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"Tag114": {
"value": "\n1. GENERAL INFORMATION
\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\n
1.1 STATUS
\n
\n
\n
Reinet Investments S.C.A. (the \u2018Company\u2019) is established
\n
in Luxembourg as a partnership limited by shares (soci\u00e9t\u00e9 en
\n
commandite par actions) and is governed by the Luxembourg law on
\n
securitisation. The Company\u2019s registered office is at 35, boulevard
\n
Prince Henri, L-1724 Luxembourg.
\n
The Company is managed by Reinet Investments Manager S.A. (the
\n
\u2018General Partner\u2019), a limited company established in Luxembourg
\n
(soci\u00e9t\u00e9 anonyme), which also owns 1 000 management shares in the
\n
Company. The General Partner is liable for any obligations of the
\n
Company that cannot be met out of the assets of the Company. The
\n
General Partner\u2019s registered office is at 35, boulevard Prince Henri,
\n
L-1724 Luxembourg.
\n
The Company owns the entire ordinary share capital of Reinet
\n
Fund S.C.A., F.I.S. (\u2018Reinet Fund\u2019), a specialised investment fund
\n
established as a partnership limited by shares (soci\u00e9t\u00e9 en commandite
\n
par actions) under the laws of Luxembourg. Reinet Fund\u2019s registered
\n
office is at 35, boulevard Prince Henri, L-1724 Luxembourg.
\n
Reinet Fund is managed by Reinet Fund Manager S.A. (the \u2018Fund
\n
Manager\u2019), a limited company established in Luxembourg (soci\u00e9t\u00e9
\n
anonyme), which also owns 1 000 management shares in Reinet
\n
Fund. The Fund Manager is the general partner in Reinet Fund and
\n
is liable for any obligations of Reinet Fund that cannot be met out
\n
of the assets of Reinet Fund. The Fund Manager\u2019s registered office is
\n
at 35, boulevard Prince Henri, L-1724 Luxembourg.
\n
Reinet Fund\u2019s objective is to generate long-term capital growth. It
\n
aims to achieve this objective by investing over time in a diversified
portfolio of securities. Reinet Fund may also seek partners with
\n
portfolio of
\n
whom it may co-invest. Reinet Fund is advised by Reinet Investment
\n
Advisors Limited (the \u2018Investment Advisor\u2019) under the terms of
\n
the investment advisory agreement (the \u2018Investment Advisory
\n
Agreement\u2019).
\n
1.2 SECURITIES LISTINGS AND TRADING
\n
The Company\u2019s ordinary shares are listed and traded on the
\n
Luxembourg Stock Exchange, Euronext Amsterdam and the
\n
Johannesburg Stock Exchange; the listing on the Johannesburg
\n
Stock Exchange is a secondary listing.
\n\n
1.3 APPROVAL OF THESE FINANCIAL STATEMENTS
\n
These consolidated financial statements have been approved by the
\n
Board of Overseers on 14 May 2024, and by the Board of Directors
\n
of the General Partner on 23 May 2024 for submission to the annual
\n
general meeting of shareholders.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n3.3.1 Functional and presentation currency
\nThe performance of the Company is measured and reported to the
\ninvestors in euro. The General Partner considers the euro as the
\ncurrency which is most appropriate for the representation of the
\nCompany\u2019s results. The financial statements are presented in euro.
\nThe euro is the Company\u2019s functional and presentation currency.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
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"Tag106": {
"value": "Reinet Investments S.C.A.",
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"Tag107": {
"value": "Luxembourg",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
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"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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"Tag108": {
"value": "a partnership limited by shares",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
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"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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"Tag109": {
"value": "Luxembourg",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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},
"Tag110": {
"value": "35, boulevard Prince Henri, L-1724 Luxembourg.",
"dimensions": {
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"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
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"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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},
"Tag112": {
"value": "Reinet Fund\u2019s objective is to generate long-term capital growth. Itaims to achieve this objective by investing over time in a diversifiedportfolio of securities",
"dimensions": {
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"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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"Tag113": {
"value": "\n1.3 APPROVAL OF THESE FINANCIAL STATEMENTS
\nThese consolidated financial statements have been approved by the
\nBoard of Overseers on 14 May 2024, and by the Board of Directors
\nof the General Partner on 23 May 2024 for submission to the annual
\ngeneral meeting of shareholders.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
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"Tag120": {
"value": "\n
\n
\n2. INTERNATIONAL FINANCIAL
\nREPORTING STANDARDS
\n\nThe Company applies International Financial Reporting Standards
\n(\u2018IFRS Accounting Standards\u2019) as endorsed by the European
\nUnion (\u2018EU\u2019). As part of its ongoing programme, the International
\nAccounting Standards Board (\u2018IASB\u2019) has issued new or revised
\nIFRS Accounting Standards during the period covered by these
\nfinancial statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n(a) New standards and amended standards adopted in the year:
\nAmendments to IAS 1, Presentation of Financial Statements, became
\neffective for annual periods beginning on or after 1 January 2023.
\nIt requires entities to disclose their material accounting policy
\ninformation rather than their significant accounting policies.
\nTo support this amendment, the IASB also amended IFRS
\nPractice Statement 2, Making Materiality Judgements, to explain
\nthe application of the materiality concept to accounting policy
\ndisclosures. The Amendments also revise IAS 8, Accounting policies,
\nChanges in Accounting Estimates and Errors: Definition of Accounting
\nEstimates, to replace the definition of a change in accounting
\nestimates with a definition of accounting estimates and provide
\nother clarifications to help entities distinguish accounting policies
\nfrom accounting estimates.
\n(b) New standards, amendments and interpretations issued but
\nnot effective for the year beginning 1 April 2023 and not
\nearly adopted:
\nCertain new accounting standards issued by the IASB and new
\ninterpretations issued by the International Financial Reporting
\nInterpretations Committee are not yet effective and have not been
\napplied in preparing these consolidated financial statements. None
\nof these are expected to have a significant effect on the consolidated
\nfinancial statements of the Company.
\n\n
\n3. SUMMARY OF MATERIAL ACCOUNTING
\nPOLICIES
\nThe principal accounting policies applied in the preparation of these
\nfinancial statements in so far as they relate to the Company\u2019s ongoing
\nactivities are set out below. These policies have been consistently
\napplied to both periods presented, unless otherwise stated.
\nWhere necessary, comparative figures have been adjusted to conform
\nwith changes in presentation in the current year.
\n\n3.1 BASIS OF PREPARATION
\nThe financial statements are prepared in accordance with
\nIFRS\ue61b Accounting Standards as issued by the IASB and adopted
\nby the EU. These financial statements have been prepared under
\nthe historical cost convention, as modified by the revaluation of
\nfinancial assets and financial liabilities at fair value through profit
\nor loss.
\nThe preparation of financial statements in conformity with
\nIFRS\ue61b Accounting Standards requires the use of certain critical
\naccounting estimates. It also requires the General Partner to exercise
\nits judgement in the process of applying the Company\u2019s accounting
\npolicies. The areas involving a higher degree of judgement or
\ncomplexity, or areas where assumptions and estimates are significant
\nto the financial statements are disclosed in note 6.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag115": {
"value": "\nThe Company applies International Financial Reporting Standards
\n(\u2018IFRS Accounting Standards\u2019) as endorsed by the European
\nUnion (\u2018EU\u2019). As part of its ongoing programme, the International
\nAccounting Standards Board (\u2018IASB\u2019) has issued new or revised
\nIFRS Accounting Standards during the period covered by these
\nfinancial statements.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag116": {
"value": "\n
\n3. SUMMARY OF MATERIAL ACCOUNTING
\nPOLICIES
\nThe principal accounting policies applied in the preparation of these
\nfinancial statements in so far as they relate to the Company\u2019s ongoing
\nactivities are set out below. These policies have been consistently
\napplied to both periods presented, unless otherwise stated.
\nWhere necessary, comparative figures have been adjusted to conform
\nwith changes in presentation in the current year.
\n\n3.1 BASIS OF PREPARATION
\nThe financial statements are prepared in accordance with
\nIFRS\ue61b Accounting Standards as issued by the IASB and adopted
\nby the EU. These financial statements have been prepared under
\nthe historical cost convention, as modified by the revaluation of
\nfinancial assets and financial liabilities at fair value through profit
\nor loss.
\nThe preparation of financial statements in conformity with
\nIFRS\ue61b Accounting Standards requires the use of certain critical
\naccounting estimates. It also requires the General Partner to exercise
\nits judgement in the process of applying the Company\u2019s accounting
\npolicies. The areas involving a higher degree of judgement or
\ncomplexity, or areas where assumptions and estimates are significant
\nto the financial statements are disclosed in note 6.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n3.2 INVESTMENT ENTITY AND SUBSIDIARIES
\n\n3.2.1 Investment entity
\nThe Company adopted IFRS 10, which requires that investment
\nentities measure their subsidiaries at fair value through profit or loss.
\nThe General Partner considered all the facts and circumstances when
\nassessing whether the Company qualifies as an investment entity under
\nIFRS 10, such as, but not limited to, its objective of long-term capital
\nappreciation (as reflected in the Company\u2019s prospectus, published
\non 10 October 2008 as last amended on 25 August 2020), and its
\nclassification of financial assets at fair value through profit or loss.
\nIFRS 10 determines that an investment entity is defined as an entity
\nwhich meets the following conditions:
\n(a) obtains funds from one or more investors for the purpose
\nof providing those investor(s) with investment management
\nservices;
\n(b) commits to its investor(s) that its business purpose is to invest
\nfunds solely for returns from capital appreciation, investment
\nincome, or both; and
\n(c) measures and evaluates the performance of substantially all of its
\ninvestments on a fair value basis.
\nIn assessing whether the Company meets the definition of an
\ninvestment entity as set out in IFRS 10, the General Partner
\nconsidered whether the Company has the following typical
\ncharacteristics, while noting that the absence of any one or more of
\nthese characteristics does not necessarily disqualify an entity from
\nbeing classified as an investment entity:
\n(a) it has more than one investment;
\n(b) it has more than one investor;
\n(c) it has investors that are not related parties of the entity; and
\n(d) it has ownership interests in the form of equity or similar
\ninterests.
\nThe Company has multiple investors and owns the entire ordinary
\nshare capital of Reinet Fund. The Company is exposed to variable
\nreturns from changes in the fair value of Reinet Fund\u2019s net assets.
\nAlthough the Company does not have multiple investments, the
\nGeneral Partner believes that the Company can be classified as
\nan investment entity due to the fact that it was formed to give its
\nshareholders exposure to the underlying assets held by Reinet Fund.
\nIn that respect, it is to be noted that an investment entity may
\nhold a portfolio of investments directly or indirectly, for example
\nby holding a single investment in another investment entity that
\nitself holds several investments. The Company\u2019s investments are all
\nheld through Reinet Fund. References to Reinet Fund include all
\nunderlying subsidiaries.
\nThe Fund Manager further deems Reinet Fund to meet the definition
\nof an investment entity.
\nWhere applicable, the notes to the consolidated financial statements
\ngive information at the level of Reinet Fund and its subsidiaries.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.2.2 Subsidiaries
\nSubsidiaries are all entities over which the Company has control.
\nThe Company controls an entity when it is exposed to, or has rights
\nto, variable returns from its involvement with the entity and has the
\nability to affect those returns through its power over the entity.
\nThe Company controls Reinet Fund through its 100 per cent holding
\nof the ordinary shares of Reinet Fund. The Company and Reinet
\nFund operate as an integrated structure whereby the Company
\ncurrently invests solely into Reinet Fund. No subscriptions or
\nredemptions were made during the year. As at 31 March 2024 and
\n31 March 2023 there were no capital commitment obligations and
\nno amounts due to Reinet Fund for unsettled purchases.
\nThe change in fair value of Reinet Fund is included in the statement
\nof comprehensive income in \u2018Net change in the fair value of financial
\nassets at fair value through profit or loss\u2019.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.3 FOREIGN CURRENCY TRANSLATION
\n\n
\n
\n
\n\n
\n\n
3.3.1 Functional and presentation currency
\n
The performance of the Company is measured and reported to the
\n
investors in euro. The General Partner considers the euro as the
\n
currency which is most appropriate for the representation of the
\n
Company\u2019s results. The financial statements are presented in euro.
\n
The euro is the Company\u2019s functional and presentation currency.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
3.3.2 Transactions and balances
\n
Foreign currency transactions are translated into the functional
\n
currency using the exchange rates prevailing at the dates of the
\n
transactions. Foreign currency assets and liabilities are translated
\n
into the functional currency using the exchange rate prevailing at
\n
the balance sheet date.
\n
Where assets and liabilities are denominated in a currency other
\n
than the functional currency of the entity that holds such assets and
\n
liabilities, foreign exchange gains and losses arising from translation
\n
are included in the statement of comprehensive income.
\n
Foreign exchange gains and losses relating to cash and cash
\n
equivalents, if any, are included in the statement of comprehensive
\n
income.
\n
Foreign exchange gains and losses relating to the financial assets
\n
carried at fair value through profit or loss are presented in the
\n
statement of comprehensive income within \u2018Net change in the fair
\n
value of financial assets at fair value through profit or loss\u2019.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
3.4 SEGMENT REPORTING
\n
The Company\u2019s investment in Reinet Fund is considered to be
\n
its only segment. Segments within Reinet Fund are reported in a
\n
manner consistent with the internal reporting provided by the Fund
\n
Manager in respect of Reinet Fund. The Fund Manager is the chief
\n
operating decision maker and is responsible for allocating resources
\n
and assessing performance of the segments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n
\n
\n
\n
\n
\nANNUAL REPORT 2024
\n
\n\n
\n
\n
\n\n
3.5 NON-IFRS DISCLOSURES
\n
In the reporting of financial information, the Company uses certain
\n
measures that are not required under IFRS Accounting Standards.
\n\n
Due to the secondary listing of the Company on the Johannesburg
\n
Stock Exchange, the Company is required to present \u2018headline\u2019
\n
earnings per share and diluted \u2018headline\u2019 earnings per share, as
\n
alternative measures of earnings per share, calculated in accordance
\n
with Circular 1/2023 \u2018Headline Earnings\u2019 issued by the South African
\n
Institute of Chartered Accountants. This is presented on page 67.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n
3.6 FINANCIAL ASSETS AT FAIR VALUE THROUGH
\nPROFIT OR LOSS
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
3.6.1 Classification
\n
The Company classifies its investments based on both the
\n
Company\u2019s business model for managing those financial assets and
\n
the contractual cash flow characteristics of the financial assets. The
\n
investment in Reinet Fund is managed and performance is evaluated
\n
on a fair value basis. The Company is primarily focused on fair value
\n
information and uses that information to assess the financial asset\u2019s
\n
performance and to make decisions. Consequently, this investment
\n
is measured at fair value through profit or loss.
\n
Current assets are those which are expected to fall due, be receivable or
\n
realised within 12 months from the balance sheet date. Non-current
\n
assets are those where no realisation is currently expected within a
\n
12-month period from the balance sheet date.
\n
3.6.2 Recognition, derecognition and measurement
\n
Regular purchases and sales of investments are recognised on the
\n
trade date \u2013 the date on which the Company commits to purchase
\n
or sell the investment. Financial assets held at fair value through
\n
profit or loss are initially recognised at fair value. Transaction costs
\n
are expensed as incurred in the statement of comprehensive income.
\n\n
Financial assets are derecognised when the rights to receive cash
\n
flows from the investments have expired or the Company has
\n
transferred substantially all risks and rewards of ownership. Where
\n
the Company is in the process of restructuring the ownership of
\n
an asset, amounts which are to be sold to third parties and where
\n
a signed contract of sale exists, are included as assets held for sale.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Subsequent to initial recognition, financial assets held at fair value
\n
through profit or loss are measured at fair value. Gains and losses
\n
arising from changes in the fair value are presented in the statement
\n
of comprehensive income within \u2018Net change in the fair value of
\n
financial assets at fair value through profit or loss\u2019 in the period in
\n
which they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Dividend income from financial assets held at fair value through
\n
profit or loss is recognised in the statement of comprehensive income
\n
when the Company\u2019s right to receive payments is established.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
3.6.3 Fair value estimation
\n
The net asset value of Reinet Fund is determined by the Fund Manager.
\n
The Company\u2019s policy requires the Fund Manager to evaluate the
\n
information about Reinet Fund\u2019s financial assets and liabilities on
\n
a fair value basis together with other related financial information.
\n
The General Partner considers the net asset value of Reinet Fund as
\n
determined by the Fund Manager, according to the principles outlined
\n
in the next paragraph, to be the best estimate of fair value.
\n
In calculating the fair value of the assets and liabilities held by Reinet
\n
Fund, the fair value of financial assets traded in active markets (such
\n
as publicly traded securities) is based on quoted market prices at the
\n
balance sheet date. The quoted market price used for financial assets
\n
is the closing bid price. The fair value of financial assets that are
\n
not traded in an active market is determined by the Fund Manager
\n
using valuation techniques in accordance with International
\n
Private Equity and Venture Capital Valuation (\u2018IPEV\u2019) guidelines
\n
and in compliance with IFRS 13, Fair Value Measurement. The
\n
Fund Manager uses a variety of valuation methods in each case
\n
considered to be most appropriate to the assets concerned. Where
\n
necessary, valuations are obtained by the Fund Manager from third-
\n
party experts to support the valuations being used in the financial
\n
statements.
\n
Valuation techniques used include the use of comparable recent
\n
arm\u2019s-length transactions, reference to other instruments that have
\n
substantially the same characteristics, discounted cash flow analysis,
\n
option pricing models and other valuation techniques commonly
\n
used by market participants making the maximum use of market
\n
inputs and relying as little as possible on entity-specific inputs. For
\n
recent investments in unquoted investments, cost may be considered
\n
to be the best estimate of fair value (in accordance with the most
\n
recent IPEV guidelines and in compliance with IFRS 13), for a
\n
limited period after the date of the transaction and in the absence of
\n
any indications to the contrary.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n3.7 CASH AND CASH EQUIVALENTS
\nCash and cash equivalents include cash on hand, deposits held at
\ncall with banks, other short-term highly liquid investments with
\noriginal maturities of three months or less and bank overdrafts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n3.8 RECEIVABLES
\nReceivables are recognised initially at fair value and are subsequently
\nmeasured at amortised cost less loss allowance.
\n\n\n
\n\n\n
\n\n3.9 ACCRUED EXPENSES
\nAccrued expenses are recognised initially at fair value and are
\nsubsequently measured at amortised cost less loss allowance.
\n\n\n
\n\n\n\n\n\n\n\n3.10 TREASURY SHARES
\nTreasury shares are recorded at acquisition price on the trade date.
\nTransaction costs are expensed as incurred in the statement of
\ncomprehensive income. A liability is recorded for unpaid amounts
\nunder any ongoing share buyback programme.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n3.11 TAXATION
\nThe Company is registered in Luxembourg and is subject to
\ncorporate tax as determined by Luxembourg law.
\nReinet Fund may incur withholding taxes imposed by certain
\ncountries on investment income and capital gains. Such tax on
\nincome or gains is recorded within the fair value of the Company\u2019s
\ninvestment in Reinet Fund.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
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"Tag117": {
"value": "\n3.1 BASIS OF PREPARATION
\nThe financial statements are prepared in accordance with
\nIFRS\ue61b Accounting Standards as issued by the IASB and adopted
\nby the EU. These financial statements have been prepared under
\nthe historical cost convention, as modified by the revaluation of
\nfinancial assets and financial liabilities at fair value through profit
\nor loss.
\nThe preparation of financial statements in conformity with
\nIFRS\ue61b Accounting Standards requires the use of certain critical
\naccounting estimates. It also requires the General Partner to exercise
\nits judgement in the process of applying the Company\u2019s accounting
\npolicies. The areas involving a higher degree of judgement or
\ncomplexity, or areas where assumptions and estimates are significant
\nto the financial statements are disclosed in note 6.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
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"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag118": {
"value": "\n3.2.1 Investment entity
\nThe Company adopted IFRS 10, which requires that investment
\nentities measure their subsidiaries at fair value through profit or loss.
\nThe General Partner considered all the facts and circumstances when
\nassessing whether the Company qualifies as an investment entity under
\nIFRS 10, such as, but not limited to, its objective of long-term capital
\nappreciation (as reflected in the Company\u2019s prospectus, published
\non 10 October 2008 as last amended on 25 August 2020), and its
\nclassification of financial assets at fair value through profit or loss.
\nIFRS 10 determines that an investment entity is defined as an entity
\nwhich meets the following conditions:
\n(a) obtains funds from one or more investors for the purpose
\nof providing those investor(s) with investment management
\nservices;
\n(b) commits to its investor(s) that its business purpose is to invest
\nfunds solely for returns from capital appreciation, investment
\nincome, or both; and
\n(c) measures and evaluates the performance of substantially all of its
\ninvestments on a fair value basis.
\nIn assessing whether the Company meets the definition of an
\ninvestment entity as set out in IFRS 10, the General Partner
\nconsidered whether the Company has the following typical
\ncharacteristics, while noting that the absence of any one or more of
\nthese characteristics does not necessarily disqualify an entity from
\nbeing classified as an investment entity:
\n(a) it has more than one investment;
\n(b) it has more than one investor;
\n(c) it has investors that are not related parties of the entity; and
\n(d) it has ownership interests in the form of equity or similar
\ninterests.
\nThe Company has multiple investors and owns the entire ordinary
\nshare capital of Reinet Fund. The Company is exposed to variable
\nreturns from changes in the fair value of Reinet Fund\u2019s net assets.
\nAlthough the Company does not have multiple investments, the
\nGeneral Partner believes that the Company can be classified as
\nan investment entity due to the fact that it was formed to give its
\nshareholders exposure to the underlying assets held by Reinet Fund.
\nIn that respect, it is to be noted that an investment entity may
\nhold a portfolio of investments directly or indirectly, for example
\nby holding a single investment in another investment entity that
\nitself holds several investments. The Company\u2019s investments are all
\nheld through Reinet Fund. References to Reinet Fund include all
\nunderlying subsidiaries.
\nThe Fund Manager further deems Reinet Fund to meet the definition
\nof an investment entity.
\nWhere applicable, the notes to the consolidated financial statements
\ngive information at the level of Reinet Fund and its subsidiaries.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag119": {
"value": "\n3.2.2 Subsidiaries
\nSubsidiaries are all entities over which the Company has control.
\nThe Company controls an entity when it is exposed to, or has rights
\nto, variable returns from its involvement with the entity and has the
\nability to affect those returns through its power over the entity.
\nThe Company controls Reinet Fund through its 100 per cent holding
\nof the ordinary shares of Reinet Fund. The Company and Reinet
\nFund operate as an integrated structure whereby the Company
\ncurrently invests solely into Reinet Fund. No subscriptions or
\nredemptions were made during the year. As at 31 March 2024 and
\n31 March 2023 there were no capital commitment obligations and
\nno amounts due to Reinet Fund for unsettled purchases.
\nThe change in fair value of Reinet Fund is included in the statement
\nof comprehensive income in \u2018Net change in the fair value of financial
\nassets at fair value through profit or loss\u2019.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag162": {
"value": "\n3.3.1 Functional and presentation currency
\nThe performance of the Company is measured and reported to the
\ninvestors in euro. The General Partner considers the euro as the
\ncurrency which is most appropriate for the representation of the
\nCompany\u2019s results. The financial statements are presented in euro.
