019s exposure to interest rate risk relates to the Company\u2019s cash and cash equivalents and intercompany loans and borrowings. The Company is subject to risk due to fluctuations in the prevailing levels of market interest rates. As at 31 March 2024, the cash balance held by the Company was \u00a360.1 million (31 March 2023: \u00a310.5 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest received of +/- \u00a30.6 million (31 March 2023: +/- \u00a30.1 million) per annum. As at 31 March 2024, the intercompany loans and borrowings balance held by the Company was \u00a3157.6 million (31 March 2023: \u00a320.3 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest payable of +/- \u00a31.6 million (31 March 2023: \u00a30.2 million). This effect at the Company level would be off-set by an equal and opposite change in the investments as the loan is with a 100% owned subsidiary (note 17). Liquidity risk Ultimate responsibility for liquidity risk management rests with the Board of Directors. Liquidity risk is defined as the risk that the Company may not be able to settle or meet its obligations on time or at a reasonable price. The Company\u2019s policy and the Investment Manager\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the Company\u2019s reputation. The Company\u2019s liabilities are made up of estimated accruals and trade creditors which are due to be settled within three months of the year end. The Company\u2019s liquidity risk arises principally from the fact that there is no liquid market for its investments and it may not be able to realise their full value on a timely basis. The Company will maintain flexibility in funding by keeping sufficient liquidity in cash and cash equivalents, which may be invested on a temporary basis in line with the cash management policy as agreed by the Directors from time to time. The Company adopts a prudent approach to liquidity management and through the preparation of budgets and cash flow forecasts maintains sufficient cash reserves to meet its obligations. Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Financial assets mainly consist of cash and cash equivalents and investments at fair value through profit or loss. The Company\u2019s risk on liquid funds is managed by only depositing monies with institutions with a short term credit rating of A1/P-1 \u2013 A1/F1 or equivalent. The Company mitigates its credit risk exposure on its investments at fair value through profit or loss by the exercise of due diligence on the counterparties and the Investment Manager. The table below shows the material cash balances and the credit rating for the counterparties used by the Company at the year/period-end date:
31 March 2024 31 March 2023
Location \u00a3\u2019000 \u00a3\u2019000
Royal Bank of Scotland International
Guernsey
24,481
10,498
Investec Bank Plc
UK
35,604
\u2013
Credit ratings:
S&P
Moody\u2019s
Fitch
Royal Bank of Scotland International
A/A-1
A1/P-1
A1/F1
Investec Bank Plc
Not rated
AA1/P-1
BBB+/ F2
The Company\u2019s maximum exposure to loss of capital at the year/period end is shown below: Carrying value and maximum exposure
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets (including cash and equivalents but excluding
prepayments)
77,259
25,101
Gearing As at the date of these financial statements the Company had gearing of 17.1% (31 March 2023: 2.3%) calculated as loans and borrowings divided by net assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-345": { "value": "Categories of financial instruments For those financial assets and liabilities carried at amortised cost, the Directors are of the opinion that their carrying value approximates to their fair value.
As at As at
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value through profit or loss:
Investments
1,005,937
872,315
Other financial assets at amortised cost:
Cash and cash equivalents
60,085
10,498
Trade and other receivables (excluding prepayments)
17,174
14,603
Financial liabilities
Financial liabilities at amortised cost:
Loans and borrowings
(157,629)
(20,287)
Accrued expenses and other creditors
(5,012)
(1,495)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-337": { "value": "Categories of financial instruments For those financial assets and liabilities carried at amortised cost, the Directors are of the opinion that their carrying value approximates to their fair value.
