Impax Asset Management Group plc
Annual Report and Accounts 2012 Impax Asset Management Group plc is a leading 
investment manager dedicated to investing in the 
opportunities created by the scarcity of natural 
resources and the growing demand for cleaner , more 
efficient products and services, through both listed 
and private equity strategies. 
We manage £1.8 billion for institutional and high net worth investors globally, and are committed  
to providing strong, long-term risk-adjusted returns. The Company’s investment team numbers  
28 professionals, with an average of 18 years’ relevant experience. 
Our listed equity funds seek out mis-priced companies that are set to benefit from the long-term 
trends of changing demographics, rising consumption, limited natural resources and urbanisation.  
Investment is focused on a small number of deeply researched strategies in energy, water, waste,  
food and agriculture and related markets. 
Impax’s private equity infrastructure funds invest in power generation assets in the renewable  
energy sector. 
Impax is a thought leader in defining the environmental and resource efficiency markets, for example 
through a partnership with FTSE to develop and manage the classification system underpinning the 
FTSE Environmental Markets Index Series.
Contents
1 Highlights 2012
Impax – Key Facts
2 Chairman’s Statement
4 Chief Executive’s Report
7 Overview of Our Resource  
Efficiency Markets
8 Directors
9 Senior Personnel
10 Directors’ Report
12 Statement of Directors’ Responsibilities  
in Respect of the Directors’ Report  
and the Financial Statements
13 Corporate Governance Report
15 Key Risks
16 Remuneration Report
18 Independent Auditor’s Report
19 Consolidated Statement  
of Comprehensive Income
20 Consolidated Statement  
of Financial Position
21 Consolidated Statement  
of Changes in Equity 
22 Consolidated Cash Flow Statement 
23 Notes to the Financial Statements
42 Company Statement  
of Financial Position
43 Company Statement  
of Changes in Equity 
44 Company Cash Flow Statement 
Officers and Advisers Impax Asset Management Group plc Annual Report and Accounts 2012
1
Highlights
Highlights 2012
Key facts 2012
 > Attractive investment themes
 – Rapidly growing markets
 – Large population of dynamic 
companies
 – Market complexity leads to  
mis-pricing 
 > Experienced team
 – 56 people, including 28 specialist 
investment professionals
 – No changes to senior investment 
team since inception
 – Signiﬁcant staff share ownership
 > Extensive distribution networks
 – In-house and committed third party 
distributors
 – Access to over 20 markets 
 > Stable investor base
 – 95% of investors in “Impax label” 
funds are institutional 
 > Scalable business model
 – High capacity investment strategies
 – Proven investment processes
 – Established infrastructure
 > Financial performance
 – Revenue £18.6 million
 – Operating earnings £4.6 million
1
 – Loss before tax of £4.7 million
2
 – Assets under management £1.83 billion
 – Diluted earnings per share 2.57 pence (adjusted)
3
 – Cash reserves of £19.3 million
 – Proposed dividend 0.75 pence per share
 > Investment performance
 – Principal listed equity strategies beat their environmental comparator indices 
 – Water strategy grew by 19.2%
4
 
 – Investee companies of the Private Equity funds continued to perform well
 >Expansion
 – Expansion of stock coverage to include Food & Agriculture sectors (fund to 
launch 1 December 2012)
 – Opening of an ofﬁce in New York City and appointment of a Head of Institutional 
Sales and Client Service in the United States
1
  revenue less operating costs excluding £8.7 million charge due to share incentive schemes
2
  includes £8.7 million charges associated with the Company’s historical share-based incentive schemes
3
 adjusted to exclude the IFRS2 charge for share schemes satisﬁed by primary shares
4
 net asset value per share from 1 October 2011 to 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
2
Chairman’s Statement
For the Year Ended 30 September 2012
The drivers behind resource efﬁciency and 
environmental markets have once again 
strengthened, further underpinning the 
attractiveness of the investment area in  
which Impax operates.
Sector overview
>  Drivers of resource scarcity are 
fundamental and are creating 
unprecedented opportunities for 
long-term investors
>  Underlying markets growing rapidly
>  Our investment universe now numbers 
some 2,000 stocks with a combined 
market capitalisation in excess of  
£4.25 trillion 
>  Companies often mis-priced as 
investors misunderstand technology 
change and the impact of regulations
>  Successful investing requires a deep 
understanding of the industries in which 
these companies operate, including the 
entire value chain
1
  revenue less operating costs excluding £8.7 million 
(2011: £5.4 million) charge due to share incentive 
schemes
2
  adjusted to exclude the IFRS2 charge for share 
schemes satisﬁed by primary shares
Keith Falconer
Chairman
Over the past 12 months, the prospects 
for equity investors have remained 
uncertain as growth in the global 
economy has been elusive and problems 
in the Eurozone intractable. In spite of 
these headwinds, Impax has delivered  
a robust performance and has continued 
to invest in order to position the business 
for further growth.
During the Company’s ﬁnancial year from 
1 October 2011 to 30 September 2012 
(the “Period”), assets under discretionary 
and advisory management (“AUM”) 
initially rose from £1.90 billion to £2.03 
billion at the end of the ﬁrst half, before 
falling back to £1.83 billion. Since the  
end of the Period, equity markets have 
weakened further and AUM declined 
slightly, reaching £1.80 billion on  
31 October 2012.
Notwithstanding sustained equity market 
volatility, the drivers behind resource 
efﬁciency and environmental markets 
have once again strengthened, further 
underpinning the attractiveness of the 
investment areas in which Impax 
operates. For example, acute drought in 
the United States and the recent impact 
of Hurricane Sandy have raised the 
likelihood that a re-elected President 
Obama will promote additional investment 
in clean energy and water infrastructure, 
while across the planet there has been a 
notable increase in evidence pointing to 
faster than expected climate change, for 
example the steep decline in the summer 
coverage of sea ice in the Arctic Ocean 
compared to previous years. 
Institutional investors are increasingly 
interested in analysing the risks and 
opportunities arising from these changes, 
providing us with further opportunity for 
dialogue and, we believe, the potential for 
increased commitment of capital to our 
funds and accounts. Accordingly, we 
have continued to invest incrementally in 
our capabilities, particularly in the areas  
of client service in the United States  
and the development of investment 
management expertise across the food 
and agriculture sectors.
Results for the year and  
proposed dividend
Revenue to 30 September 2012 was 
£18.6 million (2011: £20.9 million). 
Operating earnings
1
 for the year were 
£4.6 million (2011: £6.2 million) and the 
associated operating margin was 24 per 
cent (2011: 30 per cent). The decrease in 
revenue and proﬁts compared to the 
corresponding 2011 ﬁnancial year reﬂect 
a combination of lower average AUM for 
the year and a moderately higher ﬁxed 
cost base arising from the investment we 
have made in further strengthening the 
Company’s platform to prepare for further 
growth. Proﬁt before tax (“PBT”) for the 
Period was a loss of £4.7 million (2011: 
proﬁt of £1.7 million). PBT was impacted 
by £8.7 million (2011: £5.4 million) of 
charges associated with the Company’s 
historical share-based incentive schemes. 
£1.0 million of this charge is directly offset 
by a corresponding tax gain. PBT also 
included fair value losses of £0.7 million 
arising primarily from the Company’s 
investments into the Impax Green 
Markets Fund which we have set up in 
the United States for domestic investors, 
and our ﬁrst private equity fund, in part 
due to the strengthening of Sterling 
against the Euro and the Dollar.
The Board regards the most relevant 
measure of the year’s earnings to be 
diluted earnings per share (“EPS”). On 
this basis diluted EPS for the year was 
2.57 pence (adjusted
2
), including  Impax Asset Management Group plc Annual Report and Accounts 2012
3
Highlights Chairman’s Statement
08
09
10
11
12
11.39
10.39
15.34
20.93
18.62
Revenue
£ million
08
09
10
11
12
4.15
2.88
3.83
6.24
4.55
Operating Earnings
£ million
08
09
10
11
12
3.07
2.58
3.49
3.74
2.57
Earnings per share  
(diluted adjusted)  
pence
08
09
10
11
12
0.35
0.40
0.60
0.70
0.75
Dividend
pence
08
09
10
11
12
1.09
1.26
1.82
1.90
1.83
AUM
£ billion
0.42 pence due to the fair value losses. 
For 2011, diluted EPS was 3.74 pence 
(adjusted
2
). Diluted EPS before adjustment 
was (4.32) pence in 2012 and 0.93 pence 
in 2011. 
The Group’s balance sheet strengthened 
during the year with continued cash 
generation from operating activities. At 
the end of the ﬁnancial year, shareholders’ 
equity had increased to £22.6 million 
(2011: £21.5 million) and cash reserves 
held by operating entities of the Group 
were £19.3 million (2011: £20.0 million). 
The slight decrease in cash included the 
impact of the Company’s US$5 million 
seed investment into the Impax Green 
Markets Fund. Current asset investments 
held at the year-end were £8.7 million 
(2011: £3.9 million). The Group remained 
debt-free throughout the Period.
In light of the Company’s sustained strong 
cash ﬂow and progressive dividend policy, 
the Board recommends an increased 
dividend of 0.75 pence per share (2011: 
0.70 pence per share). The dividend 
proposal will be submitted for formal 
approval by shareholders at the 
forthcoming Annual General Meeting  
on 13 February 2013. If approved,  
the dividend will be paid on or around  
20 February 2013. The record date for  
the payment of the proposed dividend will 
be 25 January 2013 and the ex-dividend 
date will be 23 January 2013. In line with 
the Company’s stated policy, the Board 
does not currently intend to recommend 
the payment of interim dividends.
Remuneration 
In accordance with the Company’s 
updated remuneration policy (which was 
described in the 2011 Annual Report), 
during the Period the Board conﬁrmed the 
grant of ﬁve million Employee Share Option 
Plan (“ESOP”) options to management  
and staff in respect of their performance 
for the ﬁnancial year ended 30 September 
2011. The strike price was set at 49.6 
pence and the options will vest on  
31 December 2014. 
Share Buy-backs and Share Issuance
During the Period the Board commenced 
the buy-back of the Company’s shares 
into Treasury, with the aim of reducing the 
requirement to issue new shares to 
satisfy the exercise of options awarded 
under the ESOP . To date, 3.5 million 
shares have been purchased since the 
start of the buy-back programme, and  
the Company expects further purchases 
to be made from time to time while 
continuing to evaluate attractive alternative 
uses of the Company’s cash resources. 
Separately, in accordance with the 
approval given by Shareholders in January 
2008, the Company plans shortly to issue 
12.2 million shares which will be available 
to satisfy exercises of vested option 
schemes, taking the total shares in issue 
to 127.7 million. 
Prospects
Since the end of the Period we have  
seen a clear outcome in the US elections 
and evidence of a smooth leadership 
transition in China, but on-going macro-
economic problems in the Eurozone. 
Against this complex backdrop, equity 
markets appear once again to be 
factoring in a signiﬁcant risk of 
disappointment in corporate earnings  
and outlook statements, and the potential 
for increased allocations to equities by 
institutional investors is unclear.
Nevertheless, as the case for active 
investment in resource efﬁciency and 
environmental markets becomes  
more compelling and better understood 
by investors, demand for specialist 
investment management expertise should 
continue to broaden and deepen. The 
Impax team has been successfully 
managing investment portfolios targeting 
these markets for more than 14 years  
and has a track record of planning for  
and delivering growth across a range  
of market circumstances. I am therefore 
conﬁdent that the Company is well 
positioned for further increase in 
shareholder value as conditions improve.
J Keith R Falconer
28 November 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
4
Chief Executive’s Report
For the Year Ended 30 September 2012
We continue to focus on delivering solid  
investment performance for our clients while 
carefully extending our research coverage  
and distribution channels.
Ian Simm
Chief Executive
Table 1: Assets under management and fund flows
£ million
AUM
1 Oct  
2011 H1 H2
AUM 
30 Sept  
2012
“Impax-Label” listed equity products 712 – – 637
 Inﬂows – 23 8 –
 Outﬂows – (76) (52) –
 Market movements & currency – 85 (63) –
Third party listed equity funds & accounts 792 – – 829
 Inﬂows –7141 –
 Outﬂows – (85) (66) –
 Market movements & currency – 122 (46) –
Private Equity 392 (13) (17) 362
Total 1,896 127 (195) 1,828
During a ﬁnancial year in which economic 
conﬁdence has swung between apparent 
complacency and despair, the Impax 
management team has continued to focus 
on the core business of managing 
portfolios of listed and private securities  
on behalf of institutional investors, while 
investing selectively in expanding the 
Company’s capabilities. 
Sector developments 
For many years, at the time of writing  
each semi-annual Impax report, a review 
of recent developments in the sectors  
in which the Company is investing has 
produced a wealth of evidence of 
strengthening market fundamentals:  
this report is no different. Nevertheless, 
investor conﬁdence in some of these 
sectors, for example solar panel 
manufacturing, remains weak, and sector 
benchmarks have underperformed 
generic indices during 2012. Since the 
interim statement, when I summarised 
new policies to address climate change 
and improve energy efﬁciency in several 
countries, further capital expenditure on 
water management and treatment in China 
and additional regulations to curb pollution 
in the United States, there have been 
several notable announcements. 
Probably most intriguing was the 
reafﬁrmation that, in the light of the 
Fukushima disaster in Japan, Germany is 
committed to a full shutdown of all nuclear 
power stations by 2022. This will require 
an investment of at least €300 billion in 
renewable energy, energy efﬁciency and 
grid strengthening, and has been the 
principal driver of sharp falls in the share 
prices of the country’s principal power 
utilities E.ON and RWE, which are unlikely 
to receive full compensation for the 
premature shutdown of their nuclear 
assets. Meanwhile, Japan’s new energy 
policy continues to evolve, with latest 
estimates suggesting a cumulative 
investment of US$1.5 trillion in renewables 
and energy efﬁciency over the next  
20 years. 
Demand for energy efﬁcient products  
and services and for renewable energy 
continued to expand in most European 
countries. Although prospects for 
renewable energy in the UK were called 
into question by some vocal politicians, 
this sector once again grew rapidly as 
most countries sought to encourage lower 
carbon power generation capacity.