\nThe euro is the Company\u2019s functional and presentation currency.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag121": {
"value": "\n3.3.2 Transactions and balances
\nForeign currency transactions are translated into the functional
\ncurrency using the exchange rates prevailing at the dates of the
\ntransactions. Foreign currency assets and liabilities are translated
\ninto the functional currency using the exchange rate prevailing at
\nthe balance sheet date.
\nWhere assets and liabilities are denominated in a currency other
\nthan the functional currency of the entity that holds such assets and
\nliabilities, foreign exchange gains and losses arising from translation
\nare included in the statement of comprehensive income.
\nForeign exchange gains and losses relating to cash and cash
\nequivalents, if any, are included in the statement of comprehensive
\nincome.
\nForeign exchange gains and losses relating to the financial assets
\ncarried at fair value through profit or loss are presented in the
\nstatement of comprehensive income within \u2018Net change in the fair
\nvalue of financial assets at fair value through profit or loss\u2019.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag122": {
"value": "\n3.4 SEGMENT REPORTING
\nThe Company\u2019s investment in Reinet Fund is considered to be
\nits only segment. Segments within Reinet Fund are reported in a
\nmanner consistent with the internal reporting provided by the Fund
\nManager in respect of Reinet Fund. The Fund Manager is the chief
\noperating decision maker and is responsible for allocating resources
\nand assessing performance of the segments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag163": {
"value": "\n3.5 NON-IFRS DISCLOSURES
\nIn the reporting of financial information, the Company uses certain
\nmeasures that are not required under IFRS Accounting Standards.
\n\nDue to the secondary listing of the Company on the Johannesburg
\nStock Exchange, the Company is required to present \u2018headline\u2019
\nearnings per share and diluted \u2018headline\u2019 earnings per share, as
\nalternative measures of earnings per share, calculated in accordance
\nwith Circular 1/2023 \u2018Headline Earnings\u2019 issued by the South African
\nInstitute of Chartered Accountants. This is presented on page 67.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag123": {
"value": "\nDue to the secondary listing of the Company on the Johannesburg
\nStock Exchange, the Company is required to present \u2018headline\u2019
\nearnings per share and diluted \u2018headline\u2019 earnings per share, as
\nalternative measures of earnings per share, calculated in accordance
\nwith Circular 1/2023 \u2018Headline Earnings\u2019 issued by the South African
\nInstitute of Chartered Accountants. This is presented on page 67.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag164": {
"value": "\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
3.6.1 Classification
\n
The Company classifies its investments based on both the
\n
Company\u2019s business model for managing those financial assets and
\n
the contractual cash flow characteristics of the financial assets. The
\n
investment in Reinet Fund is managed and performance is evaluated
\n
on a fair value basis. The Company is primarily focused on fair value
\n
information and uses that information to assess the financial asset\u2019s
\n
performance and to make decisions. Consequently, this investment
\n
is measured at fair value through profit or loss.
\n
Current assets are those which are expected to fall due, be receivable or
\n
realised within 12 months from the balance sheet date. Non-current
\n
assets are those where no realisation is currently expected within a
\n
12-month period from the balance sheet date.
\n
3.6.2 Recognition, derecognition and measurement
\n
Regular purchases and sales of investments are recognised on the
\n
trade date \u2013 the date on which the Company commits to purchase
\n
or sell the investment. Financial assets held at fair value through
\n
profit or loss are initially recognised at fair value. Transaction costs
\n
are expensed as incurred in the statement of comprehensive income.
\n\n
Financial assets are derecognised when the rights to receive cash
\n
flows from the investments have expired or the Company has
\n
transferred substantially all risks and rewards of ownership. Where
\n
the Company is in the process of restructuring the ownership of
\n
an asset, amounts which are to be sold to third parties and where
\n
a signed contract of sale exists, are included as assets held for sale.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Subsequent to initial recognition, financial assets held at fair value
\n
through profit or loss are measured at fair value. Gains and losses
\n
arising from changes in the fair value are presented in the statement
\n
of comprehensive income within \u2018Net change in the fair value of
\n
financial assets at fair value through profit or loss\u2019 in the period in
\n
which they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Dividend income from financial assets held at fair value through
\n
profit or loss is recognised in the statement of comprehensive income
\n
when the Company\u2019s right to receive payments is established.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
3.6.3 Fair value estimation
\n
The net asset value of Reinet Fund is determined by the Fund Manager.
\n
The Company\u2019s policy requires the Fund Manager to evaluate the
\n
information about Reinet Fund\u2019s financial assets and liabilities on
\n
a fair value basis together with other related financial information.
\n
The General Partner considers the net asset value of Reinet Fund as
\n
determined by the Fund Manager, according to the principles outlined
\n
in the next paragraph, to be the best estimate of fair value.
\n
In calculating the fair value of the assets and liabilities held by Reinet
\n
Fund, the fair value of financial assets traded in active markets (such
\n
as publicly traded securities) is based on quoted market prices at the
\n
balance sheet date. The quoted market price used for financial assets
\n
is the closing bid price. The fair value of financial assets that are
\n
not traded in an active market is determined by the Fund Manager
\n
using valuation techniques in accordance with International
\n
Private Equity and Venture Capital Valuation (\u2018IPEV\u2019) guidelines
\n
and in compliance with IFRS 13, Fair Value Measurement. The
\n
Fund Manager uses a variety of valuation methods in each case
\n
considered to be most appropriate to the assets concerned. Where
\n
necessary, valuations are obtained by the Fund Manager from third-
\n
party experts to support the valuations being used in the financial
\n
statements.
\n
Valuation techniques used include the use of comparable recent
\n
arm\u2019s-length transactions, reference to other instruments that have
\n
substantially the same characteristics, discounted cash flow analysis,
\n
option pricing models and other valuation techniques commonly
\n
used by market participants making the maximum use of market
\n
inputs and relying as little as possible on entity-specific inputs. For
\n
recent investments in unquoted investments, cost may be considered
\n
to be the best estimate of fair value (in accordance with the most
\n
recent IPEV guidelines and in compliance with IFRS 13), for a
\n
limited period after the date of the transaction and in the absence of
\n
any indications to the contrary.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag124": {
"value": "\n
\n\n
\n\n
\n
\n
\n
\n
3.6.1 Classification
\n
The Company classifies its investments based on both the
\n
Company\u2019s business model for managing those financial assets and
\n
the contractual cash flow characteristics of the financial assets. The
\n
investment in Reinet Fund is managed and performance is evaluated
\n
on a fair value basis. The Company is primarily focused on fair value
\n
information and uses that information to assess the financial asset\u2019s
\n
performance and to make decisions. Consequently, this investment
\n
is measured at fair value through profit or loss.
\n
Current assets are those which are expected to fall due, be receivable or
\n
realised within 12 months from the balance sheet date. Non-current
\n
assets are those where no realisation is currently expected within a
\n
12-month period from the balance sheet date.
\n
3.6.2 Recognition, derecognition and measurement
\n
Regular purchases and sales of investments are recognised on the
\n
trade date \u2013 the date on which the Company commits to purchase
\n
or sell the investment. Financial assets held at fair value through
\n
profit or loss are initially recognised at fair value. Transaction costs
\n
are expensed as incurred in the statement of comprehensive income.
\n\n
Financial assets are derecognised when the rights to receive cash
\n
flows from the investments have expired or the Company has
\n
transferred substantially all risks and rewards of ownership. Where
\n
the Company is in the process of restructuring the ownership of
\n
an asset, amounts which are to be sold to third parties and where
\n
a signed contract of sale exists, are included as assets held for sale.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Subsequent to initial recognition, financial assets held at fair value
\n
through profit or loss are measured at fair value. Gains and losses
\n
arising from changes in the fair value are presented in the statement
\n
of comprehensive income within \u2018Net change in the fair value of
\n
financial assets at fair value through profit or loss\u2019 in the period in
\n
which they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Dividend income from financial assets held at fair value through
\n
profit or loss is recognised in the statement of comprehensive income
\n
when the Company\u2019s right to receive payments is established.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
3.6.3 Fair value estimation
\n
The net asset value of Reinet Fund is determined by the Fund Manager.
\n
The Company\u2019s policy requires the Fund Manager to evaluate the
\n
information about Reinet Fund\u2019s financial assets and liabilities on
\n
a fair value basis together with other related financial information.
\n
The General Partner considers the net asset value of Reinet Fund as
\n
determined by the Fund Manager, according to the principles outlined
\n
in the next paragraph, to be the best estimate of fair value.
\n
In calculating the fair value of the assets and liabilities held by Reinet
\n
Fund, the fair value of financial assets traded in active markets (such
\n
as publicly traded securities) is based on quoted market prices at the
\n
balance sheet date. The quoted market price used for financial assets
\n
is the closing bid price. The fair value of financial assets that are
\n
not traded in an active market is determined by the Fund Manager
\n
using valuation techniques in accordance with International
\n
Private Equity and Venture Capital Valuation (\u2018IPEV\u2019) guidelines
\n
and in compliance with IFRS 13, Fair Value Measurement. The
\n
Fund Manager uses a variety of valuation methods in each case
\n
considered to be most appropriate to the assets concerned. Where
\n
necessary, valuations are obtained by the Fund Manager from third-
\n
party experts to support the valuations being used in the financial
\n
statements.
\n
Valuation techniques used include the use of comparable recent
\n
arm\u2019s-length transactions, reference to other instruments that have
\n
substantially the same characteristics, discounted cash flow analysis,
\n
option pricing models and other valuation techniques commonly
\n
used by market participants making the maximum use of market
\n
inputs and relying as little as possible on entity-specific inputs. For
\n
recent investments in unquoted investments, cost may be considered
\n
to be the best estimate of fair value (in accordance with the most
\n
recent IPEV guidelines and in compliance with IFRS 13), for a
\n
limited period after the date of the transaction and in the absence of
\n
any indications to the contrary.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag125": {
"value": "\n
\n
\n
\n
\n3.6.1 Classification
\nThe Company classifies its investments based on both the
\nCompany\u2019s business model for managing those financial assets and
\nthe contractual cash flow characteristics of the financial assets. The
\ninvestment in Reinet Fund is managed and performance is evaluated
\non a fair value basis. The Company is primarily focused on fair value
\ninformation and uses that information to assess the financial asset\u2019s
\nperformance and to make decisions. Consequently, this investment
\nis measured at fair value through profit or loss.
\nCurrent assets are those which are expected to fall due, be receivable or
\nrealised within 12 months from the balance sheet date. Non-current
\nassets are those where no realisation is currently expected within a
\n12-month period from the balance sheet date.
\n3.6.2 Recognition, derecognition and measurement
\nRegular purchases and sales of investments are recognised on the
\ntrade date \u2013 the date on which the Company commits to purchase
\nor sell the investment. Financial assets held at fair value through
\nprofit or loss are initially recognised at fair value. Transaction costs
\nare expensed as incurred in the statement of comprehensive income.
\n\nFinancial assets are derecognised when the rights to receive cash
\nflows from the investments have expired or the Company has
\ntransferred substantially all risks and rewards of ownership. Where
\nthe Company is in the process of restructuring the ownership of
\nan asset, amounts which are to be sold to third parties and where
\na signed contract of sale exists, are included as assets held for sale.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSubsequent to initial recognition, financial assets held at fair value
\nthrough profit or loss are measured at fair value. Gains and losses
\narising from changes in the fair value are presented in the statement
\nof comprehensive income within \u2018Net change in the fair value of
\nfinancial assets at fair value through profit or loss\u2019 in the period in
\nwhich they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDividend income from financial assets held at fair value through
\nprofit or loss is recognised in the statement of comprehensive income
\nwhen the Company\u2019s right to receive payments is established.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
3.6.3 Fair value estimation
\n
The net asset value of Reinet Fund is determined by the Fund Manager.
\n
The Company\u2019s policy requires the Fund Manager to evaluate the
\n
information about Reinet Fund\u2019s financial assets and liabilities on
\n
a fair value basis together with other related financial information.
\n
The General Partner considers the net asset value of Reinet Fund as
\n
determined by the Fund Manager, according to the principles outlined
\n
in the next paragraph, to be the best estimate of fair value.
\n
In calculating the fair value of the assets and liabilities held by Reinet
\n
Fund, the fair value of financial assets traded in active markets (such
\n
as publicly traded securities) is based on quoted market prices at the
\n
balance sheet date. The quoted market price used for financial assets
\n
is the closing bid price. The fair value of financial assets that are
\n
not traded in an active market is determined by the Fund Manager
\n
using valuation techniques in accordance with International
\n
Private Equity and Venture Capital Valuation (\u2018IPEV\u2019) guidelines
\n
and in compliance with IFRS 13, Fair Value Measurement. The
\n
Fund Manager uses a variety of valuation methods in each case
\n
considered to be most appropriate to the assets concerned. Where
\n
necessary, valuations are obtained by the Fund Manager from third-
\n
party experts to support the valuations being used in the financial
\n
statements.
\n
Valuation techniques used include the use of comparable recent
\n
arm\u2019s-length transactions, reference to other instruments that have
\n
substantially the same characteristics, discounted cash flow analysis,
\n
option pricing models and other valuation techniques commonly
\n
used by market participants making the maximum use of market
\n
inputs and relying as little as possible on entity-specific inputs. For
\n
recent investments in unquoted investments, cost may be considered
\n
to be the best estimate of fair value (in accordance with the most
\n
recent IPEV guidelines and in compliance with IFRS 13), for a
\n
limited period after the date of the transaction and in the absence of
\n
any indications to the contrary.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag126": {
"value": "\nFinancial assets are derecognised when the rights to receive cash
\nflows from the investments have expired or the Company has
\ntransferred substantially all risks and rewards of ownership. Where
\nthe Company is in the process of restructuring the ownership of
\nan asset, amounts which are to be sold to third parties and where
\na signed contract of sale exists, are included as assets held for sale.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag127": {
"value": "\nSubsequent to initial recognition, financial assets held at fair value
\nthrough profit or loss are measured at fair value. Gains and losses
\narising from changes in the fair value are presented in the statement
\nof comprehensive income within \u2018Net change in the fair value of
\nfinancial assets at fair value through profit or loss\u2019 in the period in
\nwhich they arise.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag128": {
"value": "\nDividend income from financial assets held at fair value through
\nprofit or loss is recognised in the statement of comprehensive income
\nwhen the Company\u2019s right to receive payments is established.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag129": {
"value": "\n3.6.3 Fair value estimation
\nThe net asset value of Reinet Fund is determined by the Fund Manager.
\nThe Company\u2019s policy requires the Fund Manager to evaluate the
\ninformation about Reinet Fund\u2019s financial assets and liabilities on
\na fair value basis together with other related financial information.
\nThe General Partner considers the net asset value of Reinet Fund as
\ndetermined by the Fund Manager, according to the principles outlined
\nin the next paragraph, to be the best estimate of fair value.
\nIn calculating the fair value of the assets and liabilities held by Reinet
\nFund, the fair value of financial assets traded in active markets (such
\nas publicly traded securities) is based on quoted market prices at the
\nbalance sheet date. The quoted market price used for financial assets
\nis the closing bid price. The fair value of financial assets that are
\nnot traded in an active market is determined by the Fund Manager
\nusing valuation techniques in accordance with International
\nPrivate Equity and Venture Capital Valuation (\u2018IPEV\u2019) guidelines
\nand in compliance with IFRS 13, Fair Value Measurement. The
\nFund Manager uses a variety of valuation methods in each case
\nconsidered to be most appropriate to the assets concerned. Where
\nnecessary, valuations are obtained by the Fund Manager from third-
\nparty experts to support the valuations being used in the financial
\nstatements.
\nValuation techniques used include the use of comparable recent
\narm\u2019s-length transactions, reference to other instruments that have
\nsubstantially the same characteristics, discounted cash flow analysis,
\noption pricing models and other valuation techniques commonly
\nused by market participants making the maximum use of market
\ninputs and relying as little as possible on entity-specific inputs. For
\nrecent investments in unquoted investments, cost may be considered
\nto be the best estimate of fair value (in accordance with the most
\nrecent IPEV guidelines and in compliance with IFRS 13), for a
\nlimited period after the date of the transaction and in the absence of
\nany indications to the contrary.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag130": {
"value": "\n3.7 CASH AND CASH EQUIVALENTS
\nCash and cash equivalents include cash on hand, deposits held at
\ncall with banks, other short-term highly liquid investments with
\noriginal maturities of three months or less and bank overdrafts.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag171": {
"value": "\n3.8 RECEIVABLES
\nReceivables are recognised initially at fair value and are subsequently
\nmeasured at amortised cost less loss allowance.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag165": {
"value": "\n\n
\n\n3.9 ACCRUED EXPENSES
\nAccrued expenses are recognised initially at fair value and are
\nsubsequently measured at amortised cost less loss allowance.
\n\n\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag169": {
"value": "\n3.9 ACCRUED EXPENSES
\nAccrued expenses are recognised initially at fair value and are
\nsubsequently measured at amortised cost less loss allowance.
\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag131": {
"value": "\n3.10 TREASURY SHARES
\nTreasury shares are recorded at acquisition price on the trade date.
\nTransaction costs are expensed as incurred in the statement of
\ncomprehensive income. A liability is recorded for unpaid amounts
\nunder any ongoing share buyback programme.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag132": {
"value": "\n3.11 TAXATION
\nThe Company is registered in Luxembourg and is subject to
\ncorporate tax as determined by Luxembourg law.
\nReinet Fund may incur withholding taxes imposed by certain
\ncountries on investment income and capital gains. Such tax on
\nincome or gains is recorded within the fair value of the Company\u2019s
\ninvestment in Reinet Fund.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag166": {
"value": "\n
\n\n\n
4. FINANCIAL ASSETS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS
\n
31 March 2024
\n
\u20ac m
\n
31 March 2023
\n
\u20ac m
\n
Financial assets held at fair value through profit or loss
\n
\u2013 Unlisted investments: Reinet Fund 6 185 5 721
\n
Total financial assets at fair value through profit or loss 6 185 5 721
\n
Net change in the fair value of financial assets at fair value through profit or loss:
\n
\u2013 Repayment of capital \u2013 (40)
\n
\u2013 Unrealised gain/(loss) 464 (171)
\n
Total 464 (211)
\n
The investment held is in Reinet Fund, which is considered to be a related party of the Company. Also refer to note 13 for related party disclosures.
\n
The following table presents the movement of the investments held by Reinet Fund for the year ended 31 March 2024:
\n
Assets held at fair value through profit
\n
or loss
\n
Opening
\n
balance
\n
1\ue61bApril
\n
2023
\n
\u20ac m
\n
Purchases/
\n
(repayments)
\n
\u20ac m
\n
Sale
\n
proceeds
\n
\u20ac m
\n
Realised
\n
gains/
\n
(losses)
\n
in the year
\n
\u20ac m
\n
Movement
\n
in unrealised
\n
gains/
\n
(losses)
\n
in the year
\n
(1)
\n
\u20ac m
\n
Closing
\n
balance
\n
31 March
\n
2024
\n
\u20ac m
\n
Listed investments
\n
British American Tobacco p.l.c. (\u2018BAT\u2019) 1 561 \u2013 \u2013 \u2013 (202) 1 359
\n
Other listed investments 83 \u2013 \u2013 \u2013 10 93
\n
Unlisted investments
\n
Pension Insurance Corporation Group
\n
Limited (\u2018Pension Corporation\u2019)
\n
2 787
\n
\u2013
\n
\u2013 \u2013
\n
649 3 436
\n
Trilantic Capital Partners 472 23 (55) 34 (31) 443
\n
TruArc Partners 301 46 (1) 1 25 372
\n
Coatue funds 50 20 \u2013 \u2013 3 73
\n
Asian private equity companies and
\n
portfolio\ue61bfunds 219 4 (11) (18) (23) 171
\n
Specialised investment funds 96 13 (17) \u2013 16 108
\n
United States land development
\n
and\ue61bmortgages 26 (7) \u2013 \u2013 2 21
\n
Other investments 58 17 \u2013 (26) 26 75
\n
5 653 116 (84) (9) 475 6 151
\n
Cash and liquid funds 288 356
\n
Other assets and liabilities (220) (322)
\n
Total 5 721 6 185
\n
(1) Unrealised gains/(losses) in the year include accrued interest income from investments.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\nThe following table presents the movement of the investments held by Reinet Fund for the year ended 31 March 2023:
\nAssets held at fair value through profit
\nor loss
\nOpening
\n balance
\n 1\ue61bApril
\n2022
\n\u20ac m
\nPurchases/
\n (repayments)
\n\u20ac m
\nSale
\nproceeds
\n\u20ac m
\nRealised
\ngains/
\n(losses)
\n in the year
\n\u20ac m
\nMovement
\nin unrealised
\ngains/
\n(losses)
\n in the year
\n(1)
\n\u20ac m
\nClosing
\n balance
\n31 March
\n 2023
\n\u20ac m
\nListed investments
\nBAT 1 832 \u2013 \u2013 \u2013 (271) 1 561
\nOther listed investments 100 \u2013 \u2013 \u2013 (17) 83
\nUnlisted investments
\nPension Corporation 2 796 6 \u2013 \u2013 (15) 2 787
\nTrilantic Capital Partners 385 22 (38) 21 82 472
\nTruArc Partners 202 66 (3) 1 35 301
\nCoatue funds \u2013 50 \u2013 \u2013 \u2013 50
\nAsian private equity companies and
\nportfolio\ue61bfunds 213 22 (9) 2 (9) 219
\nSpecialised investment funds 106 7 (6) 1 (12) 96
\nUnited States land development
\nand\ue61bmortgages 32 (11) \u2013 \u2013 5 26
\nDiamond interests 20 \u2013 (20) (12) 12 \u2013
\nOther investments 81 5 \u2013 \u2013 (28) 58
\n5 767 167 (76) 13 (218) 5 653
\nCash and liquid funds 408 288
\nOther assets and liabilities (243) (220)
\nTotal 5 932 5 721
\n(1) Unrealised gains/(losses) in the year include accrued interest income from investments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n
\n\n
\nThe following tables analyse, within the fair value hierarchy, Reinet Fund\u2019s financial assets and liabilities measured at fair value:
\n31 March 2024
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Equity securities and funds 1 452 122 4 563 6 137
\n\u2013 Loans \u2013 \u2013 14 14
\nTotal 1 452 122 4 577 6 151
\nLiabilities
\nBorrowings \u2013 (229) \u2013 (229)
\nTotal \u2013 (229) \u2013 (229)
\nNet 5 922
\nOther assets/(liabilities) 263
\nReinet Fund net asset value 6 185
\n31 March 2023
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Equity securities and funds 1 644 141 3 849 5 634
\n\u2013 Loans \u2013 \u2013 19 19
\nTotal 1 644 141 3 868 5 653
\nLiabilities
\nBorrowings \u2013 (217) \u2013 (217)
\nTotal \u2013 (217) \u2013 (217)
\nNet 5 436
\nOther assets/(liabilities) 285
\nReinet Fund net asset value 5 721
\nInvestments whose values are based on quoted market prices in active
\nmarkets, and therefore classified within level 1, include active listed
\nequities. Reinet Fund does not adjust the quoted price for these
\ninstruments.
\nFinancial instruments that trade in markets that are not considered
\nto be active but are valued based on quoted market prices, dealer
\nquotations or alternative pricing sources supported by observable
\ninputs, as well as open-ended funds are classified within level 2. As
\nlevel 2 investments include positions that are not traded in active
\nmarkets and/or are subject to transfer restrictions, valuations may be
\nadjusted to reflect illiquidity and/or non-transferability, which are
\ngenerally based on available market information.