As at As at
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets
Financial assets at fair value through profit or loss:
Investments
1,005,937
872,315
Other financial assets at amortised cost:
Cash and cash equivalents
60,085
10,498
Trade and other receivables (excluding prepayments)
17,174
14,603
Financial liabilities
Financial liabilities at amortised cost:
Loans and borrowings
(157,629)
(20,287)
Accrued expenses and other creditors
(5,012)
(1,495)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-338": { "value": "Capital risk management The Company manages its capital to ensure that it will be able to continue as a going concern while maximising the capital return to shareholders. The capital structure of the Company consists of issued share capital and retained earnings, as stated in the Statement of Financial Position. In order to maintain or adjust the capital structure, the Company may issue new shares. There are no external capital requirements imposed on the Company. The Company\u2019s investment policy is set out under the Additional information section on pages 106 and 107. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-339": { "value": "Market risk Market risk includes price risk, foreign currency risk and interest rate risk. Price risk The underlying investments held present a potential risk of loss of capital to the Company. As outlined in note 6, investments are in the form of shareholder loans and equity with protective provisions in place. Price risk arises from uncertainty about future prices of underlying financial investments held by the Company. As at 31 March 2024, the fair value of investments, excluding cash and cash equivalents, was \u00a31,005.9 million (31 March 2023: \u00a3872.3 million) and a 5% increase/ (decrease) in the price of investments with all other variables held constant would result in a change to the fair value of investments of +/- \u00a350.3 million (31 March 2023: \u00a343.6 million). Please refer to note 6 for quantitative information about the fair value measurements of the Company\u2019s Level 3 investments. The Company is exposed to a variety of risks which may have an impact on the carrying value of its investments. The risk factors are set out below. Not actively traded The Company\u2019s investments are not generally traded in an active market but are indirectly exposed to market price risk arising from uncertainties about future values of the investments held. The investments of the Company vary as to geographic distribution of operations and size, all of which may impact the susceptibility of their valuation to uncertainty. Concentration The Company invests in the Digital Infrastructure sector. While the Company is subject to the investment and diversification restrictions in its investment policy, within those limits material concentrations of investments may arise. Although the investments are in the same industry, each individual underlying data centre, mobile telecommunications tower or segment of a fibre-optic network held within the portfolio constitutes a separate Digital Infrastructure Asset. This risk is managed through careful selection of investments within the specified limits of the investment policy. Each of these investment restrictions is calculated and applied as at the time of investment and non-compliance resulting from changes in the price or value of assets following investment is not considered a breach of the investment restrictions. Foreign currency risk The Company invests in financial instruments and enters into transactions that are denominated in currencies other than its functional currency, primarily in Polish zloty, Czech koruna, Euros and US dollars. The Company\u2019s currency risk is managed by the Investment Manager in accordance with the policies and procedures in place. The Company also has exposure to foreign currency risk due to the payment of some expenses in Polish zloty, Czech koruna, Euros, US dollars and Canadian dollars. Consequently, the Company is exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of the Company\u2019s assets or liabilities denominated in currencies other than pounds sterling. Any exposure to foreign currency risk at the underlying investment level is captured within price risk. The following table sets out, in pounds sterling, the Company\u2019s total exposure to foreign currency risk and the net exposure to foreign currencies of the monetary assets and liabilities. Of the total exposure set out below, the Company\u2019s direct foreign exchange exposure is \u00a366.7 million.
As at 31 March 2024
USD CZK CAD PLN EUR GBP Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-current assets
Financial assets at fair value through profit or loss
42,262
385,941
\u2013
525,050
52,654
30
1,005,937
Total non-current assets
42,262
385,941
\u2013
525,050
52,654
30
1,005,937
Current assets
Receivables and prepayments
9,171
\u2013
\u2013
\u2013
2,568
5,540
17,279
Cash and cash equivalents
67
\u2013
\u2013
\u2013
40,734
19,284
60,085
Total current assets
9,238
\u2013
\u2013
\u2013
43,302
24,824
77,364
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
\u2013
(157,629)
\u2013
(157,629)
Accrued expenses and other creditors
(29)
\u2013
\u2013
\u2013
(3,862)
(1,121)
(5,012)
Total current liabilities
(29)
\u2013
\u2013
\u2013
(161,491)
(1,121)
(162,641)
Total net assets
51,471
385,941
\u2013
525,050
(65,535)
23,733
920,660
As at 31 March 2023
USD CZK CAD PLN EUR GBP Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-current assets
Financial assets at fair value through profit or loss
56,993
389,101
\u2013
429,002
(2,984)
203
872,315
Total non-current assets
56,993
389,101
\u2013
429,002
(2,984)
203
872,315
Current assets
Receivables and prepayments
9,164
\u2013
\u2013
\u2013
2,639
2,877
14,680
Cash and cash equivalents
168
\u2013
1
\u2013
1
10,328
10,498
Total current assets
9,332
\u2013
1
\u2013
2,640
13,205
25,178
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
\u2013
(20,745)
\u2013
(20,745)
Payables
(30)
\u2013
\u2013
\u2013
\u2013
(1,007)
(1,037)
Total current liabilities
(30)
\u2013
\u2013
\u2013
(20,745)
(1,007)
(21,782)
Total net assets
66,295
389,101
1
429,002
(21,089)
12,401
875,711
The table below sets out the effect on the net assets against a reasonably possible weakening of the pound against the US dollar, Czech koruna, Polish zloty and euros by 5%, at 31 March 2024. The analysis assumes that all other variables remain constant.