In August, the Obama administration 
raised the automotive manufacturers’ 
average fuel efﬁciency standard from  
35.5 miles per gallon by 2016 to 54.5 miles 
per gallon by 2025; in spite of Republican 
objections, this was widely endorsed by 
the manufacturers themselves, who 
appreciated the policy certainty over a 
time frame that allows them to manage 
their product development.
It is likely that the regulatory framework  
in the United States, which underpins 
other sectors in which Impax invests,  
will continue to strengthen in Obama’s 
second term. The President has already 
announced that addressing climate 
change is a priority, while analysts are also 
pointing to the potential for tighter rules 
governing water abstraction in drought-
prone areas, investment in ﬂood defence 
and several initiatives related to higher 
energy efﬁciency. 
Impax’s target markets
The weakness of environmental stocks is 
illustrated by the performance of the FTSE 
Environmental Opportunities All Share 
Index, which returned 3.4 per cent (net, 
total return) between 1 January 2012  
and 30 September 2012, compared to  
the MSCI World Index which was up  
8.8 per cent (net, total return) over the 
same period. 
During 2012, taking into account feedback 
from a range of our clients and prospective 
investors, we have slightly broadened  
the deﬁnition of Impax’s target markets  
to encompass “resource efﬁciency”, 
comprising environmental markets and the 
wider food and agriculture value chain. 
Companies providing products and 
services in the food and agriculture 
sectors have many similar characteristics 
to those in alternative energy, water and 
waste management, particularly growth  Impax Asset Management Group plc Annual Report and Accounts 2012
5
Chief Executive’s Report
linked to the rising demands of an 
expanding population, limited resources 
and broad evidence of mis-pricing as a 
result of rapidly changing technology, 
regulations and market structure. 
This initiative is resonant with a number  
of high proﬁle studies examining the 
implications for investors of the themes in 
which Impax has expertise. In November 
2011, McKinsey & Company published 
“Resource Revolution: Meeting the world’s 
energy, materials, food and water needs”, 
an in-depth study of a range of new 
market opportunities. Subsequently, in 
August 2012, Towers Watson published 
“Sustainability in Investment” which 
pointed to a potential transformation in  
the investment landscape arising from 
emerging drivers including “resource 
scarcity and climate change”. 
We are excited about the potential for 
offering additional investment services and 
products in the broader resource efﬁciency 
area. As reported in the interims, during 
2012 we have recruited two experienced 
investment professionals focused on global 
food and agriculture and, on 1 December 
2012, following test marketing, plan to 
launch the Impax Food and Agriculture 
Fund under the existing Impax Funds 
(Ireland) plc platform with £2 million of seed 
capital from the Company; this fund will be 
marketed primarily to UK investors.
Assets under management  
and fund ﬂows
During the Period, Listed Equity funds that 
we manage or advise had net outﬂows  
of £136 million comprising £97 million  
from “Impax-Label funds” and £39 million 
from Third Party Funds and Accounts. 
Gross inﬂows across all strategies were 
£143 million and performance contributed 
£97 million. However, this was offset by 
outﬂows of £279 million. We believe that 
the net outﬂows are broadly attributable  
to weakness of environmental stocks 
relative to global equities, particularly over 
the past 18 months, and to investor 
nervousness over the prospects for equity 
markets in general.
We saw continued progress in building  
our franchise in the United States. The  
Pax World Global Green Fund (recently 
renamed the Pax World Global 
Environmental Fund), which we sub-advise, 
attracted net inﬂows over the Period 
expanding to US$52 million at the end of 
the Period. As previously announced, in 
December 201 1 we established Impax 
Green Markets Fund, a Delaware-based 
private fund, as a wrapper for our 
Specialists strategy.
Following the completion of fund raising  
for our second private equity fund in 
September 2011, there were no additional 
ﬂows in this division during the Period. 
However, AUM (in Sterling) declined due  
to the impact of the weakening Euro.
Investment Performance
Listed Equity
During the Period our listed equity 
strategies generally beat their comparator 
indices of environmental stocks, but some 
have trailed global indices. 
We were particularly pleased by our  
Water strategy which sustained its out- 
performance over the Period, returning 
19.2 per cent (total return, GBP) compared 
to 17 .3 per cent (net return, GBP) for the 
MSCI World Index. The strategy now has  
a strong three year track record, making it 
the best performing fund in its peer group 
over this timeframe: since inception on  
1 January 2008 to 30 September 2012, 
this strategy was up 77 .5 per cent (total 
return, GBP) while the MSCI World Index 
was up 52.1 per cent (net return, GBP).
Our Specialists strategy, which invests  
in small and mid-cap stocks, returned  
6.7 per cent (total return, GBP) over the 
Period compared to minus 0.8 per cent 
(total return, GBP) for the corresponding 
period for the FTSE ET50 Index which is 
representative of the universe of small and 
mid-cap environmental stocks. Over the 
ten years to 30 September 2012, our 
Specialists strategy has returned 162 per 
cent (total return, GBP) while the FTSE 
ET50 Index declined 61.5 per cent (total 
return, GBP) and the MSCI World Index 
was up 111 per cent (net return, GBP). 
Our Leaders strategy, which invests in 
both small-cap stocks as well as larger, 
more diversiﬁed companies across the 
environmental markets universe, returned 
16.8 per cent over the Period (total return, 
GBP). From inception on 3 March 2008  
to 30 September 2012, this strategy 
returned 24.9 per cent (total return, GBP) 
while the MSCI World Index was up 23.4 
per cent (net return, GBP) and the FTSE 
Range of investment 
strategies  
AUM (£m)
(as at 30 September 2012)
  Environmental 
Specialists
  Environmental 
Leaders
 Asia-Paciﬁc
 Water
 Private Equity
759
276
205
226
362
 Private Equity
 North America
 Asia-Paciﬁc 
 Other Europe
 UK/Ireland
36
58
626
746
362
AUM by geographic region  
(client domicile)
(as at 30 September 2012)
Stable, diverse, client base
“Impax-Label” funds
(as at 30 September 2012)
637
241
588
362
 Impax-Label Funds
 Segregated accounts
 White Label Funds
 Private Equity Impax Asset Management Group plc Annual Report and Accounts 2012
6
Environmental Opportunities All Share 
Index gained 16.5 per cent (total  
return, GBP). 
Private Equity
Our private equity business made solid 
progress during the Period. 
The power generation projects owned by 
our ﬁrst fund, Impax New Energy Investors 
LP (“Fund I”), which has €125 million of 
commitments, have continued to beat their 
budgets, and in June the Fund was able to 
make a further distribution to investors. As 
previously reported, we will seek a full exit 
from this fund when market conditions are 
supportive; to this end, we are following 
closely the development of regulations 
affecting the energy sector in Spain, where 
the majority of Fund I’s residual assets  
are located.
Meanwhile, our team has continued to 
deploy the €330 million of capital in Fund 
II, focusing on investing to fund the 
construction of onshore wind and solar  
PV assets in the European Union and, 
potentially, North America. During the 
Period, Fund II purchased 109MW of 
French and Polish wind assets, an Italian 
solar PV investment and a 28MW wind 
park in Germany; currently approximately 
40 per cent of Fund II is invested or 
committed for investment.
Distribution
As set out in previous statements, our 
distribution strategy focuses on building 
relationships with institutional investors 
around the world, offering both direct 
investment management expertise as  
well as the sub-management of funds 
established by third parties. 
In the UK, our core market, from where  
41 per cent of our AUM originates, we 
have continued to build relationships with 
new institutional investors and have begun 
a systematic outreach programme to 
family ofﬁces where Impax has historically 
been under-represented. In consultation 
with the Board of Impax Environmental 
Markets plc, an investment trust with  
ca. £327 million of net assets (as at  
30 September 2012) and our largest client,  
we have established a dedicated microsite  
(www.impaxenvironmentalmarkets.co.uk)  
to provide investors with more detailed 
fund-speciﬁc information. 
For many clients elsewhere in Europe, as 
well as in Asia and Australia, we continue to 
work closely with BNP Paribas Investment 
Partners (“BNPP IP”) to improve the sales 
prospects for several funds that we 
sub-manage. Early next month, two of the 
funds that follow the Leaders strategy will 
merge and will also absorb a third fund, 
creating a vehicle with ca. €120 million of 
AUM, a size which should widen the fund’s 
appeal to a wide group of investors. In 
addition, we are particularly pleased that 
BNPP IP has decided to extend the 
marketing and sales of the BNP Paribas 
Aqua fund which wraps our Water strategy, 
beyond its established base in France to 
cover most of Europe. 
Our direct sales strategy in the US market 
is to leverage our positive consultant 
ratings in a small number of focused 
channels covering endowments, 
foundations and family ofﬁces, while also 
nurturing third party relationships. To this 
end, we recently recruited a Head of 
Institutional Sales and Client Service who 
has over 25 years’ experience of selling to 
top tier institutions and who is based in a 
new Impax ofﬁce in New York City.
We were delighted to win three prestigious 
asset management awards in 2012. In 
May, Impax was named as the winner of 
the “Sustainable, responsible, ethical 
investment award” at the Financial Times 
Business Pension and Investment  
Provider 2012 Awards. In October, we  
were recognised as “Impact Investor of  
the Year” by The Asset in Hong Kong,  
and in November as “Best Fund 
Management Group” by Investment  
Week at their Climate Change & Ethical 
Investment Awards.
Infrastructure and support
In addition to satisfying client expectations 
on operational matters, the regulatory 
environment in which investment 
management ﬁrms operate is becoming 
increasingly complex, and it is essential 
that we sustain an effective Support Team 
across our ofﬁces in London, Hong Kong 
and the United States. 
In recent years we have consciously 
invested in operations, IT, ﬁnance, legal, 
compliance and HR capabilities in order  
to establish a scalable platform for growth.  
In principle, we are now adequately 
resourced in these areas and can manage 
a signiﬁcant volume of additional assets on 
this base. At the time of writing, alongside 
other investment managers, we are 
working with our clients to ensure 
appropriate compliance with the emerging 
requirements of the European Union’s 
Alternative Investment Fund Managers 
Directive, and are also closely monitoring 
the implications of regulatory developments 
in the other markets in which we operate.
The hiring of our food and agriculture 
team, our Head of Distribution (who joined 
on 1 October 2011) and our new Head of 
Institutional Sales in the United States have 
contributed to a headcount increase: at 
the end of the Period our total headcount 
was 56.5 full time equivalent staff, up from 
50.4 at the start of the Period.
Outlook
Investors who had committed capital to 
equity markets at the start of 2012 and are 
only now reviewing the result should be 
pleasantly surprised by the proﬁt they have 
made, but may also be concerned about 
the level of volatility of their portfolio today. 
In particular, rising political instability in the 
Eurozone and the pending US “ﬁscal cliff” 
have the potential to de-rail conﬁdence 
and, indirectly, erode corporate proﬁtability. 
Nevertheless, the outlook for resource 
efﬁciency and environmental markets is 
gradually improving and most sectors 
have rallied in the last quarter, in some 
cases out-performing generic indices. 
After a sustained period in which 
corporate earnings expectations have 
been downgraded, results for many of our 
holdings now appear to be improving, 
while a recent increase in M&A activity 
may prove positive for sentiment over the 
coming months.
Given our mandates, Impax has delivered 
solid investment performance in the year 
despite the fragile nature of global 
markets. We remain committed to our 
core strategies and as we build on recent 
investments, we are conﬁdent in our ability 
to deliver robust returns for shareholders 
when global economic conﬁdence returns. 
Ian R Simm
28 November 2012
Chief Executive’s Report continued Impax Asset Management Group plc Annual Report and Accounts 2012
7
Markets & Technology
Overview of Our Resource Efficiency Markets
Impax invests in sectors where the need 
to make efﬁcient use of scarce resources 
and mitigate negative environmental 
effects is creating a broad range of 
long-term growth opportunities.
Alternative Energy
Energy
Energy Efﬁciency
Global demand for energy continues to 
grow and energy prices for most of the 
world’s population look set to rise. Over 
the next two decades, annual investment 
in the energy sector is expected to 
average US$1.5 trillion, of which 50% will 
be in the electrical power sector. By 2035 
it is estimated that China will consume 
70% more energy in total than the USA; 
yet per capita consumption will still only 
be 50% of US levels. The increasing cost 
of energy in many countries provides  
a strong incentive to use sources as 
efﬁciently as possible and to develop new 
sources and methods of generation. 
We categorise Energy investment 
opportunities into two sectors: 
Energy Efﬁciency which is focused on 
services and technologies to minimise 
energy wastage. The investment universe 
in this sector includes companies in 
power generation and storage, industrials, 
buildings and transport. Alternative 
Energy includes the independent power 
producers, solar, wind, biofuels and 
equipment companies. 
We identify interesting investment 
opportunities arising from the effective 
roll-out of proven technologies in 
established but expanding markets, for 
example insulation materials. We are also 
seeing rapid substitution by relatively  
new technologies, such as light-emitting 
diodes (LEDs) in conventional lighting, 
and brisk growth in a number of new 
markets, for example in smart meters.
Energy efﬁciency is the largest sub-sector 
in which we invest, both in terms of portfolio 
weighting and our investable universe.
We invest in both the providers of 
alternative energy technologies, the 
operators of energy assets and in 
companies active across the entire  
value chain.
Pollution Control
Water
Infrastructure & Technologies
The global market for water products and 
services is currently estimated to be worth 
some US$500bn. The United Nations 
predicts that two-thirds of the world’s 
population will be ‘water stressed’ by 
2050, with over 2 billion people living in 
countries facing water scarcity. The 
cleaning up and recycling or disposal of 
waste water is also proving a major 
worldwide challenge. We see the growing 
imbalance between supply and demand 
for water as being underpinned by four key 
factors: population growth, ageing 
infrastructure, regulation and an increasing 
incidence of extreme weather events.
We divide the Water sector into 
Infrastructure & Technologies which 
includes both the treatment and equipment 
companies as well as utilities; and Pollution 
Control which covers companies involved 
in emissions abatement and the supply of 
testing equipment.
We invest in opportunities across the 
entire water value chain. In infrastructure 
we see steady demand for pumps,  
pipes and valves in developed countries 
and much higher rates of growth for 
these products in developing regions. 
Companies active in water re-use, 
conservation and irrigation equipment 
markets are particularly attractive. In 
water treatment we see a wide array of 
opportunities in physical and chemical 
water treatments, ﬁltration, membrane 
technology and desalination as well as 
pollution monitoring and testing. Our 
portfolios generally have exposure to 
companies with early stage, late cycle 
and defensive business models.