\nInvestments classified within level 3 have significant unobservable
\ninputs, as they trade infrequently. Level 3 instruments include the
\nCompany\u2019s investment in Reinet Fund, which in turn includes
\ninvestments in unlisted equities, private equity funds and loans.
\nAs observable prices are not available for these investments, Reinet
\nFund has used fair values obtained from audited and unaudited
\nfinancial statements provided by fund managers, valuations obtained
\nfrom third-party experts using appropriate valuation methods, and
\ndiscounted cash flow analyses to derive fair values.
\nAs noted in 5.1.1.1 Reinet Fund holds shares in BAT, these shares
\nare listed on the London and Johannesburg Stock Exchanges and
\nmovements in the share price could have a significant effect on the
\nvalue of Reinet Fund.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag167": {
"value": "\n\n
4. FINANCIAL ASSETS HELD AT FAIR VALUE THROUGH PROFIT OR LOSS
\n
31 March 2024
\n
\u20ac m
\n
31 March 2023
\n
\u20ac m
\n
Financial assets held at fair value through profit or loss
\n
\u2013 Unlisted investments: Reinet Fund 6 185 5 721
\n
Total financial assets at fair value through profit or loss 6 185 5 721
\n
Net change in the fair value of financial assets at fair value through profit or loss:
\n
\u2013 Repayment of capital \u2013 (40)
\n
\u2013 Unrealised gain/(loss) 464 (171)
\n
Total 464 (211)
\n
The investment held is in Reinet Fund, which is considered to be a related party of the Company. Also refer to note 13 for related party disclosures.
\n
The following table presents the movement of the investments held by Reinet Fund for the year ended 31 March 2024:
\n
Assets held at fair value through profit
\n
or loss
\n
Opening
\n
balance
\n
1\ue61bApril
\n
2023
\n
\u20ac m
\n
Purchases/
\n
(repayments)
\n
\u20ac m
\n
Sale
\n
proceeds
\n
\u20ac m
\n
Realised
\n
gains/
\n
(losses)
\n
in the year
\n
\u20ac m
\n
Movement
\n
in unrealised
\n
gains/
\n
(losses)
\n
in the year
\n
(1)
\n
\u20ac m
\n
Closing
\n
balance
\n
31 March
\n
2024
\n
\u20ac m
\n
Listed investments
\n
British American Tobacco p.l.c. (\u2018BAT\u2019) 1 561 \u2013 \u2013 \u2013 (202) 1 359
\n
Other listed investments 83 \u2013 \u2013 \u2013 10 93
\n
Unlisted investments
\n
Pension Insurance Corporation Group
\n
Limited (\u2018Pension Corporation\u2019)
\n
2 787
\n
\u2013
\n
\u2013 \u2013
\n
649 3 436
\n
Trilantic Capital Partners 472 23 (55) 34 (31) 443
\n
TruArc Partners 301 46 (1) 1 25 372
\n
Coatue funds 50 20 \u2013 \u2013 3 73
\n
Asian private equity companies and
\n
portfolio\ue61bfunds 219 4 (11) (18) (23) 171
\n
Specialised investment funds 96 13 (17) \u2013 16 108
\n
United States land development
\n
and\ue61bmortgages 26 (7) \u2013 \u2013 2 21
\n
Other investments 58 17 \u2013 (26) 26 75
\n
5 653 116 (84) (9) 475 6 151
\n
Cash and liquid funds 288 356
\n
Other assets and liabilities (220) (322)
\n
Total 5 721 6 185
\n
(1) Unrealised gains/(losses) in the year include accrued interest income from investments.
\n
\n\n\n\n\n\n
\n\n\n\n\n\n\n
\n
\n\n
\n\nThe following table presents the movement of the investments held by Reinet Fund for the year ended 31 March 2023:
\nAssets held at fair value through profit
\nor loss
\nOpening
\n balance
\n 1\ue61bApril
\n2022
\n\u20ac m
\nPurchases/
\n (repayments)
\n\u20ac m
\nSale
\nproceeds
\n\u20ac m
\nRealised
\ngains/
\n(losses)
\n in the year
\n\u20ac m
\nMovement
\nin unrealised
\ngains/
\n(losses)
\n in the year
\n(1)
\n\u20ac m
\nClosing
\n balance
\n31 March
\n 2023
\n\u20ac m
\nListed investments
\nBAT 1 832 \u2013 \u2013 \u2013 (271) 1 561
\nOther listed investments 100 \u2013 \u2013 \u2013 (17) 83
\nUnlisted investments
\nPension Corporation 2 796 6 \u2013 \u2013 (15) 2 787
\nTrilantic Capital Partners 385 22 (38) 21 82 472
\nTruArc Partners 202 66 (3) 1 35 301
\nCoatue funds \u2013 50 \u2013 \u2013 \u2013 50
\nAsian private equity companies and
\nportfolio\ue61bfunds 213 22 (9) 2 (9) 219
\nSpecialised investment funds 106 7 (6) 1 (12) 96
\nUnited States land development
\nand\ue61bmortgages 32 (11) \u2013 \u2013 5 26
\nDiamond interests 20 \u2013 (20) (12) 12 \u2013
\nOther investments 81 5 \u2013 \u2013 (28) 58
\n5 767 167 (76) 13 (218) 5 653
\nCash and liquid funds 408 288
\nOther assets and liabilities (243) (220)
\nTotal 5 932 5 721
\n(1) Unrealised gains/(losses) in the year include accrued interest income from investments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n5. FINANCIAL RISKS
\n5.1 FINANCIAL RISK FACTORS
\nThe Company has a sole investment in Reinet Fund, therefore the
\nGeneral Partner of the Company relies on the risk management
\nprocedures performed by the Fund Manager, and thus the risk
\nmanagement disclosures set out below are at the level of Reinet Fund.
\nThe Company, through its investment in Reinet Fund, is exposed
\nto a variety of financial risks including market risk (ie currency risk,
\nfair value interest rate risk, cash flow interest rate risk and price risk),
\ncredit risk and liquidity risk.
\nThe Fund Manager seeks to maximise the returns derived for the
\nlevel of risk to which Reinet Fund is exposed and seeks to minimise
\npotential adverse effects on financial performance. Reinet Fund\u2019s
\ninvestment policy allows it to use derivative financial instruments
\nto both moderate and create certain risk exposures. All investments
\npresent a risk of loss of capital. The management of these risks is
\ncarried out by the Fund Manager.
\nReinet Fund will use different methods to measure and manage
\nthe various types of risks to which it is exposed; these methods are
\nexplained on the following pages. There have been no changes in the
\nmethods used in the year under review.
\nDuring the year, global markets continued to be impacted by the effects
\nof the Ukraine crisis, the turmoil in the Middle East, high interest
\nrates and inflation. Whilst inflation has started to fall, high prices
\ncontinue to put significant pressure on households and consumers as
\nmany central banks hold interest rates at current levels to mitigate
\nthe inflation concerns. The extent and impact of these factors remain
\nuncertain. As a result, higher levels of risk and uncertainty exist at
\nthis time and markets are likely to remain volatile for some time, and
\nthereby continue to have an influence on the value and prospects of
\nthe investments held by Reinet Fund.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n5.1.1 Market risk
\nReinet Fund \u2013 Financial assets and liabilities subject to market risk
\n31 March 2024
\nTotal
\n\u20ac m
\nPrice risk
\n\u20ac m
\nForeign
\n exchange
\n risk
\n\u20ac m
\nInterest
\nrate risk
\n\u20ac m
\nAssets
\nListed equity securities 1 452 1 452 1 452 \u2013
\nUnlisted equity securities and funds 4 685 4 685 4 620 \u2013
\nLoans and interest receivable 14 \u2013 14 14
\n6 151 6 137 6 086 14
\nCash and cash equivalents 356 270 354 \u2013
\nOther assets 33 \u2013 33 \u2013
\nTotal assets 6 540 6 407 6 473 14
\nLiabilities
\nBorrowings (229) \u2013 (229) (229)
\nOther liabilities (126) \u2013 (4) \u2013
\nTotal liabilities (355) \u2013 (233) (229)
\nTotal investment in Reinet Fund 6 185
\n31 March 2023
\nTotal
\n\u20ac m
\nPrice risk
\n\u20ac m
\nForeign
\n exchange
\n risk
\n\u20ac m
\nInterest
\nrate risk
\n\u20ac m
\nAssets
\nListed equity securities 1 644 1 644 1 644 \u2013
\nUnlisted equity securities and funds 3 990 3 990 3 952 \u2013
\nLoans and interest receivable 19 \u2013 19 19
\n5 653 5 634 5 615 19
\nCash and cash equivalents 288 234 288 \u2013
\nOther assets 32 \u2013 32 \u2013
\nTotal assets 5 973 5 868 5 935 19
\nLiabilities
\nBorrowings (217) \u2013 (217) (217)
\nOther liabilities (35) \u2013 (5) \u2013
\nTotal liabilities (252) \u2013 (222) (217)
\nTotal investment in Reinet Fund 5 721
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n5.1.1.1 Price risk
\nReinet Fund is exposed to price risk. This arises from the investments
\nheld by Reinet Fund for which prices in the future are uncertain.
\nThe fair value of listed securities is dependent upon stock exchange
\nmovements which are determined by the market\u2019s expectations
\nreflecting interest rates, sentiment, volatility, currency and other
\nfactors both specific to each investment and those affecting the market
\nas a whole. Investments in venture capital and start-up projects will
\nalso tend to have higher price volatility than more mature investments.
\nWhere non-monetary financial instruments are denominated in
\ncurrencies other than the euro, the price initially expressed in foreign
\ncurrency and then converted into euro will also fluctuate because of
\nchanges in foreign exchange rates. Note 5.1.1.2 \u2018Foreign exchange risk\u2019
\nsets out how this component of price risk is managed and measured.
\nReinet Fund\u2019s policy is to manage price risk through the diversification
\nand selection of securities and other financial instruments. It is
\nexpected that this diversification policy will be implemented on a
\nmeasured basis, over a period of time.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nReinet Fund\u2019s exposure to price risk in respect of long-term assets and liabilities was as follows:
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nListed equity securities
\n\u2013 BAT 1 359 1 561
\n\u2013 Other listed investments 93 83
\nUnlisted equity securities and funds
\n\u2013 Pension Corporation 3 436 2 787
\n\u2013 Others
\n1 249 1 203
\nTotal exposure to price risk 6 137 5 634
\nDuring the years ended 31 March 2024 and 31 March 2023, Reinet Fund\u2019s exposure to various industry sectors was principally in respect of
\nits indirect investments held in BAT and Pension Corporation. This represented some 78 per cent of the net asset value of Reinet Fund as at
\n31\ue61bMarch 2024 (31 March 2023: 76 per cent).
\nThe table below summarises the sensitivity of Reinet Fund\u2019s assets to price movements as at 31 March 2024 and 31 March 2023.
\nThe analysis is based on the assumption that prices would increase or decrease by 20 per cent with all other variables held constant. The change
\nis based on a reasonable possible change in the fair value of the investments held as at year-end.
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nEffect of a 20 per cent increase in prices
\nEffect on equity securities and funds 1 227 1 127
\nEffect on net assets 1 227 1 127
\nEffect of a 20 per cent decrease in prices
\nEffect on equity securities and funds (1 227) (1 127)
\nEffect on net assets (1 227) (1 127)
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n5.1.1.2 Foreign exchange risk
\n\n
\nReinet Fund operates internationally and holds both monetary
\nand non-monetary assets denominated in currencies other than
\nthe euro, primarily the US dollar, sterling and South African rand.
\nForeign currency risk, as defined in IFRS 7, arises as the value of
\nfuture transactions, recognised monetary assets and monetary
\nliabilities denominated in other currencies fluctuate due to changes
\nin foreign exchange rates. IFRS 7 considers the foreign exchange
\nexposure relating to non-monetary assets and liabilities to be a
\ncomponent of market price risk not foreign currency risk. The Fund
\nManager, however, monitors the exposure on all foreign currency
\ndenominated assets and liabilities, and hence, the table below has
\nbeen analysed between monetary and non-monetary items to meet
\nthe requirements of IFRS 7.
\n
\n
\nReinet Fund\u2019s policy is currently to minimise its exposure to
\nmonetary foreign exchange movements on liquid funds by holding
\nsuch liquid funds in euro, US dollar and sterling where there
\nare corresponding US dollar and sterling liabilities. That policy
\nmay change to reflect the Fund Manager\u2019s view as to the likely
\ndevelopment of foreign exchange rates in the medium-term or to
\ntake account of requirements for funds for investment purposes in
\ncurrencies other than the euro. Where appropriate, Reinet Fund
\nmay enter into foreign exchange hedging transactions. The exposure
\nto sterling has been partially hedged by borrowings in this currency.
\nWhen the Fund Manager formulates a view on the future direction
\nof foreign exchange rates and the potential impact on Reinet Fund,
\nthe Fund Manager factors that into its resource allocation decisions.
\nWhile Reinet Fund may have direct exposure to foreign exchange rate
\nchanges on the price of non-euro denominated securities, it may also
\nbe indirectly affected by the impact of foreign exchange rate changes
\non the earnings of certain companies in which it invests, most notably
\nBAT and Pension Corporation. For that reason, the sensitivity analysis
\nwill not necessarily indicate the total effect on Reinet Fund\u2019s net assets
\nof future movements in foreign exchange rates.
\nReinet Fund has certain investments in foreign operations, whose
\nnet assets are exposed to foreign currency translation risk. Where
\nappropriate, borrowings in foreign currencies may be used as a
\nnatural hedge of foreign currency assets. Currency exposure arising
\nfrom the net assets of the foreign operations is managed where
\nconsidered necessary through borrowings denominated in the
\nrelevant foreign currencies.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\nThe table below summarises Reinet Fund\u2019s assets and liabilities by currency as at 31 March 2024:
\nConcentration of assets and liabilities
\nby currency
\nGBP USD ZAR EUR Total
\n\u20ac m \u00a3 m \u20ac m $ m \u20ac m R m \u20ac m \u20ac m
\nAssets
\nMonetary assets
\nCash and liquid funds 178 152 176 190 \u2013 \u2013 2 356
\nNon-monetary assets
\nBAT 1 359 1 162 \u2013 \u2013 \u2013 \u2013 \u2013 1 359
\nOther listed investments \u2013 \u2013 93 100 \u2013 \u2013 \u2013 93
\nPension Corporation 3 436 2 938 \u2013 \u2013 \u2013 \u2013 \u2013 3 436
\nTrilantic Capital Partners \u2013 \u2013 399 431 \u2013 \u2013 44 443
\nTruArc Partners \u2013 \u2013 372 402 \u2013 \u2013 \u2013 372
\nCoatue funds \u2013 \u2013 73 79 \u2013 \u2013 \u2013 73
\nAsia private equity companies and
\nportfolio funds \u2013 \u2013 171 185 \u2013 \u2013 \u2013 171
\nSpecialised investment funds 1 \u2013 107 116 \u2013 6 \u2013 108
\nUnited States land development
\nand mortgages \u2013 \u2013 21 23 \u2013 \u2013 \u2013 21
\nOther investments 1 1 54 58 \u2013 \u2013 20 75
\nOther assets 33 28 \u2013 \u2013 \u2013 \u2013 \u2013 33
\nTotal assets 5 008 4 281 1 466 1 584 \u2013 6 66 6 540
\nPercentage of total assets 76.6% 22.4% \u2013 1.0% 100%
\nLiabilities
\nMonetary liabilities
\nBorrowings (229) (196) \u2013 \u2013 \u2013 \u2013 \u2013 (229)
\nNon-monetary liabilities
\nFees payable, other liabilities and minority
\ninterest \u2013 \u2013 (4) (5) \u2013 \u2013 (122) (126)
\nTotal liabilities (229) (196) (4) (5) \u2013 \u2013 (122) (355)
\nPercentage of total liabilities 64.5% 1.1% \u2013 34.4% 100%
\nReinet Fund NAV 4 779 1 462 \u2013 (56) 6 185
\nPercentage of NAV 77.3% 23.6% \u2013 (0.9)% 100%
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n\nThe table below summarises Reinet Fund\u2019s assets and liabilities by currency as at 31 March 2023:
\nConcentration of assets and liabilities
\nby currency
\nGBP USD ZAR EUR Total
\n\u20ac m \u00a3 m \u20ac m $ m \u20ac m R m \u20ac m \u20ac m
\nAssets
\nMonetary assets
\nCash and liquid funds 144 126 144 156 \u2013 \u2013 \u2013 288
\nNon-monetary assets
\nBAT 1 561 1 372 \u2013 \u2013 \u2013 \u2013 \u2013 1 561
\nOther listed investments \u2013 \u2013 83 90 \u2013 \u2013 \u2013 83
\nPension Corporation 2 787 2 450 \u2013 \u2013 \u2013 \u2013 \u2013 2 787
\nTrilantic Capital Partners \u2013 \u2013 436 473 \u2013 \u2013 36 472
\nTruArc Partners \u2013 \u2013 301 327 \u2013 \u2013 \u2013 301
\nCoatue funds \u2013 \u2013 50 54 \u2013 \u2013 \u2013 50
\nAsia private equity companies and
\nportfolio funds \u2013 \u2013 219 237 \u2013 \u2013 \u2013 219
\nSpecialised investment funds 1 1 93 101 \u2013 6 2 96
\nUnited States land development
\nand mortgages \u2013 \u2013 26 28 \u2013 \u2013 \u2013 26
\nOther investments 6 6 52 56 \u2013 \u2013 \u2013 58
\nOther assets 32 28 \u2013 \u2013 \u2013 \u2013 \u2013 32
\nTotal assets 4 531 3 983 1 404 1 522 \u2013 6 38 5 973
\nPercentage of total assets 75.9% 23.5% \u2013 0.6% 100%
\nLiabilities
\nMonetary liabilities
\nBorrowings (217) (190) \u2013 \u2013 \u2013 \u2013 \u2013 (217)
\nNon-monetary liabilities
\nFees payable, other liabilities and minority
\ninterest \u2013 \u2013 (5) (5) \u2013 \u2013 (30) (35)
\nTotal liabilities (217) (190) (5) (5) \u2013 \u2013 (30) (252)
\nPercentage of total liabilities 86.1% 2.0% \u2013 11.9% 100%
\nReinet Fund NAV 4 314 1 399 \u2013 8 5 721
\nPercentage of NAV 75.4% 24.5% \u2013 0.1% 100%
\nChanges in value due to movement in foreign
\nrates, applying the March 2024 foreign exchange
\nrates to the March 2023 assets and liabilities 123 6 \u2013 \u2013 129
\nManagement of the Fund Manager monitors Reinet Fund\u2019s foreign exchange exposure in respect of monetary assets on a weekly basis and the
\nBoard of Directors of the Fund Manager reviews it at each meeting.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n5.1.2 Credit risk
\nReinet Fund is exposed to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when they fall due.
\nThe main credit risk to which Reinet Fund is exposed arises from bank deposits, bonds, loans to third parties and borrowings where Reinet Fund\u2019s
\nassets are pledged in favour of a third-party. Reinet Fund is also exposed to counterparty credit risk on other receivable balances.
\nReinet Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management
\nconsiders both historical analysis and forward-looking information in determining any expected credit loss.
\nReinet Fund\u2019s policy to manage this risk is to place funds only with banks which have strong credit ratings.
\nThe analysis below summarises the credit quality of Reinet Fund\u2019s cash and liquid funds.
\n31 March 2024 31 March 2023
\nBanks by rating category (Moody\u2019s) \u20ac m % \u20ac m %
\nAaa 270 76 234 81
\nAa3 27 8 19 7
\nA1 13 3 1 \u2013
\nA2 \u2013 \u2013 14 5
\nA3 46 13 20 7
\nTotal 356 100 288 100
\nIn addition, Reinet Fund has the following investments and receivables that are exposed to credit risk:
\n31 March 2024 31 March 2023
\n\u20ac m % \u20ac m %
\nLoans to private equity interests at fair value 14 100 19 100
\nTotal 14 100 19 100
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestments in loans are reviewed periodically and revalued where
\nnecessary. The loans are neither rated nor listed.
\nAll transactions in listed securities are settled/paid for upon delivery
\nusing approved brokers. The risk of default is considered minimal, as
\ndelivery of securities sold is only made once the broker has received
\npayment. Payment is made on a purchase once the securities have
\nbeen received by the broker. The trade will fail if either party fails to
\nmeet its obligation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n5.1.3 Liquidity risk
\nLiquidity risk is the risk that Reinet Fund may not be able to generate
\nsufficient cash resources to settle its obligations in full as they fall
\ndue or can only do so on terms that are materially disadvantageous.
\nThe Fund Manager monitors Reinet Fund\u2019s liquidity position on a
\ndaily basis.
\nDuring the year under review, Reinet Fund obtained a fixed-rate
\n\u00a3\ue61b100\ue61bmillion margin loan from Citibank N.A. The loan is repayable
\nin August 2024.
\nIn addition, Reinet Fund obtained a fixed-rate \u00a3 100 million
\nmargin loan from Bank of America, N.A. The loan is repayable in
\nMarch\ue61b2025.
\nSome 15 million BAT shares have been pledged to collateralise these
\ntwo loans.
\nReinet Fund has a facility agreement in place with Citibank
\nN.A. up to 19 August 2024 and with Bank of America, N.A.
\nup to 21\ue61b March\ue61b 2025. The borrowing facilities allow Reinet to
\ndrawdown the equivalent of up to \u20ac 234 million (\u00a3 200 million)
\nin a combination of currencies to fund further investment
\ncommitments. As at 31\ue61bMarch 2024, Reinet Fund has not drawn
\nany amount under these facilities.
\nAs at 31 March 2024, 76 per cent of the net asset value of Reinet
\nFund\u2019s invested assets are not actively traded on a stock exchange.
\nReinet Fund\u2019s listed investment in BAT is considered readily
\nrealisable as its shares are traded with significant daily volumes on
\nthe London Stock Exchange.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\nThe table below shows the contractual undiscounted cash flows in respect of borrowings and interest thereon.
\nPayments due at 31 March 2024
\n31 March 2024
\n\u20ac m
\n31 March 2025
\n\u20ac m
\nBorrowings GBP 200 million \u2013 229
\nPayments due at 31 March 2023
\nBorrowings GBP 200 million \u2013 217
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\ncred5.2 CAPITAL RISK MANAGEMENT
\nThe Company\u2019s principal objective when managing capital is to
\nsafeguard its ability to continue as a going concern in order to
\nprovide returns for shareholders and benefits for other stakeholders
\nand to maintain a strong capital base to support the development of
\nits investment activities.
\nCapital is comprised of share capital, share premium, non-
\ndistributable reserves, retained earnings and treasury shares as
\napplicable.
\nReinet Fund is not subject to any externally imposed capital
\nrequirements other than any minimum capital requirement imposed
\nby applicable laws and regulations (currently a minimum capital of
\n\u20ac 1 250 000 is required by law).
\nDuring the year, Reinet Fund complied with the above requirement
\nand reported a net asset value of \u20ac 6 185 million as at 31 March\ue61b2024
\n(31 March 2023: \u20ac 5 721 million).
\nDuring the year under review, a dividend of some \u20ac 55 million
\n(31\ue61bMarch 2023: \u20ac 51 million) was paid to shareholders. There were
\nno shares repurchased during the year (31 March 2023: 2.3 million
\nshares for a cost of \u20ac 45 million). There have been no other changes
\nin capital in the year other than profits generated in the ordinary
\ncourse of business.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n5.3 FAIR VALUE ESTIMATION
\nThe Company and Reinet Fund have established a control
\nframework with respect to the measurement of fair values. This
\nincludes a valuation role that is responsible for co-ordinating all
\nsignificant fair value measurements, including level 3 fair values, and
\nreports directly to the Chief Financial Officer (\u2018CFO\u2019).
