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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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-3": { "value": "Cordiant Digital Infrastructure Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-4": { "value": "Guernsey", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-5": { "value": "non-cellular company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-269": { "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 at 31 March 2025, the Company had net current liabilities of \u00a3132.2 million. The Directors have assessed the Company\u2019s financial position, including its access to group support and funding arrangements, and have a reasonable expectation that the Company has adequate resources to meet its liabilities as they fall due for at least the next 12 months. While the ongoing conflicts and political changes in different parts of the world during the year have created some supply chain disruption and market volatility, 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 key potential impacts above 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 careful consideration and 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 2025 to 30 September 2026, 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
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 at 31 March and 30 September each year.
The Investment Manager derives 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 is derecognised, in whole or in part, when the Company has extinguished its
contractual obligations, or 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 continues 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 and are not subsequently retranslated.
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
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 gains and losses on other 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 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 2024
The Board has considered new standards and amendments that are mandatorily effective from
1 January 2024 and with the exception of the Disclosure of Accounting Policies (Amendment to
IAS1) has not had a significant impact on the financial 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 2025 reporting period and have not been adopted early by
the Company.
\u2014 Lack of Exchangeability - Amendments to IAS 21 The Effects of Changes in Foreign Exchange
Rates, effective from 1 January 2025;
\u2014 Annual Improvements to IFRS Accounting Standards, effective from 1 January 2026-
Amendments to: (i) IFRS 1 First-time Adoption of International Financial Reporting
Standards(ii) IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on
Implementing IFRS 7 (iii) IFRS 9 Financial Instruments (iv) IFRS 10 Consolidated Financial
Statements (v) IAS 7 Statement of Cash flows; and
\u2014 IFRS 18 Presentation and Disclosure in Financial Statements, effective from 1 January 2027
IFRS 18 will impact the presentation and disclosure of income and expense items in the
Financial Statements but there is not expected to be any impact on the financial position or
performance figures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-271": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-295": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-296": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-272": { "value": "
Going concern
The financial statements have been prepared on a going concern basis. As at 31 March 2025, the
Company had net current liabilities of \u00a3132.2 million. The Directors have assessed the Company\u2019s
financial position, including its access to group support and funding arrangements, and have a
reasonable expectation that the Company has adequate resources to meet its liabilities as they fall
due for at least the next 12 months.
While the ongoing conflicts and political changes in different parts of the world during the year
have created some supply chain disruption and market volatility, 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 key potential impacts above 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 careful consideration and 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 2025 to 30 September 2026, 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-273": { "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 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-274": { "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 at 31 March and 30 September each year. The Investment Manager derives 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 is derecognised, in whole or in part, when the Company has extinguished its contractual obligations, or 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-297": { "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 at 31 March and 30 September each year. The Investment Manager derives 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-317": { "value": "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. A financial liability is derecognised, in whole or in part, when the Company has extinguished its contractual obligations, or it expires or is cancelled. Any gain or loss on derecognition is taken to the Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-316": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-318": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-319": { "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:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-298": { "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 is derecognised, in whole or in part, when the Company has extinguished its contractual obligations, or 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-275": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-276": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-277": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-278": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-299": { "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 continues 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-279": { "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 continues 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-281": { "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 and are not subsequently retranslated.
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 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 gains and losses on other 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-280": { "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 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-300": { "value": "New standards, amendments and interpretations issued and effective for the financial period beginning 1 April 2024 The Board has considered new standards and amendments that are mandatorily effective from 1 January 2024 and with the exception of the Disclosure of Accounting Policies (Amendment to IAS1) has not had a significant impact on the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-282": { "value": "New standards, amendments and interpretations issued and effective for the financial period beginning 1 April 2024 The Board has considered new standards and amendments that are mandatorily effective from 1 January 2024 and with the exception of the Disclosure of Accounting Policies (Amendment to IAS1) has not had a significant impact on the financial 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 2025 reporting period and have not been adopted early by the Company. \u2014 Lack of Exchangeability - Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, effective from 1 January 2025; \u2014 Annual Improvements to IFRS Accounting Standards, effective from 1 January 2026- Amendments to: (i) IFRS 1 First-time Adoption of International Financial Reporting Standards(ii) IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on Implementing IFRS 7 (iii) IFRS 9 Financial Instruments (iv) IFRS 10 Consolidated Financial Statements (v) IAS 7 Statement of Cash flows; and \u2014 IFRS 18 Presentation and Disclosure in Financial Statements, effective from 1 January 2027 IFRS 18 will impact the presentation and disclosure of income and expense items in the Financial Statements but there is not expected to be any impact on the financial position or performance figures.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-301": { "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 2025 reporting period and have not been adopted early by the Company. \u2014 Lack of Exchangeability - Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates, effective from 1 January 2025; \u2014 Annual Improvements to IFRS Accounting Standards, effective from 1 January 2026- Amendments to: (i) IFRS 1 First-time Adoption of International Financial Reporting Standards(ii) IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on Implementing IFRS 7 (iii) IFRS 9 Financial Instruments (iv) IFRS 10 Consolidated Financial Statements (v) IAS 7 Statement of Cash flows; and \u2014 IFRS 18 Presentation and Disclosure in Financial Statements, effective from 1 January 2027 IFRS 18 will impact the presentation and disclosure of income and expense items in the Financial Statements but there is not expected to be any impact on the financial position or performance figures.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-283": { "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 2025 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-284": { "value": "
4. Other expenses
Other expenses in the Statement of Comprehensive Income comprises:
Year ended
Year ended
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Management fees
6,056
5,928\ue01e
Legal and professional fees
1,15
6
713
Aborted deal fees
\u2013
1,888
Directors\u2019 fees
185
185
Fees payable to the statutory auditor
218
198
Other expenses
1,036
604
8,651
9,516
11. Audit fees
Other operating expenses include fees payable to the Company\u2019s auditor, which amounted to
\u00a3218,000 for the audit of the statutory financial statements for the year ended 31 March 2025
(31 March 2024: \u00a3198,000). No fees were incurred for other audit-related or non-audit services
in either year. At 31 March 2025, there were no audit fees from the year ended 31 March 2024
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 2025, the Investment Manager has charged management fees
of \u00a36.1 million (31 March 2024: \u00a35.9 million) to the Company, with \u00a30.5 million (31 March 2024:
\u00a30.6 million) owed at year end.
During the 12 months ended 31 March 2025, the Investment Manager made open market purchases
of 659,559 shares (31 March 2024: 444,772 shares) at an average price of 82.7 pence per share (31
March 2024: 73.8 pence per share).
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 was 31 March 2024 and subsequent calculation dates are on
31 March each year thereafter. The fee is 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 2025, no performance fee is due to the Investment Manager
(31 March 2024: \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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-320": { "value": "4. Other expenses Other expenses in the Statement of Comprehensive Income comprises:
Year ended
Year ended
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Management fees
6,056
5,928\ue01e
Legal and professional fees
1,15
6
713
Aborted deal fees
\u2013
1,888
Directors\u2019 fees
185
185
Fees payable to the statutory auditor
218
198
Other expenses
1,036
604
8,651
9,516
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-302": { "value": "4. Other expenses Other expenses in the Statement of Comprehensive Income comprises:
Year ended
Year ended
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Management fees
6,056
5,928\ue01e
Legal and professional fees
1,15
6
713
Aborted deal fees
\u2013
1,888
Directors\u2019 fees
185
185
Fees payable to the statutory auditor
218
198
Other expenses
1,036
604
8,651
9,516
11. Audit fees Other operating expenses include fees payable to the Company\u2019s auditor, which amounted to
\u00a3218,000 for the audit of the statutory financial statements for the year ended 31 March 2025
(31 March 2024: \u00a3198,000). No fees were incurred for other audit-related or non-audit services
in either year. At 31 March 2025, there were no audit fees from the year ended 31 March 2024
remaining unpaid. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-285": { "value": "
5. Finance income
Finance income in the Statement of Comprehensive Income comprises:
Year ended
Year ended
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest received
130
418
Interest on fixed term deposits\u00b9
1,157
1,708
Other income
143
\u2013
1,430
2,126
\u00b9 During the year ended 31 March 2025, the Company invested \u00a35.0 million in JP Morgan and \u00a34.7 million in Investec
fixed term deposits at an average interest rate of 3% per annum. At 31 March 2025, \u00a35.0 million of these deposits had
not matured.
During the prior 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 for the other instrument was 3 May 2024. During the year ended
31 March 2025, the Company entered into one foreign exchange forward contract which remains
outstanding as at 31 March 2025. The fair value gain or loss on these instruments was immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-331": { "value": "5. Finance income Finance income in the Statement of Comprehensive Income comprises:
Year ended
Year ended
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest received
130
418
Interest on fixed term deposits\u00b9
1,157
1,708
Other income
143
\u2013
1,430
2,126
\u00b9 During the year ended 31 March 2025, the Company invested \u00a35.0 million in JP Morgan and \u00a34.7 million in Investec
fixed term deposits at an average interest rate of 3% per annum. At 31 March 2025, \u00a35.0 million of these deposits had not matured. During the prior 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 for the other instrument was 3 May 2024. During the year ended 31 March 2025, the Company entered into one foreign exchange forward contract which remains outstanding as at 31 March 2025. The fair value gain or loss on these instruments was immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-321": { "value": "5. Finance income Finance income in the Statement of Comprehensive Income comprises:
Year ended
Year ended
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest received
130
418
Interest on fixed term deposits\u00b9
1,157
1,708
Other income
143
\u2013
1,430
2,126
\u00b9 During the year ended 31 March 2025, the Company invested \u00a35.0 million in JP Morgan and \u00a34.7 million in Investec
fixed term deposits at an average interest rate of 3% per annum. At 31 March 2025, \u00a35.0 million of these deposits had not matured. During the prior 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 for the other instrument was 3 May 2024. During the year ended 31 March 2025, the Company entered into one foreign exchange forward contract which remains outstanding as at 31 March 2025. The fair value gain or loss on these instruments was immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-303": { "value": "5. Finance income Finance income in the Statement of Comprehensive Income comprises:
Year ended
Year ended
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Bank interest received
130
418
Interest on fixed term deposits\u00b9
1,157
1,708
Other income
143
\u2013
1,430
2,126
\u00b9 During the year ended 31 March 2025, the Company invested \u00a35.0 million in JP Morgan and \u00a34.7 million in Investec
fixed term deposits at an average interest rate of 3% per annum. At 31 March 2025, \u00a35.0 million of these deposits had not matured. During the prior 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 for the other instrument was 3 May 2024. During the year ended 31 March 2025, the Company entered into one foreign exchange forward contract which remains outstanding as at 31 March 2025. The fair value gain or loss on these instruments was immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-286": { "value": "
6. Investments at fair value through profit or loss
As at 31 March 2025
As at 31 March 2024
Loans
Equity
Total
Loans
Equity
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
9,444\ue01e
996,493\ue01e
1,005,937\ue01d
37,350
834,965\ue01e
872,315\ue01d
Additions
3,442\ue01e
26,186
29,628
4,807
61,485
66,292\ue01d
Shareholder loan repayment
\u2013
\u2013
\u2013
(32,530)
\u2013
(32,530)
Interest on promissory loan notes
\u2013
\u2013
\u2013
1,877
\u2013
1,877\ue01d
Net gains on investments
(251)
89,381
89,130\ue01d
(2,060)
100,043\ue01e
97, 9 8 3
12,635
1,112,060
1,124,695\ue01d
9,444
996,493\ue01d
1,005,937\ue01d
During the year ended 31 March 2025, the Company subscribed for 20 million additional ordinary shares (31 March 2024: 43.5 million) in its subsidiary Cordiant Digital Holdings UK Limited (CDH UK) for
cash consideration of \u00a326.2 million (31 March 2024: \u00a361.5 million).