Environmental Support Services
Waste
Waste Management & Technologies
Waste management companies are 
involved in the handling and disposal of 
both general and hazardous waste from 
individuals and industry as well as the 
associated technologies for the sorting 
and processing of materials. Recycling 
and reuse of materials is now estimated 
to be a US$200bn market, driven by the 
increasing scarcity and cost of the 
primary materials. 
We categorise this sector into Waste 
Management & Technologies; 
comprising technology equipment 
companies, recycling and processing, and 
companies involved in the handling and 
disposal of hazardous and general waste; 
and Environmental Support Services 
which includes environmental consultants 
and the trading of environmental assets 
such as pollution permits.
We invest across the waste sector in 
general waste management, in hazardous 
waste management which is attractive  
as it is a defensive, non-cyclical market,  
in the more cyclical recycling companies 
particularly those active in rapidly growing 
developing markets, and also in companies 
supplying innovative waste technologies.
Agriculture
Food & Agriculture
Food
The global population is estimated to 
reach 9 billion by 2050 which will mean an 
additional 80 million people to feed each 
year. To achieve this, food production must 
rise by 70%, necessitating a signiﬁcant 
increase in the area of agricultural land and 
substantial increases in the use of energy 
and water. The key drivers for change are 
the shifts in global demand, environmental 
regulations and technological innovations.
We sub-divide our Food sector into  
basic foods, packaging and food safety, 
packaged food and ingredients, beverages, 
distribution and commercial services and 
diversiﬁed food and agriculture companies. 
Under Agriculture we include companies 
involved in agricultural inputs (such as 
fertiliser, pesticides, animal feeds and 
animal health products), machinery and 
equipment, growers and processors and 
agricultural logistics companies which are 
involved in haulage, shipping and upstream 
supply-chain solutions to the sector.
We invest in companies that are exploiting 
inefﬁciencies arising from the revolution  
in global supply-chains and new 
opportunities to supply ancillary goods 
and services.  Impax Asset Management Group plc Annual Report and Accounts 2012
8
Directors
Keith Falconer
Chairman
Keith Falconer, is Chairman of Impax Asset 
Management Group plc. He joined the  
Group in January 2004. After qualifying as  
a Chartered Accountant in 1979, he joined 
Martin Currie the independent Edinburgh 
based investment ﬁrm. The ﬁrst part of his 
career was spent managing portfolios on 
behalf of institutional clients. Subsequently, he 
became the Managing Director of Sales and 
Marketing. He retired from Martin Currie at the 
end of 2003 and is now also Chairman of 
Aberdeen New Thai Investment Trust plc and 
a number of other companies.
Peter Gibbs
Non-Executive Director
Peter Gibbs, is a Non-Executive Director of 
Impax Asset Management Group plc. Peter 
has spent his career in the asset management 
industry at Bankers Trust, Mercury Asset 
Management and Merrill Lynch Investment 
Management. He is currently a Non-Executive 
Director of United Kingdom Investment Ltd, 
Friends Life Group plc, the Merrill Lynch UK 
Pension Plan and Intermediate Captital  
Group plc.
Ian Simm
Chief Executive
Ian Simm, is the Founder and Chief Executive 
of Impax Asset Management Group plc.  
Ian has been responsible for building IAM 
since launch in 1998, particularly the ﬁrm’s 
listed equity and infrastructure teams and 
investment products. In addition to his  
role as Chief Executive, Ian heads the ﬁrm’s 
investment committees. Prior to Impax, Ian 
was an engagement manager at McKinsey  
& Company in the Netherlands where he led 
teams to provide advice to clients in a range of 
environmentally sensitive industries. He has a 
ﬁrst class honours degree in physics from 
Cambridge University and a Master’s in Public 
Administration from Harvard University. 
Vince O’Brien
Non-Executive Director
Vincent O’Brien, is a Non-Executive Director of 
Impax Asset Management Group plc. He is 
currently a Director of Montagu Private Equity 
and has worked in the private equity industry 
for over 20 years. Originally qualifying as a 
Chartered Accountant with Coopers and 
Lybrand he joined Montagu Private Equity in 
1993. Vince is a former Chairman of the BVCA 
and served on its Council for seven years.
Guy de Froment
Non-Executive Director
Guy de Froment, is a Non-Executive Director 
of Impax Asset Management Group plc. He 
was previously Vice Chairman of BNP Paribas 
Asset Management and joint CEO responsible 
for Sales and Marketing. From 1997 to 2000, 
he held the position of Chairman and CEO  
of Paribas Asset Management. Prior to that  
he worked for Barclays as Head of Continental 
European Asset Management, having 
previously spent 24 years in the Indosuez 
Group during which time he was Chief 
Executive of W. I. Carr and CEO of Indosuez 
Asset Management. 
Mark White
Non-Executive Director
Mark White, is a Non-Executive Director of 
Impax Asset Management Group plc. He is 
the CEO of LGT Capital Partners (UK) Ltd 
following LGT Capital Partners’ acquisition of 
KGR Capital. From 2001 to 2005, he was 
Chief Executive Ofﬁcer of JP Morgan Fleming 
Asset Management (UK) Ltd. Prior to that,  
he was CEO of Jardine Fleming Asset 
Management in Hong Kong and CEO of 
Chase Fleming Asset Management (UK) Ltd in 
London. He is also a Non-Executive Director  
of EB Asia Absolute Return Fund and F&C 
Global Smaller Companies plc. Impax Asset Management Group plc Annual Report and Accounts 2012
9
Senior Personnel
Senior Personnel
Ominder Dhillon
Ominder Dhillon, is Head of Distribution for 
Impax. Ominder joined Impax in October 2011 
from Fidelity International where he was  
Head of UK Institutional Distribution for three 
years. Ominder previously spent nine years as 
Director of Institutional Sales at Scottish 
Widows Investment Partnership and, prior  
to that, nine years at John Morrell & Associates 
and Johnson Fry plc (later acquired by  
Legg Mason).
Kaye Forrest
Kaye Forrest, joined Impax in May 2011,  
on a part-time basis, as Director of Human 
Resources. She has over 20 years’ HR 
experience and expertise in coaching, talent 
management, organisational development and 
business transformation. Kaye previously held 
the role of HR Director at Legal and General 
and Sensormatic Ltd before setting up her 
own consultancy business in 2007. She has  
an MA in International HRM and is a Fellow  
of the Chartered Institute of Personnel  
and Development.
Bruce Jenkyn-Jones
Bruce Jenkyn-Jones, is a Director of IAM  
and Managing Director for the Listed Equity 
business. He has 19 years’ experience 
working in environmental markets. Prior to 
joining Impax in 1999 he was a utilities analyst 
with BT Alex Brown and before that a senior 
consultant at Environmental Resources 
Management Ltd. Bruce is a graduate of 
Oxford University and has a Master’s in 
Environmental Technology from Imperial 
College and an MBA from IESE (Barcelona).
Charlie Ridge
Charlie Ridge, is a Director of IAM and Chief 
Financial Ofﬁcer of Impax Asset Management 
Group plc. Charlie has 25 years’ experience 
working in ﬁnancial services. Charlie joined 
Impax from Deutsche Bank, where he was a 
Managing Director within the Finance Division. 
Prior to this he was UK Asset and Wealth 
Management Chief Financial Ofﬁcer, having 
previously used his technical expertise in 
ﬁnancial and market risk related roles for the 
Global Markets Division. Charlie has a degree 
in Engineering Science from Durham 
University and qualiﬁed as a Chartered 
Accountant at Ernst & Young.
Peter Rossbach
Peter Rossbach, is a Director of IAM and 
Managing Director for the Private Equity team 
that manages Impax New Energy Investors 
and Impax New Energy Investors II. From 1997 
to 2000, he was Senior Investment Ofﬁcer at 
AMI Asset Management. Before AMI, he held 
positions as Senior Investment Adviser to 
EBRD, Vice President of Project Finance at 
Mitsui Bank in New York, within the energy 
project ﬁnance teams at Catalyst Energy, 
Lowrey Lazard and at Standard and Poor’s 
utility debt ratings services. Peter holds a 
Bachelor’s degree and a Master’s in Public 
Policy from Harvard University. Impax Asset Management Group plc Annual Report and Accounts 2012
10
Directors’ Report
For the Year Ended 30 September 2012
The Directors present their Report and the ﬁnancial statements 
for the year ended 30 September 2012.
Principal activities
The principal activity of the Group during the year was the 
provision of investment services to funds specialising in the 
environmental markets sector. The Group’s activities are both 
authorised and regulated by the Financial Services Authority. 
The principal activity of the Company was that of a holding 
company.
Review of business
The review of the Group’s business is contained in the 
Chairman’s Statement and Chief Executive’s Report on pages 2 
to 6 which are incorporated into this report by reference. The 
Corporate Governance Statement, set out on pages 13 to 14, 
forms part of this report.
The Directors consider Assets Under Management (“AUM”), 
revenue and proﬁtability to be the key performance indicators  
of the Group. AUM fell from £1,896m at 30 September 2011  
to £1,828m at 30 September 2012. Revenue for the year was 
£18,621,000 (2011: £20,931,000) and loss before tax was 
£4,735,000 (2011: proﬁt of £1,718,000).
Dividends 
The Directors propose a dividend of 0.75 pence per share 
(totalling £825,000) for the year ended 30 September 2012 
(2011: 0.70p per share, totalling £759,000). The dividend will be 
submitted for formal approval at the Annual General Meeting. 
These ﬁnancial statements do not reﬂect this dividend payable, 
which will be accounted for in shareholders’ equity as  
an appropriation of retained earnings in the year ended  
30 September 2013.
The dividend for the year ended 30 September 2011 was paid 
on 6 February 2012, being 0.70p per share. The trustees of  
the Employee Beneﬁt Trust waived their rights to part of this 
dividend, leading to a total dividend payment of £759,000. This 
payment is reﬂected in the Statements of Changes in Equity.
Directors and their interests in shares
The Directors of the Company during the year and at the date  
of this report are set out below. The Directors’ interests and 
those of their connected persons in the ordinary shares of the 
Company, all of which are beneﬁcial, at 30 September 2012  
and 30 September 2011 were:
30 September  
2012
30 September  
2011
J Keith R Falconer
1
10,489,290 10,489,290
Ian R Simm
1
9,486,261 5,486,261
Peter J Gibbs 200,000 200,000
Mark B E White 300,000 300,000
Vince O’Brien 110,000 110,000
Guy de Froment – –
1 
  includes vested shares within sub-funds of the Impax Group Employee Beneﬁt Trust 
(‘EBT’) from which the individual may beneﬁt
There have been no changes to the above holdings since 30 
September 2012.
Ian Simm has a 5.88% interest in the capital of Impax Carried 
Interest Partner LP, and a 5% interest in the capital of Impax 
Carried Interest Partner II LP, entities in which the Company 
holds an investment.
Ian Simm has also been granted options to acquire a further 
450,000 ordinary shares at a strike price of 49.6p. These will 
vest subject to his continued employment by the Group on  
31 December 2014.
Substantial share interests 
The following interests in three per cent or more of the issued 
ordinary share capital excluding Treasury shares have been 
notiﬁed to the Company as at 28 November 2012:
Number Percentage
BNP Paribas Investment Partners 32,220,000 29.1
J Keith R Falconer
2
10,489,290 9.5
Ian R Simm
2
9,486,261 8.6
Rathbone Investment Managers 7,092,080 6.4
DIAM Company 5,474,955 4.9
UBS Private Banking nominees 4,516,050 4.1
Bruce Jenkyn-Jones
2
3,750,000 3.4
2 
  includes vested shares within sub-funds of the EBT from which the individual  
may beneﬁt
In addition the EBT has a legal interest in a further 16,228,781 
shares which have transferred to sub funds from which 
individuals may beneﬁt and holds 1,888,273 shares directly. Impax Asset Management Group plc Annual Report and Accounts 2012
11
Directors Report
Share management
Options over 15.3 million of the Company’s shares vested on  
1 October 2012 and option holders will be able to exercise these 
options following the announcement of these ﬁnancial results  
on 29 November 2012. All incentivisation schemes prior to the 
ESOP have now fully vested. If approved by the Board, and 
subject to the discretion of the trustee, 12.2 million shares will  
be issued to the Impax Asset Management Group plc Employee 
Beneﬁt Trust 2012 (“2012 EBT”), which will also purchase 4.7 
million shares from the Company being the entire current holding 
of Treasury Shares. The share subscription and purchase will be 
funded by a loan of £10 million which has been granted by the 
Company to the 2012 EBT on commercial terms and will have 
been drawn down prior to any acquisition of shares (or right to 
acquire shares) by the trustee and which has no net effect on 
the Group’s ﬁnancial position.
The 2012 EBT is expected to conduct future market purchases  
of the Company’s shares, reducing the requirement for the 
Company to hold Treasury shares to satisfy option exercises. 
Future option exercises will primarily be satisﬁed by the 2012 EBT.
People
Through our robust people management policies we aim to 
attract and develop the best people. Our performance 
management processes comprise a twice yearly performance 
appraisal against agreed objectives and our core values. Output 
from this performance process is used to inform decisions on 
remuneration, career development and progression.
As part of creating a high-performance organisation, we 
encourage all of our employees to fulﬁl their potential. We 
provide our employees with access to a range of training and 
development opportunities that are relevant to our business. 
 Environmental policy
The Group attaches great importance to its environmental 
performance. In addition to ensuring that it is making the most  
of commercial opportunities within the environmental markets 
sector, the Group is committed to maintaining and improving  
the sustainability of its working practices. 
The Group is focused on minimising environmental impact in 
three areas of its operations:
 > Energy consumption: the Group has an energy efﬁciency 
policy covering inter-alia lighting, heating and computers;
 > Travel: the Group encourages staff to minimise travel and to 
select public transport where appropriate and has a cycle 
scheme; and
 > Paper and materials use: the Group has a system to recover 
ofﬁce paper and encourages staff to avoid wastage of other 
materials.
During the year we were awarded a Bronze Ska rating for the ﬁt 
out of our new ofﬁce premises. Ska Ratings is an environmental 
assessment method developed by RICS which rates the 
environmental performance of a ﬁt-out. 