\nWhere necessary, independent external valuation experts may
\nbe engaged to assist in the assessment of the fair value of those
\ninvestments where market observable data is limited. A review is
\ncarried out on a quarterly basis of all fair values based on latest
\navailable financial information. The CFO reviews significant
\nunobservable inputs and valuation adjustments.
\nConsideration is also given to the classification of each investment
\ninto the fair value hierarchy to reflect the level of judgement involved
\nin estimating fair values. Where a transfer between levels is required
\nin the reporting period, the transfer is deemed to have occurred at
\nthe beginning of the reporting period.
\nAll investment valuations, including significant valuation issues are
\nreported to the Board of Overseers and the Board of Directors of the
\nFund Manager and General Partner on a quarterly basis.
\nIn accordance with IFRS 13 the Company classifies fair value
\nmeasurements using a fair value hierarchy that reflects the
\nsignificance of the inputs used in making the measurements. The
\nfair value hierarchy has the following levels:
\n\u2022 Quoted prices (unadjusted) in active markets for identical assets
\n(level 1);
\n\u2022 Inputs other than quoted prices included within level 1 that are
\nobservable for the asset, either directly (ie as prices) or indirectly
\n(ie derived from prices) (level 2); and
\n\u2022 Inputs for the assets that are not based on observable market
\ndata (ie unobservable inputs) (level 3).
\nThe level in the fair value hierarchy within which the fair value
\nmeasurement is categorised in its entirety is determined on the
\nbasis of the lowest level input that is significant to the fair value
\nmeasurement in its entirety. For this purpose, the significance of an
\ninput is assessed against the fair value measurement in its entirety. If a
\nfair value measurement uses observable inputs that require significant
\nadjustment based on unobservable inputs, that measurement is a
\nlevel 3 measurement. Assessing the significance of a particular input
\nto the fair value measurement in its entirety requires judgement,
\nconsidering factors specific to the asset or liability.
\nThe determination of what constitutes \u2018observable\u2019 requires
\nsignificant judgement. The Company considers observable data to be
\nmarket data that is readily available, regularly distributed or updated,
\nreliable and verifiable, not proprietary, and provided by independent
\nsources that are actively involved in the relevant market.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe following table analyses, within the fair value hierarchy, the Company\u2019s financial assets and liabilities measured at fair value at 31 March 2024
\nand 31 March 2023:
\n31 March 2024
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Investment in Reinet Fund \u2013 \u2013 6 185 6 185
\nTotal \u2013 \u2013 6 185 6 185
\n31 March 2023
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Investment in Reinet Fund \u2013 \u2013 5 721 5 721
\nTotal \u2013 \u2013 5 721 5 721
\nThe Company had no transfers between level 2 and level 3 during the year.
\nThe following table presents the movement in level 3 investments for the Company for the years ended 31 March 2024 and 31 March 2023:
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nOpening balance 5 721 5 932
\nDistribution of capital \u2013 (40)
\nGain/(loss) for the year 464 (171)
\nClosing balance 6 185 5 721
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nThe following tables analyse, within the fair value hierarchy, Reinet Fund\u2019s financial assets and liabilities measured at fair value:
\n31 March 2024
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Equity securities and funds 1 452 122 4 563 6 137
\n\u2013 Loans \u2013 \u2013 14 14
\nTotal 1 452 122 4 577 6 151
\nLiabilities
\nBorrowings \u2013 (229) \u2013 (229)
\nTotal \u2013 (229) \u2013 (229)
\nNet 5 922
\nOther assets/(liabilities) 263
\nReinet Fund net asset value 6 185
\n31 March 2023
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Equity securities and funds 1 644 141 3 849 5 634
\n\u2013 Loans \u2013 \u2013 19 19
\nTotal 1 644 141 3 868 5 653
\nLiabilities
\nBorrowings \u2013 (217) \u2013 (217)
\nTotal \u2013 (217) \u2013 (217)
\nNet 5 436
\nOther assets/(liabilities) 285
\nReinet Fund net asset value 5 721
\nInvestments whose values are based on quoted market prices in active
\nmarkets, and therefore classified within level 1, include active listed
\nequities. Reinet Fund does not adjust the quoted price for these
\ninstruments.
\nFinancial instruments that trade in markets that are not considered
\nto be active but are valued based on quoted market prices, dealer
\nquotations or alternative pricing sources supported by observable
\ninputs, as well as open-ended funds are classified within level 2. As
\nlevel 2 investments include positions that are not traded in active
\nmarkets and/or are subject to transfer restrictions, valuations may be
\nadjusted to reflect illiquidity and/or non-transferability, which are
\ngenerally based on available market information.
\nInvestments classified within level 3 have significant unobservable
\ninputs, as they trade infrequently. Level 3 instruments include the
\nCompany\u2019s investment in Reinet Fund, which in turn includes
\ninvestments in unlisted equities, private equity funds and loans.
\nAs observable prices are not available for these investments, Reinet
\nFund has used fair values obtained from audited and unaudited
\nfinancial statements provided by fund managers, valuations obtained
\nfrom third-party experts using appropriate valuation methods, and
\ndiscounted cash flow analyses to derive fair values.
\nAs noted in 5.1.1.1 Reinet Fund holds shares in BAT, these shares
\nare listed on the London and Johannesburg Stock Exchanges and
\nmovements in the share price could have a significant effect on the
\nvalue of Reinet Fund.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\n
\n\nSensitivity of level 3 investments
\nLevel 3 valuations are reviewed on a regular basis by the Board
\nof Overseers, who consider the appropriateness of the valuation
\nmodels used, as well as the results using various valuation techniques
\ngenerally recognised as standard within the fund industry.
\nUnobservable inputs and the resulting estimated fair values are based
\non the best information available at each reporting date. Changes
\nin fair values due to updated inputs and new information will be
\nrecorded in the period in which they occur. Given the nature of
\nthe investments and their underlying risks and uncertainties there
\nis a wide range of potential outcomes in respect of these estimated
\nfair values which may vary significantly from the fair value figures
\npresented.
\nThe table below summarises for each of Reinet Fund\u2019s significant
\nlevel 3 investments the valuation methodology used and any
\nsignificant unobservable inputs used in calculating the value of the
\ninvestment as at 31 March 2024. The table is not intended to be
\nall-inclusive, but rather provides information which Reinet Fund
\nregards as significant in respect of unobservable inputs and their
\nsensitivity to reasonable change.
\nUnlisted investments
\nFair value at
\n31 March
\n 2024
\n\u20ac m
\nPrimary valuation
\n technique
\nUnobservable
\n inputs
\nRange
\n (weighted
\naverage)
\nReasonable
\n possible
\nchange +/-
\n(absolute
\nvalue)
\n(1)
\n\u20ac m
\nPension Corporation 3 436
\nMarket comparable
\n companies
\n(2)
\nMarket multiples 0.94 \u2013 1.15
\n(1.05)
\n-360/+327
\nDiscount 5% \u2013 15%
\n (10%)
\n+191/-191
\nTrilantic Capital Partners 443 Net asset value
\n(3)
\nn/a n/a n/a
\nTruArc Partners 372 Net asset value
\n(3)
\nn/a n/a n/a
\nCoatue funds 73 Net asset value
\n(3)
\nn/a n/a n/a
\nAsian private equity companies and
\nportfolio funds 49 Net asset value
\n(3)
\nn/a n/a n/a
\nSpecialised investment funds 97 Net asset value
\n(3)
\nn/a n/a n/a
\n11 Recent financing round Discount n/a Not significant
\nUnited States land development
\nand mortgages
\n21 Discounted cash flow
\n(4)
\nDiscount rate 10% \u2013 30% +2/-1
\n(14.2%)
\nOther investments 15 Net asset value
\n(3)
\nn/a n/a n/a
\n40 Recent financing round Discount n/a Not significant
\n20 Recent financing round n/a n/a n/a
\nTotal 4 577
\n(1) The reasonable possible change is calculated based on the range of unobservable inputs indicated in the table and is only an indication of the sensitivity of such inputs. A larger change in value
\ncould arise as a result of other factors which may occur after the reporting date.
\n(2) The market multiples for the peer group were considered and used as a basis in calculating the estimated fair value of the investment; a movement of 10 per cent has been applied for calculating
\nthe reasonable possible change for this factor, as this is deemed as a reasonable market movement by management. A discount of 10 per cent was applied to recognise in part the lack of
\nliquidity in the unlisted shares; a movement of 5 per cent has been applied for calculating the reasonable possible change for this factor, as this is deemed as a reasonable market movement by
\nmanagement. This investment has also been reviewed by a third-party valuation expert.
\n(3) Reinet Fund has relied upon the latest available net asset value data provided by investment/fund managers, adjusted for changes in the value of listed investments included in the portfolios
\nand cash movements up to 31 March 2024, as applicable. No sensitivity analysis has been performed on the underlying data as no significant unobservable input has been identified at the
\nlevel of Reinet Fund.
\n(4) Included in this investment are US land lots and properties which have been valued at 31 December 2023 on a discounted cash flow approach. Mortgage loans receivable and mortgages
\npayable have been valued using a discounted cash flow approach. Discount rates in the range of 10 per cent to 30 per cent have been applied in determining the fair values of the mortgages
\nbased on the level of risk and estimated timing of repayment. Changes in land values would also affect the value of the investment.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag133": {
"value": "\n
\n\nThe following table presents the movement of the investments held by Reinet Fund for the year ended 31 March 2023:
\nAssets held at fair value through profit
\nor loss
\nOpening
\n balance
\n 1\ue61bApril
\n2022
\n\u20ac m
\nPurchases/
\n (repayments)
\n\u20ac m
\nSale
\nproceeds
\n\u20ac m
\nRealised
\ngains/
\n(losses)
\n in the year
\n\u20ac m
\nMovement
\nin unrealised
\ngains/
\n(losses)
\n in the year
\n(1)
\n\u20ac m
\nClosing
\n balance
\n31 March
\n 2023
\n\u20ac m
\nListed investments
\nBAT 1 832 \u2013 \u2013 \u2013 (271) 1 561
\nOther listed investments 100 \u2013 \u2013 \u2013 (17) 83
\nUnlisted investments
\nPension Corporation 2 796 6 \u2013 \u2013 (15) 2 787
\nTrilantic Capital Partners 385 22 (38) 21 82 472
\nTruArc Partners 202 66 (3) 1 35 301
\nCoatue funds \u2013 50 \u2013 \u2013 \u2013 50
\nAsian private equity companies and
\nportfolio\ue61bfunds 213 22 (9) 2 (9) 219
\nSpecialised investment funds 106 7 (6) 1 (12) 96
\nUnited States land development
\nand\ue61bmortgages 32 (11) \u2013 \u2013 5 26
\nDiamond interests 20 \u2013 (20) (12) 12 \u2013
\nOther investments 81 5 \u2013 \u2013 (28) 58
\n5 767 167 (76) 13 (218) 5 653
\nCash and liquid funds 408 288
\nOther assets and liabilities (243) (220)
\nTotal 5 932 5 721
\n(1) Unrealised gains/(losses) in the year include accrued interest income from investments.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag134": {
"value": "\n5. FINANCIAL RISKS
\n5.1 FINANCIAL RISK FACTORS
\nThe Company has a sole investment in Reinet Fund, therefore the
\nGeneral Partner of the Company relies on the risk management
\nprocedures performed by the Fund Manager, and thus the risk
\nmanagement disclosures set out below are at the level of Reinet Fund.
\nThe Company, through its investment in Reinet Fund, is exposed
\nto a variety of financial risks including market risk (ie currency risk,
\nfair value interest rate risk, cash flow interest rate risk and price risk),
\ncredit risk and liquidity risk.
\nThe Fund Manager seeks to maximise the returns derived for the
\nlevel of risk to which Reinet Fund is exposed and seeks to minimise
\npotential adverse effects on financial performance. Reinet Fund\u2019s
\ninvestment policy allows it to use derivative financial instruments
\nto both moderate and create certain risk exposures. All investments
\npresent a risk of loss of capital. The management of these risks is
\ncarried out by the Fund Manager.
\nReinet Fund will use different methods to measure and manage
\nthe various types of risks to which it is exposed; these methods are
\nexplained on the following pages. There have been no changes in the
\nmethods used in the year under review.
\nDuring the year, global markets continued to be impacted by the effects
\nof the Ukraine crisis, the turmoil in the Middle East, high interest
\nrates and inflation. Whilst inflation has started to fall, high prices
\ncontinue to put significant pressure on households and consumers as
\nmany central banks hold interest rates at current levels to mitigate
\nthe inflation concerns. The extent and impact of these factors remain
\nuncertain. As a result, higher levels of risk and uncertainty exist at
\nthis time and markets are likely to remain volatile for some time, and
\nthereby continue to have an influence on the value and prospects of
\nthe investments held by Reinet Fund.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n5.1.1 Market risk
\nReinet Fund \u2013 Financial assets and liabilities subject to market risk
\n31 March 2024
\nTotal
\n\u20ac m
\nPrice risk
\n\u20ac m
\nForeign
\n exchange
\n risk
\n\u20ac m
\nInterest
\nrate risk
\n\u20ac m
\nAssets
\nListed equity securities 1 452 1 452 1 452 \u2013
\nUnlisted equity securities and funds 4 685 4 685 4 620 \u2013
\nLoans and interest receivable 14 \u2013 14 14
\n6 151 6 137 6 086 14
\nCash and cash equivalents 356 270 354 \u2013
\nOther assets 33 \u2013 33 \u2013
\nTotal assets 6 540 6 407 6 473 14
\nLiabilities
\nBorrowings (229) \u2013 (229) (229)
\nOther liabilities (126) \u2013 (4) \u2013
\nTotal liabilities (355) \u2013 (233) (229)
\nTotal investment in Reinet Fund 6 185
\n31 March 2023
\nTotal
\n\u20ac m
\nPrice risk
\n\u20ac m
\nForeign
\n exchange
\n risk
\n\u20ac m
\nInterest
\nrate risk
\n\u20ac m
\nAssets
\nListed equity securities 1 644 1 644 1 644 \u2013
\nUnlisted equity securities and funds 3 990 3 990 3 952 \u2013
\nLoans and interest receivable 19 \u2013 19 19
\n5 653 5 634 5 615 19
\nCash and cash equivalents 288 234 288 \u2013
\nOther assets 32 \u2013 32 \u2013
\nTotal assets 5 973 5 868 5 935 19
\nLiabilities
\nBorrowings (217) \u2013 (217) (217)
\nOther liabilities (35) \u2013 (5) \u2013
\nTotal liabilities (252) \u2013 (222) (217)
\nTotal investment in Reinet Fund 5 721
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n5.1.1.1 Price risk
\nReinet Fund is exposed to price risk. This arises from the investments
\nheld by Reinet Fund for which prices in the future are uncertain.
\nThe fair value of listed securities is dependent upon stock exchange
\nmovements which are determined by the market\u2019s expectations
\nreflecting interest rates, sentiment, volatility, currency and other
\nfactors both specific to each investment and those affecting the market
\nas a whole. Investments in venture capital and start-up projects will
\nalso tend to have higher price volatility than more mature investments.
\nWhere non-monetary financial instruments are denominated in
\ncurrencies other than the euro, the price initially expressed in foreign
\ncurrency and then converted into euro will also fluctuate because of
\nchanges in foreign exchange rates. Note 5.1.1.2 \u2018Foreign exchange risk\u2019
\nsets out how this component of price risk is managed and measured.
\nReinet Fund\u2019s policy is to manage price risk through the diversification
\nand selection of securities and other financial instruments. It is
\nexpected that this diversification policy will be implemented on a
\nmeasured basis, over a period of time.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nReinet Fund\u2019s exposure to price risk in respect of long-term assets and liabilities was as follows:
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nListed equity securities
\n\u2013 BAT 1 359 1 561
\n\u2013 Other listed investments 93 83
\nUnlisted equity securities and funds
\n\u2013 Pension Corporation 3 436 2 787
\n\u2013 Others
\n1 249 1 203
\nTotal exposure to price risk 6 137 5 634
\nDuring the years ended 31 March 2024 and 31 March 2023, Reinet Fund\u2019s exposure to various industry sectors was principally in respect of
\nits indirect investments held in BAT and Pension Corporation. This represented some 78 per cent of the net asset value of Reinet Fund as at
\n31\ue61bMarch 2024 (31 March 2023: 76 per cent).
\nThe table below summarises the sensitivity of Reinet Fund\u2019s assets to price movements as at 31 March 2024 and 31 March 2023.
\nThe analysis is based on the assumption that prices would increase or decrease by 20 per cent with all other variables held constant. The change
\nis based on a reasonable possible change in the fair value of the investments held as at year-end.
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nEffect of a 20 per cent increase in prices
\nEffect on equity securities and funds 1 227 1 127
\nEffect on net assets 1 227 1 127
\nEffect of a 20 per cent decrease in prices
\nEffect on equity securities and funds (1 227) (1 127)
\nEffect on net assets (1 227) (1 127)
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n5.1.1.2 Foreign exchange risk
\n\n
\nReinet Fund operates internationally and holds both monetary
\nand non-monetary assets denominated in currencies other than
\nthe euro, primarily the US dollar, sterling and South African rand.
\nForeign currency risk, as defined in IFRS 7, arises as the value of
\nfuture transactions, recognised monetary assets and monetary
\nliabilities denominated in other currencies fluctuate due to changes
\nin foreign exchange rates. IFRS 7 considers the foreign exchange
\nexposure relating to non-monetary assets and liabilities to be a
\ncomponent of market price risk not foreign currency risk. The Fund
\nManager, however, monitors the exposure on all foreign currency
\ndenominated assets and liabilities, and hence, the table below has
\nbeen analysed between monetary and non-monetary items to meet
\nthe requirements of IFRS 7.
\n
\n
\nReinet Fund\u2019s policy is currently to minimise its exposure to
\nmonetary foreign exchange movements on liquid funds by holding
\nsuch liquid funds in euro, US dollar and sterling where there
\nare corresponding US dollar and sterling liabilities. That policy
\nmay change to reflect the Fund Manager\u2019s view as to the likely
\ndevelopment of foreign exchange rates in the medium-term or to
\ntake account of requirements for funds for investment purposes in
\ncurrencies other than the euro. Where appropriate, Reinet Fund
\nmay enter into foreign exchange hedging transactions. The exposure
\nto sterling has been partially hedged by borrowings in this currency.
\nWhen the Fund Manager formulates a view on the future direction
\nof foreign exchange rates and the potential impact on Reinet Fund,
\nthe Fund Manager factors that into its resource allocation decisions.
\nWhile Reinet Fund may have direct exposure to foreign exchange rate
\nchanges on the price of non-euro denominated securities, it may also
\nbe indirectly affected by the impact of foreign exchange rate changes
\non the earnings of certain companies in which it invests, most notably
\nBAT and Pension Corporation. For that reason, the sensitivity analysis
\nwill not necessarily indicate the total effect on Reinet Fund\u2019s net assets
\nof future movements in foreign exchange rates.
\nReinet Fund has certain investments in foreign operations, whose
\nnet assets are exposed to foreign currency translation risk. Where
\nappropriate, borrowings in foreign currencies may be used as a
\nnatural hedge of foreign currency assets. Currency exposure arising
\nfrom the net assets of the foreign operations is managed where
\nconsidered necessary through borrowings denominated in the
\nrelevant foreign currencies.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\nThe table below summarises Reinet Fund\u2019s assets and liabilities by currency as at 31 March 2024:
\nConcentration of assets and liabilities
\nby currency
\nGBP USD ZAR EUR Total
\n\u20ac m \u00a3 m \u20ac m $ m \u20ac m R m \u20ac m \u20ac m
\nAssets
\nMonetary assets
\nCash and liquid funds 178 152 176 190 \u2013 \u2013 2 356
\nNon-monetary assets
\nBAT 1 359 1 162 \u2013 \u2013 \u2013 \u2013 \u2013 1 359
\nOther listed investments \u2013 \u2013 93 100 \u2013 \u2013 \u2013 93
\nPension Corporation 3 436 2 938 \u2013 \u2013 \u2013 \u2013 \u2013 3 436
\nTrilantic Capital Partners \u2013 \u2013 399 431 \u2013 \u2013 44 443
\nTruArc Partners \u2013 \u2013 372 402 \u2013 \u2013 \u2013 372
\nCoatue funds \u2013 \u2013 73 79 \u2013 \u2013 \u2013 73
\nAsia private equity companies and
\nportfolio funds \u2013 \u2013 171 185 \u2013 \u2013 \u2013 171
\nSpecialised investment funds 1 \u2013 107 116 \u2013 6 \u2013 108
\nUnited States land development
\nand mortgages \u2013 \u2013 21 23 \u2013 \u2013 \u2013 21
\nOther investments 1 1 54 58 \u2013 \u2013 20 75
\nOther assets 33 28 \u2013 \u2013 \u2013 \u2013 \u2013 33
\nTotal assets 5 008 4 281 1 466 1 584 \u2013 6 66 6 540
\nPercentage of total assets 76.6% 22.4% \u2013 1.0% 100%
\nLiabilities
\nMonetary liabilities
\nBorrowings (229) (196) \u2013 \u2013 \u2013 \u2013 \u2013 (229)
\nNon-monetary liabilities
\nFees payable, other liabilities and minority
\ninterest \u2013 \u2013 (4) (5) \u2013 \u2013 (122) (126)
\nTotal liabilities (229) (196) (4) (5) \u2013 \u2013 (122) (355)
\nPercentage of total liabilities 64.5% 1.1% \u2013 34.4% 100%
\nReinet Fund NAV 4 779 1 462 \u2013 (56) 6 185
\nPercentage of NAV 77.3% 23.6% \u2013 (0.9)% 100%
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nThe table below summarises Reinet Fund\u2019s assets and liabilities by currency as at 31 March 2023:
\nConcentration of assets and liabilities
\nby currency
\nGBP USD ZAR EUR Total
\n\u20ac m \u00a3 m \u20ac m $ m \u20ac m R m \u20ac m \u20ac m
\nAssets
\nMonetary assets
\nCash and liquid funds 144 126 144 156 \u2013 \u2013 \u2013 288
\nNon-monetary assets
\nBAT 1 561 1 372 \u2013 \u2013 \u2013 \u2013 \u2013 1 561
\nOther listed investments \u2013 \u2013 83 90 \u2013 \u2013 \u2013 83
\nPension Corporation 2 787 2 450 \u2013 \u2013 \u2013 \u2013 \u2013 2 787
\nTrilantic Capital Partners \u2013 \u2013 436 473 \u2013 \u2013 36 472
\nTruArc Partners \u2013 \u2013 301 327 \u2013 \u2013 \u2013 301
\nCoatue funds \u2013 \u2013 50 54 \u2013 \u2013 \u2013 50
\nAsia private equity companies and
\nportfolio funds \u2013 \u2013 219 237 \u2013 \u2013 \u2013 219
\nSpecialised investment funds 1 1 93 101 \u2013 6 2 96
\nUnited States land development
\nand mortgages \u2013 \u2013 26 28 \u2013 \u2013 \u2013 26
\nOther investments 6 6 52 56 \u2013 \u2013 \u2013 58
\nOther assets 32 28 \u2013 \u2013 \u2013 \u2013 \u2013 32
\nTotal assets 4 531 3 983 1 404 1 522 \u2013 6 38 5 973
\nPercentage of total assets 75.9% 23.5% \u2013 0.6% 100%
\nLiabilities
\nMonetary liabilities
\nBorrowings (217) (190) \u2013 \u2013 \u2013 \u2013 \u2013 (217)
\nNon-monetary liabilities
\nFees payable, other liabilities and minority
\ninterest \u2013 \u2013 (5) (5) \u2013 \u2013 (30) (35)
\nTotal liabilities (217) (190) (5) (5) \u2013 \u2013 (30) (252)
\nPercentage of total liabilities 86.1% 2.0% \u2013 11.9% 100%
\nReinet Fund NAV 4 314 1 399 \u2013 8 5 721
\nPercentage of NAV 75.4% 24.5% \u2013 0.1% 100%
\nChanges in value due to movement in foreign
\nrates, applying the March 2024 foreign exchange
\nrates to the March 2023 assets and liabilities 123 6 \u2013 \u2013 129
\nManagement of the Fund Manager monitors Reinet Fund\u2019s foreign exchange exposure in respect of monetary assets on a weekly basis and the
\nBoard of Directors of the Fund Manager reviews it at each meeting.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n
\n\n\nThe table below summarises the sensitivity of Reinet Fund\u2019s assets and liabilities to changes in foreign exchange movements at year-end in
\nabsolute terms. The analysis is based on the assumption that the relevant foreign exchange rate increased/decreased by 10 per cent to the euro,
\nwith all other variables held constant. This increase or decrease in the net assets attributable to shareholders arises mainly from a change in the
\nfair value of UK equities, notably the investments held in BAT and Pension Corporation, and other investments denominated in US dollar that
\nare classified as financial assets held at fair value through profit or loss.