On 2 March 2025, the Company\u2019s indirect subsidiary, Cordiant Digital Holdings Six Limited (CDH6), completed the acquisition of a 47.5% economic (50% voting) interest in DCU Invest NV. Concurrently,
DCU Invest NV acquired the entire share capital of Datacenter United Brussels NV, the data centre business of Proximus Group, for a total consideration of \u00a360.1 million (\u20ac72.3 million). The cost of
Company\u2019s indirect equity investment in DCU Invest NV was \u00a353.9 million (31 March 2024: Nil). Additionally, CDH6 provided a shareholder loan of \u20ac30 million to DCU Invest NV, which was partially
converted into 500,735 Class A shares valued at \u20ac1.5 million. As at 31 March 2025, the total cost and fair value of the Company\u2019s indirect investment in DCU Invest NV, including the shareholder loan, was
\u20ac93.2 million (\u00a377.6 million).
As at 31 March 2025, the equity investment in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (Hudson) was valued at \u00a323.6 million (31 March 2024: \u00a332.8 million) and the
loan investment in Hudson at \u00a312.6 million (31 March 2024: \u00a39.4 million). The total investment in Hudson was valued at \u00a336.2 million (31 March 2024: \u00a342.3 million).
The fair value of the Company\u2019s equity investment in \u010cesk\u00e9 Radiokomunikace a.s. (CRA) held through its indirect subsidiary Cordiant Digital Holdings Two Limited (CDH Two) as at 31 March 2025 was
\u00a3429.0 million (31 March 2024: \u00a3385.9 million).
In the prior year ended 31 March 2024, the Company\u2019s indirect subsidiary, Cordiant Digital Holdings One Limited (CDH One) restructured part of its equity investment in Emitel S.A. (Emitel) into a loan
investment. \u00a337.2 million (PLN 192.5 million) was transferred from equity to loan. As at 31 March 2025, the Emitel loan investment was valued at \u00a39.6 million (31 March 2024: \u00a335.0 million) and the remaining
equity investment was valued at \u00a3571.8 million (31 March 2024: \u00a3490.0 million). The fair value of the Company\u2019s total indirect investment in Emitel as at 31 March 2025 was \u00a3581.4 million (31 March 2024:
\u00a3525.0 million).
In the prior year ended 31 March 2024 the Company, through its indirect subsidiary Cordiant Digital Holdings Ireland Limited (CDHI), acquired Speed Fibre DAC (Speed Fibre) at a cash cost of
\u00a353.6 million, a vendor loan note of \u00a325.6 million and a provision for deferred consideration of \u00a34.8 million. During the year ended 31 March 2025, the deferred consideration was settled for the amount of
\u00a31.3 million, and the vendor loan note was paid in full. The adjusted cost was therefore \u00a380.5 million. The fair value of the Company\u2019s indirect investment in Speed Fibre at 31 March 2025 was \u00a387.3 million
(31 March 2024: \u00a386.4 million).
In the prior year ended 31 March 2024 the Company, through CDH UK, acquired Belgian Tower Company (Belgian Tower), formerly Norkring N.V., at a cost of \u00a35.4 million. The fair value of the Company\u2019s
indirect investment in Belgian Tower as at 31 March 2025 was \u00a35.9 million (31 March 2024: \u00a35.2 million).
The table below details all gains on investments through profit or loss.
As at 31 March 2025
As at 31 March 2024
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
90,190\ue01e
90,190
\u2013
99,5
88
99,588\ue01d
Unrealised foreign exchange loss on investment
(251)
(809)
(1,060)
(2,060)
(953)
(3,013)
Management fee income\u00b9
\u2013
\u2013
-
\u2013
1,408
1,408
Shareholder loan interest income
\u2013
\u2013
\u2013
1,877
\u2013
1,877\ue01d
(251)
89,381
89,130\ue01d
(183)
100,043
99,860\ue01d
\u00b9The management fee income for the current year is included as a receivable in other debtors (see note 8). In the prior year ending 31 March 2024, it was included in the fair value of investments.
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 carried out 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 2025, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2024: nil).
The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC, Emitel and Belgian Tower 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, March 2037 for Hudson Interxchange and March 2032 for Belgian Tower.
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 Company\u2019s investment in DCU has
been valued at cost, the price of recent investment 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 2025
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
Range
by 1% (\u00a3m)
valuation (\u00a3m)
by 1% (\u00a3m)
valuation (\u00a3m)
WACC
8.8%-10.6%
948\ue01d
(270)
1,391
173
TGR
0%-2.4%
1,308
91\ue01e
1011
(206)
31 March 2024
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
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)
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 political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which
they operate. These sensitivity measures exclude the working capital balances of investee companies in the structure.
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 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Opening balance
157,62
9
20,287\ue01e
Drawdown of principal during the year
160
,255
148,962\ue01e
Repayment of principal during the year
(166,399)
(9,990)
Realised exchange gain
(2,075)
\u2013
Unrealised exchange gain
(1,819)
(1,630)
147, 591
157,629\ue01d
On 29 July 2024, the Company fully settled its \u20ac191.8 million loan and related interest previously
owed to CDH Two through \u20ac1.8 million of its own cash reserves and a new intercompany loan of
\u20ac190.0 million with CDH UK. CDH UK financed this loan by accessing its financing facility of up to
\u20ac375.0 million, arranged with an international syndicate of banks and infrastructure debt funds,
with Apex Group Hold Co (UK) Limited acting as facility agent. The loan issue of \u20ac190.0 million
was settled directly between CDH UK and CDH Two; consequently, the statement of cash flows
remains unaffected.
The new intercompany liability to CDH UK amounting to \u20ac190.0 million is interest-free, repayable on
demand, and subject to specified repayment dates. During the year, principal cash repayments
of \u20ac12.9 million were made. As at 31 March 2025, the outstanding balance was \u20ac177.1 million
(\u00a3147.6 million), with no interest accrued or payable.
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.
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value through profit or loss:
\u2013 Investments
1,124,695\ue01d
1,005,937\ue01e
Other financial assets at amortised cost:
\u2013 Cash and cash equivalents
6,137\ue01d
60,085\ue01e
\u2013 Trade and other receivables
10,719
17,174
Financial liabilities
Financial liabilities at amortised cost:
\u2013 Loans and borrowings
(147,5 91)
(157,629)
\u2013 Accrued expenses and other creditors
(1,517)
(5,012)
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
As at 31 March 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
\u2013 Investments
\u2013
\u2013
1,124,695
1,124,695
\u2013
\u2013
1,124,695\ue01d
1,124,695\ue01d
Level 1
Level 2
Level 3
Total
As at 31 March 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
\u2013 Investments
\u2013
\u2013
1,005,937\ue01e
1,005,937\ue01e
\u2013
\u2013
1,005,937\ue01d
1,005,937
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 2025, the fair value of investments, excluding
cash and cash equivalents, was \u00a31,124.7 million (31 March 2024: \u00a31,005.9 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 +/- \u00a356.1 million (31 March 2024: \u00a350.3 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. As at 31 March 2025, the Company held two direct
investments comprising a loan and equity investment in Hudson and an equity investment in CDH
UK. Through CDH UK and its subsidiaries, the Company held five indirect investments in Emitel,
CRA, Speed Fibre, Belgian Tower and DCU Invest NV. Emitel and CRA are classified as significant
holdings, representing approximately 47.8 per cent and 35.2 per cent of the Company\u2019s investments
held at fair value, respectively.
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 Company\u2019s 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 \u00a336.5 million (31 March 2024: \u00a366.7 million).
As at 31 March 2025
USD
CZK
CAD
EUR
GBP
PLN
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
36,240
428,639\ue01e
\u2013
78,384
\u2013
581,432
1,124,695\ue01d
Total non-current assets
36,240\ue01d
428,639\ue01d
\u2013
78,384\ue01d
\u2013
581,432
1,124,695\ue01d
Current assets
Receivables
8,755
402\ue01e
\u2013
538\ue01e
701\ue01e
399\ue01e
10,795\ue01d
Cash and cash equivalents
259\ue01e
\u2013
1\ue01e
\u2013
5,877
\u2013
6,137\ue01d
Total current assets
9,014\ue01d
402\ue01d
1\ue01d
538\ue01d
6,578\ue01d
399\ue01d
16,932\ue01d
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
(147,591)
\u2013
\u2013
(147,591)
Accrued expenses and other creditors
(29)
\u2013
\u2013
(198)
(1,290)
\u2013
(1,517)
Total current liabilities
(29)
\u2013
\u2013
(147,789)
(1,290)
\u2013
(149,108)
Total net assets
45,225\ue01d
429,041\ue01d
1\ue01d
(68,867)
5,288\ue01d
581,831
992,519
As at 31 March 2024
USD
CZK
CAD
EUR
GBP
PLN
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\ue01e
\u2013
52,654\ue01e
30\ue01e
525,050\ue01e
1,005,937\ue01d
Total non-current assets
42,262\ue01d
385,941\ue01d
\u2013
52,654\ue01d
30\ue01d
525,050\ue01d
1,005,937\ue01d
Current assets
Receivables and prepayments
9,171
\u2013
\u2013
2,568
5,540\ue01e
\u2013
17,279\ue01d
Cash and cash equivalents
67\ue01e
\u2013
\u2013
40,734
19,284\ue01e
\u2013
60,085\ue01d
Total current assets
9,238
\u2013
\u2013
43,302\ue01d
24,824\ue01d
\u2013
77,364\ue01d
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
(157,629)
\u2013
\u2013
(157,629)
Accrued expenses and other creditors
(29)
\u2013
\u2013
(3,862)
(1,121)
\u2013
(5,012)
Total current liabilities
(29)
\u2013
\u2013
(161,491)
(1,121)
\u2013
(162,641)
Total net assets
51,471
385,941\ue01d
\u2013
(65,535)
23,733
525,050\ue01d
920,660
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 2025.
The analysis assumes that all other variables remain constant.
As at
As at
31 March 2025
31 March 2024
Effect in increase of pounds sterling
\u00a3\u2019000
\u00a3\u2019000
USD
2, 261
2,574
CZK
21,
452
19,2
97
PLN
29,0 92
2
6,253
EUR
(3,443)
(3,277)
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 2025, the cash balance held by the Company was \u00a36.1 million (31 March 2024: \u00a360.1
million). A 1% increase/(decrease) in interest rates with all other variables held constant would result
in a change to interest received of +/- \u00a30.06 million (31 March 2024: +/- \u00a30.6 million) per annum.