Corporate social responsibility
The Group, either directly or through individual members of staff 
aims to support a number of charities or other non-proﬁt making 
organisations by contributing funds or volunteering services. The 
Group seeks to focus such activity on areas directly relating to or 
having an impact on the environment. 
The following are ways the Company seeks to achieve this aim:
 > Giving to Charity – the company operates a Give as You Earn 
Scheme;
 > Employee Volunteering – wherever possible we look for 
opportunities to give employees a chance to make a positive 
impact in the community; and
 > Community and Industry Involvement – where an employee 
has the opportunity to give some time to a local organisation 
or a trade body the Company will give due consideration to 
such requests.
Statement of disclosure to auditor
Each of the persons who are a Director at the date of approval  
of this Annual Report conﬁrms that:
(a) so far as the Director is aware, there is no relevant audit 
information of which the Group’s auditors are unaware, and
(b) the Director has taken all the steps that he ought to have 
taken as a Director in order to make himself aware of any 
relevant audit information and to establish that the Group’s 
auditor are aware of that information.
In accordance with section 489 (2) of the Companies Act 2006, 
a resolution proposing that the Company’s auditor, KPMG Audit 
Plc, be re-appointed will be put to the Annual General Meeting.
Creditor payment policy
The Group seeks to maintain good terms with all of its trading 
partners. In particular, it is the Group’s policy to agree appropriate 
terms and conditions for its transactions with suppliers and, 
provided the supplier has complied with its obligations, to  
abide by the terms of payment agreed. Trade creditor days  
of the Group for the year ended 30 September 2012 were  
30 (2011: 15).
By order of the Board
Zack Wilson
Company Secretary
28 November 2012
Registered ofﬁce:
Norfolk House
31 St James’s Square
London SW1Y 4JR Impax Asset Management Group plc Annual Report and Accounts 2012
12
Statement of Directors’ Responsibilities 
in Respect of the Directors’ Report and the Financial Statements
The Directors are responsible for preparing the Directors’ Report 
and the ﬁnancial statements in accordance with applicable law 
and regulations.
Company law requires the Directors to prepare Group and 
Parent Company ﬁnancial statements for each ﬁnancial year.  
As required by the AIM Rules of the London Stock Exchange 
they are required to prepare the Group ﬁnancial statements  
in accordance with IFRS as adopted by the EU and applicable 
law and have elected to prepare the Parent Company ﬁnancial 
statements on the same basis.
Under company law the Directors must not approve the ﬁnancial 
statements unless they are satisﬁed that they give a true and fair 
view of the state of affairs of the Group and Parent Company 
and of their proﬁt or loss for that period. In preparing each of the 
Group and Parent Company ﬁnancial statements, the Directors 
are required to:
 > select suitable accounting policies and then apply them 
consistently;
 > make judgments and estimates that are reasonable and 
prudent;
 > state whether they have been prepared in accordance with 
IFRS as adopted by the EU; and
 > prepare the ﬁnancial statements on the going concern basis 
unless it is inappropriate to presume that the Group and the 
Parent Company will continue in business.
The Directors are responsible for keeping adequate accounting 
records that are sufﬁcient to show and explain the Parent 
Company’s transactions and disclose with reasonable accuracy 
at any time the ﬁnancial position of the Parent Company and 
enable them to ensure that its ﬁnancial statements comply with 
the Companies Act 2006. They have general responsibility for 
taking such steps as are reasonably open to them to safeguard 
the assets of the Group and to prevent and detect fraud and 
other irregularities.
The Directors are responsible for the maintenance and integrity 
of the corporate and ﬁnancial information included on  
the Company’s website. Legislation in the UK governing the 
preparation and dissemination of ﬁnancial statements may  
differ from legislation in other jurisdictions.
   Impax Asset Management Group plc Annual Report and Accounts 2012
13
Corporate Governance
Corporate Governance Report
For the Year Ended 30 September 2012
The Group is committed to maintaining good standards of 
Corporate Governance. As an AIM quoted company, compliance 
with the Finance Reporting Council’s UK Corporate Governance 
Code (‘the Code’) is not mandatory. However the Board of 
Directors (‘the Board’) seeks to comply with the principles of the 
Code in so far as appropriate to the Group’s size and complexity. 
This report describes how the Group has applied the principles 
throughout the year.
The Board of Directors  
The Board has overall responsibility for the Group. The Board 
provides strategic direction to the executive management, 
monitoring the Group’s operating and ﬁnancial results, reviewing 
management performance, overseeing the adequacy of risk 
management and internal controls and ensuring the Company’s 
obligations to its shareholders are met.
The Board has consisted of a Non-Executive Chairman, four 
Non-Executive Directors and the Chief Executive during the 
period. Details of the current Board members are given on page 
8 of this report. Throughout the year the position of Chairman 
and Chief Executive were held by separate individuals. There is a 
clear division of responsibilities between the Chairman and Chief 
Executive. The Board has appointed one of the Non-Executive 
Directors (Peter Gibbs) to act as the Senior Independent 
Director. The Board considers that three of the Non-Executive 
Directors (Peter Gibbs, Mark White and Vince O’Brien) are 
independent as envisaged by the Code. Guy de Froment is not 
considered to be independent as he represents a signiﬁcant 
shareholder. The Chairman is also not considered to be 
independent by nature of his signiﬁcant shareholding and past 
service to the Group. The Non-Executive Directors and 
Chairman all have or have had senior executive experience and 
offer insightful judgement on Board matters. The Non-Executive 
Directors do not participate in any bonus schemes or share 
ownership schemes and their appointments are non-
pensionable. There is a rigorous procedure to appoint new 
Directors to the Board which is led by the Chairman. At 
appropriate times the Board considers the balance of skills, 
experience, independence and knowledge of the Group on the 
Board and its diversity, including gender, how the board works 
as a unit and other factors relevant to its effectiveness
The Board meets regularly throughout the year. It met six times 
in the year ended 30 September 2012 to consider strategic 
development and to review trading results and operational and 
business issues. It has a formal agenda of items for consideration 
at each meeting but also convenes at additional times when 
required. Operational decisions are delegated to the executive 
directors and senior management. 
All Directors receive detailed Board papers and reports one 
week prior to the regular Board meetings and have unlimited 
access to the advice and services of senior management should 
further information be required. There is provision for Board 
members to solicit professional advice on Board matters at the 
Company’s expense.
The Board has carried out a formal evaluation of its own 
performance and individual Directors which was led by  
the Chairman. The Board also completed an evaluation of  
the Chairman’s performance which was led by the Senior 
Independent Director. The evaluations conﬁrmed a high rating  
for performance.
All Directors are subject to reappointment by shareholders at  
the ﬁrst opportunity after their appointment and thereafter at 
intervals of no more than three years.
As permitted by the Company’s Articles of Association, the 
Company has maintained Qualifying Third-Party Indemnity 
Provisions (as deﬁned under relevant legislation) for the beneﬁt  
of the Company’s Directors throughout the period.
Board committees
The Board is assisted by two standing committees of the Board 
which report to it on a regular basis. These committees have 
clearly deﬁned terms of reference.
Audit and Risk Committee
The Audit and Risk Committee is comprised of the following 
Non-Executive Directors: Mark White (Chairman), Peter Gibbs, 
Guy de Froment and Vince O’Brien. The Committee has met 
four times in the year.
The Committee’s responsibilities include:  
 > monitoring the integrity of the ﬁnancial statements and formal 
announcements relating to the Company’s and Group’s 
ﬁnancial performance;
 > reviewing the Group’s risk management processes and risk 
reports;
 > monitoring of the internal ﬁnancial control procedures;
 > making recommendations to the Board in relation to the 
appointment, re-appointment and removal of the external 
auditors and to approve the remuneration and terms of 
engagement of the external auditors;
 > the implementation of new accounting standards and 
policies;
 > reviewing arrangements by which staff of the Company may, 
in conﬁdence, raise concerns about possible improprieties in 
ﬁnancial reporting or other matters;
 > reviewing and monitoring the external auditors’ independence 
and objectivity and the effectiveness of the audit process; 
 > ensuring the objectivity and independence of the external 
auditor by acting as primary contact with the external 
auditors, meeting the external auditors without the presence 
of management where considered necessary and receiving 
all reports directly from the external auditors; and
 > reporting to the Board on how it has discharged its 
responsibilities.
Details of fees paid to the Company’s auditor are shown in  
note 2 to the ﬁnancial statements. In the opinion of the Board,  
none of the non-audit services provided caused any concern  
as to the auditor’s independence or objectivity. To ensure that  
the independence and objectivity of the auditor is maintained, 
the Committee monitors the scope of all work performed. Impax Asset Management Group plc Annual Report and Accounts 2012
14
Remuneration Committee 
The Remuneration Committee is comprised of the four Non-
Executive Directors: Peter Gibbs (Chairman), Mark White, Guy 
de Froment and Vince O’Brien. The Committee has met two 
times this year.
The purpose of the Remuneration Committee is to ensure that 
the Chief Executive and other senior employees are fairly 
rewarded for their individual contribution to the overall 
performance of the Group and that remuneration packages 
provided do not promote undue risk taking. The Remuneration 
Committee responds to this requirement in the way that meets 
the best interest of shareholders. Further details regarding the 
remuneration policy and payments made can be found in the 
Remuneration Report on page 16-17.
Internal control
The Board has overall responsibility for the Group’s system of 
internal controls including ﬁnancial, operational, compliance and 
risk management controls. 
The Group’s fund management activities are regulated by the 
Financial Services Authority, the US Securities and Exchange 
Commission and in respect of its Hong Kong activities, the 
Securities and Futures Commission. The Board has adopted 
procedures and controls designed to ensure its obligations are met.
Details of the key risks facing the group and internal controls 
acting to control or mitigate the risks are set out on page 15.
The Audit Committee and Board has concluded that there is  
no need for an internal audit function given the Group’s existing 
system of internal controls. This position will continue to be 
reviewed.
Dialogue with institutional shareholders
The Company reports formally to shareholders at the half-year 
and year end. At the Annual General Meeting of the Company,  
a presentation is given and Directors are available to take 
questions, both formally during the meeting, and informally after 
the meeting. The Chairman, Chief Executive and Senior 
Independent Director are available for dialogue with major 
shareholders on the Company’s plans and objectives and from 
time to time will meet with them.
Corporate Governance Report continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
15
Corporate Governance
The principal risks that the Group faces are described below. 
Further information on ﬁnancial risk is given in note 19 to the 
ﬁnancial statements. The Chief Financial Ofﬁcer is responsible 
for maintaining a risk register and for an on-going program to 
monitor internal controls and processes put in place to control  
or mitigate the risks identiﬁed. This includes reporting to the 
Group’s Audit and Risk Committee on a quarterly basis.
Market risk
The Group’s Listed Equity business charges management fees 
based on assets under management and accordingly its 
revenue is exposed to market risk. The Group has chosen not to 
hedge this risk.   
The Group seeds investments in its own Listed Equity funds in 
order to build a track record to market those funds more 
effectively and is therefore directly exposed to the market 
performance of the funds. The Group attempts to mitigate this 
risk through the use of hedging instruments where appropriate 
and intends to divest from these investments as commercial  
and market conditions allow.    
 
The Group also invests in its own private equity funds and is 
therefore exposed to the performance of these funds.
Currency risk     
A signiﬁcant amount of the Group’s income is based on  
assets denominated in foreign currencies. For the year ended  
30 September 2012 and on an on-going basis the Group’s 
strategy has been to put in place hedges, in the form of forward 
rate contracts, where there was sufﬁcient predictability over the 
income to allow for an effective and efﬁcient hedge. Otherwise 
the Group converts foreign currency income to Sterling as soon 
as practically possible after receipt.
The amount of the Group’s expenses denominated in foreign 
currencies is not signiﬁcant.   
A proportion of the Group’s assets and liabilities are denominated 
in foreign currency. The Group also owns a small number of minor 
subsidiaries denominated in foreign currency.    
 
Liquidity and cash ﬂow risk 
The Group’s approach to managing liquidity risk is to ensure that 
it has sufﬁcient cash on hand to meet liabilities when due under 
both normal and stressed conditions and to satisfy regulatory 
requirements. The Group produces cash ﬂow forecasts covering 
a twelve month period. The Group’s management and Board 
review these forecasts. As shown in the note 19 to the ﬁnancial 
statements the group has signiﬁcant cash reserves.
The Group is also exposed to the risk of default of counterparties 
including banks and other institutions holding the Group’s  
cash reserves. The Group seeks to manage this risk by only 
depositing cash in institutions with high credit ratings and  
by spreading cash holdings across at least 4 institutions. 
  
Interest rate risk     
The Group has interest bearing assets including cash balances 
that earn interest at a ﬂoating rate. Interest rate ﬂuctuations do 
not have a signiﬁcant impact on the Group.
Financial regulations
The Group’s operations are subject to ﬁnancial regulations 
including minimum capital requirements and compliance 
procedures in each of the jurisdictions in which it operates.  
The Group seeks to manage the risks associated with these 
regulations by ensuring close monitoring of compliance with  
the regulations and by tracking proposed changes and reacting 
immediately when changes are required. The Group has a 
dedicated Compliance Ofﬁcer.    
  
Key clients
The loss of a client or a signiﬁcant investor in a large fund could 
damage the ﬁnancial position of the Group. The Group seeks to 
manages this risk by maintaining regular contact with clients and 
fund investors and by attempting to diversify earnings streams 
so that it is less susceptible to such events.
Key employees     
The success of the Group depends on the support and 
experience of its key employees and in particular senior managers 
and fund managers. The loss of key employees could have a 
material adverse effect on its result or operations. The Group 
seeks to manage this risk by offering competitive remuneration 
packages, including share schemes and carried interest in 
private equity funds, and by creating a supportive and enjoyable 
working environment. During the year the Group retained all of 
its key employees.   
Operational risks     
The Group has established a control framework so that the risk 
of ﬁnancial loss to the Group through operational failure is 
minimised. As part of this the Group has obtained full ‘ISAE 
3402’ (formerly known as SAS 70) certiﬁcation, for the twelve 
months ended 30 September 2012, of its Listed Equity business. 
    
Furthermore, the Group has put in place measures to minimise 
and manage possible risks of disruption to its business and  
to ensure the safety of its staff. This plan has been put in place 
to manage its strategic and operational business risks during 
emergencies and is aimed at bringing together particular 
responses such as IT disaster recovery, contingency plans, 
off-site storage of records, data back-up and recovery 
procedures, evacuation procedures and customer/staff 
communications.     