As at As at
31 March 2024 31 March 2023
Effect in increase of pounds sterling \u00a3\u2019000 \u00a3\u2019000
USD
2,574
3,315
CZK
19,297
19,455
PLN
26,253
21,450
EUR
(3,277)
(1,054)
A strengthening of the pound against the above currencies would have resulted in an equal but opposite effect to the amounts shown above. Interest rate risk The Company\u2019s exposure to interest rate risk relates to the Company\u2019s cash and cash equivalents and intercompany loans and borrowings. The Company is subject to risk due to fluctuations in the prevailing levels of market interest rates. As at 31 March 2024, the cash balance held by the Company was \u00a360.1 million (31 March 2023: \u00a310.5 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest received of +/- \u00a30.6 million (31 March 2023: +/- \u00a30.1 million) per annum. As at 31 March 2024, the intercompany loans and borrowings balance held by the Company was \u00a3157.6 million (31 March 2023: \u00a320.3 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest payable of +/- \u00a31.6 million (31 March 2023: \u00a30.2 million). This effect at the Company level would be off-set by an equal and opposite change in the investments as the loan is with a 100% owned subsidiary (note 17). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-340": { "value": "Liquidity risk Ultimate responsibility for liquidity risk management rests with the Board of Directors. Liquidity risk is defined as the risk that the Company may not be able to settle or meet its obligations on time or at a reasonable price. The Company\u2019s policy and the Investment Manager\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stress conditions, without incurring unacceptable losses or risking damage to the Company\u2019s reputation. The Company\u2019s liabilities are made up of estimated accruals and trade creditors which are due to be settled within three months of the year end. The Company\u2019s liquidity risk arises principally from the fact that there is no liquid market for its investments and it may not be able to realise their full value on a timely basis. The Company will maintain flexibility in funding by keeping sufficient liquidity in cash and cash equivalents, which may be invested on a temporary basis in line with the cash management policy as agreed by the Directors from time to time.
The Company adopts a prudent approach to liquidity management and through the preparation of
budgets and cash flow forecasts maintains sufficient cash reserves to meet its obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-341": { "value": "
Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the Company.
Financial assets mainly consist of cash and cash equivalents and investments at fair value through
profit or loss. The Company\u2019s risk on liquid funds is managed by only depositing monies with
institutions with a short term credit rating of A1/P-1 \u2013 A1/F1 or equivalent. The Company mitigates
its credit risk exposure on its investments at fair value through profit or loss by the exercise of due
diligence on the counterparties and the Investment Manager.
The table below shows the material cash balances and the credit rating for the counterparties used
by the Company at the year/period-end date:
31 March 2024 31 March 2023
Location \u00a3\u2019000 \u00a3\u2019000
Royal Bank of Scotland International
Guernsey
24,481
10,498
Investec Bank Plc
UK
35,604
\u2013
Credit ratings:
S&P
Moody\u2019s
Fitch
Royal Bank of Scotland International
A/A-1
A1/P-1
A1/F1
Investec Bank Plc
Not rated
AA1/P-1
BBB+/ F2
The Company\u2019s maximum exposure to loss of capital at the year/period end is shown below:
Carrying value and maximum exposure
31 March 2024 31 March 2023
\u00a3\u2019000 \u00a3\u2019000
Financial assets (including cash and equivalents but excluding
prepayments)
77,259
25,101
Gearing
As at the date of these financial statements the Company had gearing of 17.1% (31 March 2023:
2.3%) calculated as loans and borrowings divided by net assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-304": { "value": "
17. Related party transactions
Directors
The Company has four non-executive Directors, each of whom is considered to be independent.
Directors\u2019 fees for the year ended 31 March 2024 amounted to \u00a3185,000 (31 March 2023: \u00a3185,000),
of which \u00a3nil (31 March 2023: \u00a3nil) was outstanding at the year end.
The shares held by the Directors at 31 March 2024 are shown in the table below:
Ordinary Ordinary
shares held at shares held at
31 March 2024 31 March 2023
Shonaid Jemmett-Page
63,355
28,039
Sian Hill
57,500
37,5 00
Marten Pieters
103,125
48,125
Simon Pitcher
63,125
38,125
Investments
As part of the initial acquisition of Communications Investments Holdings s.r.o. (CIH) in April 2021,
the Company acquired a loan due from CIH which accrues interest at 9.9% per annum. Total interest
receivable by the Company in relation to the year was \u00a31.9 million (31 March 2023: \u00a30.5 million), of
which \u00a3nil (31 March 2023: \u00a3nil) remained outstanding at the year/period end. The loan investment
was transferred to the Company\u2019s subsidiary Cordiant Digital Holdings Two Ltd (CDH2) on
31 May 2022, in exchange for a promissory note. The balance on the promissory note investment at
31 March 2024, including accrued interest, was \u00a3nil (31 March 2023: \u00a332.6 million). In January 2022,
the assets of Hudson Interxchange were acquired by the Company\u2019s subsidiary CDIL Data Centre
USA LLC. The Company provided funding for this transaction in the form of equity contributions. The
balance of the equity investment at 31 March 2024, was \u00a332.8 million (31 March 2023: \u00a352.2 million).
