The Company has two reportable segments, as described below. For each of them, the Board of Directors receives detailed reports on at least a quarterly basis. The following summary describes the operations in each of the Company's reportable segments:
- Fund investments
- Direct investments.
Balance sheet and income and expense items that cannot be clearly allocated to one of the segments are shown in the column 'Corporate' in the following tables.
The reportable operating segments derive their revenue primarily by seeking investments to achieve an attractive return in relation to the risk being taken. The return consists of interest, dividends and/or unrealised and realised capital gains.
The financial information provided to the Board of Directors with respect to total assets and liabilities is presented in a manner consistent with the Consolidated Financial Statements. The assessment of the performance of the operating segments is based on measurements consistent with IFRS. With the exception of capital calls payable, liabilities are not considered to be segment liabilities but rather managed at the corporate level.
There have been no transactions between the reportable segments except for fund to direct following Fund I making an in-specie transfer of its shares in Time Out to all its investors, which had the effect of reducing OCI's indirect holding to zero and increasing its direct holding.
The segment information for the six-month period ended 30 June 2024 is as follows:
Fund investments £’000 | Direct Investments and loans £’000 | Total operating segments £’000 | Unallocated £’000 | Total £’000 | |
|---|---|---|---|---|---|
Net realised gains on financial assets at fair value through profit and loss | (21,425) | – | (21,425) | – | (21,425) |
Net unrealised gains (losses) on financial assets at fair value through profit and loss | 69,964 | 2,916 | 72,880 | – | 72,880 |
Interest income | – | 398 | 398 | 2,567 | 2,965 |
| Net foreign currency gains (losses) | – | – | – | (2,698) | (2,698) |
Other income | – | – | – | – | – |
Expenses | – | – | – | (3,956) | (3,956) |
Interest expense | – | – | – | (1,827) | (1,827) |
Profit (loss) for the period | 48,539 | 3,314 | 51,853 | (5,914) | 45,939 |
Total assets | 1,032,877 | 222,632 | 1,255,509 | 129,056 | 1,384,565 |
Total liabilities | – | – | – | (135,555) | (135,555) |
Net assets | 1,032,877 | 222,632 | 1,255,509 | (6,499) | 1,249,010 |
Total assets include: | |||||
Financial assets at fair value through profit and loss | 1,302,877 | 222,632 | 1,255,509 | – | 1,255,509 |
Cash and other | – | – | – | 129,056 | 129,056 |
The segment information for the year ended 31 December 2023 is as follows:
Fund investments £’000 | Direct Investments and loans £’000 | Total operating segments £’000 | Unallocated £’000 | Total £’000 | |
|---|---|---|---|---|---|
Net realised gains on financial assets at fair value through profit and loss | 181,212 | – | 181,212 | – | 181,212 |
Net change in unrealised gains (losses) on financial assets at fair value through profit and loss | (138,622) | 8,043 | (130,579) | – | (130,579) |
Interest income | – | 1,291 | 1,291 | 2,656 | 3,947 |
Other income | – | 142 | 142 | 2,370 | 2,512 |
| Expenses | – | – | – | (8,001) | (8,001) |
| Interest expense | – | – | – | (1,603) | (1,603) |
Profit (loss) for the year | 42,590 | 9,476 | 52,066 | (4,578) | 47,488 |
Total assets | 787,888 | 219,318 | 1,007,206 | 208,523 | 1,215,729 |
Total liabilities | – | – | – | (8,690) | (8,690) |
Net assets | 787,888 | 219,318 | 1,007,206 | 199,833 | 1,207,039 |
Total assets include: | |||||
Financial assets at fair value through profit and loss | 787,888 | 219,318 | 1,007,206 | – | 1,007,206 |
Cash and other | – | – | – | 208,523 | 208,523 |
The segment information for the six-month period ended 30 June 2023 is as follows:
Fund investments £’000 | Direct Investments and loans £’000 | Total operating segments £’000 | Corporate £’000 | Total £’000 | |
|---|---|---|---|---|---|
Net realised gains on financial assets at fair value through profit and loss | 228,442 | – | 228,442 | – | 228,442 |
Net unrealised gains (losses) on financial assets at fair value through profit and loss | (231,258) | 5,057 | (226,201) | – | (226,201) |
Interest income | – | 7,433 | 7,433 | 239 | 7,672 |
Other income | – | 142 | 142 | 306 | 448 |
Interest income | – | – | – | (3,428) | (3,428) |
Expenses | – | – | – | (1,536) | (1,536) |
Profit (loss) for the period | (2,816) | 12,632 | 9,816 | (4,419) | 5,397 |
Total assets | 738,085 | 197,847 | 935,932 | 296,270 | 1,232,202 |
Total liabilities | – | – | – | (63,284) | (63,284) |
Net assets | 738,085 | 197,847 | 935,932 | 232,986 | 1,168,918 |
Total assets include: | |||||
Financial assets at fair value through profit and loss | 738,085 | 197,847 | 935,932 | – | 935,932 |
Cash and other | – | – | – | 296,270 | 296,270 |