The Group has comprehensive insurance cover which is 
reviewed each year prior to policy renewal. 
Key Risks Impax Asset Management Group plc Annual Report and Accounts 2012
16
Remuneration Report
For the Year Ended 30 September 2012
Policy on chief executive and senior employees’ 
remuneration
The remuneration and terms and conditions of service of  
the Directors and senior employees are determined by the 
Board, based on recommendations made by the  
Remuneration Committee.     
For the year ended 30 September 2012 there are potentially  
four main elements of the remuneration packages for the  
Chief Executive and senior employees.   
    
(i) Basic salary and beneﬁts in kind
Basic salaries are recommended to the Board by the 
Remuneration Committee taking into account the performance 
of the individual and the rate for similar positions in comparable 
companies. Beneﬁts in kind include income protection, critical 
illness insurance, life assurance and private medical insurance. 
(ii) Variable remuneration
Variable Remuneration consists of a cash bonus and share-
based payments. Aggregate Variable Remuneration across the 
Group will typically be capped at 45 per cent of earnings before 
Variable Remuneration, interest and taxes; as the Group’s 
proﬁtability increases, this percentage is likely to fall in line with 
market norms.
(a) Cash bonus
The cash bonus is determined based on the proﬁtability of the 
relevant area where the employee works and on the individual’s 
personal performance. 
(b) Share-based payment awards
As reported in the 2011 Annual Report for the years ended  
30 September 2011 to 30 September 2014 the Board has 
approved an Employee Share Option Plan (‘ESOP’) under which 
the Chief Executive and senior employees are eligible to receive 
up to 14 million share options over a four year period. The options 
will have an exercise price set at a 10% premium to the average 
share price of the 30 business days following the announcement 
of results for the respective year. 5 million option awards were 
made in respect of the year ended 30 September 2011. Option 
awards in respect of the year ended 30 September 2012 have 
been approved by the Board and will be communicated to 
employees shortly after the date of this report. 
The Chief Executive and other employees also continue to 
beneﬁt from share-based payment awards made under the 
previous share-based incentive plan (the EIA Extension) as more 
fully described in note 3 to the ﬁnancial statements. These 
awards vested on 30 September 2012.   
(iii) Pensions
The Group pays a deﬁned contribution to the pension schemes 
of certain employees. The individual pension schemes are 
private and their assets are held separately from those of  
the Group.
In addition the Chief Executive and certain senior employees 
have been awarded interests in the Impax Carried Interest 
Partner LP and Impax Carried Interest Partner II LP . These 
partnerships will receive payments from the Group’s private 
equity funds depending on the fund’s performance. No such 
payments were made during the year. The amounts will be 
accounted for at the point they become payable. Impax Asset Management Group plc Annual Report and Accounts 2012
17
Remuneration
Directors remuneration during the year
Details of each Director’s remuneration are shown below.  
Fees/ 
salary
£
Beneﬁts in 
kind
£
Pension
£
Bonus
£
2012  
Total
£
2011 
Total
£
J Keith R Falconer 65,000 – – – 65,000 65,000
Ian R Simm 211,538 6,022 5,250 234,000 456,810 667,908
Peter J Gibbs 30,000 – – – 30,000 30,000
Mark B E White 30,000 – – – 30,000 30,000
Guy de Froment 30,000 – – – 30,000 30,000
Vince O’Brien 30,000 – – – 30,000 30,000
396,538 6,022 5,250 234,000 641,810 852,908
On 30 September 2012 4,000,000 Ordinary Shares of the 
Company, which were allocated to a sub fund of the Impax 
Employee Beneﬁt Trust of which Ian Simm and his family are 
beneﬁciaries, ceased to be subject to the risk of revocation 
arising from Ian Simm ceasing to be employed by the Company. 
Based on the quoted share price of 38p on 30 September 2012 
these shares had a value of £1,520,000. 
During the year Ian Simm was granted 450,000 options over the 
Company’s shares under the 2011 Employee Share Option Plan. 
These options vest subject to him remaining employed on 31 
December 2014 and have an exercise price of 49.6p.
The above disclosure does not include options that may be 
awarded to Ian Simm pursuant to the 2012 Employee Share 
Option Plan in respect of his service for the year ended 30 
September 2012.
Service contracts
The Chief Executive is employed under a contract requiring one 
year’s notice from either party. The Chairman and Non-Executive 
Directors each receive payments under appointment letters which 
are terminable by up to six months’ notice from either party. 
      
Policy on non-executive directors’ remuneration
The Chairman and Non-Executive Directors each receive a  
fee for their services. The fee is approved by the Board, mindful 
of the individual’s time commitment and responsibilities  
and of current market rates for comparable organisations  
and appointments. The Non-Executive Directors and the  
Chairman are reimbursed for their travelling and other minor 
expenses incurred.
By Order of the Board
Peter Gibbs
Chairman, Remuneration Committee
28 November 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
18
Independent auditor’s report to the members of 
Impax Asset Management Group plc
We have audited the ﬁnancial statements of Impax Asset 
Management Group Plc for the year ended 30th September 
2012 set out on pages 19 to 50. The ﬁnancial reporting 
framework that has been applied in their preparation is 
applicable law and International Financial Reporting Standards 
(IFRSs) as adopted by the EU and, as regards the parent 
company ﬁnancial statements, as applied in accordance with  
the provisions of the Companies Act 2006. 
This report is made solely to the company’s members, as a 
body, in accordance with Chapter 3 of Part 16 of the Companies 
Act 2006. Our audit work has been undertaken so that we might 
state to the company’s members those matters we are required 
to state to them in an auditor’s 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 and 
the company’s members, as a body, for our audit work, for this 
report, or for the opinions we have formed. 
Respective responsibilities of directors and auditor 
As explained more fully in the Directors’ Responsibilities 
Statement set out on page 12, the directors are responsible for 
the preparation of the ﬁnancial statements and for being satisﬁed 
that they give a true and fair view. Our responsibility is to  
audit, and express an opinion on, the ﬁnancial statements in 
accordance with applicable law and International Standards on 
Auditing (UK and Ireland). Those standards require us to comply 
with the Auditing Practices Board’s (APB’s) Ethical Standards  
for Auditors. 
Scope of the audit of the ﬁnancial statements 
A description of the scope of an audit of ﬁnancial statements is 
provided on the APB’s website at www.frc.org.uk/apb/scope/
private.cfm. 
Opinion on ﬁnancial statements 
In our opinion: 
 > the ﬁnancial statements give a true and fair view of the state 
of the group’s and of the parent company’s affairs as at  
30th September 2012 and of the group’s loss for the year  
then ended; 
 > the group ﬁnancial statements have been properly prepared 
in accordance with IFRSs as adopted by the EU; 
 > the parent company ﬁnancial statements have been properly 
prepared in accordance with IFRSs as adopted by the EU 
and as applied in accordance with the provisions of the 
Companies Act 2006; and 
 > the ﬁnancial statements have been prepared in accordance 
with the requirements of the Companies Act 2006. 
Opinion on other matter prescribed by the Companies 
Act 2006 
In our opinion the information given in the Directors’ Report for 
the ﬁnancial year for which the ﬁnancial statements are prepared 
is consistent with the ﬁnancial statements. 
Matters on which we are required to report by exception 
We have nothing to report in respect of the following matters 
where the Companies Act 2006 requires us to report to you if, in 
our opinion: 
 > adequate accounting records have not been kept by the 
parent company, or returns adequate for our audit have not 
been received from branches not visited by us; or 
 > the parent company ﬁnancial statements are not in 
agreement with the accounting records and returns; or 
 > certain disclosures of directors’ remuneration speciﬁed by law 
are not made; or 
 > we have not received all the information and explanations we 
require for our audit. 
J M Mills (senior statutory auditor)
for and on behalf of KPMG Audit Plc, Statutory Auditor
Chartered Accountants
15 Canada Square
London
E14 5GL
28 November 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
19
Financial Statements
Consolidated Statement of Comprehensive Income 
For the Year Ended 30 September 2012
Notes
2012  
£000
2011  
£000
Revenue 1 18,621 20,931
Operating costs 2 (14,068) (14,696)
Share-based payment charge for EIA extension scheme 3 (7,757) (3,647)
Exceptional long-term incentive scheme NIC charge 3 112 (1,090)
Other long-term incentive scheme related charges 3 (1,091) (619)
Fair value (loss)/gain on investments (722) 785
Change in third party interest in consolidated fund (25) (117)
Investment income 5 195 171
(Loss)/Proﬁt before taxation (4,735) 1,718
Taxation 6 86 (652)
(Loss)/Proﬁt for the year (4,649) 1,066
Other comprehensive income
Tax beneﬁt on long-term incentive schemes 178 46
(Decrease)/Increase in value of cashﬂow hedges (210) 213
Tax on change in value of cashﬂow hedges 54 (55)
Exchange differences on translation of foreign operations (271) 20
Exchange differences on translation of foreign 124 –
  operations attributable to third party interests
Total other comprehensive income (125) 224
Total comprehensive income for the period attributable to  
equity holders of the Parent Company (4,744) 1,290
Basic earnings per share 7 (4.32)p 0.98p
Diluted earnings per share 7 (4.32)p 0.93p
The statement has been prepared on the basis that all operations are continuing operations.     
The notes on pages 23 to 41 form part of these ﬁnancial statements.      Impax Asset Management Group plc Annual Report and Accounts 2012
20
Consolidated Statement of Financial Position 
As at 30 September 2012
2012 2011
Notes £000 £000 £000 £000
Assets
Goodwill 9 1,629 1,629
Intangible assets 146 39
Property, plant and equipment 10 703 491
Investments 17 18
Total non-current assets 2,495 2,177
Trade and other receivables 11 2,814 3,173
Derivative asset 3 213
Investments 12 8,710 3,930
Current tax asset 25 47
Margin account 156
Cash invested in money market funds and long-term deposit accounts 13 14,094 8,546
long-term deposit accounts
Cash and cash equivalents 13 5,577 12,870
Total current assets 31,379 28,779
Total assets 33,874 30,956
Equity and Liabilities
Ordinary shares 16 1,156 1,156
Share premium 78 78
Exchange translation reserve (283) (136)
Own shares 17 (19) (59)
Treasury shares 17 (1,932) (453)
Hedging reserve 2 158
Retained earnings 23,567 20,756
Total equity 22,569 21,500
Trade and other payables 14 7,364 7,858
Third party interest in consolidated fund 15 2,682
Current tax liability 46 12
Total current liabilities 10,092 7,870
Deferred tax liability 6 1,213 1,586
Total non-current liabilities 1,213 1,586
Total equity and liabilities 33,874 30,956
Authorised for issue and approved by the Board on 28 November 2012. The notes on pages 23 to 41 form part of these ﬁnancial 
statements.
Ian R Simm
Chief Executive Impax Asset Management Group plc Annual Report and Accounts 2012
21
Financial Statements
Consolidated Statement of Changes in Equity 
For the Year Ended 30 September 2012
Note
Share 
capital 
£000
Share 
premium 
£000
Exchange 
translation 
reserve 
£000
Own shares 
£000
 Treasury 
shares 
£000
Hedging 
reserve 
£000
Retained 
earnings 
£000
Total 
Equity 
£000
Balance at 1 October 2010 1,156 78 (156) (59) (453) – 16,337 16,903
Dividends paid –––––– (651) (651)
Long-term incentive scheme 
charge – – – – – – 3,958 3,958
Tax beneﬁt on long-term incentive 
schemes – ––––– 46 46
Cash ﬂow hedge – –––– 213 – 213
Tax beneﬁt on cash ﬂow hedge – – – – – (55) – (55)
Exchange differences on 
translation of foreign operations – – 20 – – – – 20
Proﬁt for the year – – – – – – 1,066 1,066
Balance at 30 September 2011 1,156 78 (136) (59) (453) 158 20,756 21,500
Dividends paid 8 – – – – – – (759) (759)
Share buy-back 17 – – – – (1,479) – – (1,479)
Long-term incentive scheme 
charge – – – – – – 8,081 8,081
Tax beneﬁt on long-term incentive 
schemes – – – – – – 178 178
Cash ﬂow hedge – – – – – (210) – (210)
Tax beneﬁt on cash ﬂow hedge – – – – – 54 – 54
Exchange differences on 
translation of foreign operations – – (271) – – – – (271)
Exchange differences on 
translation of foreign operations 
attributable to 3rd party interests – – 124 – – – – 124
Share awards – – – 40 – – (40) –
(Loss) for the year – – – – – – (4,649) (4,649)
Balance at 30 September 2012 1,156 78 (283) (19) (1,932) 2 23,567 22,569
The notes on pages 23 to 41 form part of these ﬁnancial statements. Impax Asset Management Group plc Annual Report and Accounts 2012
22
Consolidated Cash Flow Statement 
For the Year Ended 30 September 2012
Note
2012
 £000
2011 
£000
Operating Activities:
(Loss)/Proﬁt before taxation (4,735) 1,718
Adjustments for:
Investment income (195) (171)
Depreciation of property, plant and equipment 308 243
Amortisation of intangible assets 59 53
Fair value losses/(gains) 722 (785)
Share-based payment 8,081 3,958
Exceptional long-term incentive scheme NIC charge (112) 1,054
Other long-term incentive scheme related charges 1,091 619
Change in third party interest in consolidated fund 25 117
Operating cash ﬂows before movement in working capital 5,244 6,806
Decrease in receivables 357 741
(Increase) in margin account (156) –
(Decrease) in payables (1,441) (931)
Cash generated from operations 4,004 6,616
Corporation tax refunded 2 162
Net cash generated from operating activities 4,006 6,778
Investing activities:
Investment income received 196 77
Settlement of loans receivable – 2,337
Settlement of investment related hedges (388) –
Proceeds on sale/redemption of investments 28 426
Purchase of investments held by the consolidated funds (7,336) –
Sale of investments held by the consolidated funds 1,797 3,489
Purchase of investments (355) (53)
Purchase of intangible assets (167) (16)
Purchase of property, plant and equipment (523) (437)
Net cash (used in)/generated from investing activities (6,748) 5,823
Financing activities:
Dividends paid (759) (651)
Treasury shares acquired (1,023) –
Increase in cash held in money market funds and long-term deposit accounts (5,548) (6,028)
Investment by third party into consolidated fund 2,781 –
Redemption of preference shares issued by the consolidated fund – (1,623)
Net cash (used in) ﬁnancing activities (4,549) (8,302)
Net (decrease)/increase in cash and cash equivalents (7,291) 4,299
Cash and cash equivalents at beginning of year 12,870 8,563
Effect of foreign exchange rate changes (2) 8
Cash and cash equivalents at end of year 13 5,577 12,870 Impax Asset Management Group plc Annual Report and Accounts 2012
23
Financial Statements
Notes to the Financial Statements 
For the Year Ended 30 September 2012
1 Analysis of revenue and assets
The Group has two reportable segments: “Listed Equity” and “Private Equity”. The results of these segments have been aggregated 
into a single reportable segment for the purposes of these ﬁnancial statements because they have characteristics so similar that they 
can be expected to have essentially the same future prospects. These segments have common investors, operate under the same 
regulatory regimes and their distribution channels are substantially the same. Additionally management allocates the resources of the 
Group as though there is one operating unit.