As at 31 March 2025, the intercompany loans and borrowings balance held by the Company
was \u00a3147.6 million (31 March 2024: \u00a3157.6 million). A 1% increase/(decrease) in interest rates with
all other variables held constant would result in a change to interest payable of +/- \u00a31.5 million
(31 March 2024: \u00a31.6 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, cash collateral recorded within trade and other receivables 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. Cash collateral is recorded as a financial asset at amortised cost due to contractual restrictions that limit its immediate availability and its risk is managed through rigorous counterparty due diligence. The table below shows the material cash balances, including those held as cash collateral, and the credit ratings for the counterparties used by the Company at the year-end date: Credit ratings:
31 March 2025
31 March 2024
Location
\u00a3\u2019000
\u00a3\u2019000
Royal Bank of Scotland International
Guernsey
1,110
24,481
JP Morgan
UK
5,000\ue01d
\u2013
Investec Bank Plc
UK
27
3
5,604
Royal Bank of Scotland International (long term)
Guernsey
8,755
8,963
S&P
Moody\u2019s
Fitch
Royal Bank of Scotland International
A/A-1
A1/P-1
A1/F1
JP Morgan Plc
Not rated
A1/P-1
A A-/F1+
Investec Bank Plc
Not rated
A1/BA A1
BBB+/ A-
Royal Bank of Scotland International (long term)
A+/A-1
A1
A+
The Company\u2019s maximum exposure to loss of capital at the year/period end is shown below: Carrying value and maximum exposure
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Financial assets (including cash and cash equivalents but not
prepayments)
16,846
77,259
Gearing As at the date of these financial statements the Company had gearing of 14.9% (31 March 2024: 17.1%) calculated as loans and borrowings divided by net assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-332": { "value": "6. Investments at fair value through profit or loss
As at 31 March 2025
As at 31 March 2024
Loans
Equity
Total
Loans
Equity
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
9,444\ue01e
996,493\ue01e
1,005,937\ue01d
37,350
834,965\ue01e
872,315\ue01d
Additions
3,442\ue01e
26,186
29,628
4,807
61,485
66,292\ue01d
Shareholder loan repayment
\u2013
\u2013
\u2013
(32,530)
\u2013
(32,530)
Interest on promissory loan notes
\u2013
\u2013
\u2013
1,877
\u2013
1,877\ue01d
Net gains on investments
(251)
89,381
89,130\ue01d
(2,060)
100,043\ue01e
97, 9 8 3
12,635
1,112,060
1,124,695\ue01d
9,444
996,493\ue01d
1,005,937\ue01d
During the year ended 31 March 2025, the Company subscribed for 20 million additional ordinary shares (31 March 2024: 43.5 million) in its subsidiary Cordiant Digital Holdings UK Limited (CDH UK) for cash consideration of \u00a326.2 million (31 March 2024: \u00a361.5 million). On 2 March 2025, the Company\u2019s indirect subsidiary, Cordiant Digital Holdings Six Limited (CDH6), completed the acquisition of a 47.5% economic (50% voting) interest in DCU Invest NV. Concurrently, DCU Invest NV acquired the entire share capital of Datacenter United Brussels NV, the data centre business of Proximus Group, for a total consideration of \u00a360.1 million (\u20ac72.3 million). The cost of Company\u2019s indirect equity investment in DCU Invest NV was \u00a353.9 million (31 March 2024: Nil). Additionally, CDH6 provided a shareholder loan of \u20ac30 million to DCU Invest NV, which was partially converted into 500,735 Class A shares valued at \u20ac1.5 million. As at 31 March 2025, the total cost and fair value of the Company\u2019s indirect investment in DCU Invest NV, including the shareholder loan, was \u20ac93.2 million (\u00a377.6 million). As at 31 March 2025, the equity investment in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (Hudson) was valued at \u00a323.6 million (31 March 2024: \u00a332.8 million) and the loan investment in Hudson at \u00a312.6 million (31 March 2024: \u00a39.4 million). The total investment in Hudson was valued at \u00a336.2 million (31 March 2024: \u00a342.3 million). The fair value of the Company\u2019s equity investment in \u010cesk\u00e9 Radiokomunikace a.s. (CRA) held through its indirect subsidiary Cordiant Digital Holdings Two Limited (CDH Two) as at 31 March 2025 was \u00a3429.0 million (31 March 2024: \u00a3385.9 million). In the prior year ended 31 March 2024, the Company\u2019s indirect subsidiary, Cordiant Digital Holdings One Limited (CDH One) restructured part of its equity investment in Emitel S.A. (Emitel) into a loan investment. \u00a337.2 million (PLN 192.5 million) was transferred from equity to loan. As at 31 March 2025, the Emitel loan investment was valued at \u00a39.6 million (31 March 2024: \u00a335.0 million) and the remaining equity investment was valued at \u00a3571.8 million (31 March 2024: \u00a3490.0 million). The fair value of the Company\u2019s total indirect investment in Emitel as at 31 March 2025 was \u00a3581.4 million (31 March 2024: \u00a3525.0 million). In the prior year ended 31 March 2024 the Company, through its indirect subsidiary Cordiant Digital Holdings Ireland Limited (CDHI), acquired Speed Fibre DAC (Speed Fibre) at a cash cost of \u00a353.6 million, a vendor loan note of \u00a325.6 million and a provision for deferred consideration of \u00a34.8 million. During the year ended 31 March 2025, the deferred consideration was settled for the amount of \u00a31.3 million, and the vendor loan note was paid in full. The adjusted cost was therefore \u00a380.5 million. The fair value of the Company\u2019s indirect investment in Speed Fibre at 31 March 2025 was \u00a387.3 million (31 March 2024: \u00a386.4 million). In the prior year ended 31 March 2024 the Company, through CDH UK, acquired Belgian Tower Company (Belgian Tower), formerly Norkring N.V., at a cost of \u00a35.4 million. The fair value of the Company\u2019s indirect investment in Belgian Tower as at 31 March 2025 was \u00a35.9 million (31 March 2024: \u00a35.2 million). The table below details all gains on investments through profit or loss.
As at 31 March 2025
As at 31 March 2024
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
90,190\ue01e
90,190
\u2013
99,5
88
99,588\ue01d
Unrealised foreign exchange loss on investment
(251)
(809)
(1,060)
(2,060)
(953)
(3,013)
Management fee income\u00b9
\u2013
\u2013
-
\u2013
1,408
1,408
Shareholder loan interest income
\u2013
\u2013
\u2013
1,877
\u2013
1,877\ue01d
(251)
89,381
89,130\ue01d
(183)
100,043
99,860\ue01d
\u00b9The management fee income for the current year is included as a receivable in other debtors (see note 8). In the prior year ending 31 March 2024, it was included in the fair value of investments. 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 carried out 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 2025, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2024: nil). The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC, Emitel and Belgian Tower 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, March 2037 for Hudson Interxchange and March 2032 for Belgian Tower. 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 Company\u2019s investment in DCU has been valued at cost, the price of recent investment 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 2025
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
Range
by 1% (\u00a3m)
valuation (\u00a3m)
by 1% (\u00a3m)
valuation (\u00a3m)
WACC
8.8%-10.6%
948\ue01d
(270)
1,391
173
TGR
0%-2.4%
1,308
91\ue01e
1011
(206)
31 March 2024
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
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)
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 political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which they operate. These sensitivity measures exclude the working capital balances of investee companies in the structure. 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. 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 2025
31 March 2024
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%
100%
Cordiant Digital Holdings Four Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Five Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Six Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Ireland
Ireland
100%
100%
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%
100%
Datov\u00e9 centrum Lu\u017eice s.r.o.
Czech Republic
100%
100%
Emitel S.A.
Poland
100%
100%
RTTS sp. z o. o.
Poland
100%
0%
EM Cast sp. z o. o.
Poland
100%
0%
Allford Investments sp. z o. o.
Poland
100%
100%
EM Properties sp. z o. o.
Poland
100%
100%
EM Projects sp. z o. o.
Poland
100%
100%
Hubb Investments sp. z o. o.