\nMovement in each currency against euro
\n31 March 2024
\nIncrease or decrease
\n\u20ac m
\n31 March 2023
\nIncrease or decrease
\n\u20ac m
\nSterling
\nMonetary 5 7
\nNon-monetary 483 439
\nUS dollar
\nMonetary 18 14
\nNon-monetary 129 126
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n
\n
\n\nApplying current year exchange rates to the 31 March 2023 assets
\nand liabilities would have resulted in an increase in value of some
\n\u20ac\ue61b129 million, due to the strengthening of sterling and the US dollar.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n5.1.1.3 Interest rate risk
\nInterest rate risk arises from the effects of fluctuations in the
\nprevailing levels of market interest rates on the fair value of financial
\nassets and liabilities and future cash flows. Reinet Fund holds fixed
\ninterest loans and has long-term borrowings that expose it to fair
\nvalue interest rate risk.
\nAs at 31 March 2024, Reinet Fund held financial assets with fixed
\ninterest rates amounting to \u20ac 14 million (31 March 2023: \u20ac 19 million).
\nThere were no financial assets with variable interest rates held as at
\n31\ue61bMarch 2024 and 31 March 2023.
\nBorrowings at variable rates expose Reinet Fund to cash flow interest
\nrate risk, this is partly offset by cash and financial assets held at
\nvariable rates. There were no borrowings outstanding at variable
\nrates at 31 March 2024 and 31 March 2023.
\nChanges in interest rates affect the fair value of fixed interest
\nfinancial assets and liabilities. A change in interest rates of 100
\nbasis points would increase/decrease the fair value by \u20ac 2 million at
\n31\ue61bMarch\ue61b2024 (31 March 2023: \u20ac 4 million).
\nReinet Fund may also be indirectly affected by the impact of interest
\nrate changes on the earnings of its investments and the impact on
\nthe investment valuations that use interest rates as an input in the
\nvaluation model. The sensitivity analysis may not indicate the total
\neffect on the movement in these interest rates.
\nThe Fund Manager monitors Reinet Fund\u2019s overall interest rate
\nsensitivity on a regular basis.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n5.1.2 Credit risk
\nReinet Fund is exposed to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when they fall due.
\nThe main credit risk to which Reinet Fund is exposed arises from bank deposits, bonds, loans to third parties and borrowings where Reinet Fund\u2019s
\nassets are pledged in favour of a third-party. Reinet Fund is also exposed to counterparty credit risk on other receivable balances.
\nReinet Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management
\nconsiders both historical analysis and forward-looking information in determining any expected credit loss.
\nReinet Fund\u2019s policy to manage this risk is to place funds only with banks which have strong credit ratings.
\nThe analysis below summarises the credit quality of Reinet Fund\u2019s cash and liquid funds.
\n31 March 2024 31 March 2023
\nBanks by rating category (Moody\u2019s) \u20ac m % \u20ac m %
\nAaa 270 76 234 81
\nAa3 27 8 19 7
\nA1 13 3 1 \u2013
\nA2 \u2013 \u2013 14 5
\nA3 46 13 20 7
\nTotal 356 100 288 100
\nIn addition, Reinet Fund has the following investments and receivables that are exposed to credit risk:
\n31 March 2024 31 March 2023
\n\u20ac m % \u20ac m %
\nLoans to private equity interests at fair value 14 100 19 100
\nTotal 14 100 19 100
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestments in loans are reviewed periodically and revalued where
\nnecessary. The loans are neither rated nor listed.
\nAll transactions in listed securities are settled/paid for upon delivery
\nusing approved brokers. The risk of default is considered minimal, as
\ndelivery of securities sold is only made once the broker has received
\npayment. Payment is made on a purchase once the securities have
\nbeen received by the broker. The trade will fail if either party fails to
\nmeet its obligation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n5.1.3 Liquidity risk
\nLiquidity risk is the risk that Reinet Fund may not be able to generate
\nsufficient cash resources to settle its obligations in full as they fall
\ndue or can only do so on terms that are materially disadvantageous.
\nThe Fund Manager monitors Reinet Fund\u2019s liquidity position on a
\ndaily basis.
\nDuring the year under review, Reinet Fund obtained a fixed-rate
\n\u00a3\ue61b100\ue61bmillion margin loan from Citibank N.A. The loan is repayable
\nin August 2024.
\nIn addition, Reinet Fund obtained a fixed-rate \u00a3 100 million
\nmargin loan from Bank of America, N.A. The loan is repayable in
\nMarch\ue61b2025.
\nSome 15 million BAT shares have been pledged to collateralise these
\ntwo loans.
\nReinet Fund has a facility agreement in place with Citibank
\nN.A. up to 19 August 2024 and with Bank of America, N.A.
\nup to 21\ue61b March\ue61b 2025. The borrowing facilities allow Reinet to
\ndrawdown the equivalent of up to \u20ac 234 million (\u00a3 200 million)
\nin a combination of currencies to fund further investment
\ncommitments. As at 31\ue61bMarch 2024, Reinet Fund has not drawn
\nany amount under these facilities.
\nAs at 31 March 2024, 76 per cent of the net asset value of Reinet
\nFund\u2019s invested assets are not actively traded on a stock exchange.
\nReinet Fund\u2019s listed investment in BAT is considered readily
\nrealisable as its shares are traded with significant daily volumes on
\nthe London Stock Exchange.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n\nThe table below shows the contractual undiscounted cash flows in respect of borrowings and interest thereon.
\nPayments due at 31 March 2024
\n31 March 2024
\n\u20ac m
\n31 March 2025
\n\u20ac m
\nBorrowings GBP 200 million \u2013 229
\nPayments due at 31 March 2023
\nBorrowings GBP 200 million \u2013 217
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\ncred5.2 CAPITAL RISK MANAGEMENT
\nThe Company\u2019s principal objective when managing capital is to
\nsafeguard its ability to continue as a going concern in order to
\nprovide returns for shareholders and benefits for other stakeholders
\nand to maintain a strong capital base to support the development of
\nits investment activities.
\nCapital is comprised of share capital, share premium, non-
\ndistributable reserves, retained earnings and treasury shares as
\napplicable.
\nReinet Fund is not subject to any externally imposed capital
\nrequirements other than any minimum capital requirement imposed
\nby applicable laws and regulations (currently a minimum capital of
\n\u20ac 1 250 000 is required by law).
\nDuring the year, Reinet Fund complied with the above requirement
\nand reported a net asset value of \u20ac 6 185 million as at 31 March\ue61b2024
\n(31 March 2023: \u20ac 5 721 million).
\nDuring the year under review, a dividend of some \u20ac 55 million
\n(31\ue61bMarch 2023: \u20ac 51 million) was paid to shareholders. There were
\nno shares repurchased during the year (31 March 2023: 2.3 million
\nshares for a cost of \u20ac 45 million). There have been no other changes
\nin capital in the year other than profits generated in the ordinary
\ncourse of business.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n5.3 FAIR VALUE ESTIMATION
\nThe Company and Reinet Fund have established a control
\nframework with respect to the measurement of fair values. This
\nincludes a valuation role that is responsible for co-ordinating all
\nsignificant fair value measurements, including level 3 fair values, and
\nreports directly to the Chief Financial Officer (\u2018CFO\u2019).
\nWhere necessary, independent external valuation experts may
\nbe engaged to assist in the assessment of the fair value of those
\ninvestments where market observable data is limited. A review is
\ncarried out on a quarterly basis of all fair values based on latest
\navailable financial information. The CFO reviews significant
\nunobservable inputs and valuation adjustments.
\nConsideration is also given to the classification of each investment
\ninto the fair value hierarchy to reflect the level of judgement involved
\nin estimating fair values. Where a transfer between levels is required
\nin the reporting period, the transfer is deemed to have occurred at
\nthe beginning of the reporting period.
\nAll investment valuations, including significant valuation issues are
\nreported to the Board of Overseers and the Board of Directors of the
\nFund Manager and General Partner on a quarterly basis.
\nIn accordance with IFRS 13 the Company classifies fair value
\nmeasurements using a fair value hierarchy that reflects the
\nsignificance of the inputs used in making the measurements. The
\nfair value hierarchy has the following levels:
\n\u2022 Quoted prices (unadjusted) in active markets for identical assets
\n(level 1);
\n\u2022 Inputs other than quoted prices included within level 1 that are
\nobservable for the asset, either directly (ie as prices) or indirectly
\n(ie derived from prices) (level 2); and
\n\u2022 Inputs for the assets that are not based on observable market
\ndata (ie unobservable inputs) (level 3).
\nThe level in the fair value hierarchy within which the fair value
\nmeasurement is categorised in its entirety is determined on the
\nbasis of the lowest level input that is significant to the fair value
\nmeasurement in its entirety. For this purpose, the significance of an
\ninput is assessed against the fair value measurement in its entirety. If a
\nfair value measurement uses observable inputs that require significant
\nadjustment based on unobservable inputs, that measurement is a
\nlevel 3 measurement. Assessing the significance of a particular input
\nto the fair value measurement in its entirety requires judgement,
\nconsidering factors specific to the asset or liability.
\nThe determination of what constitutes \u2018observable\u2019 requires
\nsignificant judgement. The Company considers observable data to be
\nmarket data that is readily available, regularly distributed or updated,
\nreliable and verifiable, not proprietary, and provided by independent
\nsources that are actively involved in the relevant market.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n
\n
\n\nThe following table analyses, within the fair value hierarchy, the Company\u2019s financial assets and liabilities measured at fair value at 31 March 2024
\nand 31 March 2023:
\n31 March 2024
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Investment in Reinet Fund \u2013 \u2013 6 185 6 185
\nTotal \u2013 \u2013 6 185 6 185
\n31 March 2023
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Investment in Reinet Fund \u2013 \u2013 5 721 5 721
\nTotal \u2013 \u2013 5 721 5 721
\nThe Company had no transfers between level 2 and level 3 during the year.
\nThe following table presents the movement in level 3 investments for the Company for the years ended 31 March 2024 and 31 March 2023:
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nOpening balance 5 721 5 932
\nDistribution of capital \u2013 (40)
\nGain/(loss) for the year 464 (171)
\nClosing balance 6 185 5 721
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\nThe following tables analyse, within the fair value hierarchy, Reinet Fund\u2019s financial assets and liabilities measured at fair value:
\n31 March 2024
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Equity securities and funds 1 452 122 4 563 6 137
\n\u2013 Loans \u2013 \u2013 14 14
\nTotal 1 452 122 4 577 6 151
\nLiabilities
\nBorrowings \u2013 (229) \u2013 (229)
\nTotal \u2013 (229) \u2013 (229)
\nNet 5 922
\nOther assets/(liabilities) 263
\nReinet Fund net asset value 6 185
\n31 March 2023
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Equity securities and funds 1 644 141 3 849 5 634
\n\u2013 Loans \u2013 \u2013 19 19
\nTotal 1 644 141 3 868 5 653
\nLiabilities
\nBorrowings \u2013 (217) \u2013 (217)
\nTotal \u2013 (217) \u2013 (217)
\nNet 5 436
\nOther assets/(liabilities) 285
\nReinet Fund net asset value 5 721
\nInvestments whose values are based on quoted market prices in active
\nmarkets, and therefore classified within level 1, include active listed
\nequities. Reinet Fund does not adjust the quoted price for these
\ninstruments.
\nFinancial instruments that trade in markets that are not considered
\nto be active but are valued based on quoted market prices, dealer
\nquotations or alternative pricing sources supported by observable
\ninputs, as well as open-ended funds are classified within level 2. As
\nlevel 2 investments include positions that are not traded in active
\nmarkets and/or are subject to transfer restrictions, valuations may be
\nadjusted to reflect illiquidity and/or non-transferability, which are
\ngenerally based on available market information.
\nInvestments classified within level 3 have significant unobservable
\ninputs, as they trade infrequently. Level 3 instruments include the
\nCompany\u2019s investment in Reinet Fund, which in turn includes
\ninvestments in unlisted equities, private equity funds and loans.
\nAs observable prices are not available for these investments, Reinet
\nFund has used fair values obtained from audited and unaudited
\nfinancial statements provided by fund managers, valuations obtained
\nfrom third-party experts using appropriate valuation methods, and
\ndiscounted cash flow analyses to derive fair values.
\nAs noted in 5.1.1.1 Reinet Fund holds shares in BAT, these shares
\nare listed on the London and Johannesburg Stock Exchanges and
\nmovements in the share price could have a significant effect on the
\nvalue of Reinet Fund.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\nSensitivity of level 3 investments
\nLevel 3 valuations are reviewed on a regular basis by the Board
\nof Overseers, who consider the appropriateness of the valuation
\nmodels used, as well as the results using various valuation techniques
\ngenerally recognised as standard within the fund industry.
\nUnobservable inputs and the resulting estimated fair values are based
\non the best information available at each reporting date. Changes
\nin fair values due to updated inputs and new information will be
\nrecorded in the period in which they occur. Given the nature of
\nthe investments and their underlying risks and uncertainties there
\nis a wide range of potential outcomes in respect of these estimated
\nfair values which may vary significantly from the fair value figures
\npresented.
\nThe table below summarises for each of Reinet Fund\u2019s significant
\nlevel 3 investments the valuation methodology used and any
\nsignificant unobservable inputs used in calculating the value of the
\ninvestment as at 31 March 2024. The table is not intended to be
\nall-inclusive, but rather provides information which Reinet Fund
\nregards as significant in respect of unobservable inputs and their
\nsensitivity to reasonable change.
\nUnlisted investments
\nFair value at
\n31 March
\n 2024
\n\u20ac m
\nPrimary valuation
\n technique
\nUnobservable
\n inputs
\nRange
\n (weighted
\naverage)
\nReasonable
\n possible
\nchange +/-
\n(absolute
\nvalue)
\n(1)
\n\u20ac m
\nPension Corporation 3 436
\nMarket comparable
\n companies
\n(2)
\nMarket multiples 0.94 \u2013 1.15
\n(1.05)
\n-360/+327
\nDiscount 5% \u2013 15%
\n (10%)
\n+191/-191
\nTrilantic Capital Partners 443 Net asset value
\n(3)
\nn/a n/a n/a
\nTruArc Partners 372 Net asset value
\n(3)
\nn/a n/a n/a
\nCoatue funds 73 Net asset value
\n(3)
\nn/a n/a n/a
\nAsian private equity companies and
\nportfolio funds 49 Net asset value
\n(3)
\nn/a n/a n/a
\nSpecialised investment funds 97 Net asset value
\n(3)
\nn/a n/a n/a
\n11 Recent financing round Discount n/a Not significant
\nUnited States land development
\nand mortgages
\n21 Discounted cash flow
\n(4)
\nDiscount rate 10% \u2013 30% +2/-1
\n(14.2%)
\nOther investments 15 Net asset value
\n(3)
\nn/a n/a n/a
\n40 Recent financing round Discount n/a Not significant
\n20 Recent financing round n/a n/a n/a
\nTotal 4 577
\n(1) The reasonable possible change is calculated based on the range of unobservable inputs indicated in the table and is only an indication of the sensitivity of such inputs. A larger change in value
\ncould arise as a result of other factors which may occur after the reporting date.
\n(2) The market multiples for the peer group were considered and used as a basis in calculating the estimated fair value of the investment; a movement of 10 per cent has been applied for calculating
\nthe reasonable possible change for this factor, as this is deemed as a reasonable market movement by management. A discount of 10 per cent was applied to recognise in part the lack of
\nliquidity in the unlisted shares; a movement of 5 per cent has been applied for calculating the reasonable possible change for this factor, as this is deemed as a reasonable market movement by
\nmanagement. This investment has also been reviewed by a third-party valuation expert.
\n(3) Reinet Fund has relied upon the latest available net asset value data provided by investment/fund managers, adjusted for changes in the value of listed investments included in the portfolios
\nand cash movements up to 31 March 2024, as applicable. No sensitivity analysis has been performed on the underlying data as no significant unobservable input has been identified at the
\nlevel of Reinet Fund.
\n(4) Included in this investment are US land lots and properties which have been valued at 31 December 2023 on a discounted cash flow approach. Mortgage loans receivable and mortgages
\npayable have been valued using a discounted cash flow approach. Discount rates in the range of 10 per cent to 30 per cent have been applied in determining the fair values of the mortgages
\nbased on the level of risk and estimated timing of repayment. Changes in land values would also affect the value of the investment.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag135": {
"value": "\n
\n
\n\n\n5.1.1 Market risk
\nReinet Fund \u2013 Financial assets and liabilities subject to market risk
\n31 March 2024
\nTotal
\n\u20ac m
\nPrice risk
\n\u20ac m
\nForeign
\n exchange
\n risk
\n\u20ac m
\nInterest
\nrate risk
\n\u20ac m
\nAssets
\nListed equity securities 1 452 1 452 1 452 \u2013
\nUnlisted equity securities and funds 4 685 4 685 4 620 \u2013
\nLoans and interest receivable 14 \u2013 14 14
\n6 151 6 137 6 086 14
\nCash and cash equivalents 356 270 354 \u2013
\nOther assets 33 \u2013 33 \u2013
\nTotal assets 6 540 6 407 6 473 14
\nLiabilities
\nBorrowings (229) \u2013 (229) (229)
\nOther liabilities (126) \u2013 (4) \u2013
\nTotal liabilities (355) \u2013 (233) (229)
\nTotal investment in Reinet Fund 6 185
\n31 March 2023
\nTotal
\n\u20ac m
\nPrice risk
\n\u20ac m
\nForeign
\n exchange
\n risk
\n\u20ac m
\nInterest
\nrate risk
\n\u20ac m
\nAssets
\nListed equity securities 1 644 1 644 1 644 \u2013
\nUnlisted equity securities and funds 3 990 3 990 3 952 \u2013
\nLoans and interest receivable 19 \u2013 19 19
\n5 653 5 634 5 615 19
\nCash and cash equivalents 288 234 288 \u2013
\nOther assets 32 \u2013 32 \u2013
\nTotal assets 5 973 5 868 5 935 19
\nLiabilities
\nBorrowings (217) \u2013 (217) (217)
\nOther liabilities (35) \u2013 (5) \u2013
\nTotal liabilities (252) \u2013 (222) (217)
\nTotal investment in Reinet Fund 5 721
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n5.1.1.1 Price risk
\nReinet Fund is exposed to price risk. This arises from the investments
\nheld by Reinet Fund for which prices in the future are uncertain.
\nThe fair value of listed securities is dependent upon stock exchange
\nmovements which are determined by the market\u2019s expectations
\nreflecting interest rates, sentiment, volatility, currency and other
\nfactors both specific to each investment and those affecting the market
\nas a whole. Investments in venture capital and start-up projects will
\nalso tend to have higher price volatility than more mature investments.
\nWhere non-monetary financial instruments are denominated in
\ncurrencies other than the euro, the price initially expressed in foreign
\ncurrency and then converted into euro will also fluctuate because of
\nchanges in foreign exchange rates. Note 5.1.1.2 \u2018Foreign exchange risk\u2019
\nsets out how this component of price risk is managed and measured.
\nReinet Fund\u2019s policy is to manage price risk through the diversification
\nand selection of securities and other financial instruments. It is
\nexpected that this diversification policy will be implemented on a
\nmeasured basis, over a period of time.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nReinet Fund\u2019s exposure to price risk in respect of long-term assets and liabilities was as follows:
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nListed equity securities
\n\u2013 BAT 1 359 1 561
\n\u2013 Other listed investments 93 83
\nUnlisted equity securities and funds
\n\u2013 Pension Corporation 3 436 2 787
\n\u2013 Others
\n1 249 1 203
\nTotal exposure to price risk 6 137 5 634
\nDuring the years ended 31 March 2024 and 31 March 2023, Reinet Fund\u2019s exposure to various industry sectors was principally in respect of
\nits indirect investments held in BAT and Pension Corporation. This represented some 78 per cent of the net asset value of Reinet Fund as at
\n31\ue61bMarch 2024 (31 March 2023: 76 per cent).
\nThe table below summarises the sensitivity of Reinet Fund\u2019s assets to price movements as at 31 March 2024 and 31 March 2023.
\nThe analysis is based on the assumption that prices would increase or decrease by 20 per cent with all other variables held constant. The change
\nis based on a reasonable possible change in the fair value of the investments held as at year-end.
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nEffect of a 20 per cent increase in prices
\nEffect on equity securities and funds 1 227 1 127
\nEffect on net assets 1 227 1 127
\nEffect of a 20 per cent decrease in prices
\nEffect on equity securities and funds (1 227) (1 127)
\nEffect on net assets (1 227) (1 127)
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\nReinet Fund operates internationally and holds both monetary
\nand non-monetary assets denominated in currencies other than
\nthe euro, primarily the US dollar, sterling and South African rand.
\nForeign currency risk, as defined in IFRS 7, arises as the value of
\nfuture transactions, recognised monetary assets and monetary
\nliabilities denominated in other currencies fluctuate due to changes
\nin foreign exchange rates. IFRS 7 considers the foreign exchange
\nexposure relating to non-monetary assets and liabilities to be a
\ncomponent of market price risk not foreign currency risk. The Fund
\nManager, however, monitors the exposure on all foreign currency
\ndenominated assets and liabilities, and hence, the table below has
\nbeen analysed between monetary and non-monetary items to meet
\nthe requirements of IFRS 7.
\n
\n
\nReinet Fund\u2019s policy is currently to minimise its exposure to
\nmonetary foreign exchange movements on liquid funds by holding
\nsuch liquid funds in euro, US dollar and sterling where there
\nare corresponding US dollar and sterling liabilities. That policy
\nmay change to reflect the Fund Manager\u2019s view as to the likely
\ndevelopment of foreign exchange rates in the medium-term or to
\ntake account of requirements for funds for investment purposes in
\ncurrencies other than the euro. Where appropriate, Reinet Fund
\nmay enter into foreign exchange hedging transactions. The exposure
\nto sterling has been partially hedged by borrowings in this currency.
\nWhen the Fund Manager formulates a view on the future direction
\nof foreign exchange rates and the potential impact on Reinet Fund,
\nthe Fund Manager factors that into its resource allocation decisions.