Analysis of revenue by type of service: 
2012 
£000
2011 
£000
Investment management 17,565 20,311
Transaction fees 800 192
Advisory fees 256 428
18,621 20,931
Analysis of revenue by the location of customers: 
2012 
£000
2011 
£000
UK 13,008 14,532
Rest of the world 5,613 6,399
18,621 20,931
Analysis of ‘Rest of the world’ customer location: 
2012 
£000
2011 
£000
Ireland 1,361 2,125
France 974 2,448
Luxembourg 1,229 282
Netherlands 744 844
Other 1,305 700
5,613 6,399
Revenue from three of the Group’s customers individually represented more than 10% of Group revenue (2011: two), equating to 
£2,176,000, £3,290,000 and £6,355,000 (2011: £3,878,000 and £5,333,000).
Revenue includes £18,365,000 (2011: £20,660,000) from related parties.
All material non-current assets, excluding deferred tax assets and ﬁnancial instruments, are located in the UK.
2 Operating costs
2012 
£000
2011 
£000
Wages and salaries, social security and pension costs and variable bonuses (see note 4) 8,736 9,214
2009 Share option plan share-based payment charge (see note 3) 179 179
Employee share option plan share-based payment charge (see note 3) 145 132
Other staff costs including contractors and Non-Executive Directors’ fees 910 668
Depreciation of property, plant and equipment (see note 10) 308 243
Amortisation of intangible assets 59 53
Auditor’s remuneration – subsidiary undertakings audit fees 43 43
Auditor’s remuneration – parent company audit fees 45 45
Auditor’s remuneration – tax compliance 14 14
Auditor’s remuneration – other 38 92
Premises related 972 519
Travel 328 277
Information technology and communication 726 704
Other costs 1,565 2,513
14,068 14,696 Impax Asset Management Group plc Annual Report and Accounts 2012
24
3 Share-based payment charges and other long-term incentive scheme charges
Share-based payment charges
Employee Incentive Arrangement (Extension Scheme) (“EIA Extension”)
Under this scheme, share-based payment awards were granted in April 2011 to employees when the Trustee of the Impax Group 
Employee Beneﬁt Trust 2004 (“the EBT”) agreed to allocate four million ordinary shares to a sub-fund of the EBT of which Ian Simm, 
the Company’s Chief Executive, and his family are beneﬁciaries and when 14.05 million Long-term Incentive Plan (“LTIP”) options 
were awarded to other employees. 
The awards allocated to the EBT sub-fund for Ian Simm and his family ceased to be subject to revocation due to Ian Simm’s 
continued employment by the Company on 30 September 2012.
LTIP options have a 1p or nil exercise price and vest to individuals remaining employed on 30 September 2012. They are exercisable 
over a period from 1 October 2012 to 31 December 2020.
The Group accrues for the International Financial Reporting Standard (“IFRS”) 2 Share-Based Payment charge for shares allocated 
under the EBT and LTIP options from the date of grant, to the date of vesting. This charge, which totalled £7 ,757 ,000 for the year 
(2011: £3,647,000) is excluded from the Group’s deﬁnition of adjusted earnings as explained in note 7. The awards granted were 
valued at a weighted average price of 64p using the Black Scholes Merton model with the following inputs:
Weighted average share price on grant 68p
Exercise price 1p/0p
Expected volatility 35%
Weighted average option life 5.2yrs
Expected dividend rate 1.00%
Risk free interest rate 1.68%
The expected volatility was determined by reviewing the historical volatility of the Company and that of comparator companies.
The awards made to Ian Simm and his family were valued at 68p using the same model and assumptions as described above except 
that the option life was 1.5 years.
2009 Share Option Plan
In December 2009 1,240,000 zero exercise price options over the Company’s shares were granted to certain employees. The awards 
vested on 30 September 2012 subject to the continued employment of the participant. The charge for the year in relation to this 
scheme is offset by an equal reduction in the total cash bonus pool paid to employees.
2011 Employee Share Option Plan
In November 2011, the Board approved the grant of 5,000,000 options over the Company’s shares to certain employees in respect of 
services provided from 1 October 2010. The strike price of the options was set at a 10% premium to the average market price of the 
Company’s shares for the 30 business days following the announcement of the results for the year ended 30 September 2011 being 
49.6p. The options do not have performance conditions but do have a time vesting condition such that the options vest subject to 
continued employment on 31 December 2014. The options granted were valued at a price of 9.1p using the Black Scholes Merton 
model. The charge for the year in relation to this scheme is offset by an equal reduction in the total cash bonus pool paid to employees.
2012 Employee Share Option Plan
In November 2012, the Board approved the grant of 3,000,000 options over the Company’s shares to certain employees in respect 
of services provided from 1 October 2011. The strike price of the options will be set at a 10% premium to the average market price of 
the Company’s shares for the 30 business days following the announcement of the results for the year ended 30 September 2012. 
The options will not have performance conditions but will have a time vesting condition such that the options vest subject to 
continued employment on 31 December 2015. The options granted were valued at a price of 7.8p using the Black Scholes Merton 
model. The charge for the year in relation to this scheme is offset by an equal reduction in the total cash bonus pool paid to 
employees. The employees will be notiﬁed of the key terms and conditions of these awards shortly after the announcement of  
results for the year ended 30 September 2012.
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
25
Financial Statements
3 Share-based payment charges and other long-term incentive scheme charges continued
An analysis of the options over the Company’s shares is provided below.
2012 
Number of options
Weighted 
average 
exercise 
price 
p
Options outstanding at the start of the year 15,186,940 0.8
Options granted during the year
1
5,108,000 48.6
Options forfeited during the year – NA
Options exercised during the year – NA
Options expired during the year – NA
Options outstanding at the end of the year 20,294,940 12.8
Options exercisable at the end of the year 11,779,940 0.8
1
 as noted above a further 3,000,000 options were approved for grant in November 2012
For the options outstanding at the end of the period the exercise prices were either nil, 1p or 49.6p and the weighted average 
remaining contractual life was 5.97 years.
The total expense recognised for the year arising from share-based payment transactions was £8,081,000 (2011: £3,958,000).
Exceptional long-term incentive scheme NIC charge
The Statement of Comprehensive Income for the year ended 30 September 2011 includes an exceptional charge of £1,090,000 in 
respect of Employer’s National Insurance Contributions (“NIC”) in connection with the Group’s Employee Incentive Arrangement (“EIA 
Original Scheme”). The Statement of Comprehensive Income for the year ended 30 September 2012 includes a credit of £112,000 in 
respect of adjustments to the charge made arising from ﬂuctuations in the Company’s share price.
Under the EIA Original Scheme, a total of 16,777 ,045 shares were allocated to sub-funds for the beneﬁt of employees and their 
families under the EBT. These shares ceased to be subject to the risk of revocation for the employee ceasing employment on  
30 September 2007 , 2008 and 2009. The Group recorded an IFRS 2 Share-Based Payment charge in the periods to 30 September 
2009 in respect of these awards. During the year ended 31 December 2011, the Government made various changes to taxation of 
awards delivered and yet to be delivered under employee beneﬁt trusts. In light of these changes the Group now expects that some 
or all of the EBT beneﬁciaries will, at some stage, request the EBT Trustee, at its discretion to transfer Impax ordinary shares or  
other assets held in the name of employees and their families from the EBT to one or more of the beneﬁciaries whereupon the Group 
would be required to pay Employer’s NIC on the value of the shares or other assets removed. In line with the requirements of IFRS  
the Group has provided for these future payments. Given its one-off nature and size, the charge and any subsequent amendment to 
it are classiﬁed as exceptional. 
If and when the EBT Trustee agrees to transfer assets held in the EBT to beneﬁciaries and if the assets transferred are in the form of 
the Company’s ordinary shares, the Group also expects to be eligible for a corporation tax deduction equal to the value of those 
ordinary shares. Where the Trustee has transferred ordinary shares out of the Trust during the year, the beneﬁt of the tax deduction 
has been recognised in these ﬁnancial statements. If the amount of the tax deduction exceeds the cumulative share-based payment 
expense the excess of the associated tax beneﬁt is recognised in Other Comprehensive Income. Any amount included in Other 
Comprehensive Income is included in the Group’s deﬁnition of adjusted earnings as explained in note 7. During the year the  
Trustee transferred 2,850,000 shares out of the EBT giving rise to a total tax beneﬁt of £335,000 (2011: £60,000) with £157 ,000  
(2011: £15,000) recorded in loss for the period and £178,000 (2011: £46,000) in Other Comprehensive Income. At the date of this 
report 12,228,781 shares awarded under the EIA Original Scheme remained in the EBT.
Other long-term incentive scheme related charges
2012 
£000
2011 
£000
EIA Extension NIC Charge 548 333
Additional payments 543 286
1,091 619
EIA Extension NIC charge
The Group accrues for the Employer’s NIC payable in respect of the EIA Extension over the same period as the related share-based 
payment charge. The amount accrued will vary according to the price of the underlying shares. Impax Asset Management Group plc Annual Report and Accounts 2012
26
3 Share-based payment charges and other long-term incentive scheme charges continued
Additional payments
Individuals receiving LTIP Options are eligible for a retention payment payable after the end of the ﬁnancial year in which each 
employee exercises his or her LTIP Options. The payment will be equal to the corporation tax beneﬁt realised by the Group on the 
exercise of the LTIP options minus the amount of the Employer’s NIC suffered by the Group on the exercise of the LTIP options.
The Group accrues for this payment over the same period as the related share-based payment charge.
The Group has also accrued for payments totalling £203,000 to individuals to whom the Trustee of the EBT distributed Impax shares 
during the year ended 30 September 2012.
4 Employment Costs
2012 
£000
2011 
£000
Wages, salaries and variable bonuses 7,014 7,609
Social security costs 880 889
Pensions 842 716
8,736 9,214
The Group contributes to private pension schemes. The assets of the schemes are held separately from those of the Group in 
independently administered funds. The pension cost represents contributions payable by the Group to the funds. Contributions 
totalling £669,000 (2011: £469,000) were payable to the funds at the year end and are included in trade and other payables.
The average number of persons (excluding Non-Executive Directors and including temporary staff), employed during the year was 55 
(2011: 48).
2012 
No.
2011 
No.
Listed Equity 30 25
Private Equity 12 11
Group 13 12
55 48
Details related to emoluments paid to Directors and Directors rights to share awards are included in the Remuneration Report.
Key management personnel are deﬁned as members of the Board and/or the Executive Committee. The remuneration of key 
management personnel during the year was £2,050,400 with £4,577 ,920 of share-based payments (2011: £2,566,194 with £2,117 ,971 
of share-based payments).
5 Investment Income
2012 
£000
2011 
£000
Bank interest 123 77
Other investment income 72 94
195 171
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
27
Financial Statements
6 Taxation
2012 
£000
2011 
£000
(a) Analysis of charge for the year 
Current tax expense: 
UK corporation tax 178 46
Foreign taxes 30 11
Adjustment in respect of prior years 25 (131)
Total current tax 233 (74)
Deferred tax (credit)/expense: 
Credit/(Charge) for the year (427) 819
Adjustment in respect of prior years 108 (93)
Total deferred tax (319) 726
Total income tax (credit)/expense (86) 652
(b) Factors affecting the tax charge for the year 
The tax assessment for the period is higher than the average rate of corporation tax in the UK of 25% (2011: higher). The differences 
are explained below:
2012 
£000
2011 
£000
(Loss)/Proﬁt before tax (4,735) 1,718
Effective tax (credit)/charge at 25% (2011: 27%) (1,184) 464
Effects of: 
Non-deductible expenses and charges 1,262 610
Non-taxable income (35) –
Tax effect of previously unrecognised tax losses (132) (45)
Adjustment in respect of previous years 132 (224)
Effect of higher tax rates in foreign jurisdictions 4 4
Change in UK tax rates (133) (157)
Total income tax (credit)/expense (86) 652
(c) Deferred Tax 
The deferred tax (liability) included in the Consolidated Statement of Financial Position is as follows: 
Accelerated 
capital 
allowances
Other 
temporary 
differences 
£000
Excess 
management 
charges 
£000
Income not 
yet taxable 
£000
Share-based 
payment 
scheme 
£000
Total
 £000
As at 1 October 2010 6 64 196 (1,110) 39 (805)
Charge to equity – 55 – – – 55
Charge/(credit) to the income statement (9) (135) 196 1,178 (504) 726
As at 30 September 2011 15 144 – (2,288) 543 (1,586)
(Credit) to equity – (54) – – – (54)
Charge/(credit) to the income statement 24 (8) – 357 (692) (319)
As at 30 September 2012 (9) 206 – (2,645) 1,235 (1,213)
As described in note 3, if and when the EBT Trustee agrees to transfer assets held in the EBT to beneﬁciaries and if the assets 
transferred are in the form of the Company’s ordinary shares, the Group expects to be eligible for a corporation tax deduction equal 
to the value of those ordinary shares. The Group has not recognised a deferred tax asset in respect of these amounts which totals 
£1,417 ,000. The Group also has unrecognised capital losses of £1,267 ,000 (2011: £1,498,000). Impax Asset Management Group plc Annual Report and Accounts 2012
28
7 Earnings and earnings per share 
Adjusted earnings 
In order to better reﬂect the underlying economic performance of the Group, an adjusted earnings has been calculated.  