Poland
100%
100%
Magnet Networks Limited
Ireland
100%
100%
Belgian Tower Company N.V
Belgium
100%
100%
Speed Fibre DAC
Ireland
100%
100%
Speed Fibre 2 Holdings Limited
Ireland
100%
100%
Speed Fibre Intermediate Holdings Limited
Ireland
100%
100%
Speed Fibre Borrower Limited
Ireland
100%
100%
Speed Fibre Financing Limited
Ireland
100%
100%
Airspeed Communications Holdings ULC
Ireland
100%
100%
Airspeed Communications Solutions ULC
Ireland
100%
100%
Airspeed Networks Limited
Isle of Man
100%
100%
Speed Fibre Group Limited
Ireland
100%
100%
Airspeed Communications Limited
Ireland
100%
100%
E-Nasc \u00c9ireann Teoranta
Ireland
100%
100%
Enet Telecommunications Networks Limited
Ireland
100%
100%
DCU Invest NV
Belgium
47.5%
0%
DataCenter United
Belgium
47.5%
0%
Antwerp DataCenter BV
Belgium
47.5%
0%
Antwerp DC BV
Belgium
47.5%
0%
DATAZONE BV
Belgium
47.5%
0%
DC Star NV
Belgium
47.5%
0%
Digiscape BV
Belgium
47.5%
0%
Brussels DC NV
Belgium
47.5%
0%
DCU Invest NV
Belgium
47.5%
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
1
\u00a3129.4 million
\u00a341.9 million
\u00a3228.6 million
CRA
2
\u00a395.7 million
\u00a319.8 million
\u00a323.2 million
Hudson
3
\u00a317.9 million
(\u00a39.7 million)
\u00a324.1 million
Speed Fibre
4
\u00a367.3 million
(\u00a310.2 million)
(\u00a3105.1 million)
Belgian Tower
5
\u00a36.7 million
(\u00a30.2 million)
\u00a34.3 million
DCU Invest NV
6
\u2013
\u2013
\u2013
1Figures from Emitel\u2019s management pack for the year ended 31 December 2024. 2Figures from CRA\u2019s management pack for the year ended 31 March 2025. 3Figures from Hudson\u2019s management pack for the period from 13 January 2023 to 31 March 2025. 4Figures from Speed Fibre DAC\u2019s management pack for the year ended 31 December 2024. 5Figures from Belgian Tower Company\u2019s management pack for the 15 months ended 31 March 2025 6 No meaningful data available. DCU is a combination of business, only one of which existed as a separate entity before the Company\u2019s acquisition of both the businesses on 28 February 2025. The amounts invested in the Company\u2019s unconsolidated subsidiaries during the year and their carrying value at 31 March 2025 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. During the year, the Investment Manager received immaterial fees from Emitel, CRA and CDH UK for advisory services rendered. Subsidiaries held in the Czech Republic, Ireland, Belgium and Poland are 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. Investment Manager During the 12 months ended 31 March 2025, the Investment Manager made open market purchases of 659,559 shares (31 March 2024: 444,772 shares) at an average price of 82.7 pence per share (31 March 2024: 73.8 pence per share). These purchases were made for the Investment Manager\u2019s own account and not behalf of the Company. In addition, management fees of \u00a36.1 million (31 March 2024: \u00a35.9 million) were charged to the Company during the year, with \u00a30.5 million (31 March 2024: \u00a30.6 million) outstanding at year end. Investment The Company has provided additional funding of \u00a33.4 million (USD 4.4 million) as a loan to its subsidiary, CDIL Data Centre USA LLC during the year ended 31 March 2025. The balance of the loan investment at 31 March 2025 was \u00a312.6 million (31 March 2024: \u00a39.4 million). During the year, the Company subscribed for 20 million additional ordinary shares in CDH UK as disclosed in note 6. Company subsidiaries On 30 June 2024, the Company\u2019s direct subsidiary CDH UK signed a new \u20ac375 million Eurobond facility to refinance the existing \u20ac200 million Eurobond facility held by the Company\u2019s indirect subsidiary, CDH Two. As part of this refinancing, the \u20ac191.8 million loan and related interest previously owed to CDH Two was transferred to CDH UK. Accordingly, the Company derecognised the liability to CDH Two and recognised a new intercompany loan payable to CDH UK. The remaining \u20ac1.8 million was settled from other cash reserves held by the Company. At 31 March 2025, the CDH UK loan principal was \u00a3147.6 million and no interest was accrued or due. Interest charged during the year on CDH2 loan principal amounted to \u00a33.8 million (31 March 2024: \u00a312.1 million) of which nil remained outstanding as at 31 March 2025 (31 March 2024: \u00a33.9 million). During the year ended 31 March 2025, the Company charged management fees amounting to \u00a30.8 million (31 March 2024: \u00a31.4m) related to management services provided to CRA and Emitel investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-322": { "value": "6. Investments at fair value through profit or loss
As at 31 March 2025
As at 31 March 2024
Loans
Equity
Total
Loans
Equity
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
9,444\ue01e
996,493\ue01e
1,005,937\ue01d
37,350
834,965\ue01e
872,315\ue01d
Additions
3,442\ue01e
26,186
29,628
4,807
61,485
66,292\ue01d
Shareholder loan repayment
\u2013
\u2013
\u2013
(32,530)
\u2013
(32,530)
Interest on promissory loan notes
\u2013
\u2013
\u2013
1,877
\u2013
1,877\ue01d
Net gains on investments
(251)
89,381
89,130\ue01d
(2,060)
100,043\ue01e
97, 9 8 3
12,635
1,112,060
1,124,695\ue01d
9,444
996,493\ue01d
1,005,937\ue01d
During the year ended 31 March 2025, the Company subscribed for 20 million additional ordinary shares (31 March 2024: 43.5 million) in its subsidiary Cordiant Digital Holdings UK Limited (CDH UK) for cash consideration of \u00a326.2 million (31 March 2024: \u00a361.5 million). On 2 March 2025, the Company\u2019s indirect subsidiary, Cordiant Digital Holdings Six Limited (CDH6), completed the acquisition of a 47.5% economic (50% voting) interest in DCU Invest NV. Concurrently, DCU Invest NV acquired the entire share capital of Datacenter United Brussels NV, the data centre business of Proximus Group, for a total consideration of \u00a360.1 million (\u20ac72.3 million). The cost of Company\u2019s indirect equity investment in DCU Invest NV was \u00a353.9 million (31 March 2024: Nil). Additionally, CDH6 provided a shareholder loan of \u20ac30 million to DCU Invest NV, which was partially converted into 500,735 Class A shares valued at \u20ac1.5 million. As at 31 March 2025, the total cost and fair value of the Company\u2019s indirect investment in DCU Invest NV, including the shareholder loan, was \u20ac93.2 million (\u00a377.6 million). As at 31 March 2025, the equity investment in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (Hudson) was valued at \u00a323.6 million (31 March 2024: \u00a332.8 million) and the loan investment in Hudson at \u00a312.6 million (31 March 2024: \u00a39.4 million). The total investment in Hudson was valued at \u00a336.2 million (31 March 2024: \u00a342.3 million). The fair value of the Company\u2019s equity investment in \u010cesk\u00e9 Radiokomunikace a.s. (CRA) held through its indirect subsidiary Cordiant Digital Holdings Two Limited (CDH Two) as at 31 March 2025 was \u00a3429.0 million (31 March 2024: \u00a3385.9 million). In the prior year ended 31 March 2024, the Company\u2019s indirect subsidiary, Cordiant Digital Holdings One Limited (CDH One) restructured part of its equity investment in Emitel S.A. (Emitel) into a loan investment. \u00a337.2 million (PLN 192.5 million) was transferred from equity to loan. As at 31 March 2025, the Emitel loan investment was valued at \u00a39.6 million (31 March 2024: \u00a335.0 million) and the remaining equity investment was valued at \u00a3571.8 million (31 March 2024: \u00a3490.0 million). The fair value of the Company\u2019s total indirect investment in Emitel as at 31 March 2025 was \u00a3581.4 million (31 March 2024: \u00a3525.0 million). In the prior year ended 31 March 2024 the Company, through its indirect subsidiary Cordiant Digital Holdings Ireland Limited (CDHI), acquired Speed Fibre DAC (Speed Fibre) at a cash cost of \u00a353.6 million, a vendor loan note of \u00a325.6 million and a provision for deferred consideration of \u00a34.8 million. During the year ended 31 March 2025, the deferred consideration was settled for the amount of \u00a31.3 million, and the vendor loan note was paid in full. The adjusted cost was therefore \u00a380.5 million. The fair value of the Company\u2019s indirect investment in Speed Fibre at 31 March 2025 was \u00a387.3 million (31 March 2024: \u00a386.4 million). In the prior year ended 31 March 2024 the Company, through CDH UK, acquired Belgian Tower Company (Belgian Tower), formerly Norkring N.V., at a cost of \u00a35.4 million. The fair value of the Company\u2019s indirect investment in Belgian Tower as at 31 March 2025 was \u00a35.9 million (31 March 2024: \u00a35.2 million). The table below details all gains on investments through profit or loss.
As at 31 March 2025
As at 31 March 2024
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
90,190\ue01e
90,190
\u2013
99,5
88
99,588\ue01d
Unrealised foreign exchange loss on investment
(251)
(809)
(1,060)
(2,060)
(953)
(3,013)
Management fee income\u00b9
\u2013
\u2013
-
\u2013
1,408
1,408
Shareholder loan interest income
\u2013
\u2013
\u2013
1,877
\u2013
1,877\ue01d
(251)
89,381
89,130\ue01d
(183)
100,043
99,860\ue01d
\u00b9The management fee income for the current year is included as a receivable in other debtors (see note 8). In the prior year ending 31 March 2024, it was included in the fair value of investments. 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 carried out 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 2025, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2024: nil). The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC, Emitel and Belgian Tower 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, March 2037 for Hudson Interxchange and March 2032 for Belgian Tower. 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 Company\u2019s investment in DCU has been valued at cost, the price of recent investment 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 2025
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
Range
by 1% (\u00a3m)
valuation (\u00a3m)
by 1% (\u00a3m)
valuation (\u00a3m)
WACC
8.8%-10.6%
948\ue01d
(270)
1,391
173
TGR
0%-2.4%
1,308
91\ue01e
1011
(206)
31 March 2024
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
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)
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 political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which they operate. These sensitivity measures exclude the working capital balances of investee companies in the structure. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-304": { "value": "6. Investments at fair value through profit or loss
As at 31 March 2025
As at 31 March 2024
Loans
Equity
Total
Loans
Equity
Total
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Opening balance
9,444\ue01e
996,493\ue01e
1,005,937\ue01d
37,350
834,965\ue01e
872,315\ue01d
Additions
3,442\ue01e
26,186
29,628
4,807
61,485
66,292\ue01d
Shareholder loan repayment
\u2013
\u2013
\u2013
(32,530)
\u2013
(32,530)
Interest on promissory loan notes
\u2013
\u2013
\u2013
1,877
\u2013
1,877\ue01d
Net gains on investments
(251)
89,381
89,130\ue01d
(2,060)
100,043\ue01e
97, 9 8 3
12,635
1,112,060
1,124,695\ue01d
9,444
996,493\ue01d
1,005,937\ue01d
During the year ended 31 March 2025, the Company subscribed for 20 million additional ordinary shares (31 March 2024: 43.5 million) in its subsidiary Cordiant Digital Holdings UK Limited (CDH UK) for cash consideration of \u00a326.2 million (31 March 2024: \u00a361.5 million). On 2 March 2025, the Company\u2019s indirect subsidiary, Cordiant Digital Holdings Six Limited (CDH6), completed the acquisition of a 47.5% economic (50% voting) interest in DCU Invest NV. Concurrently, DCU Invest NV acquired the entire share capital of Datacenter United Brussels NV, the data centre business of Proximus Group, for a total consideration of \u00a360.1 million (\u20ac72.3 million). The cost of Company\u2019s indirect equity investment in DCU Invest NV was \u00a353.9 million (31 March 2024: Nil). Additionally, CDH6 provided a shareholder loan of \u20ac30 million to DCU Invest NV, which was partially converted into 500,735 Class A shares valued at \u20ac1.5 million. As at 31 March 2025, the total cost and fair value of the Company\u2019s indirect investment in DCU Invest NV, including the shareholder loan, was \u20ac93.2 million (\u00a377.6 million). As at 31 March 2025, the equity investment in CDIL Data Centre USA LLC, the legal entity operating as Hudson Interxchange (Hudson) was valued at \u00a323.6 million (31 March 2024: \u00a332.8 million) and the loan investment in Hudson at \u00a312.6 million (31 March 2024: \u00a39.4 million). The total investment in Hudson was valued at \u00a336.2 million (31 March 2024: \u00a342.3 million). The fair value of the Company\u2019s equity investment in \u010cesk\u00e9 Radiokomunikace a.s. (CRA) held through its indirect subsidiary Cordiant Digital Holdings Two Limited (CDH Two) as at 31 March 2025 was \u00a3429.0 million (31 March 2024: \u00a3385.9 million). In the prior year ended 31 March 2024, the Company\u2019s indirect subsidiary, Cordiant Digital Holdings One Limited (CDH One) restructured part of its equity investment in Emitel S.A. (Emitel) into a loan investment. \u00a337.2 million (PLN 192.5 million) was transferred from equity to loan. As at 31 March 2025, the Emitel loan investment was valued at \u00a39.6 million (31 March 2024: \u00a335.0 million) and the remaining equity investment was valued at \u00a3571.8 million (31 March 2024: \u00a3490.0 million). The fair value of the Company\u2019s total indirect investment in Emitel as at 31 March 2025 was \u00a3581.4 million (31 March 2024: \u00a3525.0 million). In the prior year ended 31 March 2024 the Company, through its indirect subsidiary Cordiant Digital Holdings Ireland Limited (CDHI), acquired Speed Fibre DAC (Speed Fibre) at a cash cost of \u00a353.6 million, a vendor loan note of \u00a325.6 million and a provision for deferred consideration of \u00a34.8 million. During the year ended 31 March 2025, the deferred consideration was settled for the amount of \u00a31.3 million, and the vendor loan note was paid in full. The adjusted cost was therefore \u00a380.5 million. The fair value of the Company\u2019s indirect investment in Speed Fibre at 31 March 2025 was \u00a387.3 million (31 March 2024: \u00a386.4 million). In the prior year ended 31 March 2024 the Company, through CDH UK, acquired Belgian Tower Company (Belgian Tower), formerly Norkring N.V., at a cost of \u00a35.4 million. The fair value of the Company\u2019s indirect investment in Belgian Tower as at 31 March 2025 was \u00a35.9 million (31 March 2024: \u00a35.2 million). The table below details all gains on investments through profit or loss.