Company subsidiaries
On 16 December 2022, the Company borrowed \u00a320.3 million from CDH2, and a further
\u00a3149.0 million on 6 June 2023, representing proceeds from Eurobonds issued by CDH2. At
31 March 2024, the loan principal was valued at \u00a3157.6 million (31 March 2023: \u00a320.3 million). The
loan is subject to interest charged at a variable rate. Interest charged during the year amounted
to \u00a312.1 million (31 March 2023: \u00a30.4 million) of which \u00a33.9 million remained outstanding as at
31 March 2024 (31 March 2023: \u00a30.4 million). The expenses paid by the Company on behalf of
subsidiary companies during the year amounted to \u00a31.6 million (31 March 2023: \u00a32.9 million).
During the year ended 31 March 2024, the Company charged management fees amounting to \u00a31.4
million related to management services provided to CRA and Emitel investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-342": { "value": "17. Related party transactions Directors The Company has four non-executive Directors, each of whom is considered to be independent. Directors\u2019 fees for the year ended 31 March 2024 amounted to \u00a3185,000 (31 March 2023: \u00a3185,000), of which \u00a3nil (31 March 2023: \u00a3nil) was outstanding at the year end. The shares held by the Directors at 31 March 2024 are shown in the table below:
Ordinary Ordinary
shares held at shares held at
31 March 2024 31 March 2023
Shonaid Jemmett-Page
63,355
28,039
Sian Hill
57,500
37,5 00
Marten Pieters
103,125
48,125
Simon Pitcher
63,125
38,125
Investments As part of the initial acquisition of Communications Investments Holdings s.r.o. (CIH) in April 2021, the Company acquired a loan due from CIH which accrues interest at 9.9% per annum. Total interest receivable by the Company in relation to the year was \u00a31.9 million (31 March 2023: \u00a30.5 million), of which \u00a3nil (31 March 2023: \u00a3nil) remained outstanding at the year/period end. The loan investment was transferred to the Company\u2019s subsidiary Cordiant Digital Holdings Two Ltd (CDH2) on 31 May 2022, in exchange for a promissory note. The balance on the promissory note investment at 31 March 2024, including accrued interest, was \u00a3nil (31 March 2023: \u00a332.6 million). In January 2022, the assets of Hudson Interxchange were acquired by the Company\u2019s subsidiary CDIL Data Centre USA LLC. The Company provided funding for this transaction in the form of equity contributions. The balance of the equity investment at 31 March 2024, was \u00a332.8 million (31 March 2023: \u00a352.2 million). Company subsidiaries On 16 December 2022, the Company borrowed \u00a320.3 million from CDH2, and a further \u00a3149.0 million on 6 June 2023, representing proceeds from Eurobonds issued by CDH2. At 31 March 2024, the loan principal was valued at \u00a3157.6 million (31 March 2023: \u00a320.3 million). The loan is subject to interest charged at a variable rate. Interest charged during the year amounted to \u00a312.1 million (31 March 2023: \u00a30.4 million) of which \u00a33.9 million remained outstanding as at 31 March 2024 (31 March 2023: \u00a30.4 million). The expenses paid by the Company on behalf of subsidiary companies during the year amounted to \u00a31.6 million (31 March 2023: \u00a32.9 million). During the year ended 31 March 2024, the Company charged management fees amounting to \u00a31.4 million related to management services provided to CRA and Emitel investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-328": { "value": "Directors The Company has four non-executive Directors, each of whom is considered to be independent. Directors\u2019 fees for the year ended 31 March 2024 amounted to \u00a3185,000 (31 March 2023: \u00a3185,000), of which \u00a3nil (31 March 2023: \u00a3nil) was outstanding at the year end. The shares held by the Directors at 31 March 2024 are shown in the table below:
Ordinary Ordinary
shares held at shares held at
31 March 2024 31 March 2023
Shonaid Jemmett-Page
63,355
28,039
Sian Hill
57,500
37,5 00
Marten Pieters
103,125
48,125
Simon Pitcher
63,125
38,125
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-305": { "value": "
18. Ultimate controlling party
In the opinion of the Board, on the basis of the shareholdings advised to them, the Company has no
ultimate controlling party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } }, "fact-306": { "value": "
19. Subsequent events
With the exception of dividends declared and disclosed in note 15, there are no material
subsequent events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2023-04-01T00:00:00/2024-04-01T00:00:00" } } } }