\nWhile Reinet Fund may have direct exposure to foreign exchange rate
\nchanges on the price of non-euro denominated securities, it may also
\nbe indirectly affected by the impact of foreign exchange rate changes
\non the earnings of certain companies in which it invests, most notably
\nBAT and Pension Corporation. For that reason, the sensitivity analysis
\nwill not necessarily indicate the total effect on Reinet Fund\u2019s net assets
\nof future movements in foreign exchange rates.
\nReinet Fund has certain investments in foreign operations, whose
\nnet assets are exposed to foreign currency translation risk. Where
\nappropriate, borrowings in foreign currencies may be used as a
\nnatural hedge of foreign currency assets. Currency exposure arising
\nfrom the net assets of the foreign operations is managed where
\nconsidered necessary through borrowings denominated in the
\nrelevant foreign currencies.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe table below summarises Reinet Fund\u2019s assets and liabilities by currency as at 31 March 2024:
\nConcentration of assets and liabilities
\nby currency
\nGBP USD ZAR EUR Total
\n\u20ac m \u00a3 m \u20ac m $ m \u20ac m R m \u20ac m \u20ac m
\nAssets
\nMonetary assets
\nCash and liquid funds 178 152 176 190 \u2013 \u2013 2 356
\nNon-monetary assets
\nBAT 1 359 1 162 \u2013 \u2013 \u2013 \u2013 \u2013 1 359
\nOther listed investments \u2013 \u2013 93 100 \u2013 \u2013 \u2013 93
\nPension Corporation 3 436 2 938 \u2013 \u2013 \u2013 \u2013 \u2013 3 436
\nTrilantic Capital Partners \u2013 \u2013 399 431 \u2013 \u2013 44 443
\nTruArc Partners \u2013 \u2013 372 402 \u2013 \u2013 \u2013 372
\nCoatue funds \u2013 \u2013 73 79 \u2013 \u2013 \u2013 73
\nAsia private equity companies and
\nportfolio funds \u2013 \u2013 171 185 \u2013 \u2013 \u2013 171
\nSpecialised investment funds 1 \u2013 107 116 \u2013 6 \u2013 108
\nUnited States land development
\nand mortgages \u2013 \u2013 21 23 \u2013 \u2013 \u2013 21
\nOther investments 1 1 54 58 \u2013 \u2013 20 75
\nOther assets 33 28 \u2013 \u2013 \u2013 \u2013 \u2013 33
\nTotal assets 5 008 4 281 1 466 1 584 \u2013 6 66 6 540
\nPercentage of total assets 76.6% 22.4% \u2013 1.0% 100%
\nLiabilities
\nMonetary liabilities
\nBorrowings (229) (196) \u2013 \u2013 \u2013 \u2013 \u2013 (229)
\nNon-monetary liabilities
\nFees payable, other liabilities and minority
\ninterest \u2013 \u2013 (4) (5) \u2013 \u2013 (122) (126)
\nTotal liabilities (229) (196) (4) (5) \u2013 \u2013 (122) (355)
\nPercentage of total liabilities 64.5% 1.1% \u2013 34.4% 100%
\nReinet Fund NAV 4 779 1 462 \u2013 (56) 6 185
\nPercentage of NAV 77.3% 23.6% \u2013 (0.9)% 100%
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe table below summarises Reinet Fund\u2019s assets and liabilities by currency as at 31 March 2023:
\nConcentration of assets and liabilities
\nby currency
\nGBP USD ZAR EUR Total
\n\u20ac m \u00a3 m \u20ac m $ m \u20ac m R m \u20ac m \u20ac m
\nAssets
\nMonetary assets
\nCash and liquid funds 144 126 144 156 \u2013 \u2013 \u2013 288
\nNon-monetary assets
\nBAT 1 561 1 372 \u2013 \u2013 \u2013 \u2013 \u2013 1 561
\nOther listed investments \u2013 \u2013 83 90 \u2013 \u2013 \u2013 83
\nPension Corporation 2 787 2 450 \u2013 \u2013 \u2013 \u2013 \u2013 2 787
\nTrilantic Capital Partners \u2013 \u2013 436 473 \u2013 \u2013 36 472
\nTruArc Partners \u2013 \u2013 301 327 \u2013 \u2013 \u2013 301
\nCoatue funds \u2013 \u2013 50 54 \u2013 \u2013 \u2013 50
\nAsia private equity companies and
\nportfolio funds \u2013 \u2013 219 237 \u2013 \u2013 \u2013 219
\nSpecialised investment funds 1 1 93 101 \u2013 6 2 96
\nUnited States land development
\nand mortgages \u2013 \u2013 26 28 \u2013 \u2013 \u2013 26
\nOther investments 6 6 52 56 \u2013 \u2013 \u2013 58
\nOther assets 32 28 \u2013 \u2013 \u2013 \u2013 \u2013 32
\nTotal assets 4 531 3 983 1 404 1 522 \u2013 6 38 5 973
\nPercentage of total assets 75.9% 23.5% \u2013 0.6% 100%
\nLiabilities
\nMonetary liabilities
\nBorrowings (217) (190) \u2013 \u2013 \u2013 \u2013 \u2013 (217)
\nNon-monetary liabilities
\nFees payable, other liabilities and minority
\ninterest \u2013 \u2013 (5) (5) \u2013 \u2013 (30) (35)
\nTotal liabilities (217) (190) (5) (5) \u2013 \u2013 (30) (252)
\nPercentage of total liabilities 86.1% 2.0% \u2013 11.9% 100%
\nReinet Fund NAV 4 314 1 399 \u2013 8 5 721
\nPercentage of NAV 75.4% 24.5% \u2013 0.1% 100%
\nChanges in value due to movement in foreign
\nrates, applying the March 2024 foreign exchange
\nrates to the March 2023 assets and liabilities 123 6 \u2013 \u2013 129
\nManagement of the Fund Manager monitors Reinet Fund\u2019s foreign exchange exposure in respect of monetary assets on a weekly basis and the
\nBoard of Directors of the Fund Manager reviews it at each meeting.
\n
\n\n\n\n\n\n\n\nThe table below summarises the sensitivity of Reinet Fund\u2019s assets and liabilities to changes in foreign exchange movements at year-end in
\nabsolute terms. The analysis is based on the assumption that the relevant foreign exchange rate increased/decreased by 10 per cent to the euro,
\nwith all other variables held constant. This increase or decrease in the net assets attributable to shareholders arises mainly from a change in the
\nfair value of UK equities, notably the investments held in BAT and Pension Corporation, and other investments denominated in US dollar that
\nare classified as financial assets held at fair value through profit or loss.
\nMovement in each currency against euro
\n31 March 2024
\nIncrease or decrease
\n\u20ac m
\n31 March 2023
\nIncrease or decrease
\n\u20ac m
\nSterling
\nMonetary 5 7
\nNon-monetary 483 439
\nUS dollar
\nMonetary 18 14
\nNon-monetary 129 126
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\nApplying current year exchange rates to the 31 March 2023 assets
\nand liabilities would have resulted in an increase in value of some
\n\u20ac\ue61b129 million, due to the strengthening of sterling and the US dollar.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag136": {
"value": "\n
\n\n
\n5.1.1.2 Foreign exchange risk
\n\n
\nReinet Fund operates internationally and holds both monetary
\nand non-monetary assets denominated in currencies other than
\nthe euro, primarily the US dollar, sterling and South African rand.
\nForeign currency risk, as defined in IFRS 7, arises as the value of
\nfuture transactions, recognised monetary assets and monetary
\nliabilities denominated in other currencies fluctuate due to changes
\nin foreign exchange rates. IFRS 7 considers the foreign exchange
\nexposure relating to non-monetary assets and liabilities to be a
\ncomponent of market price risk not foreign currency risk. The Fund
\nManager, however, monitors the exposure on all foreign currency
\ndenominated assets and liabilities, and hence, the table below has
\nbeen analysed between monetary and non-monetary items to meet
\nthe requirements of IFRS 7.
\n
\n
\nReinet Fund\u2019s policy is currently to minimise its exposure to
\nmonetary foreign exchange movements on liquid funds by holding
\nsuch liquid funds in euro, US dollar and sterling where there
\nare corresponding US dollar and sterling liabilities. That policy
\nmay change to reflect the Fund Manager\u2019s view as to the likely
\ndevelopment of foreign exchange rates in the medium-term or to
\ntake account of requirements for funds for investment purposes in
\ncurrencies other than the euro. Where appropriate, Reinet Fund
\nmay enter into foreign exchange hedging transactions. The exposure
\nto sterling has been partially hedged by borrowings in this currency.
\nWhen the Fund Manager formulates a view on the future direction
\nof foreign exchange rates and the potential impact on Reinet Fund,
\nthe Fund Manager factors that into its resource allocation decisions.
\nWhile Reinet Fund may have direct exposure to foreign exchange rate
\nchanges on the price of non-euro denominated securities, it may also
\nbe indirectly affected by the impact of foreign exchange rate changes
\non the earnings of certain companies in which it invests, most notably
\nBAT and Pension Corporation. For that reason, the sensitivity analysis
\nwill not necessarily indicate the total effect on Reinet Fund\u2019s net assets
\nof future movements in foreign exchange rates.
\nReinet Fund has certain investments in foreign operations, whose
\nnet assets are exposed to foreign currency translation risk. Where
\nappropriate, borrowings in foreign currencies may be used as a
\nnatural hedge of foreign currency assets. Currency exposure arising
\nfrom the net assets of the foreign operations is managed where
\nconsidered necessary through borrowings denominated in the
\nrelevant foreign currencies.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe table below summarises Reinet Fund\u2019s assets and liabilities by currency as at 31 March 2024:
\nConcentration of assets and liabilities
\nby currency
\nGBP USD ZAR EUR Total
\n\u20ac m \u00a3 m \u20ac m $ m \u20ac m R m \u20ac m \u20ac m
\nAssets
\nMonetary assets
\nCash and liquid funds 178 152 176 190 \u2013 \u2013 2 356
\nNon-monetary assets
\nBAT 1 359 1 162 \u2013 \u2013 \u2013 \u2013 \u2013 1 359
\nOther listed investments \u2013 \u2013 93 100 \u2013 \u2013 \u2013 93
\nPension Corporation 3 436 2 938 \u2013 \u2013 \u2013 \u2013 \u2013 3 436
\nTrilantic Capital Partners \u2013 \u2013 399 431 \u2013 \u2013 44 443
\nTruArc Partners \u2013 \u2013 372 402 \u2013 \u2013 \u2013 372
\nCoatue funds \u2013 \u2013 73 79 \u2013 \u2013 \u2013 73
\nAsia private equity companies and
\nportfolio funds \u2013 \u2013 171 185 \u2013 \u2013 \u2013 171
\nSpecialised investment funds 1 \u2013 107 116 \u2013 6 \u2013 108
\nUnited States land development
\nand mortgages \u2013 \u2013 21 23 \u2013 \u2013 \u2013 21
\nOther investments 1 1 54 58 \u2013 \u2013 20 75
\nOther assets 33 28 \u2013 \u2013 \u2013 \u2013 \u2013 33
\nTotal assets 5 008 4 281 1 466 1 584 \u2013 6 66 6 540
\nPercentage of total assets 76.6% 22.4% \u2013 1.0% 100%
\nLiabilities
\nMonetary liabilities
\nBorrowings (229) (196) \u2013 \u2013 \u2013 \u2013 \u2013 (229)
\nNon-monetary liabilities
\nFees payable, other liabilities and minority
\ninterest \u2013 \u2013 (4) (5) \u2013 \u2013 (122) (126)
\nTotal liabilities (229) (196) (4) (5) \u2013 \u2013 (122) (355)
\nPercentage of total liabilities 64.5% 1.1% \u2013 34.4% 100%
\nReinet Fund NAV 4 779 1 462 \u2013 (56) 6 185
\nPercentage of NAV 77.3% 23.6% \u2013 (0.9)% 100%
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nThe table below summarises Reinet Fund\u2019s assets and liabilities by currency as at 31 March 2023:
\nConcentration of assets and liabilities
\nby currency
\nGBP USD ZAR EUR Total
\n\u20ac m \u00a3 m \u20ac m $ m \u20ac m R m \u20ac m \u20ac m
\nAssets
\nMonetary assets
\nCash and liquid funds 144 126 144 156 \u2013 \u2013 \u2013 288
\nNon-monetary assets
\nBAT 1 561 1 372 \u2013 \u2013 \u2013 \u2013 \u2013 1 561
\nOther listed investments \u2013 \u2013 83 90 \u2013 \u2013 \u2013 83
\nPension Corporation 2 787 2 450 \u2013 \u2013 \u2013 \u2013 \u2013 2 787
\nTrilantic Capital Partners \u2013 \u2013 436 473 \u2013 \u2013 36 472
\nTruArc Partners \u2013 \u2013 301 327 \u2013 \u2013 \u2013 301
\nCoatue funds \u2013 \u2013 50 54 \u2013 \u2013 \u2013 50
\nAsia private equity companies and
\nportfolio funds \u2013 \u2013 219 237 \u2013 \u2013 \u2013 219
\nSpecialised investment funds 1 1 93 101 \u2013 6 2 96
\nUnited States land development
\nand mortgages \u2013 \u2013 26 28 \u2013 \u2013 \u2013 26
\nOther investments 6 6 52 56 \u2013 \u2013 \u2013 58
\nOther assets 32 28 \u2013 \u2013 \u2013 \u2013 \u2013 32
\nTotal assets 4 531 3 983 1 404 1 522 \u2013 6 38 5 973
\nPercentage of total assets 75.9% 23.5% \u2013 0.6% 100%
\nLiabilities
\nMonetary liabilities
\nBorrowings (217) (190) \u2013 \u2013 \u2013 \u2013 \u2013 (217)
\nNon-monetary liabilities
\nFees payable, other liabilities and minority
\ninterest \u2013 \u2013 (5) (5) \u2013 \u2013 (30) (35)
\nTotal liabilities (217) (190) (5) (5) \u2013 \u2013 (30) (252)
\nPercentage of total liabilities 86.1% 2.0% \u2013 11.9% 100%
\nReinet Fund NAV 4 314 1 399 \u2013 8 5 721
\nPercentage of NAV 75.4% 24.5% \u2013 0.1% 100%
\nChanges in value due to movement in foreign
\nrates, applying the March 2024 foreign exchange
\nrates to the March 2023 assets and liabilities 123 6 \u2013 \u2013 129
\nManagement of the Fund Manager monitors Reinet Fund\u2019s foreign exchange exposure in respect of monetary assets on a weekly basis and the
\nBoard of Directors of the Fund Manager reviews it at each meeting.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe table below summarises the sensitivity of Reinet Fund\u2019s assets and liabilities to changes in foreign exchange movements at year-end in
\nabsolute terms. The analysis is based on the assumption that the relevant foreign exchange rate increased/decreased by 10 per cent to the euro,
\nwith all other variables held constant. This increase or decrease in the net assets attributable to shareholders arises mainly from a change in the
\nfair value of UK equities, notably the investments held in BAT and Pension Corporation, and other investments denominated in US dollar that
\nare classified as financial assets held at fair value through profit or loss.
\nMovement in each currency against euro
\n31 March 2024
\nIncrease or decrease
\n\u20ac m
\n31 March 2023
\nIncrease or decrease
\n\u20ac m
\nSterling
\nMonetary 5 7
\nNon-monetary 483 439
\nUS dollar
\nMonetary 18 14
\nNon-monetary 129 126
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\nApplying current year exchange rates to the 31 March 2023 assets
\nand liabilities would have resulted in an increase in value of some
\n\u20ac\ue61b129 million, due to the strengthening of sterling and the US dollar.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag137": {
"value": "\n5.1.2 Credit risk
\nReinet Fund is exposed to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when they fall due.
\nThe main credit risk to which Reinet Fund is exposed arises from bank deposits, bonds, loans to third parties and borrowings where Reinet Fund\u2019s
\nassets are pledged in favour of a third-party. Reinet Fund is also exposed to counterparty credit risk on other receivable balances.
\nReinet Fund measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management
\nconsiders both historical analysis and forward-looking information in determining any expected credit loss.
\nReinet Fund\u2019s policy to manage this risk is to place funds only with banks which have strong credit ratings.
\nThe analysis below summarises the credit quality of Reinet Fund\u2019s cash and liquid funds.
\n31 March 2024 31 March 2023
\nBanks by rating category (Moody\u2019s) \u20ac m % \u20ac m %
\nAaa 270 76 234 81
\nAa3 27 8 19 7
\nA1 13 3 1 \u2013
\nA2 \u2013 \u2013 14 5
\nA3 46 13 20 7
\nTotal 356 100 288 100
\nIn addition, Reinet Fund has the following investments and receivables that are exposed to credit risk:
\n31 March 2024 31 March 2023
\n\u20ac m % \u20ac m %
\nLoans to private equity interests at fair value 14 100 19 100
\nTotal 14 100 19 100
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nInvestments in loans are reviewed periodically and revalued where
\nnecessary. The loans are neither rated nor listed.
\nAll transactions in listed securities are settled/paid for upon delivery
\nusing approved brokers. The risk of default is considered minimal, as
\ndelivery of securities sold is only made once the broker has received
\npayment. Payment is made on a purchase once the securities have
\nbeen received by the broker. The trade will fail if either party fails to
\nmeet its obligation.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag138": {
"value": "\n5.1.3 Liquidity risk
\nLiquidity risk is the risk that Reinet Fund may not be able to generate
\nsufficient cash resources to settle its obligations in full as they fall
\ndue or can only do so on terms that are materially disadvantageous.
\nThe Fund Manager monitors Reinet Fund\u2019s liquidity position on a
\ndaily basis.
\nDuring the year under review, Reinet Fund obtained a fixed-rate
\n\u00a3\ue61b100\ue61bmillion margin loan from Citibank N.A. The loan is repayable
\nin August 2024.
\nIn addition, Reinet Fund obtained a fixed-rate \u00a3 100 million
\nmargin loan from Bank of America, N.A. The loan is repayable in
\nMarch\ue61b2025.
\nSome 15 million BAT shares have been pledged to collateralise these
\ntwo loans.
\nReinet Fund has a facility agreement in place with Citibank
\nN.A. up to 19 August 2024 and with Bank of America, N.A.
\nup to 21\ue61b March\ue61b 2025. The borrowing facilities allow Reinet to
\ndrawdown the equivalent of up to \u20ac 234 million (\u00a3 200 million)
\nin a combination of currencies to fund further investment
\ncommitments. As at 31\ue61bMarch 2024, Reinet Fund has not drawn
\nany amount under these facilities.
\nAs at 31 March 2024, 76 per cent of the net asset value of Reinet
\nFund\u2019s invested assets are not actively traded on a stock exchange.
\nReinet Fund\u2019s listed investment in BAT is considered readily
\nrealisable as its shares are traded with significant daily volumes on
\nthe London Stock Exchange.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe table below shows the contractual undiscounted cash flows in respect of borrowings and interest thereon.
\nPayments due at 31 March 2024
\n31 March 2024
\n\u20ac m
\n31 March 2025
\n\u20ac m
\nBorrowings GBP 200 million \u2013 229
\nPayments due at 31 March 2023
\nBorrowings GBP 200 million \u2013 217
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag139": {
"value": "\n
\ncred5.2 CAPITAL RISK MANAGEMENT
\nThe Company\u2019s principal objective when managing capital is to
\nsafeguard its ability to continue as a going concern in order to
\nprovide returns for shareholders and benefits for other stakeholders
\nand to maintain a strong capital base to support the development of
\nits investment activities.
\nCapital is comprised of share capital, share premium, non-
\ndistributable reserves, retained earnings and treasury shares as
\napplicable.
\nReinet Fund is not subject to any externally imposed capital
\nrequirements other than any minimum capital requirement imposed
\nby applicable laws and regulations (currently a minimum capital of
\n\u20ac 1 250 000 is required by law).
\nDuring the year, Reinet Fund complied with the above requirement
\nand reported a net asset value of \u20ac 6 185 million as at 31 March\ue61b2024
\n(31 March 2023: \u20ac 5 721 million).
\nDuring the year under review, a dividend of some \u20ac 55 million
\n(31\ue61bMarch 2023: \u20ac 51 million) was paid to shareholders. There were
\nno shares repurchased during the year (31 March 2023: 2.3 million
\nshares for a cost of \u20ac 45 million). There have been no other changes
\nin capital in the year other than profits generated in the ordinary
\ncourse of business.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag140": {
"value": "\n
\n\n5.3 FAIR VALUE ESTIMATION
\nThe Company and Reinet Fund have established a control
\nframework with respect to the measurement of fair values. This
\nincludes a valuation role that is responsible for co-ordinating all
\nsignificant fair value measurements, including level 3 fair values, and
\nreports directly to the Chief Financial Officer (\u2018CFO\u2019).
\nWhere necessary, independent external valuation experts may
\nbe engaged to assist in the assessment of the fair value of those
\ninvestments where market observable data is limited. A review is
\ncarried out on a quarterly basis of all fair values based on latest
\navailable financial information. The CFO reviews significant
\nunobservable inputs and valuation adjustments.
\nConsideration is also given to the classification of each investment
\ninto the fair value hierarchy to reflect the level of judgement involved
\nin estimating fair values. Where a transfer between levels is required
\nin the reporting period, the transfer is deemed to have occurred at
\nthe beginning of the reporting period.
\nAll investment valuations, including significant valuation issues are
\nreported to the Board of Overseers and the Board of Directors of the
\nFund Manager and General Partner on a quarterly basis.
\nIn accordance with IFRS 13 the Company classifies fair value
\nmeasurements using a fair value hierarchy that reflects the
\nsignificance of the inputs used in making the measurements. The
\nfair value hierarchy has the following levels:
\n\u2022 Quoted prices (unadjusted) in active markets for identical assets
\n(level 1);
\n\u2022 Inputs other than quoted prices included within level 1 that are
\nobservable for the asset, either directly (ie as prices) or indirectly
\n(ie derived from prices) (level 2); and
\n\u2022 Inputs for the assets that are not based on observable market
\ndata (ie unobservable inputs) (level 3).
\nThe level in the fair value hierarchy within which the fair value
\nmeasurement is categorised in its entirety is determined on the
\nbasis of the lowest level input that is significant to the fair value
\nmeasurement in its entirety. For this purpose, the significance of an
\ninput is assessed against the fair value measurement in its entirety. If a
\nfair value measurement uses observable inputs that require significant
\nadjustment based on unobservable inputs, that measurement is a
\nlevel 3 measurement. Assessing the significance of a particular input
\nto the fair value measurement in its entirety requires judgement,
\nconsidering factors specific to the asset or liability.
\nThe determination of what constitutes \u2018observable\u2019 requires
\nsignificant judgement. The Company considers observable data to be
\nmarket data that is readily available, regularly distributed or updated,
\nreliable and verifiable, not proprietary, and provided by independent
\nsources that are actively involved in the relevant market.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\nThe following table analyses, within the fair value hierarchy, the Company\u2019s financial assets and liabilities measured at fair value at 31 March 2024
\nand 31 March 2023:
\n31 March 2024
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Investment in Reinet Fund \u2013 \u2013 6 185 6 185
\nTotal \u2013 \u2013 6 185 6 185
\n31 March 2023
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Investment in Reinet Fund \u2013 \u2013 5 721 5 721
\nTotal \u2013 \u2013 5 721 5 721
\nThe Company had no transfers between level 2 and level 3 during the year.
