for the year ended 31 December 2014
R I T C a pi
t
a l P a
r t
n e
r
s pl c R e p o
r t
&A c c o un
t
s
f
o
r t
h e y e a
r
e n
d
e
d 3
1 D e c e
m
b e
r
2 0 1 4
Con
t
en
t
s
Co
m
pany Highligh
t
s
1
S
tr
a
t
egic Repo
rt
Chairman’s Statement3Our Strategy & Business Model5Investment & Business Review8Investment Portfolio13
Gove
r
nance
Board of Directors18J Rothschild Capital Management22Corporate Governance Report23Audit and Risk Committee Report32Directors’ Remuneration Report34Directors’ Report45
Financial S
t
a
t
e
m
en
t
s
Consolidated Income Statement and ConsolidatedStatement of Comprehensive Income50Consolidated Balance Sheet52Parent Company Balance Sheet53Consolidated Statement of Changes in Equity54Parent Company Statement of Changes in Equity55Consolidated Cash Flow Statement56Parent Company Cash Flow Statement57Group and Parent Company Accounting Policies58Notes to the Financial Statements68
In
d
epen
d
en
t
Au
d
i
t
o
r
s’ Repo
rt
110
O
t
he
r
In
f
o
rm
a
t
ion
Investment Portfolio Reconciliation118Historical Information and Financial Calendar119Directory120
RIT NAV per share (TR) ACWI (TR)RPI plus 3.0%
20042005200620072008200920102011201220132014-50%0%50%100%150%
Financial Summary 10 Year Performance
31 December 2014 31 December 2013 Change
Netassets £2,300m £2,146m +£154mNAV per share 1,483p 1,384p +99pShare price 1,397p 1,260p +137pDiscount -5.8% -9.0% +3.2%Dividends paid 29.4p 28.0p +1.4pGearing 15.4% 5.2% +10.2%Ongoing Charges % 0.74% 0.83% -0.09%
NAV per share total return 9.5%Share price total return 13.3%
RPI
1
plus 3.0% 4.6%MSCI All Country World Index
2
10.0%
Performance History 1 Year 5 Years 10 Years
NAV per share total return 9.5% 48.4% 139.3%RPI
1
plus 3.0% 4.6% 36.3% 80.6%MSCI All Country World Index
2
10.0% 62.6% 104.8%
1
Retail Price Index
2
The MSCI All Country World Index (ACWI) we have adopted is a total return index and is based on 50% of the ACWI measured inSterling and 50% measured in local currencies.
Company Highlights
Corporate Objective
To deliver long-term capital growth, while preservingshareholders’ capital; to invest without theconstraints of a formal benchmark, but to deliver forshareholders increases in capital value in excess ofthe relevant indices over time.
Investment Policy
To invest in a widely diversified, international portfolioacross a range of asset classes, both quoted andunquoted; to allocate part of the portfolio toexceptional managers in order to ensure access tothe best external talent available.
|
C om p a n yHi gh l i gh t s
|
S t r a t e gi c R e p or t
|
G ov er n a n c e
|
F i n a n c i a l S t a t em en t s
|
O t h er I nf or m a t i on
|
RIT Capital Partners plc Report and Accounts December 2014 1
|