The adjustment i) excludes the IFRS 2 Share-Based Payment charge in respect of schemes where shares awarded are satisifed  
by the issue of new shares (EIA Original and EIA Extension Schemes), and ii) includes the tax beneﬁt recognised in other 
comprehensive income in respect of transfers out of the EBT and the exercising of options over the Company’s shares.
2012 
£000
2011 
£000
Earnings (4,649) 1,066
Share-based payment charge (see note 3) 7,757 3,647
Tax beneﬁt on long-term incentive scheme included in other comprehensive income 178 46
Adjusted earnings 3,286 4,759
The earnings per share on an IFRS and adjusted basis are as shown below.
Adjusted earnings per share
Adjusted 
earnings 
for the year 
£000
No. of  
shares 
(weighted 
average) 
£000
Earnings 
per share 
2012
Basic adjusted 3,286 107,609 3.05p
Diluted adjusted 3,286 127,748 2.57p
2011
Basic adjusted 4,759 108,454 4.39p
Diluted adjusted 4,759 127,356 3.74p
The number of ordinary shares for the purposes of adjusted diluted earnings per share includes all shares awarded under the EIA 
Extension and reconciles to the number of ordinary shares used in the calculation of basic adjusted earnings per share as follows:
2012 
‘000
2011 
‘000
Weighted average number of ordinary shares used in the calculation of basic adjusted earnings per share 107,609 108,454
Weighted average number of treasury and own shares intended to be used to satisfy outstanding share awards 7,973 7,128
Shares in issue 115,582 115,582
Shares intended to be issued to satisfy outstanding share awards 12,166 11,774
Weighted average number of ordinary shares used in the calculation of diluted adjusted earnings per share 127,748 127,356
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
29
Financial Statements
7 Earnings and earnings per share continued
IFRS earnings per share
Earnings 
for the year 
£000
No. of  
shares 
(weighted 
average) 
£000
Earnings 
per share 
2012
Basic (4,649) 107,609 (4.32)p
Diluted (4,649) 107,609 (4.32)p
2011
Basic 1,066 108,454 0.98p
Diluted 1,066 114,433 0.93p
The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to the weighted average 
number of ordinary shares used in the calculation of basic earnings per share as follows:
2012 
‘000
2011
 ‘000
Weighted average number of ordinary shares used in the calculation of basic earnings per share 107,609 108,454
Additional dilutive shares re share schemes –
1
19,187
Adjustment to reﬂect future service from employees receiving awards – (13,208)
Weighted average number of ordinary shares used in the calculation of diluted earnings per share 107,609 114,433
1
 since there is a loss after tax for the period there are no dilutive shares
8 Dividend 
The Directors propose a dividend of 0.75p per share for the year ended 30 September 2012 (2011: 0.70p per share). The dividend will 
be submitted for formal approval at the Annual General Meeting to be held on 13 February 2013. These ﬁnancial statements do not 
reﬂect this dividend payable, which will be accounted for in shareholders’ equity as an appropriation of retained earnings in the year 
ended 30 September 2013.
The dividend for the year ended 30 September 2011 was paid on 6 February 2012, being 0.70p per share. The Trustees of the EBT 
waived their rights to part of this dividend, leading to a total dividend payment of £759,000. This payment is reﬂected in the Statement 
of Changes in Equity.
9 Goodwill 
Goodwill 
£000
Cost 
At 1 October 2010, 30 September 2011 and 2012 1,629
Goodwill arose on the acquisition of Impax Capital Limited on 18 June 2001. 
The Group tests goodwill for impairment annually or more frequently if there are indications that goodwill may be impaired.
The Group has determined the recoverable amount of its cash-generating units (“CGUs”) by calculating their value in use using a 
discounted cash ﬂow model. The cash ﬂow forecasts were derived from the Group budget for the year ended 30 September 2013 
and thereafter using a conservative growth rate of 2%. The key assumptions used to calculate the cash ﬂows in the budget were 
expected fund ﬂows (based on an aggregation of ﬂows by product) and a post tax discount rate of 10.5%. The discount rate was 
derived from the Group’s weighted average cost of capital (“WACC”) which we consider is reﬂective of a market participants  
discount rate.
Consistent with the fact that the goodwill arose in respect of an acquisition made in 2001, there is signiﬁcant headroom before an 
impairment would be required. As an indication, if the discount rate was increased by 3% there would be no impairment charge. Impax Asset Management Group plc Annual Report and Accounts 2012
30
10 Property, plant and equipment 
Leasehold
improvements 
£000
Fixtures, 
ﬁttings and 
equipment 
£000
Total 
£000
Cost 
As at 1 October 2010 460 422 882
Additions 297 140 437
Disposals – (29) (29)
As at 30 September 2011 757 533 1,290
Additions 373 150 523
Disposals (468) (176) (644)
As at 30 September 2012 662 507 1,169
Accumulated Depreciation 
As at 1 October 2010 345 240 585
Charge for the year 147 96 243
Disposals – (29) (29)
As at 30 September 2011 492 307 799
Charge for the year 183 125 308
Disposals (516) (125) (641)
As at 30 September 2012 159 307 466
Net book value 
As at 30 September 2012 503 200 703
As at 30 September 2011 265 226 491
As at 30 September 2010 115 182 297
11 Trade and other receivables 
2012 
£000
2011 
£000
Trade receivables 486 904
Taxation and other social security – 69
Other receivables 176 79
Prepayments and accrued income 2,152 2,121
2,814 3,173
An analysis of the aging of Group trade receivables is provided below:
2012 
£000
2011 
£000
Not past due 287 749
Past due but not impaired:
31-60 days 199 12
61-90 days – 69
More than 90 days – 74
486 904
All outstanding amounts listed above have been received at the date of this report. There was no signiﬁcant concentration of fees 
owed by an individual client. There were no amounts that were impaired at reporting date.
A total of £1,863,000 trade and other receivables were due from related parties (2011: £2,669,000).
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
31
Financial Statements
12 Current asset investments 
Unlisted 
investments 
£000
Listed 
investments 
£000
Total 
£000
At 1 October 2010 2,481 4,526 7,007
Additions 54 – 54
Fair value movements 679 106 785
Repayments/disposals (95) (3,821) (3,916)
At 30 September 2011 3,119 811 3,930
Additions 355 6,795 7,150
Fair value movements (419) 148 (271)
Repayments/disposals (28) (1,797) (1,825)
Exchange differences – (274) (274)
At 30 September 2012 3,027 5,683 8,710
Listed investments
Listed investments held at 30 September 2012 include those held by the consolidated subsidiary Impax Green Markets Fund LP 
(“IGMF”) and at 30 September 2011 by the Impax Absolute Return Fund (“IARF”). These listed investments are recorded at market 
value using quoted market prices that are available at the Statement of Financial Position date. The quoted market price is the current 
bid price.
Impax Green Markets Fund (“IGMF”)
In December 2011 the Group launched IGMF and invested, from its cash reserves, $5,000,000 into the fund. IGMF invests in listed 
equities using the Group’s Environmental Specialists Strategy. The Group’s investment represented 53.8 per cent of the IGMF’s net 
asset value (“NAV”) from the date of launch to 30 September 2012 and accordingly IGMF has been consolidated throughout this 
period, with its underlying investments classiﬁed as listed investments in the table above.
Impax Absolute Return Fund (“IARF”)
On 21 May 2007 , the Company made an investment of €2,200,000 (£1,507 ,000) in IARF. This fund was managed by a subsidiary of 
the Company. The investment took the form of a subscription of 22,000 Euro Class A shares in the IARF, at €100 per share. During 
the year ended 30 September 2010, the shares were redenominated as sterling shares. During the year ended 30 September 2011 
the fund Directors made the decision to close the fund to external investors and accordingly redeemed their preference shares. The 
fund’s trading activity ceased during the year ended 30 September 2012 and the Group’s seed capital has been redeemed at a proﬁt 
of £190,000.
Unlisted investments
The unlisted investments principally represent the Company’s investment in Impax New Energy Investors LP and Impax New Energy 
Investors II LP (“INEI” and “INEI II”). Further details of the Group’s commitments to these partnerships are disclosed in note 18.
The unlisted investments include £2,665,000 in related parties of the Group (2011: £2,797 ,000) Impax Asset Management Group plc Annual Report and Accounts 2012
32
13 Cash and cash equivalents and cash invested in money market funds and long-term deposit accounts
In order to mitigate bank default risk and to access favourable interest rates the Group invests part of its surplus cash in money market 
funds and long-term deposits. The Group can redeem investments in the former within 24 hours; long-term deposits range between  
six to twelve months. The Group considers its total cash reserves to be the total of its cash at bank and in hand held by operating 
entities of the Group, and cash invested in money market funds and long-term deposit accounts. Amounts held are shown below.
Cash reserves:
2012 
£000
2011 
£000
Cash and cash equivalents 5,577 12,870
Cash invested in money market funds and long-term deposit accounts 14,094 8,546
19,671 21,416
For the purposes of the cash ﬂow statement, cash and cash equivalents includes the following: 
2012 
£000
2011 
£000
Cash at bank and in hand
– Held by operating entities of the Group 5,240 11,499
– Held by the consolidated funds 337 1,371
5,577 12,870
14 Trade and other payables
2012 
£000
2011 
£000
Trade payables 94 142
Taxation and other social security 2,591 643
Financial liabilities held for trading – 541
Other payables 553 121
Accruals and deferred income 4,126 6,411
7,364 7,858
The ﬁnancial instruments held for trading relate to Listed Equity investments which were sold short by the IARF during the year ended 
30 September 2011. 
Trade payables includes £nil owed to related parties of the Group (2011: £22,000)
15 Third party interest in consolidated fund
2012 
£000
2011 
£000
At fair value 2,682 –
Third party interest is representative of the net assets of IGMF which are not attributable to the Group. As described in note 12, IGMF 
is a subsidiary of the Group and its net assets and operating results are consolidated into the Group’s results at year end. The 
Group’s interest in the subsidiary is 53.8% at 30 September 2012 (2011: nil).
16 Ordinary shares
2012 
£000
2011 
£000
Allotted and fully paid
115,582,431 ordinary shares of 1p each 1,156 1,156
17 Own shares and treasury shares
On 30 September 2012 the employment conditions for Ian Simm in respect of the 4,000,000 shares held in sub-trusts of the EBT for 
him and his beneﬁciaries were met. Accordingly the value of Own Shares held reduced by £40,000.
During the period ended 30 September 2012, the Company purchased 3,459,000 of its own shares at an average price of 42 pence. 
Total shares held in Treasury at 30 September 2012 were 4,699,000 (2011: 1,240,000).
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
33
Financial Statements
18 Financial commitments
The Group has committed to invest up to €3,756,000 into Impax New Energy Investors LP . At 30 September 2012 the outstanding 
commitment was €1,014,000 (2011: €1,011,000) which could be called on in the period to 19 August 2015.
The Group has committed to invest up to €3,298,000 into Impax New Energy Investors II LP . At 30 September 2012 the outstanding 
commitment was €2,782,000 (2011: €3,187 ,000) which could be called on in the period to 22 March 2020. 
At 30 September 2012 the Group had commitments under non-cancellable operating leases as follows:
Ofﬁces Other
2012 
£000
2011 
£000
2012 
£000
2011 
£000
Within one year 440 483 15 15
Between one and two years 440 440 14 29
Between two and ﬁve years 541 985 1 –
1,421 1,908 30 44
19 Financial risk management
Risk management is integral to the business of the Group. There are systems of controls in place to create an acceptable balance 
between the potential cost should such a risk occur and the cost of managing those risks. Management continually monitors the 
Group’s risk management process to ensure that an appropriate balance between risk and control is achieved. This section provides 
details of the Group’s exposure to ﬁnancial risks and describes the methods used by management to control such risk.
The Group’s ﬁnancial instruments comprise cash and various items, such as loans receivable, current asset investments, derivative 
instruments, trade receivables and trade payables that arise directly from its operations. 
Credit risk
Credit risk is the potential ﬁnancial loss resulting from the failure of a counterparty to settle their ﬁnancial and contractual obligations 
to the Group, as and when they fall due. The Group’s maximum exposure to credit risk is represented by the carrying value of its 
ﬁnancial assets. 
The Group’s primary exposure to credit risk relates to its cash and cash equivalents and cash in money market funds and long-term 
deposits that are placed with regulated ﬁnancial institutions. At the balance sheet date, the credit risk regarding cash balances of the 
operating entities of the Group was spread by holding part of the balance with RBS (Standard & Poor’s credit rating A-1), part with 
Lloyds (Standard & Poor’s credit rating A-1) and the remainder in money market funds managed by Blackrock and Goldman Sachs 
(Standard & Poor’s credit rating of AAA). 
The Group is exposed to credit risk on trade receivables, representing investment management fees due. An analysis of the aging of 
these is provided in note 11.
Foreign exchange risk
Foreign exchange risk is the risk that the fair value or future cash ﬂows of ﬁnancial instruments will ﬂuctuate because of changes in 
foreign exchange rates. A signiﬁcant amount of the Group’s income is denominated in GBP, EUR and USD. The Group’s foreign 
exchange risk arises from income received in these currencies, together with a limited amount of exposure to expenses in foreign 
currencies.