\nThe following table presents the movement in level 3 investments for the Company for the years ended 31 March 2024 and 31 March 2023:
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nOpening balance 5 721 5 932
\nDistribution of capital \u2013 (40)
\nGain/(loss) for the year 464 (171)
\nClosing balance 6 185 5 721
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n\n
\n\n\n
\n\n
\nThe following tables analyse, within the fair value hierarchy, Reinet Fund\u2019s financial assets and liabilities measured at fair value:
\n31 March 2024
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Equity securities and funds 1 452 122 4 563 6 137
\n\u2013 Loans \u2013 \u2013 14 14
\nTotal 1 452 122 4 577 6 151
\nLiabilities
\nBorrowings \u2013 (229) \u2013 (229)
\nTotal \u2013 (229) \u2013 (229)
\nNet 5 922
\nOther assets/(liabilities) 263
\nReinet Fund net asset value 6 185
\n31 March 2023
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Equity securities and funds 1 644 141 3 849 5 634
\n\u2013 Loans \u2013 \u2013 19 19
\nTotal 1 644 141 3 868 5 653
\nLiabilities
\nBorrowings \u2013 (217) \u2013 (217)
\nTotal \u2013 (217) \u2013 (217)
\nNet 5 436
\nOther assets/(liabilities) 285
\nReinet Fund net asset value 5 721
\nInvestments whose values are based on quoted market prices in active
\nmarkets, and therefore classified within level 1, include active listed
\nequities. Reinet Fund does not adjust the quoted price for these
\ninstruments.
\nFinancial instruments that trade in markets that are not considered
\nto be active but are valued based on quoted market prices, dealer
\nquotations or alternative pricing sources supported by observable
\ninputs, as well as open-ended funds are classified within level 2. As
\nlevel 2 investments include positions that are not traded in active
\nmarkets and/or are subject to transfer restrictions, valuations may be
\nadjusted to reflect illiquidity and/or non-transferability, which are
\ngenerally based on available market information.
\nInvestments classified within level 3 have significant unobservable
\ninputs, as they trade infrequently. Level 3 instruments include the
\nCompany\u2019s investment in Reinet Fund, which in turn includes
\ninvestments in unlisted equities, private equity funds and loans.
\nAs observable prices are not available for these investments, Reinet
\nFund has used fair values obtained from audited and unaudited
\nfinancial statements provided by fund managers, valuations obtained
\nfrom third-party experts using appropriate valuation methods, and
\ndiscounted cash flow analyses to derive fair values.
\nAs noted in 5.1.1.1 Reinet Fund holds shares in BAT, these shares
\nare listed on the London and Johannesburg Stock Exchanges and
\nmovements in the share price could have a significant effect on the
\nvalue of Reinet Fund.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSensitivity of level 3 investments
\nLevel 3 valuations are reviewed on a regular basis by the Board
\nof Overseers, who consider the appropriateness of the valuation
\nmodels used, as well as the results using various valuation techniques
\ngenerally recognised as standard within the fund industry.
\nUnobservable inputs and the resulting estimated fair values are based
\non the best information available at each reporting date. Changes
\nin fair values due to updated inputs and new information will be
\nrecorded in the period in which they occur. Given the nature of
\nthe investments and their underlying risks and uncertainties there
\nis a wide range of potential outcomes in respect of these estimated
\nfair values which may vary significantly from the fair value figures
\npresented.
\nThe table below summarises for each of Reinet Fund\u2019s significant
\nlevel 3 investments the valuation methodology used and any
\nsignificant unobservable inputs used in calculating the value of the
\ninvestment as at 31 March 2024. The table is not intended to be
\nall-inclusive, but rather provides information which Reinet Fund
\nregards as significant in respect of unobservable inputs and their
\nsensitivity to reasonable change.
\nUnlisted investments
\nFair value at
\n31 March
\n 2024
\n\u20ac m
\nPrimary valuation
\n technique
\nUnobservable
\n inputs
\nRange
\n (weighted
\naverage)
\nReasonable
\n possible
\nchange +/-
\n(absolute
\nvalue)
\n(1)
\n\u20ac m
\nPension Corporation 3 436
\nMarket comparable
\n companies
\n(2)
\nMarket multiples 0.94 \u2013 1.15
\n(1.05)
\n-360/+327
\nDiscount 5% \u2013 15%
\n (10%)
\n+191/-191
\nTrilantic Capital Partners 443 Net asset value
\n(3)
\nn/a n/a n/a
\nTruArc Partners 372 Net asset value
\n(3)
\nn/a n/a n/a
\nCoatue funds 73 Net asset value
\n(3)
\nn/a n/a n/a
\nAsian private equity companies and
\nportfolio funds 49 Net asset value
\n(3)
\nn/a n/a n/a
\nSpecialised investment funds 97 Net asset value
\n(3)
\nn/a n/a n/a
\n11 Recent financing round Discount n/a Not significant
\nUnited States land development
\nand mortgages
\n21 Discounted cash flow
\n(4)
\nDiscount rate 10% \u2013 30% +2/-1
\n(14.2%)
\nOther investments 15 Net asset value
\n(3)
\nn/a n/a n/a
\n40 Recent financing round Discount n/a Not significant
\n20 Recent financing round n/a n/a n/a
\nTotal 4 577
\n(1) The reasonable possible change is calculated based on the range of unobservable inputs indicated in the table and is only an indication of the sensitivity of such inputs. A larger change in value
\ncould arise as a result of other factors which may occur after the reporting date.
\n(2) The market multiples for the peer group were considered and used as a basis in calculating the estimated fair value of the investment; a movement of 10 per cent has been applied for calculating
\nthe reasonable possible change for this factor, as this is deemed as a reasonable market movement by management. A discount of 10 per cent was applied to recognise in part the lack of
\nliquidity in the unlisted shares; a movement of 5 per cent has been applied for calculating the reasonable possible change for this factor, as this is deemed as a reasonable market movement by
\nmanagement. This investment has also been reviewed by a third-party valuation expert.
\n(3) Reinet Fund has relied upon the latest available net asset value data provided by investment/fund managers, adjusted for changes in the value of listed investments included in the portfolios
\nand cash movements up to 31 March 2024, as applicable. No sensitivity analysis has been performed on the underlying data as no significant unobservable input has been identified at the
\nlevel of Reinet Fund.
\n(4) Included in this investment are US land lots and properties which have been valued at 31 December 2023 on a discounted cash flow approach. Mortgage loans receivable and mortgages
\npayable have been valued using a discounted cash flow approach. Discount rates in the range of 10 per cent to 30 per cent have been applied in determining the fair values of the mortgages
\nbased on the level of risk and estimated timing of repayment. Changes in land values would also affect the value of the investment.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag141": {
"value": "\n5.3 FAIR VALUE ESTIMATION
\nThe Company and Reinet Fund have established a control
\nframework with respect to the measurement of fair values. This
\nincludes a valuation role that is responsible for co-ordinating all
\nsignificant fair value measurements, including level 3 fair values, and
\nreports directly to the Chief Financial Officer (\u2018CFO\u2019).
\nWhere necessary, independent external valuation experts may
\nbe engaged to assist in the assessment of the fair value of those
\ninvestments where market observable data is limited. A review is
\ncarried out on a quarterly basis of all fair values based on latest
\navailable financial information. The CFO reviews significant
\nunobservable inputs and valuation adjustments.
\nConsideration is also given to the classification of each investment
\ninto the fair value hierarchy to reflect the level of judgement involved
\nin estimating fair values. Where a transfer between levels is required
\nin the reporting period, the transfer is deemed to have occurred at
\nthe beginning of the reporting period.
\nAll investment valuations, including significant valuation issues are
\nreported to the Board of Overseers and the Board of Directors of the
\nFund Manager and General Partner on a quarterly basis.
\nIn accordance with IFRS 13 the Company classifies fair value
\nmeasurements using a fair value hierarchy that reflects the
\nsignificance of the inputs used in making the measurements. The
\nfair value hierarchy has the following levels:
\n\u2022 Quoted prices (unadjusted) in active markets for identical assets
\n(level 1);
\n\u2022 Inputs other than quoted prices included within level 1 that are
\nobservable for the asset, either directly (ie as prices) or indirectly
\n(ie derived from prices) (level 2); and
\n\u2022 Inputs for the assets that are not based on observable market
\ndata (ie unobservable inputs) (level 3).
\nThe level in the fair value hierarchy within which the fair value
\nmeasurement is categorised in its entirety is determined on the
\nbasis of the lowest level input that is significant to the fair value
\nmeasurement in its entirety. For this purpose, the significance of an
\ninput is assessed against the fair value measurement in its entirety. If a
\nfair value measurement uses observable inputs that require significant
\nadjustment based on unobservable inputs, that measurement is a
\nlevel 3 measurement. Assessing the significance of a particular input
\nto the fair value measurement in its entirety requires judgement,
\nconsidering factors specific to the asset or liability.
\nThe determination of what constitutes \u2018observable\u2019 requires
\nsignificant judgement. The Company considers observable data to be
\nmarket data that is readily available, regularly distributed or updated,
\nreliable and verifiable, not proprietary, and provided by independent
\nsources that are actively involved in the relevant market.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\n\n
\n
\n
\n\nThe following table analyses, within the fair value hierarchy, the Company\u2019s financial assets and liabilities measured at fair value at 31 March 2024
\nand 31 March 2023:
\n31 March 2024
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Investment in Reinet Fund \u2013 \u2013 6 185 6 185
\nTotal \u2013 \u2013 6 185 6 185
\n31 March 2023
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Investment in Reinet Fund \u2013 \u2013 5 721 5 721
\nTotal \u2013 \u2013 5 721 5 721
\nThe Company had no transfers between level 2 and level 3 during the year.
\nThe following table presents the movement in level 3 investments for the Company for the years ended 31 March 2024 and 31 March 2023:
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nOpening balance 5 721 5 932
\nDistribution of capital \u2013 (40)
\nGain/(loss) for the year 464 (171)
\nClosing balance 6 185 5 721
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n
\nThe following tables analyse, within the fair value hierarchy, Reinet Fund\u2019s financial assets and liabilities measured at fair value:
\n31 March 2024
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Equity securities and funds 1 452 122 4 563 6 137
\n\u2013 Loans \u2013 \u2013 14 14
\nTotal 1 452 122 4 577 6 151
\nLiabilities
\nBorrowings \u2013 (229) \u2013 (229)
\nTotal \u2013 (229) \u2013 (229)
\nNet 5 922
\nOther assets/(liabilities) 263
\nReinet Fund net asset value 6 185
\n31 March 2023
\nLevel 1
\n\u20ac m
\nLevel 2
\n\u20ac m
\nLevel 3
\n\u20ac m
\nTotal
\n\u20ac m
\nAssets
\nFinancial assets designated at fair value through profit or loss:
\n\u2013 Equity securities and funds 1 644 141 3 849 5 634
\n\u2013 Loans \u2013 \u2013 19 19
\nTotal 1 644 141 3 868 5 653
\nLiabilities
\nBorrowings \u2013 (217) \u2013 (217)
\nTotal \u2013 (217) \u2013 (217)
\nNet 5 436
\nOther assets/(liabilities) 285
\nReinet Fund net asset value 5 721
\nInvestments whose values are based on quoted market prices in active
\nmarkets, and therefore classified within level 1, include active listed
\nequities. Reinet Fund does not adjust the quoted price for these
\ninstruments.
\nFinancial instruments that trade in markets that are not considered
\nto be active but are valued based on quoted market prices, dealer
\nquotations or alternative pricing sources supported by observable
\ninputs, as well as open-ended funds are classified within level 2. As
\nlevel 2 investments include positions that are not traded in active
\nmarkets and/or are subject to transfer restrictions, valuations may be
\nadjusted to reflect illiquidity and/or non-transferability, which are
\ngenerally based on available market information.
\nInvestments classified within level 3 have significant unobservable
\ninputs, as they trade infrequently. Level 3 instruments include the
\nCompany\u2019s investment in Reinet Fund, which in turn includes
\ninvestments in unlisted equities, private equity funds and loans.
\nAs observable prices are not available for these investments, Reinet
\nFund has used fair values obtained from audited and unaudited
\nfinancial statements provided by fund managers, valuations obtained
\nfrom third-party experts using appropriate valuation methods, and
\ndiscounted cash flow analyses to derive fair values.
\nAs noted in 5.1.1.1 Reinet Fund holds shares in BAT, these shares
\nare listed on the London and Johannesburg Stock Exchanges and
\nmovements in the share price could have a significant effect on the
\nvalue of Reinet Fund.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nSensitivity of level 3 investments
\nLevel 3 valuations are reviewed on a regular basis by the Board
\nof Overseers, who consider the appropriateness of the valuation
\nmodels used, as well as the results using various valuation techniques
\ngenerally recognised as standard within the fund industry.
\nUnobservable inputs and the resulting estimated fair values are based
\non the best information available at each reporting date. Changes
\nin fair values due to updated inputs and new information will be
\nrecorded in the period in which they occur. Given the nature of
\nthe investments and their underlying risks and uncertainties there
\nis a wide range of potential outcomes in respect of these estimated
\nfair values which may vary significantly from the fair value figures
\npresented.
\nThe table below summarises for each of Reinet Fund\u2019s significant
\nlevel 3 investments the valuation methodology used and any
\nsignificant unobservable inputs used in calculating the value of the
\ninvestment as at 31 March 2024. The table is not intended to be
\nall-inclusive, but rather provides information which Reinet Fund
\nregards as significant in respect of unobservable inputs and their
\nsensitivity to reasonable change.
\nUnlisted investments
\nFair value at
\n31 March
\n 2024
\n\u20ac m
\nPrimary valuation
\n technique
\nUnobservable
\n inputs
\nRange
\n (weighted
\naverage)
\nReasonable
\n possible
\nchange +/-
\n(absolute
\nvalue)
\n(1)
\n\u20ac m
\nPension Corporation 3 436
\nMarket comparable
\n companies
\n(2)
\nMarket multiples 0.94 \u2013 1.15
\n(1.05)
\n-360/+327
\nDiscount 5% \u2013 15%
\n (10%)
\n+191/-191
\nTrilantic Capital Partners 443 Net asset value
\n(3)
\nn/a n/a n/a
\nTruArc Partners 372 Net asset value
\n(3)
\nn/a n/a n/a
\nCoatue funds 73 Net asset value
\n(3)
\nn/a n/a n/a
\nAsian private equity companies and
\nportfolio funds 49 Net asset value
\n(3)
\nn/a n/a n/a
\nSpecialised investment funds 97 Net asset value
\n(3)
\nn/a n/a n/a
\n11 Recent financing round Discount n/a Not significant
\nUnited States land development
\nand mortgages
\n21 Discounted cash flow
\n(4)
\nDiscount rate 10% \u2013 30% +2/-1
\n(14.2%)
\nOther investments 15 Net asset value
\n(3)
\nn/a n/a n/a
\n40 Recent financing round Discount n/a Not significant
\n20 Recent financing round n/a n/a n/a
\nTotal 4 577
\n(1) The reasonable possible change is calculated based on the range of unobservable inputs indicated in the table and is only an indication of the sensitivity of such inputs. A larger change in value
\ncould arise as a result of other factors which may occur after the reporting date.
\n(2) The market multiples for the peer group were considered and used as a basis in calculating the estimated fair value of the investment; a movement of 10 per cent has been applied for calculating
\nthe reasonable possible change for this factor, as this is deemed as a reasonable market movement by management. A discount of 10 per cent was applied to recognise in part the lack of
\nliquidity in the unlisted shares; a movement of 5 per cent has been applied for calculating the reasonable possible change for this factor, as this is deemed as a reasonable market movement by
\nmanagement. This investment has also been reviewed by a third-party valuation expert.
\n(3) Reinet Fund has relied upon the latest available net asset value data provided by investment/fund managers, adjusted for changes in the value of listed investments included in the portfolios
\nand cash movements up to 31 March 2024, as applicable. No sensitivity analysis has been performed on the underlying data as no significant unobservable input has been identified at the
\nlevel of Reinet Fund.
\n(4) Included in this investment are US land lots and properties which have been valued at 31 December 2023 on a discounted cash flow approach. Mortgage loans receivable and mortgages
\npayable have been valued using a discounted cash flow approach. Discount rates in the range of 10 per cent to 30 per cent have been applied in determining the fair values of the mortgages
\nbased on the level of risk and estimated timing of repayment. Changes in land values would also affect the value of the investment.
\n
\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag142": {
"value": "\n6. CRITICAL ACCOUNTING ESTIMATES
\nAND JUDGEMENTS
\n6.1 CRITICAL ACCOUNTING ESTIMATES AND
\nASSUMPTIONS
\nThe General Partner must make estimates and assumptions
\nconcerning the future. The resulting accounting estimates will, by
\ndefinition, seldom equal the related actual results. The estimates
\nand assumptions that have a significant risk of causing a material
\nadjustment to the carrying amounts of assets and liabilities within
\nthe next financial year are addressed below.
\nFair value of unquoted investments
\nThe Company holds an investment in Reinet Fund. The value
\nof Reinet Fund is determined by the Fund Manager who applies
\nvarious valuation techniques in valuing the underlying assets. The
\nGeneral Partner considers the net asset value of Reinet Fund as
\ndetermined by the Fund Manager to be the fair value.
\nThe fair value of investments not quoted in an active market may be
\ndetermined by the Fund Manager using reputable pricing sources
\n(such as pricing agencies) or indicative prices from bond/debt
\nmarket makers. Broker quotes as obtained from the pricing sources
\nmay be indicative and not executable or binding. The Fund
\nManager exercises judgement and estimates on the quantity and
\nquality of pricing sources used. Where no market data is available,
\nthe Fund Manager may value positions using its own models, which
\nare based on valuation methods and techniques generally recognised
\nas standard within the industry. The inputs into these models
\nare primarily earnings multiples and discounted cash flows. The
\nmodels used to determine fair values are validated and periodically
\nreviewed by personnel independent of the party that created them.
\nThe models used for private equity securities are based mainly on
\nearnings multiples, adjusted for lack of marketability and control
\npremiums. The models used for debt securities are based on the net
\npresent value of estimated future cash flows, adjusted as appropriate
\nfor liquidity, and credit and market risk factors.
\nModels use observable data to the extent practicable. However,
\nareas such as credit risk (both own and counterparty), volatilities
\nand correlations require management to make estimates. Changes in
\nassumptions about these factors could affect the reported fair value
\nof financial instruments.
\nThe determination of what constitutes \u2018observable\u2019 requires
\nsignificant judgement by the Fund Manager. The Fund Manager
\nconsiders observable data to be market data that is readily available,
\nregularly distributed or updated, reliable and verifiable, not
\nproprietary, and provided by independent sources that are actively
\ninvolved in the relevant market.
\nTaxation
\nSubsidiaries of Reinet Fund are subject to income taxes in several
\njurisdictions. Judgement is required in determining the worldwide
\nprovision for income taxes. There are transactions and calculations
\nfor which the ultimate tax determination is uncertain. Reinet Fund
\nrecognises liabilities for anticipated tax payments using estimates
\nof the amount of taxes due. Where the final outcome is different
\nfrom the amounts that were initially recorded, such differences will
\nimpact the current and deferred income tax assets and liabilities in
\nthe period in which such determination is made.
\n6.2 CRITICAL JUDGEMENTS
\nFunctional currency
\nThe General Partner considers the euro to be the currency that
\nmost appropriately represents the economic effect of the underlying
\ntransactions, events and conditions. The euro is the currency in
\nwhich Reinet Fund measures its performance and reports its results.
\nInvestment entity
\nThe Company has multiple investors and owns the entire ordinary
\nshare capital of Reinet Fund. The Company is exposed to variable
\nreturns from changes in the fair value of Reinet Fund\u2019s net assets.
\nAlthough the Company does not have multiple investments, the
\nGeneral Partner believes that the Company can be classified as
\nan investment entity due to the fact that it was formed to give its
\nshareholders exposure to the underlying assets held by Reinet Fund.
\nIn that respect it is to be noted that an investment entity may hold
\na portfolio of investments directly or indirectly, for example by
\nholding a single investment in another investment entity that itself
\nholds several investments. The Company\u2019s investments are all held
\nthrough Reinet Fund.
\nThe Fund Manager further deems Reinet Fund to meet the definition
\nof an investment entity.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag143": {
"value": "\n7. SEGMENT INFORMATION
\nDue to the Company\u2019s sole investment in Reinet Fund, the General
\nPartner of the Company relies on the segment analysis performed
\nby the Fund Manager.
\nThe Fund Manager makes the strategic resource allocations on behalf
\nof Reinet Fund according to its investment portfolio as disclosed in
\nnote 4.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag144": {
"value": "\n\n8. SHARE CAPITAL
\nOrdinary share capital
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nIssued capital
\n195 941 286 (31 March 2023: 195 941 286) ordinary shares issued, fully paid with no par value 220 220
\nThe ordinary shares (excluding the treasury shares, the voting and
\ndividend rights attached to which are suspended) confer on the
\nshareholder the entitlement to participate in and to vote at meetings
\nof shareholders, with each share carrying the right to one vote
\nas well as the entitlement to receive a proportionate share of any
\ndividend that the Company may declare. Each share also entitles
\neach shareholder to receive a proportionate share of the net assets of
\nthe Company on liquidation. The liability of shareholders is limited
\nto the amount of their investment in the Company.
\nThe relevant movements in the capital are shown on the statement
\nof changes in equity.
\nThe ordinary shares are listed and traded on the Luxembourg Stock
\nExchange, on Euronext Amsterdam and on the Johannesburg Stock
\nExchange; the listing on the Johannesburg Stock Exchange is a
\nsecondary listing.
\nManagement share capital
\n31 March 2024
\n\u20ac 000\u2019s
\n31 March 2023
\n\u20ac 000\u2019s
\nIssued capital
\n1 000 (31 March 2023: 1 000) management shares issued, fully paid with no par value 1 1
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe management shares are held by the General Partner and confer
\nthe same rights with regard to voting, dividends and the distribution
\nof assets on liquidation as the ordinary shares. In addition, as the
\nholder of management shares, the General Partner has broad
\npowers to manage the Company and has unlimited liability for any
\nobligations of the Company that cannot be met from the assets of
\nthe Company.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nTreasury shares
\nAll ordinary shares repurchased are held as treasury shares and are
\nrecorded at cost, being the price paid on the acquisition date.
\nOn 19 November 2018, the Company announced the
\ncommencement of a share buyback programme in respect of
\na maximum of 3.2 million ordinary shares for an aggregate
\nmaximum amount of \u20ac 55 million. The programme ran from
\n20\ue61bNovember\ue61b2018 to 30 January 2019 when 3 200 000 ordinary
\nshares were repurchased for a cost of \u20ac 42 million, plus transaction
\ncosts.
\nOn 6 February 2019, the Company announced the commencement
\nof a second share buyback programme in respect of a maximum
\nof 5 million ordinary shares for an aggregate maximum amount
\nof \u20ac\ue61b 75\ue61b million. The programme ran from 11 February 2019 to
\n31\ue61bMay 2019 when 3 449 689 ordinary shares were repurchased for
\na cost of \u20ac 50 million, plus transaction costs.
\nOn 14 June 2019, the Company announced the commencement
\nof a third share buyback programme in respect of a maximum of
\n2.75\ue61b million ordinary shares for an aggregate maximum amount
\nof \u20ac 44 million. The programme ran from 19 June 2019 to
\n23\ue61bAugust\ue61b2019 when 2 047 348 ordinary shares were repurchased
\nfor a cost of \u20ac 31 million, plus transaction costs.