As at 31 March 2025
As at 31 March 2024
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
90,190\ue01e
90,190
\u2013
99,5
88
99,588\ue01d
Unrealised foreign exchange loss on investment
(251)
(809)
(1,060)
(2,060)
(953)
(3,013)
Management fee income\u00b9
\u2013
\u2013
-
\u2013
1,408
1,408
Shareholder loan interest income
\u2013
\u2013
\u2013
1,877
\u2013
1,877\ue01d
(251)
89,381
89,130\ue01d
(183)
100,043
99,860\ue01d
\u00b9The management fee income for the current year is included as a receivable in other debtors (see note 8). In the prior year ending 31 March 2024, it was included in the fair value of investments. 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 carried out 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 2025, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2024: nil). The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC, Emitel and Belgian Tower 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, March 2037 for Hudson Interxchange and March 2032 for Belgian Tower. 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 Company\u2019s investment in DCU has been valued at cost, the price of recent investment 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 2025
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
Range
by 1% (\u00a3m)
valuation (\u00a3m)
by 1% (\u00a3m)
valuation (\u00a3m)
WACC
8.8%-10.6%
948\ue01d
(270)
1,391
173
TGR
0%-2.4%
1,308
91\ue01e
1011
(206)
31 March 2024
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
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)
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 political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which they operate. These sensitivity measures exclude the working capital balances of investee companies in the structure. 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-336": { "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 carried out 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 2025, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2024: nil). The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC, Emitel and Belgian Tower 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, March 2037 for Hudson Interxchange and March 2032 for Belgian Tower. 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 Company\u2019s investment in DCU has been valued at cost, the price of recent investment 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 2025
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
Range
by 1% (\u00a3m)
valuation (\u00a3m)
by 1% (\u00a3m)
valuation (\u00a3m)
WACC
8.8%-10.6%
948\ue01d
(270)
1,391
173
TGR
0%-2.4%
1,308
91\ue01e
1011
(206)
31 March 2024
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
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)
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 political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which they operate. These sensitivity measures exclude the working capital balances of investee companies in the structure. 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
As at 31 March 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
\u2013 Investments
\u2013
\u2013
1,124,695
1,124,695
\u2013
\u2013
1,124,695\ue01d
1,124,695\ue01d
Level 1
Level 2
Level 3
Total
As at 31 March 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
\u2013 Investments
\u2013
\u2013
1,005,937\ue01e
1,005,937\ue01e
\u2013
\u2013
1,005,937\ue01d
1,005,937
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-334": { "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 carried out 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 2025, there were no transfers of investments at fair value through profit or loss from or to Level 3 (31 March 2024: nil). The Company\u2019s investments in CRA, Hudson Interxchange, Speed Fibre DAC, Emitel and Belgian Tower 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, March 2037 for Hudson Interxchange and March 2032 for Belgian Tower. 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 Company\u2019s investment in DCU has been valued at cost, the price of recent investment 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 2025
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
Range
by 1% (\u00a3m)
valuation (\u00a3m)
by 1% (\u00a3m)
valuation (\u00a3m)
WACC
8.8%-10.6%
948\ue01d
(270)
1,391
173
TGR
0%-2.4%
1,308
91\ue01e
1011
(206)
31 March 2024
Unobservable input
Valuation if
Valuation if
rate increases
Movement in
rate decreases
Movement in
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)
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 political and societal changes and technological developments affecting the operations of the portfolio companies and the countries in which they operate. These sensitivity measures exclude the working capital balances of investee companies in the structure. 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
As at 31 March 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
\u2013 Investments
\u2013
\u2013
1,124,695
1,124,695
\u2013
\u2013
1,124,695\ue01d
1,124,695\ue01d
Level 1
Level 2
Level 3
Total
As at 31 March 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
\u2013 Investments
\u2013
\u2013
1,005,937\ue01e
1,005,937\ue01e
\u2013
\u2013
1,005,937\ue01d
1,005,937
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-305": { "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 2025
31 March 2024
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%
100%
Cordiant Digital Holdings Four Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Five Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Six Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Ireland
Ireland
100%
100%
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%
100%
Datov\u00e9 centrum Lu\u017eice s.r.o.
Czech Republic
100%
100%
Emitel S.A.
Poland
100%
100%
RTTS sp. z o. o.
Poland
100%
0%
EM Cast sp. z o. o.
Poland
100%
0%
Allford Investments sp. z o. o.
Poland
100%
100%
EM Properties sp. z o. o.
Poland
100%
100%
EM Projects sp. z o. o.
Poland
100%
100%
Hubb Investments sp. z o. o.
Poland
100%
100%
Magnet Networks Limited
Ireland
100%
100%
Belgian Tower Company N.V
Belgium
100%
100%
Speed Fibre DAC
Ireland
100%
100%
Speed Fibre 2 Holdings Limited
Ireland
100%
100%
Speed Fibre Intermediate Holdings Limited
Ireland
100%
100%
Speed Fibre Borrower Limited
Ireland
100%
100%
Speed Fibre Financing Limited
Ireland
100%
100%
Airspeed Communications Holdings ULC
Ireland
100%
100%
Airspeed Communications Solutions ULC
Ireland
100%
100%
Airspeed Networks Limited
Isle of Man
100%
100%
Speed Fibre Group Limited
Ireland
100%
100%
Airspeed Communications Limited
Ireland
100%
100%
E-Nasc \u00c9ireann Teoranta
Ireland
100%
100%
Enet Telecommunications Networks Limited
Ireland
100%
100%
DCU Invest NV
Belgium
47.5%
0%
DataCenter United
Belgium
47.5%
0%
Antwerp DataCenter BV
Belgium
47.5%
0%
Antwerp DC BV
Belgium
47.5%
0%
DATAZONE BV
Belgium
47.5%
0%
DC Star NV
Belgium
47.5%
0%
Digiscape BV
Belgium
47.5%
0%
Brussels DC NV
Belgium
47.5%
0%
DCU Invest NV
Belgium
47.5%
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
1
\u00a3129.4 million
\u00a341.9 million
\u00a3228.6 million
CRA
2
\u00a395.7 million
\u00a319.8 million
\u00a323.2 million
Hudson
3
\u00a317.9 million
(\u00a39.7 million)
\u00a324.1 million
Speed Fibre
4
\u00a367.3 million
(\u00a310.2 million)
(\u00a3105.1 million)
Belgian Tower
5
\u00a36.7 million
(\u00a30.2 million)
\u00a34.3 million
DCU Invest NV
6
\u2013
\u2013
\u2013
1
Figures from Emitel\u2019s management pack for the year ended 31 December 2024.
2
Figures from CRA\u2019s management pack for the year ended 31 March 2025.
3
Figures from Hudson\u2019s management pack for the period from 13 January 2023 to 31 March 2025.
4
Figures from Speed Fibre DAC\u2019s management pack for the year ended 31 December 2024.
5
Figures from Belgian Tower Company\u2019s management pack for the 15 months ended 31 March 2025
6
No meaningful data available. DCU is a combination of business, only one of which existed as a separate entity before
the Company\u2019s acquisition of both the businesses on 28 February 2025.
The amounts invested in the Company\u2019s unconsolidated subsidiaries during the year and their
carrying value at 31 March 2025 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.
During the year, the Investment Manager received immaterial fees from Emitel, CRA and CDH UK
for advisory services rendered.
Subsidiaries held in the Czech Republic, Ireland, Belgium and Poland are 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.
Investment Manager During the 12 months ended 31 March 2025, the Investment Manager made open market purchases of 659,559 shares (31 March 2024: 444,772 shares) at an average price of 82.7 pence per share (31 March 2024: 73.8 pence per share). These purchases were made for the Investment Manager\u2019s own account and not behalf of the Company. In addition, management fees of \u00a36.1 million (31 March 2024: \u00a35.9 million) were charged to the Company during the year, with \u00a30.5 million (31 March 2024: \u00a30.6 million) outstanding at year end. Investment The Company has provided additional funding of \u00a33.4 million (USD 4.4 million) as a loan to its subsidiary, CDIL Data Centre USA LLC during the year ended 31 March 2025. The balance of the loan investment at 31 March 2025 was \u00a312.6 million (31 March 2024: \u00a39.4 million). During the year, the Company subscribed for 20 million additional ordinary shares in CDH UK as disclosed in note 6. Company subsidiaries On 30 June 2024, the Company\u2019s direct subsidiary CDH UK signed a new \u20ac375 million Eurobond facility to refinance the existing \u20ac200 million Eurobond facility held by the Company\u2019s indirect subsidiary, CDH Two. As part of this refinancing, the \u20ac191.8 million loan and related interest previously owed to CDH Two was transferred to CDH UK. Accordingly, the Company derecognised the liability to CDH Two and recognised a new intercompany loan payable to CDH UK. The remaining \u20ac1.8 million was settled from other cash reserves held by the Company. At 31 March 2025, the CDH UK loan principal was \u00a3147.6 million and no interest was accrued or due. Interest charged during the year on CDH2 loan principal amounted to \u00a33.8 million (31 March 2024: \u00a312.1 million) of which nil remained outstanding as at 31 March 2025 (31 March 2024: \u00a33.9 million). During the year ended 31 March 2025, the Company charged management fees amounting to \u00a30.8 million (31 March 2024: \u00a31.4m) related to management services provided to CRA and Emitel investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-335": { "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 2025
31 March 2024
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%
100%
Cordiant Digital Holdings Four Limited
United Kingdom
100%
100%
Cordiant Digital Holdings Five Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Six Limited
United Kingdom
100%
0%
Cordiant Digital Holdings Ireland
Ireland
100%
100%
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%
100%
Datov\u00e9 centrum Lu\u017eice s.r.o.
Czech Republic
100%
100%
Emitel S.A.
Poland
100%
100%
RTTS sp. z o. o.
Poland
100%
0%
EM Cast sp. z o. o.
Poland
100%
0%
Allford Investments sp. z o. o.
Poland
100%
100%
EM Properties sp. z o. o.
Poland
100%
100%
EM Projects sp. z o. o.
