REG - Ashmore Group Plc - Interim Management Statement - Part 2

Released : 25/02/2010

- Part 2: For the preceeding part double click [ID:nRSY6443Ha]
                                               6 months to  31 December 2009  6 months to 31 December 2008  12 months to 30 June  2009  
                                                 £m                             £m                            £m                          
 Non-current assets held for sale                16.9                           16.6                          34.8                        
 Non-current liabilities held for sale           (5.3)                          -                             (7.4)                       
 Seed capital classified as being held for sale  11.6                           16.6                          27.4                        
 
 
 
 
In the six months ended 31 December 2009, two funds in which the Group held seed capital investments at the start of the
year ceased to be classified as non-current assets held for sale as they no longer met the conditions within IFRS 5
regarding such classifications. Investments cease to be classified as held for sale when they are no longer controlled by
the Group or have been held for more than one year. A loss of control may happen either through sale of the investment
and/or dilution of the Group's holding. When investments cease to be classified as held for sale they are reclassified to
available-for-sale financial assets in accordance with IAS 39 (note 7). 
 
The effect of reclassifying the two funds to available-for-sale financial assets on the results of the Group is to increase
profit before tax by £4.6 million in the six months ended 31 December 2009 (2008: nil). This is included in finance income
(note 4). 
 
The Group's maximum exposure to credit, liquidity, interest rate, foreign exchange and price risk in respect of these
assets and liabilities is represented by their carrying value. 
 
9)                     Treasury shares 
 
In line with authorities granted at the AGM in October 2008 the Company purchased shares which are held in treasury. An
analysis of treasury shares is as follows: 
 
 Treasury shares held by Ashmore Group plc  As at 31 December 2009  As at 31 December 2008  As at  30 June  2009  
 Cost of treasury shares:                   £m                      £m                      £m                    
 Ashmore Group plc ordinary shares          6.9                     6.5                     6.9                   
 
 

 
                                                                     
                                    Number     Number     Number     
 Ashmore Group plc ordinary shares  5,368,331  4,966,587  5,368,331  
 
 
 
                                                                     
 Reconciliation of treasury shares  Number     Number     Number     
 At beginning of year               5,368,331  -          -          
 Purchase of own shares             -          4,966,587  5,368,331  
 At end of year                     5,368,331  4,966,587  5,368,331  
 
 
 
                                                    
 Market value of treasury shares:  £m    £m   £m    
 Ashmore Group plc                 14.6  6.6  10.2  
 
 
 
10)                   Group risks 
 
The Group's principal risks remain as detailed within the Business review and Corporate governance report in the Group's
Annual Report and are categorised as strategic and business, investment, and operational. 
 
11)                   Related party transactions 
 
There were no material changes to the related party transactions during the six months to 31 December 2009. 
 
12)                   Post balance sheet events 
 
There are no post balance sheet events for the six months to 31 December 2009. 
 
Responsibility Statement of the Directors' in respect of the half-yearly financial report 
 
We confirm that to the best of our knowledge: 
 
# the condensed set of financial statements has been prepared in accordance with IAS 34 Interim Financial Reporting as
adopted by the EU; 
 
# the interim management report includes a fair review of the information required by: 
 
(a) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during
the first six months of the financial year and their impact on the condensed set of financial statements ; and a
description of the principal risks and uncertainties for the remaining six months of the year; and 
 
(b) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the
first six months of the current financial year and that have materially affected the financial position or performance of
the entity during that period; and any changes in the related party transactions described in the last annual report that
could do so 
 
Mark Coombs 
 
Chief Executive Officer 
 
25 February 2010 
 
Independent Review Report to Ashmore Group plc 
 
Introduction 
 
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report
for the six months ended 31 December 2009 which comprises the consolidated statement of comprehensive income, consolidated
balance sheet, consolidated statement of changes in equity, consolidated cash flow statement and the related explanatory
notes. We have read the other information contained in the half-yearly financial report and considered whether it contains
any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. 
 
This report is made solely to the company in accordance with the terms of our engagement to assist the company in meeting
the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Services Authority ("the UK
FSA"). Our review has been undertaken so that we might state to the company those matters we are required to state to it in
this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the company for our review work, for this report, or for the conclusions we have reached. 
 
Directors' responsibilities 
 
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FSA. 
 
The annual financial statements of the group are prepared in accordance with IFRSs as adopted by the EU. The condensed set
of financial statements included in this half-yearly financial report has been prepared in accordance with IAS 34 Interim
Financial Reporting as adopted by the EU. 
 
Our responsibility 
 
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the
half-yearly financial report based on our review. 
 
Scope of review 
 
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of
Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for
use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in
scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does
not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an
audit. Accordingly, we do not express an audit opinion. 
 
Conclusion 
 
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial
statements in the half-yearly financial report for the six months ended 31 December 2009 is not prepared, in all material
respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FSA. 
 
Paul Furneaux
for and on behalf of KPMG Audit Plc
Chartered Accountants
One Canada Square 
 
London 
 
E14 5AG 
 
25 February 2010 
 
This information is provided by RNS
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