ARGO Group Limited Interim Results for the six -5-
2011年8月19日 - 7:04PM
ＲＮＳを含む英国規制内ニュース （英語）
7. INTANGIBLE ASSETS
Fund management
contracts
US$'000
Cost
At 1 January 2010 18,737
Foreign exchange movement (79)
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At 31 December 2010 18,658
Prior year adjustment - pre-acquisition goodwill (104)
At 31 December 2010 - restated 18,554
Foreign exchange movement 170
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At 30 June 2011 18,724
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Amortisation and impairment
At 1 January 2010 1,180
Amortisation of Argo business intangible assets 651
Foreign exchange movement 108
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At 31 December 2010 1,939
Amortisation of Argo business intangible assets 341
Foreign exchange movement 36
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At 30 June 2011 2,316
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Net book value
At 31 December 2010 16,615
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At 30 June 2011 16,408
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The Group tests intangible assets annually for impairment, or
more frequently if there are indications that the intangible assets
may be impaired. The recoverable amounts of the intangible assets
that have been reviewed for impairment are separately identifiable
business units within the Group. The value in use approach has been
used as the businesses were not considered saleable in their
current form due to certain factors, the main being reliance on
certain key individuals.
At the balance sheet date the carrying value of goodwill was
US$14.9m (December 2010: US$14.8 m).
The key assumptions on which the directors have based their five
year discounted cash flow analysis are a pre-tax discount rate of
15% (December 2010: 15%), an inflation rate of 5% (December 2010:
5%) and a growth in assets under management (which determine
management and performance fee income) of 10% to 12.5% (December
2010: 10% to 12.5%), with 3% to 3.75% (December 2010: 3% to 3.75%)
of this estimated to be from annual profits. The assumption of
growth in assets under management has been based on the historic
performance of the funds. The calculations use cash flow
projections based on actual operating results. The result of this
review has been compared to the carrying value of goodwill and
accordingly the directors have concluded that there is no
impairment to goodwill. As an added sensitivity, if the estimated
discount rate applied to the discounted cash flows had been 25%
higher (December 2010: 25% higher) or the growth rate of assets
under management had been 25% lower (December 2010: 25% lower)
there would still have been no impairment of goodwill as the net
present value of future cash flows would still have been higher
than the carrying value of goodwill.
At the balance sheet date the carrying value of the Argo Real
Estate Opportunities Fund Limited management contract is US$1.5m
(December 2010: US$1.8m), net of amortisation. The intangible asset
is being amortised over 5 years and 44 days, being the remaining
period of the contract from the date of acquisition. During the
period the Group successfully renegotiated the extension of this
management contract by five years from the current termination date
of 31 July 2013 to 31 July 2018.
8. FIXTURES, FITTINGS AND EQUIPMENT
Fixtures,
fittings
& equipment
US$'000
Cost
At 1 January 2010 299
Additions 8
Foreign exchange movement (12)
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At 31 December 2010 295
Additions 10
Foreign exchange movement 11
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At 30 June 2011 316
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Accumulated Depreciation
At 1 January 2010 163
Depreciation charge for period 99
Foreign exchange movement (8)
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At 31 December 2010 254
Depreciation charge for period 21
Foreign exchange movement 10
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At 30 June 2011 285
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Net book value
At 31 December 2010 41
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At 30 June 2011 31
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9. INVESTMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS
30 June 30 June
2011 2011
Investment in management
Holding shares Total cost Fair value
US$'000 US$'000
10 The Argo Fund Ltd 0 0
Argo Capital Investors
10 Fund SPC 0 0
Argo Capital Partners Fund
10 Ltd 0 0
Argo Distressed Credit
100 Fund Ltd 0 0
100 AGSSF Holdings Ltd 0 0
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0 0
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Investment in ordinary
Holding shares Total cost Fair value
US$'000 US$'000
66,435 The Argo Fund Ltd 14,343 15,722
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14,343 15,722
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31 December 31 December
2010 2010
Investment in management
Holding shares Total cost Fair value
US$'000 US$'000
10 The Argo Fund Ltd 0 0
Argo Capital Investors
10 Fund SPC 0 0
Argo Capital Partners Fund
10 Ltd 0 0
Argo Distressed Credit
100 Fund Ltd 0 0
100 AGSSF Holdings Ltd 0 0
======== =========================== ============== ==============
0 0
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Investment in ordinary
Holding shares Total cost Fair value
US$'000 US$'000
66,435 The Argo Fund Ltd 14,343 15,563
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14,343 15,563
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10. SHARE CAPITAL
The Company's authorised share capital is unlimited with a
nominal value of US$0.01.
30 June 30 June 31 December 31 December
2011 2011 2010 2010
No. US$'000 No. US$'000
Issued and fully paid
Ordinary shares of
US$0.01 each 69,753,494 698 73,663,494 737
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69,753,494 698 73,663,494 737
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The directors recommended a final dividend of 1.2p per share
(2009: 1.0p) for the year ended 31 December 2010. The final
dividend of US$1,418,257 was paid on 22 June 2011 to ordinary
shareholders who were on the Register of Members on 27 May 2011.
Going forward, the Company intends, subject to its financial
performance, to pay a final dividend each year.
In addition the directors authorised the repurchase of 910,000
shares on 7 January 2011, 2,500,000 shares on 7 June 2011 and
500,000 shares on 23 June 2011 at respective purchase prices of
12.0p, 13.5p and 13.75p per share.
11. RECONCILIATION OF NET CASH INFLOW FROM OPERATING ACTIVITIES
TO
Argo (LSE:ARGO)
過去 株価チャート
から 6 2024 まで 7 2024
Argo (LSE:ARGO)
過去 株価チャート
から 7 2023 まで 7 2024