Poland
100%
100%
Hubb Investments sp. z o. o.
Poland
100%
100%
Magnet Networks Limited
Ireland
100%
100%
Belgian Tower Company N.V
Belgium
100%
100%
Speed Fibre DAC
Ireland
100%
100%
Speed Fibre 2 Holdings Limited
Ireland
100%
100%
Speed Fibre Intermediate Holdings Limited
Ireland
100%
100%
Speed Fibre Borrower Limited
Ireland
100%
100%
Speed Fibre Financing Limited
Ireland
100%
100%
Airspeed Communications Holdings ULC
Ireland
100%
100%
Airspeed Communications Solutions ULC
Ireland
100%
100%
Airspeed Networks Limited
Isle of Man
100%
100%
Speed Fibre Group Limited
Ireland
100%
100%
Airspeed Communications Limited
Ireland
100%
100%
E-Nasc \u00c9ireann Teoranta
Ireland
100%
100%
Enet Telecommunications Networks Limited
Ireland
100%
100%
DCU Invest NV
Belgium
47.5%
0%
DataCenter United
Belgium
47.5%
0%
Antwerp DataCenter BV
Belgium
47.5%
0%
Antwerp DC BV
Belgium
47.5%
0%
DATAZONE BV
Belgium
47.5%
0%
DC Star NV
Belgium
47.5%
0%
Digiscape BV
Belgium
47.5%
0%
Brussels DC NV
Belgium
47.5%
0%
DCU Invest NV
Belgium
47.5%
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
1
\u00a3129.4 million
\u00a341.9 million
\u00a3228.6 million
CRA
2
\u00a395.7 million
\u00a319.8 million
\u00a323.2 million
Hudson
3
\u00a317.9 million
(\u00a39.7 million)
\u00a324.1 million
Speed Fibre
4
\u00a367.3 million
(\u00a310.2 million)
(\u00a3105.1 million)
Belgian Tower
5
\u00a36.7 million
(\u00a30.2 million)
\u00a34.3 million
DCU Invest NV
6
\u2013
\u2013
\u2013
1Figures from Emitel\u2019s management pack for the year ended 31 December 2024. 2Figures from CRA\u2019s management pack for the year ended 31 March 2025. 3Figures from Hudson\u2019s management pack for the period from 13 January 2023 to 31 March 2025. 4Figures from Speed Fibre DAC\u2019s management pack for the year ended 31 December 2024. 5Figures from Belgian Tower Company\u2019s management pack for the 15 months ended 31 March 2025 6 No meaningful data available. DCU is a combination of business, only one of which existed as a separate entity before the Company\u2019s acquisition of both the businesses on 28 February 2025. The amounts invested in the Company\u2019s unconsolidated subsidiaries during the year and their carrying value at 31 March 2025 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. During the year, the Investment Manager received immaterial fees from Emitel, CRA and CDH UK for advisory services rendered. Subsidiaries held in the Czech Republic, Ireland, Belgium and Poland are 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 30 June 2024, the Company\u2019s direct subsidiary CDH UK signed a new \u20ac375 million Eurobond facility to refinance the existing \u20ac200 million Eurobond facility held by the Company\u2019s indirect subsidiary, CDH Two. As part of this refinancing, the \u20ac191.8 million loan and related interest previously owed to CDH Two was transferred to CDH UK. Accordingly, the Company derecognised the liability to CDH Two and recognised a new intercompany loan payable to CDH UK. The remaining \u20ac1.8 million was settled from other cash reserves held by the Company. At 31 March 2025, the CDH UK loan principal was \u00a3147.6 million and no interest was accrued or due. Interest charged during the year on CDH2 loan principal amounted to \u00a33.8 million (31 March 2024: \u00a312.1 million) of which nil remained outstanding as at 31 March 2025 (31 March 2024: \u00a33.9 million). During the year ended 31 March 2025, the Company charged management fees amounting to \u00a30.8 million (31 March 2024: \u00a31.4m) related to management services provided to CRA and Emitel investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-287": { "value": "
8. Trade and other receivables
As at
As at
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Cash collateral
8,755
8,963\ue01e
Other debtors
1,891
6,582\ue01e
Amounts receivable from related parties
68\ue01e
1,599
Prepayments
81\ue01e
105\ue01e
Interest receivable
\u2013
30\ue01e
10,795\ue01d
17,279\ue01d
Cash collateral relates to one security deposit held in money market accounts. An amount of
USD 11.3 million (\u00a38.8 million) relates to collateral for a letter of credit relating to the lease of the
building occupied by Hudson, and during the year ended 31 March 2025, the cash collateral
generated interest at a rate of 4.8% per annum (31 March 2024: 5.4% per annum).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-323": { "value": "8. Trade and other receivables
As at
As at
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Cash collateral
8,755
8,963\ue01e
Other debtors
1,891
6,582\ue01e
Amounts receivable from related parties
68\ue01e
1,599
Prepayments
81\ue01e
105\ue01e
Interest receivable
\u2013
30\ue01e
10,795\ue01d
17,279\ue01d
Cash collateral relates to one security deposit held in money market accounts. An amount of USD 11.3 million (\u00a38.8 million) relates to collateral for a letter of credit relating to the lease of the building occupied by Hudson, and during the year ended 31 March 2025, the cash collateral generated interest at a rate of 4.8% per annum (31 March 2024: 5.4% per annum).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-306": { "value": "8. Trade and other receivables
As at
As at
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Cash collateral
8,755
8,963\ue01e
Other debtors
1,891
6,582\ue01e
Amounts receivable from related parties
68\ue01e
1,599
Prepayments
81\ue01e
105\ue01e
Interest receivable
\u2013
30\ue01e
10,795\ue01d
17,279\ue01d
Cash collateral relates to one security deposit held in money market accounts. An amount of USD 11.3 million (\u00a38.8 million) relates to collateral for a letter of credit relating to the lease of the building occupied by Hudson, and during the year ended 31 March 2025, the cash collateral generated interest at a rate of 4.8% per annum (31 March 2024: 5.4% per annum).", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-308": { "value": "9. Loan and Borrowings
As at
As at
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Opening balance
157,62
9
20,287\ue01e
Drawdown of principal during the year
160
,255
148,962\ue01e
Repayment of principal during the year
(166,399)
(9,990)
Realised exchange gain
(2,075)
\u2013
Unrealised exchange gain
(1,819)
(1,630)
147, 591
157,629\ue01d
On 29 July 2024, the Company fully settled its \u20ac191.8 million loan and related interest previously owed to CDH Two through \u20ac1.8 million of its own cash reserves and a new intercompany loan of \u20ac190.0 million with CDH UK. CDH UK financed this loan by accessing its financing facility of up to \u20ac375.0 million, arranged with an international syndicate of banks and infrastructure debt funds, with Apex Group Hold Co (UK) Limited acting as facility agent. The loan issue of \u20ac190.0 million was settled directly between CDH UK and CDH Two; consequently, the statement of cash flows remains unaffected. The new intercompany liability to CDH UK amounting to \u20ac190.0 million is interest-free, repayable on demand, and subject to specified repayment dates. During the year, principal cash repayments of \u20ac12.9 million were made. As at 31 March 2025, the outstanding balance was \u20ac177.1 million (\u00a3147.6 million), with no interest accrued or payable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-288": { "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 2025
31 March 2024
Ordinary shares
Number of shares
\u00a3\u2019000
Number of shares
\u00a3\u2019000
Issued and fully paid
773,559,707
78
0,10
0
773,559,707
78
0,10
0
Shares held in treasury
(7,844,230)
(5,886)
(7,269,230)
(5,444)
Outstanding shares at year/year end
765,715,477
774,214
766,290,477
774,656
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 2025 and the date of this report.
31 March 2025
31 March 2024
Treasury shares
Number of shares
Number of shares
Opening balance
7,269,230
1,050,000
Shares repurchased during the year
575,000
6,219,230
Closing balance at year end
7,8
4 4,230
7,269,230
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 76.9 pence
(31 March 2024: 72.4 pence). The average price at which shares were repurchased represents a
38.2% discount to the NAV per share (31 March 2024: 39.8%) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-307": { "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 2025
31 March 2024
Ordinary shares
Number of shares
\u00a3\u2019000
Number of shares
\u00a3\u2019000
Issued and fully paid
773,559,707
78
0,10
0
773,559,707
78
0,10
0
Shares held in treasury
(7,844,230)
(5,886)
(7,269,230)
(5,444)
Outstanding shares at year/year end
765,715,477
774,214
766,290,477
774,656
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 2025 and the date of this report.
31 March 2025
31 March 2024
Treasury shares
Number of shares
Number of shares
Opening balance
7,269,230
1,050,000
Shares repurchased during the year
575,000
6,219,230
Closing balance at year end
7,8
4 4,230
7,269,230
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 76.9 pence (31 March 2024: 72.4 pence). The average price at which shares were repurchased represents a 38.2% discount to the NAV per share (31 March 2024: 39.8%) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-324": { "value": "
31 March 2025
31 March 2024
Treasury shares
Number of shares
Number of shares
Opening balance
7,269,230
1,050,000
Shares repurchased during the year
575,000
6,219,230
Closing balance at year end
7,8
4 4,230
7,269,230
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 76.9 pence (31 March 2024: 72.4 pence). The average price at which shares were repurchased represents a 38.2% discount to the NAV per share (31 March 2024: 39.8%) 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-289": { "value": "
12. Taxation
a) Analysis of the tax charge for the year
Year ended
Year ended
31 March 2025
31 March 2024
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 2025 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 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Profit on ordinary activities before tax
105,240
80,427
Profit before tax multiplied by rate of coproration tax rate in the UK
of 25% (2024: 25%)
26,310
20,107
Effects of:
Net investment returns not subject to corporation tax
(23,019)
(24,306)
Non-deductible expenses
397
2,180
Amounts taxable in different periods
\u2013
(173)
Surrender of expenses to other group companies
620
\u2013
Dividends not subject to corporation tax
(6,150)
\u2013
Current year management expenses not utilised
1,842
2,192
Total tax for the year (see note 12a)
\u2013
\u2013
c) Deferred taxation
The Company has an unrecognised deferred tax asset of \u00a33,955,000 (Prior year: \u00a32,192,000) based
on a main rate of corporation tax of 25%, in respect of excess management expenses of \u00a311,821,000
and non-trading loan relationship deficits of \u00a34,000,000 (Prior year: \u00a36,768,000 and \u00a32,000,000
respectively).