\nOn 6 September 2019, the Company announced the commencement
\nof a fourth share buyback programme in respect of a maximum of
\n3.1 million ordinary shares for an aggregate maximum amount
\nof \u20ac 50 million. The programme ran from 11 September 2019
\nto 27\ue61b November 2019 when 2 954 358 ordinary shares were
\nrepurchased for a cost of \u20ac 50 million, plus transaction costs.
\nOn 24 March 2022, the Company announced the commencement
\nof a fifth share buyback programme in respect of a maximum of
\n2.5\ue61b million ordinary shares for an aggregate maximum amount
\nof \u20ac 50 million. The programme ran from 28 March 2022 to
\n23\ue61bMay\ue61b2022 when 2 500 000 ordinary shares were repurchased for
\na cost of \u20ac 49 million, plus transaction costs.
\nAll ordinary shares repurchased are held as treasury shares.
\nAs at 31 March 2024, there was no share buyback programme in
\nprogress.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\nNumber of shares Cost \u20ac m
\nRepurchased shares
\n1
\nst
\n buyback programme 3 200 000 42
\n2
\nnd
\n buyback programme 3 449 689 50
\n3
\nrd
\n buyback programme 2 047 348 31
\n4
\nth
\n buyback programme 2 954 358 50
\n5
\nth
\n buyback programme 2 500 000 49
\nTotal treasury shares held as at 31 March 2024 14 151 395 222
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag145": {
"value": "\n8. SHARE CAPITAL
\nOrdinary share capital
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\nIssued capital
\n195 941 286 (31 March 2023: 195 941 286) ordinary shares issued, fully paid with no par value 220 220
\nThe ordinary shares (excluding the treasury shares, the voting and
\ndividend rights attached to which are suspended) confer on the
\nshareholder the entitlement to participate in and to vote at meetings
\nof shareholders, with each share carrying the right to one vote
\nas well as the entitlement to receive a proportionate share of any
\ndividend that the Company may declare. Each share also entitles
\neach shareholder to receive a proportionate share of the net assets of
\nthe Company on liquidation. The liability of shareholders is limited
\nto the amount of their investment in the Company.
\nThe relevant movements in the capital are shown on the statement
\nof changes in equity.
\nThe ordinary shares are listed and traded on the Luxembourg Stock
\nExchange, on Euronext Amsterdam and on the Johannesburg Stock
\nExchange; the listing on the Johannesburg Stock Exchange is a
\nsecondary listing.
\nManagement share capital
\n31 March 2024
\n\u20ac 000\u2019s
\n31 March 2023
\n\u20ac 000\u2019s
\nIssued capital
\n1 000 (31 March 2023: 1 000) management shares issued, fully paid with no par value 1 1
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe management shares are held by the General Partner and confer
\nthe same rights with regard to voting, dividends and the distribution
\nof assets on liquidation as the ordinary shares. In addition, as the
\nholder of management shares, the General Partner has broad
\npowers to manage the Company and has unlimited liability for any
\nobligations of the Company that cannot be met from the assets of
\nthe Company.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag146": {
"value": "\nTreasury shares
\nAll ordinary shares repurchased are held as treasury shares and are
\nrecorded at cost, being the price paid on the acquisition date.
\nOn 19 November 2018, the Company announced the
\ncommencement of a share buyback programme in respect of
\na maximum of 3.2 million ordinary shares for an aggregate
\nmaximum amount of \u20ac 55 million. The programme ran from
\n20\ue61bNovember\ue61b2018 to 30 January 2019 when 3 200 000 ordinary
\nshares were repurchased for a cost of \u20ac 42 million, plus transaction
\ncosts.
\nOn 6 February 2019, the Company announced the commencement
\nof a second share buyback programme in respect of a maximum
\nof 5 million ordinary shares for an aggregate maximum amount
\nof \u20ac\ue61b 75\ue61b million. The programme ran from 11 February 2019 to
\n31\ue61bMay 2019 when 3 449 689 ordinary shares were repurchased for
\na cost of \u20ac 50 million, plus transaction costs.
\nOn 14 June 2019, the Company announced the commencement
\nof a third share buyback programme in respect of a maximum of
\n2.75\ue61b million ordinary shares for an aggregate maximum amount
\nof \u20ac 44 million. The programme ran from 19 June 2019 to
\n23\ue61bAugust\ue61b2019 when 2 047 348 ordinary shares were repurchased
\nfor a cost of \u20ac 31 million, plus transaction costs.
\nOn 6 September 2019, the Company announced the commencement
\nof a fourth share buyback programme in respect of a maximum of
\n3.1 million ordinary shares for an aggregate maximum amount
\nof \u20ac 50 million. The programme ran from 11 September 2019
\nto 27\ue61b November 2019 when 2 954 358 ordinary shares were
\nrepurchased for a cost of \u20ac 50 million, plus transaction costs.
\nOn 24 March 2022, the Company announced the commencement
\nof a fifth share buyback programme in respect of a maximum of
\n2.5\ue61b million ordinary shares for an aggregate maximum amount
\nof \u20ac 50 million. The programme ran from 28 March 2022 to
\n23\ue61bMay\ue61b2022 when 2 500 000 ordinary shares were repurchased for
\na cost of \u20ac 49 million, plus transaction costs.
\nAll ordinary shares repurchased are held as treasury shares.
\nAs at 31 March 2024, there was no share buyback programme in
\nprogress.
\n
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nNumber of shares Cost \u20ac m
\nRepurchased shares
\n1
\nst
\n buyback programme 3 200 000 42
\n2
\nnd
\n buyback programme 3 449 689 50
\n3
\nrd
\n buyback programme 2 047 348 31
\n4
\nth
\n buyback programme 2 954 358 50
\n5
\nth
\n buyback programme 2 500 000 49
\nTotal treasury shares held as at 31 March 2024 14 151 395 222
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag147": {
"value": "\n9. NON-DISTRIBUTABLE RESERVE
\nThe legal reserve amounting to \u20ac 22 million at 31 March 2024 and 31 March 2023 is not available for distribution.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag148": {
"value": "\n10. AMOUNTS OWED TO AFFILIATED UNDERTAKINGS
\nThe amount payable includes the fee payable to the General Partner of \u20ac 1.1 million and \u20ac nil due to Reinet Fund at 31 March 2024 (31 March
\n2023: \u20ac 0.8 million and \u20ac 0.7 million). The amounts owed to affiliated undertakings are measured at amortised cost less loss allowance, with the
\ncarrying amount approximating fair value at 31 March 2024.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n
\n
\n\n13. RELATED PARTY TRANSACTIONS
\nThe Company has a number of relationships and transactions with
\nrelated parties, as defined in IAS 24, Related party transactions, all of
\nwhich have been conducted on an arm\u2019s-length basis and on normal
\nmarket terms.
\nAll related parties are categorised as \u2018other related parties\u2019 under
\nIAS\ue61b24, except for the Boards of Directors of the General Partner
\nand the Fund Manager, which is categorised as \u2018key management
\npersonnel\u2019.
\n
\n\n\n\n\n\n\nParties identified as related parties are:
\nCOMPAGNIE FINANCI\u00c8RE RICHEMONT SA
\n(\u2018CFR SA\u2019)
\nThe Company has identified CFR SA, a public company
\nincorporated in Switzerland, as a related party.
\nAlthough the management of the Company is distinct from
\nCFR\ue61bSA, Mr Rupert is also the Chairman of CFR SA.
\nTHE ANTON RUPERT TRUST, THE ANTON
\nRUPERT DESCENDANTS TRUST AND AFFILIATED
\nPARTIES
\nThe Anton Rupert Trust, the Anton Rupert Descendants Trust
\nand affiliated parties hold some 48.8 million Company shares
\nrepresenting 24.93 per cent of the Company\u2019s issued share capital.
\nThe group of parties regarded as being affiliated to the Anton
\nRupert Trust and the Anton Rupert Descendants Trust includes
\nentities and persons which are not necessarily closely connected
\nwith persons discharging managerial responsibilities within the
\nCompany, as defined in Article 3 paragraph 1 of the EU Regulation
\nNo 596/2014 on Market Abuse (the \u2018Market Abuse Regulation\u2019).
\nAs a consequence, share dealings by such entities or persons are not
\ndisclosed as dealings by connected parties in terms of the Market
\nAbuse Regulation.
\nTHE GENERAL PARTNER
\nThe Company is a partnership limited by shares (soci\u00e9t\u00e9 en
\ncommandite par actions) which is managed by the General Partner.
\nThe Company reimburses the General Partner for its expenses
\nincurred in the ordinary course of business, including but not
\nlimited to the remuneration of its staff, costs attributable to its
\ndirectors\u2019 remuneration, taxes, rentals and any other disbursements,
\nand pays an annual administration fee equal to 10 per cent of such
\nexpenses.
\nThe General Partner is controlled by Rupert family interests.
\nTHE FUND MANAGER
\nThe Company\u2019s wholly-owned subsidiary, Reinet Fund, is managed
\nby the Fund Manager. Reinet Fund reimburses the Fund Manager
\nfor its expenses incurred in the ordinary course of business,
\nincluding but not limited to the remuneration of its staff, costs
\nattributable to its directors\u2019 remuneration, taxes, rentals and any
\nother disbursements, and pays an annual administration fee equal
\nto 10 per cent of such expenses. Any such amounts payable to the
\nFund Manager are deductible from any management fees payable to
\nthe Investment Advisor.
\nThe Fund Manager is controlled by Rupert family interests.
\nTHE INVESTMENT ADVISOR
\nThe Investment Advisor owns 863 581 shares of the Company as at
\n31 March 2024 (31 March 2023: 916 512).
\nUnder the terms of the Investment Advisory Agreement dated
\n9\ue61bOctober 2008, as amended on 24 May 2010, 10 November 2011,
\n7 December 2018 and 1 October 2020, between Reinet Fund and
\nthe Investment Advisor, Reinet Fund pays both management fees
\nand performance fees to the Investment Advisor.
\nThe management fee is payable to the Investment Advisor at a rate
\nof 1 per cent per annum on the net asset value of Reinet Fund,
\nexcluding cash and interests in funds managed by third parties. It is
\ncalculated semi-annually based on the closing net asset value at the
\nend of the previous six-month period.
\nThe management fee in respect of cash is calculated at a rate of
\none-quarter of 1 per cent per annum. No management fee is payable
\nin respect of funds managed by third parties except where the fee
\npayable to the third-party has been negotiated to a level below
\n1\ue61bper\ue61bcent per annum and below the level payable by other investors
\nin a fund. In such circumstances, the difference between the fee
\npayable to the third-party manager and 1 per cent is payable to the
\nInvestment Advisor.
\nInvestments as a limited partner in funds under the management of
\na management company in which Reinet Fund is an investor are not
\ntreated as being managed by third parties; the management fee is
\npayable at 1 per cent per annum to the Investment Advisor. However,
\nsuch a fee payable to the Investment Advisor is reduced by any
\nmanagement fee paid by Reinet Fund to the management company,
\nnet of income received by Reinet Fund on its investment in the
\nmanagement company in terms of its share of the management fees
\nearned by (but not carried interest attributable to) the management
\ncompany.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\n\u2013 Expenses charged to Reinet Fund during the year 10.2 9.0
\n\u2013 Administration fee for the year 1.0 1.0
\n\u2013 Balance payable by Reinet Fund to the Fund Manager 9.0 7.5
\nReinet Investment Advisors Limited
\n31 March 2024
\n\u20ac m
\n31 March 2023
\n\u20ac m
\n\u2013 Management fee charged during the year 37.0 39.0
\n\u2013 Performance fee charged during the year 90.0 \u2013
\n\u2013 Balance payable by Reinet Fund to the Investment Advisor 108.9 18.7
\nThere are no commitments between the Company and its related parties as at 31 March 2024.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag149": {
"value": "\n11. TAX EXPENSE
\nUnder the current laws of Luxembourg, the Company pays corporation tax on profits at rates enacted in Luxembourg. The General Partner does
\nnot expect significant taxes to be payable for the current year or in the near future, due to the structure of the Company, dividends declared by
\nthe Company being tax deductible, and given that the Company has assessed operating losses available to it at the year-end.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag150": {
"value": "\n12. EARNINGS PER SHARE
\nBasic earnings per share is calculated by dividing the profit/(loss) for the year attributable to the shareholders by the weighted average number
\nof shares in issue during the year.
\n31 March 2024 31 March 2023
\n\u20ac millions
\nProfit/(loss) for the year 519 (120)
\nMillions of shares
\nShares outstanding at beginning of year (excluding treasury shares) 181.8 184.1
\nEffect of repurchased shares in the year \u2013 (2.1)
\nWeighted average number of ordinary shares in issue 181.8 182.0
\n\u20ac per share
\nEarnings per share from profit/(loss) for the year \u2013 basic and diluted 2.85 (0.66)
\nThe Company has not issued any shares or other instruments that are considered to have dilutive potential. There were no movements in the
\nyear ended 31 March 2024.
\nThe presentation of headline earnings per share, as an alternative measure of earnings per share, is mandated under the JSE Listings Requirements.
\nIt is calculated in accordance with Circular 1/2023 \u2018Headline Earnings\u2019, as issued by the South African Institute of Chartered Accountants.
\nHeadline earnings per share
\n31 March 2024
\n\u20ac per share
\n31 March 2023
\n\u20ac per share
\nUnadjusted earnings per share 2.85 (0.66)
\nHeadline earnings per share 2.85 (0.66)
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
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"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
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"Tag151": {
"value": "2.85",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag170": {
"value": "-0.66",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2022-04-01T00:00:00/2023-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag173": {
"value": "\n13. RELATED PARTY TRANSACTIONS
\nThe Company has a number of relationships and transactions with
\nrelated parties, as defined in IAS 24, Related party transactions, all of
\nwhich have been conducted on an arm\u2019s-length basis and on normal
\nmarket terms.
\nAll related parties are categorised as \u2018other related parties\u2019 under
\nIAS\ue61b24, except for the Boards of Directors of the General Partner
\nand the Fund Manager, which is categorised as \u2018key management
\npersonnel\u2019.
\n
\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag152": {
"value": "\n14. BOARD OF OVERSEERS
\nFees of \u20ac 70 000 per member were paid to the Board of Overseers in
\nrespect of the year ended 31 March 2024, such fees are split equally
\nbetween the Company and Reinet Fund (31 March 2023: \u20ac 70\ue61b000).
\nMr Prussen is a partner with the law firm Elvinger Hoss Prussen.
\nLegal fees of \u20ac 0.1 million (31 March 2023: \u20ac 0.1 million) were
\nrecorded in respect of Elvinger Hoss Prussen for the year ended
\n31\ue61bMarch 2024.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag153": {
"value": "\n15. AUDIT AND OTHER FEES PAID TO
\nPRICEWATERHOUSECOOPERS
\nFees for the year ended 31 March 2024 billed and unbilled by
\nPricewaterhouseCoopers, Soci\u00e9t\u00e9 cooperative, Luxembourg and other
\nmember firms of the PricewaterhouseCoopers network, which relate
\nto the audit of the Company accounts, amounted to \u20ac 0.2 million
\n(31\ue61b March 2023: \u20ac 0.2 million). Such fees are presented under
\n\u2018Operating expenses\u2019 in the statement of comprehensive income.
\nAudit fees relating to Reinet Fund and its principal subsidiaries as
\nshown in note 20 amounted to \u20ac 0.3 million for the year ended
\n31\ue61bMarch 2024 (31 March 2023: \u20ac 0.3 million).
\nFees relating to non-audit services during the year are considered to
\nbe insignificant.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag154": {
"value": "\n
\n\n16. CAPITAL COMMITMENTS
\nAt 31 March 2024, the Company had no capital commitments,
\nhowever its wholly-owned subsidiary Reinet Fund had committed
\nto invest a further \u20ac 559 million (31 March 2023: \u20ac 627 million) in
\nunlisted investments (see table on page 22). This amount relates to
\nReinet Fund\u2019s own investment commitments. Where Reinet Fund
\nco-invests with minority partners the amount does not include the
\npartners\u2019 commitment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag155": {
"value": "\n16. CAPITAL COMMITMENTS
\nAt 31 March 2024, the Company had no capital commitments,
\nhowever its wholly-owned subsidiary Reinet Fund had committed
\nto invest a further \u20ac 559 million (31 March 2023: \u20ac 627 million) in
\nunlisted investments (see table on page 22). This amount relates to
\nReinet Fund\u2019s own investment commitments. Where Reinet Fund
\nco-invests with minority partners the amount does not include the
\npartners\u2019 commitment.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n17. CONTINGENT LIABILITIES
\nReinet Fund has pledged 7.5 million BAT shares in respect of its
\nborrowing from Citibank N.A. and 7.5 million BAT shares in
\nrespect of its borrowing from Bank of America, N.A.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag156": {
"value": "\n
\n\n17. CONTINGENT LIABILITIES
\nReinet Fund has pledged 7.5 million BAT shares in respect of its
\nborrowing from Citibank N.A. and 7.5 million BAT shares in
\nrespect of its borrowing from Bank of America, N.A.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag157": {
"value": "\n18. DIVIDEND
\nA cash dividend of some \u20ac 54.5 million, or \u20ac 0.30 per share (excluding
\ntreasury shares held), was paid in September 2023, following
\napproval at the annual general meeting on 29 August\ue61b2023.
\nThe proposed cash dividend payable to shareholders of \u20ac 0.35 per
\nshare will be payable on 18 September 2024, once approved
\nby the\ue61bshareholders at the annual general meeting to be held on
\n27\ue61bAugust 2024.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag172": {
"value": "0.3",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag168": {
"value": "0.35",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"Tag158": {
"value": "\n19. SUBSEQUENT EVENTS
\nReinet Fund, through wholly-owned subsidiaries, received an interim
\ndividend of some \u20ac 33 million (\u00a3 28 million) from its investment
\nin BAT and a dividend of some \u20ac 85 million (\u00a3 73\ue61bmillion) from
\nits investment in Pension Corporation. The interim dividend from
\nBAT was declared by the directors of BAT with a record date
\nof 22 March 2024 and paid on 2 May 2024, and is included in
\nReinet Fund\u2019s financial results as at 31 March 2024. The Pension
\nCorporation dividend was approved by shareholders in April 2024
\nwith a record date of 16 April 2024 and as such will be included in
\nReinet Fund\u2019s financial results in the year ended 31 March 2025.
\nDuring April and May 2024, Reinet Fund made payments in the
\namount of \u20ac 32.2 million in respect of its commitments shown in
\nnote 16.
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
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"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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},
"Tag159": {
"value": "\n\n
\n\n20. INVESTMENTS HELD IN SUBSIDIARIES AND AFFILIATES
\nThe principal companies held by Reinet Fund are as follows:
\nInvestments Company Domicile Percentage held
\nBAT Reinet Jersey Holdings Limited Jersey, Channel Islands 100%
\nPension Corporation Reinet PC Investments (Jersey) Limited Jersey, Channel Islands 100%
\nTrilantic Capital Partners Reinet TCP Holdings Limited Jersey, Channel Islands 94%
\nRSF S.A. Luxembourg 100%
\nReinet TCP Fund V NECI Limited Jersey, Channel Islands 100%
\nReinet New TCP NECI GP Limited Jersey, Channel Islands 100%
\nReinet New TCP LP Limited Jersey, Channel Islands 100%
\nTruArc Partners Reinet SPG Limited Jersey, Channel Islands 100%
\nCoatue funds Reinet Columbus Limited Jersey, Channel Islands 100%
\nAsian private equity companies
\nand portfolio funds Reinet Columbus Limited Jersey, Channel Islands 100%
\nSpecialised investment funds Reinet Columbus Limited Jersey, Channel Islands 100%
\nReinet Flex Holdings Limited Jersey, Channel Islands 100%
\nUnited States land development RSF II Limited Jersey, Channel Islands 100%
\nand mortgages Reinet Stokes Holdings S.A. Luxembourg 100%
\nRPH Limited Jersey, Channel Islands 100%
\nOther investments Reinet Columbus Limited Jersey, Channel Islands 100%
\nReinet Flex Holdings Limited Jersey, Channel Islands 100%
\nReinet S.\u00e0 r.l. Luxembourg 100%
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
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"Tag161": {
"value": "\n
\n\n20. INVESTMENTS HELD IN SUBSIDIARIES AND AFFILIATES
\nThe principal companies held by Reinet Fund are as follows:
\nInvestments Company Domicile Percentage held
\nBAT Reinet Jersey Holdings Limited Jersey, Channel Islands 100%
\nPension Corporation Reinet PC Investments (Jersey) Limited Jersey, Channel Islands 100%
\nTrilantic Capital Partners Reinet TCP Holdings Limited Jersey, Channel Islands 94%
\nRSF S.A. Luxembourg 100%
\nReinet TCP Fund V NECI Limited Jersey, Channel Islands 100%
\nReinet New TCP NECI GP Limited Jersey, Channel Islands 100%
\nReinet New TCP LP Limited Jersey, Channel Islands 100%
\nTruArc Partners Reinet SPG Limited Jersey, Channel Islands 100%
\nCoatue funds Reinet Columbus Limited Jersey, Channel Islands 100%
\nAsian private equity companies
\nand portfolio funds Reinet Columbus Limited Jersey, Channel Islands 100%
\nSpecialised investment funds Reinet Columbus Limited Jersey, Channel Islands 100%
\nReinet Flex Holdings Limited Jersey, Channel Islands 100%
\nUnited States land development RSF II Limited Jersey, Channel Islands 100%
\nand mortgages Reinet Stokes Holdings S.A. Luxembourg 100%
\nRPH Limited Jersey, Channel Islands 100%
\nOther investments Reinet Columbus Limited Jersey, Channel Islands 100%
\nReinet Flex Holdings Limited Jersey, Channel Islands 100%
\nReinet S.\u00e0 r.l. Luxembourg 100%
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
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"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"Tag160": {
"value": "\n20. INVESTMENTS HELD IN SUBSIDIARIES AND AFFILIATES
\nThe principal companies held by Reinet Fund are as follows:
\nInvestments Company Domicile Percentage held
\nBAT Reinet Jersey Holdings Limited Jersey, Channel Islands 100%
\nPension Corporation Reinet PC Investments (Jersey) Limited Jersey, Channel Islands 100%
\nTrilantic Capital Partners Reinet TCP Holdings Limited Jersey, Channel Islands 94%
\nRSF S.A. Luxembourg 100%
\nReinet TCP Fund V NECI Limited Jersey, Channel Islands 100%
\nReinet New TCP NECI GP Limited Jersey, Channel Islands 100%
\nReinet New TCP LP Limited Jersey, Channel Islands 100%
\nTruArc Partners Reinet SPG Limited Jersey, Channel Islands 100%
\nCoatue funds Reinet Columbus Limited Jersey, Channel Islands 100%
\nAsian private equity companies
\nand portfolio funds Reinet Columbus Limited Jersey, Channel Islands 100%
\nSpecialised investment funds Reinet Columbus Limited Jersey, Channel Islands 100%
\nReinet Flex Holdings Limited Jersey, Channel Islands 100%
\nUnited States land development RSF II Limited Jersey, Channel Islands 100%
\nand mortgages Reinet Stokes Holdings S.A. Luxembourg 100%
\nRPH Limited Jersey, Channel Islands 100%
\nOther investments Reinet Columbus Limited Jersey, Channel Islands 100%
\nReinet Flex Holdings Limited Jersey, Channel Islands 100%
\nReinet S.\u00e0 r.l. Luxembourg 100%
\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:222100830RQTFVV22S80",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
}
}
}