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
or losses arising on the revaluation of investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-309": { "value": "c) Deferred taxation The Company has an unrecognised deferred tax asset of \u00a33,955,000 (Prior year: \u00a32,192,000) based on a main rate of corporation tax of 25%, in respect of excess management expenses of \u00a311,821,000 and non-trading loan relationship deficits of \u00a34,000,000 (Prior year: \u00a36,768,000 and \u00a32,000,000 respectively). 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 or losses arising on the revaluation of investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-310": { "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 2025, the Investment Manager has charged management fees of \u00a36.1 million (31 March 2024: \u00a35.9 million) to the Company, with \u00a30.5 million (31 March 2024: \u00a30.6 million) owed at year end. During the 12 months ended 31 March 2025, the Investment Manager made open market purchases of 659,559 shares (31 March 2024: 444,772 shares) at an average price of 82.7 pence per share (31 March 2024: 73.8 pence per share). 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 was 31 March 2024 and subsequent calculation dates are on 31 March each year thereafter. The fee is 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 2025, no performance fee is due to the Investment Manager (31 March 2024: \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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-290": { "value": "
14. Earnings per share and net asset value per share
Ordinary shares
Year ended 31 March 2025
Earnings per share
Basic
Diluted
Allocated profit attributable to this share class \u2013 \u00a3\u2019000
105,240
105,240
Weighted average number of shares in issue
765,862,189
765,862,189
Earnings per share from continuing operations in the year (pence)
13 .74
13.74
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
As at 31 March 2025, there were 6,434,884 (31 March 2024: 6,434,884) Subscription Shares in issue.
During the year ended 31 March 2025, nil (31 March 2024: nil) Subscription Shares were exercised.
Year ended
Year ended
31 March 2025
31 March 2024
Weighted average number of shares used in
basic earnings per share
76
5,862,189
770,510,117\ue01e
Weighted average number of shares used in
diluted earnings per share
76
5,862,189
770,510,117\ue01e
Net asset value \u2013 \u00a3\u2019000
992
,519
920,660\ue01e
Number of ordinary shares issued
765,715,477
766,290,477\ue01e
Net asset value per share (pence)
129.62
12 0.15
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-311": { "value": "14. Earnings per share and net asset value per share
Ordinary shares
Year ended 31 March 2025
Earnings per share
Basic
Diluted
Allocated profit attributable to this share class \u2013 \u00a3\u2019000
105,240
105,240
Weighted average number of shares in issue
765,862,189
765,862,189
Earnings per share from continuing operations in the year (pence)
13 .74
13.74
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
As at 31 March 2025, there were 6,434,884 (31 March 2024: 6,434,884) Subscription Shares in issue. During the year ended 31 March 2025, nil (31 March 2024: nil) Subscription Shares were exercised.
Year ended
Year ended
31 March 2025
31 March 2024
Weighted average number of shares used in
basic earnings per share
76
5,862,189
770,510,117\ue01e
Weighted average number of shares used in
diluted earnings per share
76
5,862,189
770,510,117\ue01e
Net asset value \u2013 \u00a3\u2019000
992
,519
920,660\ue01e
Number of ordinary shares issued
765,715,477
766,290,477\ue01e
Net asset value per share (pence)
129.62
12 0.15
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-291": { "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 2025
pence
\u00a3\u2019000
Second interim dividend in respect of the period ended
31 March 2024
2.20
16,859
Interim dividend in respect of the period
ended 31 March 2025
2.10
16,080
32,939
Dividend per
ordinary share
Total dividend
Dividend declared
pence
\u00a3\u2019000
Second interim dividend in respect of the year ended
31 March 2025
2 . 2 5
17, 2 2 9
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 year ended
31 March 2023
2.0 0
15,450\ue01d
Interim dividend in respect of the year ended
31 March 2024
2 . 0 0
15,395\ue01d
30,8 4 5
On 18 June 2025, the Board approved a second interim dividend of 2.25 pence per share in
respect of the period from 1 April 2024 to 31 March 2025, bringing the total dividend for the year to
4.35 pence per share. The record date for this dividend is 11 July 2025 and the payment date is
30 July 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-313": { "value": "0.0225", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-312": { "value": "0.02", "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-314": { "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.
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value through profit or loss:
\u2013 Investments
1,124,695\ue01d
1,005,937\ue01e
Other financial assets at amortised cost:
\u2013 Cash and cash equivalents
6,137\ue01d
60,085\ue01e
\u2013 Trade and other receivables
10,719
17,174
Financial liabilities
Financial liabilities at amortised cost:
\u2013 Loans and borrowings
(147,5 91)
(157,629)
\u2013 Accrued expenses and other creditors
(1,517)
(5,012)
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
As at 31 March 2025
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
\u2013 Investments
\u2013
\u2013
1,124,695
1,124,695
\u2013
\u2013
1,124,695\ue01d
1,124,695\ue01d
Level 1
Level 2
Level 3
Total
As at 31 March 2024
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value
through profit or loss:
\u2013 Investments
\u2013
\u2013
1,005,937\ue01e
1,005,937\ue01e
\u2013
\u2013
1,005,937\ue01d
1,005,937
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 2025, the fair value of investments, excluding cash and cash equivalents, was \u00a31,124.7 million (31 March 2024: \u00a31,005.9 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 +/- \u00a356.1 million (31 March 2024: \u00a350.3 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. As at 31 March 2025, the Company held two direct investments comprising a loan and equity investment in Hudson and an equity investment in CDH UK. Through CDH UK and its subsidiaries, the Company held five indirect investments in Emitel, CRA, Speed Fibre, Belgian Tower and DCU Invest NV. Emitel and CRA are classified as significant holdings, representing approximately 47.8 per cent and 35.2 per cent of the Company\u2019s investments held at fair value, respectively. 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 Company\u2019s 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 \u00a336.5 million (31 March 2024: \u00a366.7 million).
As at 31 March 2025
USD
CZK
CAD
EUR
GBP
PLN
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
36,240
428,639\ue01e
\u2013
78,384
\u2013
581,432
1,124,695\ue01d
Total non-current assets
36,240\ue01d
428,639\ue01d
\u2013
78,384\ue01d
\u2013
581,432
1,124,695\ue01d
Current assets
Receivables
8,755
402\ue01e
\u2013
538\ue01e
701\ue01e
399\ue01e
10,795\ue01d
Cash and cash equivalents
259\ue01e
\u2013
1\ue01e
\u2013
5,877
\u2013
6,137\ue01d
Total current assets
9,014\ue01d
402\ue01d
1\ue01d
538\ue01d
6,578\ue01d
399\ue01d
16,932\ue01d
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
(147,591)
\u2013
\u2013
(147,591)
Accrued expenses and other creditors
(29)
\u2013
\u2013
(198)
(1,290)
\u2013
(1,517)
Total current liabilities
(29)
\u2013
\u2013
(147,789)
(1,290)
\u2013
(149,108)
Total net assets
45,225\ue01d
429,041\ue01d
1\ue01d
(68,867)
5,288\ue01d
581,831
992,519
As at 31 March 2024
USD
CZK
CAD
EUR
GBP
PLN
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\ue01e
\u2013
52,654\ue01e
30\ue01e
525,050\ue01e
1,005,937\ue01d
Total non-current assets
42,262\ue01d
385,941\ue01d
\u2013
52,654\ue01d
30\ue01d
525,050\ue01d
1,005,937\ue01d
Current assets
Receivables and prepayments
9,171
\u2013
\u2013
2,568
5,540\ue01e
\u2013
17,279\ue01d
Cash and cash equivalents
67\ue01e
\u2013
\u2013
40,734
19,284\ue01e
\u2013
60,085\ue01d
Total current assets
9,238
\u2013
\u2013
43,302\ue01d
24,824\ue01d
\u2013
77,364\ue01d
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
(157,629)
\u2013
\u2013
(157,629)
Accrued expenses and other creditors
(29)
\u2013
\u2013
(3,862)
(1,121)
\u2013
(5,012)
Total current liabilities
(29)
\u2013
\u2013
(161,491)
(1,121)
\u2013
(162,641)
Total net assets
51,471
385,941\ue01d
\u2013
(65,535)
23,733
525,050\ue01d
920,660
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 2025. The analysis assumes that all other variables remain constant.
As at
As at
31 March 2025
31 March 2024
Effect in increase of pounds sterling
\u00a3\u2019000
\u00a3\u2019000
USD
2, 261
2,574
CZK
21,
452
19,2
97
PLN
29,0 92
2
6,253
EUR
(3,443)
(3,277)
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 2025, the cash balance held by the Company was \u00a36.1 million (31 March 2024: \u00a360.1 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest received of +/- \u00a30.06 million (31 March 2024: +/- \u00a30.6 million) per annum. As at 31 March 2025, the intercompany loans and borrowings balance held by the Company was \u00a3147.6 million (31 March 2024: \u00a3157.6 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest payable of +/- \u00a31.5 million (31 March 2024: \u00a31.6 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, cash collateral recorded within trade and other receivables 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. Cash collateral is recorded as a financial asset at amortised cost due to contractual restrictions that limit its immediate availability and its risk is managed through rigorous counterparty due diligence. The table below shows the material cash balances, including those held as cash collateral, and the credit ratings for the counterparties used by the Company at the year-end date: Credit ratings:
31 March 2025
31 March 2024
Location
\u00a3\u2019000
\u00a3\u2019000
Royal Bank of Scotland International
Guernsey
1,110
24,481
JP Morgan
UK
5,000\ue01d
\u2013
Investec Bank Plc
UK
27
3
5,604
Royal Bank of Scotland International (long term)
Guernsey
8,755
8,963
S&P
Moody\u2019s
Fitch
Royal Bank of Scotland International
A/A-1
A1/P-1
A1/F1
JP Morgan Plc
Not rated
A1/P-1
A A-/F1+
Investec Bank Plc
Not rated
A1/BA A1
BBB+/ A-
Royal Bank of Scotland International (long term)
A+/A-1
A1
A+
The Company\u2019s maximum exposure to loss of capital at the year/period end is shown below: Carrying value and maximum exposure
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Financial assets (including cash and cash equivalents but not
prepayments)
16,846
77,259
Gearing As at the date of these financial statements the Company had gearing of 14.9% (31 March 2024: 17.1%) calculated as loans and borrowings divided by net assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-333": { "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.
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value through profit or loss:
\u2013 Investments
1,124,695\ue01d
1,005,937\ue01e
Other financial assets at amortised cost:
\u2013 Cash and cash equivalents
6,137\ue01d
60,085\ue01e
\u2013 Trade and other receivables
10,719
17,174
Financial liabilities
Financial liabilities at amortised cost:
\u2013 Loans and borrowings
(147,5 91)
(157,629)
\u2013 Accrued expenses and other creditors
(1,517)
(5,012)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-325": { "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.
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Financial assets
Financial assets at fair value through profit or loss:
\u2013 Investments
1,124,695\ue01d
1,005,937\ue01e
Other financial assets at amortised cost:
\u2013 Cash and cash equivalents
6,137\ue01d
60,085\ue01e
\u2013 Trade and other receivables
10,719
17,174
Financial liabilities
Financial liabilities at amortised cost:
\u2013 Loans and borrowings
(147,5 91)
(157,629)
\u2013 Accrued expenses and other creditors
(1,517)
(5,012)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-326": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-327": { "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 2025, the fair value of investments, excluding cash and cash equivalents, was \u00a31,124.7 million (31 March 2024: \u00a31,005.9 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 +/- \u00a356.1 million (31 March 2024: \u00a350.3 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. As at 31 March 2025, the Company held two direct investments comprising a loan and equity investment in Hudson and an equity investment in CDH UK. Through CDH UK and its subsidiaries, the Company held five indirect investments in Emitel, CRA, Speed Fibre, Belgian Tower and DCU Invest NV. Emitel and CRA are classified as significant holdings, representing approximately 47.8 per cent and 35.2 per cent of the Company\u2019s investments held at fair value, respectively. 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 Company\u2019s 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 \u00a336.5 million (31 March 2024: \u00a366.7 million).
As at 31 March 2025
USD
CZK
CAD
EUR
GBP
PLN
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
36,240
428,639\ue01e
\u2013
78,384
\u2013
581,432
1,124,695\ue01d
Total non-current assets
36,240\ue01d
428,639\ue01d
\u2013
78,384\ue01d
\u2013
581,432
1,124,695\ue01d
Current assets
Receivables
8,755
402\ue01e
\u2013
538\ue01e
701\ue01e
399\ue01e
10,795\ue01d
Cash and cash equivalents
259\ue01e
\u2013
1\ue01e
\u2013
5,877
\u2013
6,137\ue01d
Total current assets
9,014\ue01d
402\ue01d
1\ue01d
538\ue01d
6,578\ue01d
399\ue01d
16,932\ue01d
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
(147,591)
\u2013
\u2013
(147,591)
Accrued expenses and other creditors
(29)
\u2013
\u2013
(198)
(1,290)
\u2013
(1,517)
Total current liabilities
(29)
\u2013
\u2013
(147,789)
(1,290)
\u2013
(149,108)
Total net assets
45,225\ue01d
429,041\ue01d
1\ue01d
(68,867)
5,288\ue01d
581,831
992,519
As at 31 March 2024
USD
CZK
CAD
EUR
GBP
PLN
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\ue01e
\u2013
52,654\ue01e
30\ue01e
525,050\ue01e
1,005,937\ue01d
Total non-current assets
42,262\ue01d
385,941\ue01d
\u2013
52,654\ue01d
30\ue01d
525,050\ue01d
1,005,937\ue01d
Current assets
Receivables and prepayments
9,171
\u2013
\u2013
2,568
5,540\ue01e
\u2013
17,279\ue01d
Cash and cash equivalents
67\ue01e
\u2013
\u2013
40,734
19,284\ue01e
\u2013
60,085\ue01d
Total current assets
9,238
\u2013
\u2013
43,302\ue01d
24,824\ue01d
\u2013
77,364\ue01d
Current liabilities
Loans and borrowings
\u2013
\u2013
\u2013
(157,629)
\u2013
\u2013
(157,629)
Accrued expenses and other creditors
(29)
\u2013
\u2013
(3,862)
(1,121)
\u2013
(5,012)
Total current liabilities
(29)
\u2013
\u2013
(161,491)
(1,121)
\u2013
(162,641)
Total net assets
51,471
385,941\ue01d
\u2013
(65,535)
23,733
525,050\ue01d
920,660
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 2025. The analysis assumes that all other variables remain constant.
As at
As at
31 March 2025
31 March 2024
Effect in increase of pounds sterling
\u00a3\u2019000
\u00a3\u2019000
USD
2, 261
2,574
CZK
21,
452
19,2
97
PLN
29,0 92
2
6,253
EUR
(3,443)
(3,277)
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 2025, the cash balance held by the Company was \u00a36.1 million (31 March 2024: \u00a360.1 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest received of +/- \u00a30.06 million (31 March 2024: +/- \u00a30.6 million) per annum. As at 31 March 2025, the intercompany loans and borrowings balance held by the Company was \u00a3147.6 million (31 March 2024: \u00a3157.6 million). A 1% increase/(decrease) in interest rates with all other variables held constant would result in a change to interest payable of +/- \u00a31.5 million (31 March 2024: \u00a31.6 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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-329": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-328": { "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, cash collateral recorded within trade
and other receivables 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. Cash collateral is recorded as a financial asset at amortised cost due to
contractual restrictions that limit its immediate availability and its risk is managed through rigorous
counterparty due diligence.
The table below shows the material cash balances, including those held as cash collateral, and the
credit ratings for the counterparties used by the Company at the year-end date:
Credit ratings:
31 March 2025
31 March 2024
Location
\u00a3\u2019000
\u00a3\u2019000
Royal Bank of Scotland International
Guernsey
1,110
24,481
JP Morgan
UK
5,000\ue01d
\u2013
Investec Bank Plc
UK
27
3
5,604
Royal Bank of Scotland International (long term)
Guernsey
8,755
8,963
S&P
Moody\u2019s
Fitch
Royal Bank of Scotland International
A/A-1
A1/P-1
A1/F1
JP Morgan Plc
Not rated
A1/P-1
A A-/F1+
Investec Bank Plc
Not rated
A1/BA A1
BBB+/ A-
Royal Bank of Scotland International (long term)
A+/A-1
A1
A+
The Company\u2019s maximum exposure to loss of capital at the year/period end is shown below:
Carrying value and maximum exposure
31 March 2025
31 March 2024
\u00a3\u2019000
\u00a3\u2019000
Financial assets (including cash and cash equivalents but not
prepayments)
16,846
77,259
Gearing
As at the date of these financial statements the Company had gearing of 14.9%
(31 March 2024: 17.1%) calculated as loans and borrowings divided by net assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-292": { "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 2025 amounted to \u00a3185,000 (31 March 2024: \u00a3185,000),
of which \u00a3nil (31 March 2024: \u00a3nil) was outstanding at the year end.
The shares held by the Directors at 31 March 2025 are shown in the table below:
Ordinary
Ordinary
shares held at
shares held at
31 March 2025
31 March 2024
Shonaid Jemmett-Page
88,719
63,355
Sian Hill
77,500
57,500
Marten Pieters
103,125
103,125
Simon Pitcher
63,125
63,125
Investment Manager
During the 12 months ended 31 March 2025, the Investment Manager made open market purchases
of 659,559 shares (31 March 2024: 444,772 shares) at an average price of 82.7 pence per share
(31 March 2024: 73.8 pence per share). These purchases were made for the Investment Manager\u2019s
own account and not behalf of the Company. In addition, management fees of \u00a36.1 million (31 March
2024: \u00a35.9 million) were charged to the Company during the year, with \u00a30.5 million (31 March 2024:
\u00a30.6 million) outstanding at year end.
Investment
The Company has provided additional funding of \u00a33.4 million (USD 4.4 million) as a loan to its
subsidiary, CDIL Data Centre USA LLC during the year ended 31 March 2025. The balance of the
loan investment at 31 March 2025 was \u00a312.6 million (31 March 2024: \u00a39.4 million).
During the year, the Company subscribed for 20 million additional ordinary shares in CDH UK as
disclosed in note 6.
Company subsidiaries
On 30 June 2024, the Company\u2019s direct subsidiary CDH UK signed a new \u20ac375 million Eurobond
facility to refinance the existing \u20ac200 million Eurobond facility held by the Company\u2019s indirect
subsidiary, CDH Two. As part of this refinancing, the \u20ac191.8 million loan and related interest
previously owed to CDH Two was transferred to CDH UK. Accordingly, the Company derecognised
the liability to CDH Two and recognised a new intercompany loan payable to CDH UK. The
remaining \u20ac1.8 million was settled from other cash reserves held by the Company. At 31 March 2025,
the CDH UK loan principal was \u00a3147.6 million and no interest was accrued or due. Interest charged
during the year on CDH2 loan principal amounted to \u00a33.8 million (31 March 2024: \u00a312.1 million) of
which nil remained outstanding as at 31 March 2025 (31 March 2024: \u00a33.9 million).
During the year ended 31 March 2025, the Company charged management fees amounting
to \u00a30.8 million (31 March 2024: \u00a31.4m) related to management services provided to CRA and
Emitel investments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-330": { "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 2025 amounted to \u00a3185,000 (31 March 2024: \u00a3185,000), of which \u00a3nil (31 March 2024: \u00a3nil) was outstanding at the year end. The shares held by the Directors at 31 March 2025 are shown in the table below:
Ordinary
Ordinary
shares held at
shares held at
31 March 2025
31 March 2024
Shonaid Jemmett-Page
88,719
63,355
Sian Hill
77,500
57,500
Marten Pieters
103,125
103,125
Simon Pitcher
63,125
63,125
Investment Manager During the 12 months ended 31 March 2025, the Investment Manager made open market purchases of 659,559 shares (31 March 2024: 444,772 shares) at an average price of 82.7 pence per share (31 March 2024: 73.8 pence per share). These purchases were made for the Investment Manager\u2019s own account and not behalf of the Company. In addition, management fees of \u00a36.1 million (31 March 2024: \u00a35.9 million) were charged to the Company during the year, with \u00a30.5 million (31 March 2024: \u00a30.6 million) outstanding at year end. Investment The Company has provided additional funding of \u00a33.4 million (USD 4.4 million) as a loan to its subsidiary, CDIL Data Centre USA LLC during the year ended 31 March 2025. The balance of the loan investment at 31 March 2025 was \u00a312.6 million (31 March 2024: \u00a39.4 million). During the year, the Company subscribed for 20 million additional ordinary shares in CDH UK as disclosed in note 6. Company subsidiaries On 30 June 2024, the Company\u2019s direct subsidiary CDH UK signed a new \u20ac375 million Eurobond facility to refinance the existing \u20ac200 million Eurobond facility held by the Company\u2019s indirect subsidiary, CDH Two. As part of this refinancing, the \u20ac191.8 million loan and related interest previously owed to CDH Two was transferred to CDH UK. Accordingly, the Company derecognised the liability to CDH Two and recognised a new intercompany loan payable to CDH UK. The remaining \u20ac1.8 million was settled from other cash reserves held by the Company. At 31 March 2025, the CDH UK loan principal was \u00a3147.6 million and no interest was accrued or due. Interest charged during the year on CDH2 loan principal amounted to \u00a33.8 million (31 March 2024: \u00a312.1 million) of which nil remained outstanding as at 31 March 2025 (31 March 2024: \u00a33.9 million). During the year ended 31 March 2025, the Company charged management fees amounting to \u00a30.8 million (31 March 2024: \u00a31.4m) related to management services provided to CRA and Emitel investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-315": { "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 2025 amounted to \u00a3185,000 (31 March 2024: \u00a3185,000), of which \u00a3nil (31 March 2024: \u00a3nil) was outstanding at the year end. The shares held by the Directors at 31 March 2025 are shown in the table below:
Ordinary
Ordinary
shares held at
shares held at
31 March 2025
31 March 2024
Shonaid Jemmett-Page
88,719
63,355
Sian Hill
77,500
57,500
Marten Pieters
103,125
103,125
Simon Pitcher
63,125
63,125
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-293": { "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": "2024-04-01T00:00:00/2025-04-01T00:00:00" } }, "fact-294": { "value": "
19. Subsequent events
Apart from dividend declaration, as disclosed in Note 15, there were no other significant events
following the reporting period ending 31 March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800T8RBBWZQ7FTF84", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00" } } } }