The strategy of the Group for the year ended 30 September 2012 has been to convert earned income back to sterling and to use 
hedges where there is sufﬁcient predictability over inﬂows to allow for an effective and efﬁcient hedge. At the year end the Group had 
outstanding forward rate foreign currency contracts to sell Euro and buy sterling. These have been designated as cashﬂow hedges 
against Euro income and recognised in proﬁt in October 2012 and January 2013. The fair value of these instruments at 30 September 
2012 was £3,000 which is recognised in equity. £409,000 was reclassiﬁed from equity to the income statement during the year on 
maturity of the hedges. Impax Asset Management Group plc Annual Report and Accounts 2012
34
19 Financial risk management continued
Foreign exchange risk continued
The Group’s exposure to foreign exchange rate risk at 30 September 2012 was:
EUR/GBP 
£000
USD/GBP 
£000
Other/GBP 
£000
EUR/USD 
£000
Other/USD 
£000
Assets
Non current asset investments 17 – – – –
Current asset investments 2,665 364 – 1,115
1
2,250
1
Trade and other receivables 785 59 135 – –
Cash and cash equivalents 52 248 1 – –
3,519 671 136 1,115 2,250
1
 these amounts relate only to the consolidation fund and do not take account of any offsetting beneﬁt or charge from the market value hedges held (see below)
Liabilities
Trade and other payables 7 36 25 – –
Third party interest in consolidated funds – – – 515 1,040
7 36 25 515 1,040
Net exposure 3,512 635 111 600 1,210
The Group’s exposure to foreign exchange rate risk at 30 September 2011 was:
EUR/GBP 
£000
USD/GBP 
£000
Other/GBP 
£000
EUR/USD 
£000
Other/USD 
£000
Assets
Non current asset investments 18 – – – –
Current asset investments 2,797 323 272 179
Trade and other receivables 1,041 559 253 – –
Cash and cash equivalents 31 19 – – –
3,887 901 253 272 179
Liabilities
Trade and other payables – 550 – – 226
– 550 – – 226
Net exposure 3,887 351 253 272 (47)
The following table demonstrates the estimated impact on Group post-tax proﬁt and net assets caused by a 5% movement in the 
exchange rate used to revalue signiﬁcant foreign assets and liabilities, assuming all other variables are held constant. Post-tax proﬁt 
will either increase or (decrease) as shown.
Post-tax proﬁt
2012 
£000
2011 
£000
Translation of signiﬁcant foreign assets and liabilities 
GBP strengthens against the USD, up 5% (24) (13)
GBP weakens against the USD, down 5% 24 13
GBP strengthens against the EUR, up 5% (133) (144)
GBP weakens against the EUR, down 5% 133 144
Liquidity risk and regulatory capital requirements
Liquidity risk is the risk that the Group does not have sufﬁcient ﬁnancial resources to meets its obligations when they fall due or will 
have to do so at a cost. The Group monitors its liquidity risk using cash ﬂow forecasts taking into account the commitments made to 
its private equity funds (see note 18) and the cash required to meet the Group’s investment plans and its regulatory capital requirements. 
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
35
Financial Statements
19 Financial risk management continued
Liquidity risk and regulatory capital requirements continued
The Group considers its share capital, share premium and retained earnings to constitute its total capital. These are shown in the 
Statement of Changes in Equity. Certain companies of the Group are regulated and must maintain liquid capital resources to comply 
with the capital requirements of the Financial Services Authority (“the FSA”). Throughout the period the companies have signiﬁcantly 
exceeded these requirements. The policy of the Group is to retain sufﬁcient capital to enable it to meet its growth objectives and  
to satisfy regulatory requirements. The Group has no borrowings but may seek to borrow cash if sufﬁciently attractive business 
opportunities arise which cannot be met from internal resources. The Company has no plans to raise additional equity and is currently 
buying back shares to enable it to meet commitments under its Employee Share Ownership Plan.
At 30 September 2012, the Group had cash and cash equivalents and cash in money market funds and long-term deposit accounts 
of £19,671,000. This is £12,307 ,000 in excess of trade and other payables. The Group in addition had other current assets of 
£11,708,000.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash ﬂows of ﬁnancial instruments will ﬂuctuate because of changes in market 
interest rates. 
The Group is exposed to interest rate risk on its interest-bearing assets, speciﬁcally cash balances that earn interest at a ﬂoating rate. 
The average interest rate on the cash balances during the year was 0.6% (2011: 0.6%). 
A 0.5% increase in interest rates would have increased group proﬁt after tax by £92,000 (2011: £57 ,000). An equal change in the 
opposite direction would have decreased proﬁt after tax by £92,000 (2011: £57 ,000).
Market risk
The signiﬁcant holding at 30 September 2012 that is exposed to equity market price risk is the Group’s investment in the IGMF fund. 
The Group has attempted to hedge against the risk of market falls by the use of derivative contracts. The derivative contracts consists 
of short positions against a global equity index and are arranged through BNP Paribas, a related party. Any outstanding amounts on 
the short positions are settled daily.
The signiﬁcant holdings at 30 September 2011 exposed to equity market price risk were the Group’s holdings in IARF.
As noted in note 12, the investment in the unlisted Private Equity funds are recorded at fair value, with fair value being calculated using 
the discounted cashﬂow method. The key assumptions for this valuation were the discount rate and the inﬂation rate. The discount 
rate was determined by reference to market transactions for equivalent assets. The inﬂation rate was determined based on historical 
data. A rise of 1% in the discount rate applied to cashﬂows would result in a decrease in proﬁt from operations and net assets of 
£248,000. A 1% reduction in the discount rate would result in a corresponding increase of £295,000 in proﬁt from operations and net 
assets. A rise of 0.5% in the inﬂation rate applied in the calculations would increase proﬁt from operations and net assets by £215,000.  
A fall of 0.5% in the inﬂation rate would decrease proﬁt from operation and net assets by £202,000.
Fair values of ﬁnancial assets and liabilities
The Directors consider there to be no difference between the carrying value of the Group’s ﬁnancial assets and liabilities and their  
fair value.
The hierarchical classiﬁcation of ﬁnancial assets and liabilities measured at fair value are as follows:
30 September 2012
Level 1 
£000
Level 2 
£000
Level 3
£000
Total 
£000
Current investments 5,681 – 3,029 8,710
Third party interest in consolidated Funds (2,682) – – (2,682)
There were no movements between any of the levels in the year.
30 September 2011
Level 1 
£000
Level 2 
£000
Level 3
£000
Total 
£000
Current investments 810 – 3,120 3,930
Trade and other payables (541) – – (541) Impax Asset Management Group plc Annual Report and Accounts 2012
36
19 Financial risk management continued
Financial assets and liabilities by category
30 September 2012
Available 
for sale 
£000
1
FVTPL – 
designated 
on initial 
recognition 
£000
1
FVTPL – 
Held for 
trading 
£000
Loans and 
receivables 
£000
Financial 
liabilities 
measured at 
amortised 
cost
 £000
Financial assets
Cash and cash equivalents – – – 5,577 –
Cash held in money market funds and long-term deposits – – – 14,094 –
Trade and other receivables – – – 662 –
Investments 17 3,029 5,681 –
Total ﬁnancial assets 17 3,029 5,681 20,333 –
Financial liabilities
Trade and other payables – – – – 647
Third party interest in consolidated funds –––– 2,682
Total ﬁnancial liabilities – – – – 3,329
1
 FVTPL = Fair value through proﬁt and loss
30 September 2011
Available 
for sale 
£000
*FVTPL – 
designated 
on initial 
recognition 
£000
*FVTPL 
– Held for 
trading 
£000
Loans and 
receivables 
£000
Financial 
liabilities 
measured at 
amortised 
cost
 £000
Financial assets
Cash and cash equivalents – – – 12,870 –
Cash held in money market funds – – – 8,546 –
Trade and other receivables – – – 983 –
Investments 18 3,120 810 – –
Total ﬁnancial assets 18 3,120 810 22,399 –
Financial liabilities
Trade and other payables – – 541 – 263
Total ﬁnancial liabilities – – 541 – 263
20 Ultimate controlling party
The Group has no ultimate controlling party.
21 Related party transactions
Impax New Energy Investors LP, Impax New Energy Investors II LP, Impax New Energy Investors II-B LP, Impax New Energy Investors 
SCA, Impax Carried Interest Partners LP and Impax Carried Interest Partners II LP are related parties of the Group by virtue of 
subsidiaries being the General Partners to these funds. 
BNP Paribas Investment Partners is a related party of the Group by virtue of owning a 29.1% equity holding. 
Other funds managed by subsidiaries of the group are also related parties by virtue of its management contracts.
Transactions with related parties have been included in the relevant notes where appropriate.
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
37
Financial Statements
22 Accounting policies
Presentation of Financial Statements
Impax Asset Management Group plc is a public limited company that is incorporated and domiciled in the United Kingdom, and is 
listed on the Alternative Investment Market (“AIM”). The address of the registered ofﬁce is given on the last page of these ﬁnancial 
statements. The nature of the Group’s operations and its principal activities are set out in the Directors’ Report on pages 10 to 11.
Basis of accounting
The ﬁnancial statements have been prepared in accordance with International Financial Reporting Standards adopted for use by  
the European Union. 
The Directors have, at the time of approving the ﬁnancial statements, a reasonable expectation that the Group has adequate 
resources to continue in operational existence for the foreseeable future and have concluded that it is appropriate to adopt the  
going concern basis in preparing the ﬁnancial statements of the Group.
The ﬁnancial statements have been prepared under the historical cost convention, with the exception of the revaluation of certain 
investments and derivatives being measured at fair value.
The Group and Company adopted the following new standards in the year:
 > IFRS 7 Financial Instruments: Disclosures (Amendment): Part of IASB’s annual improvement project published in May 2010, the 
amendment reduced the volume of disclosures regarding collateral held and clariﬁed requirements when carrying amounts of 
ﬁnancial assets do not reﬂect the maximum exposure to credit risk. A further amendment clariﬁed that an entity may present an 
analysis of each component of other comprehensive income whether in the statement of changes in equity or in the notes to the 
ﬁnancial statements. 
 > IAS 24 Related Party Disclosures (Amendment): This amendment clariﬁed the deﬁnition of a related party to simplify the 
identiﬁcation of related party relationships.
The following new standards and amendments issued are effective from 1 January 2013 unless stated otherwise and have not been 
early adopted:
 > Amendment to IAS 1 Presentation of Items of Other Comprehensive Income changes the grouping of items presented in the other 
comprehensive income based on whether they will be reclassiﬁed to proﬁt or loss in future or not. Effective from 1 July 2012;
 > Amendment to IAS 32 Financial instruments: Presentation (Effective from 1 January 2014) provides additional guidance for 
offsetting ﬁnancial assets and liabilities while amendments to IFRS 7 Financial instruments: Disclosures set out the corresponding 
new disclosure requirements;
 > IAS 19 Employee Beneﬁts (Revised) primarily results in changes to the measurement, recognition and disclosure of post-
employment beneﬁt plans and termination costs;
 > IAS 27 Separate Financial Statements (Revised) and IAS 28 Investments in Associates and Joint Ventures (Revised) are revised 
accordingly as they are largely replaced by IFRS 10 and 11, respectively; 
 > IFRS 9 Financial Instruments: Classiﬁcation and Measurement replaces the current models for classiﬁcation and measurement  
of ﬁnancial instruments. Financial assets are to be classiﬁed into two measurement categories: those measured as at fair value  
and those measured at amortised cost. Classiﬁcation depends on an entity’s business model and the contractual cash ﬂow 
characteristics of the instrument. Financial liabilities are not affected by the changes. Effective from 1 January 2015;
 > IFRS 10 Consolidated Financial Statements revises the concept of control to relate it to whether an investor has exercisable power 
over an investee and consequently has exposure or rights to variable returns. Consolidation procedures remain unchanged;
 > IFRS 11 Joint Arrangements requires joint ventures to be accounted for using the equity accounting method while joint operations 
are accounted for based on the rights and obligations of each party in the arrangement;
 > IFRS 12 Disclosure of Interests in Other Entities consolidates and enhances disclosure requirements relating to interests of an 
entity in other entities;
 > IFRS 13 Fair Value Measurement provides guidance on how to measure fair value where fair value is required or permitted under 
IFRS and enhances disclosures requirements.
IAS 27 (Revised) and IFRSs 9 to 13 are subject to endorsement by the European Union.
Adoption of IFRS 9, 10, 11, 12 and 13 could have a signiﬁcant effect on the Group’s ﬁnancial statements, the impact of which is still 
being considered by management. Impax Asset Management Group plc Annual Report and Accounts 2012
38
22 Accounting policies continued
Basis of consolidation
The consolidated ﬁnancial statements incorporate the ﬁnancial statements of the Company and enterprises controlled by the 
Company (its subsidiaries) made up to 30 September each year. Control is achieved where the Company has the power to govern 
the ﬁnancial and operating policies of a subsidiary so as to obtain beneﬁts from its activities.
Subsidiaries are accounted for using the acquisition method of accounting whereby the Group’s results include the results of the 
acquired business from the date of acquisition until the date of disposal. 
All intra-Group transactions and balances are eliminated in full on consolidation.
Investments in funds in which the Group has more than 50% of the share of the net assets are consolidated from the date that control 
is gained until the date that control is lost due to dilution or sale of the fund holding. The Group’s investment holding instrument in its 
consolidated fund is classiﬁed as a liability in the fund’s own ﬁnancial statements. This is on the basis that the instruments may be 
redeemed by the Investor at any time, or subject to a notice period, such that the fund is required to utilise its assets to buy out the 
Investor’s share and thereby reduce the net assets of the fund; such an investment is classiﬁed as a puttable interest under IFRS and 
recorded as a liability (equal to the fair value of the fund’s assets and other liabilities). Upon consolidation the proportion of the fund 
attributable to the non-controlling interest is classiﬁed as a current liability and shown as ‘Third party interest in consolidated fund’ in 
the Statement of Financial Position and the corresponding proﬁt/loss attributable to the non-controlling interest as a ‘Change in third 
party interest in consolidated funds’.
In instances where the Group acts as the Manager and General Partner of a fund in a Limited Partnership structure, the Group only 
receives compensation for its performance as Manager which is on market terms. Accordingly the Group does not consolidate these 
funds as it receives no ownership beneﬁts. 
The Company includes the assets and liabilities of the EBT within its Statement of Financial Position. In the event of the winding up of 
the Company, neither the shareholders nor the creditors would be entitled to the assets of the EBT.
Investments in associates
An associate is an entity over which the Group has signiﬁcant inﬂuence and that is neither a subsidiary nor an interest in a joint 
venture. The Group, in common with industry standard practice, seeds new funds with its own resources in order to establish a track 
record so that the funds may then be marketed to external investors. As new investors join the fund the Group’s interest will dilute and 
ultimately the Group may divest entirely as commercial considerations allow. Investments in associates that are held by the Group are 
carried in the Statement of Financial Position at fair value, a treatment permitted by IAS 28 Investment in Associates. IAS 28 allows 
investments held by venture capital and similar organisations to be excluded from the scope of the standard, provided that those 
investments upon initial recognition are designated as fair value through proﬁt or loss or held for trading and accounted for in 
accordance with IAS 39 Financial Instruments: Recognition and Measurement, with changes in fair value recognised in proﬁt or loss 
in the period of change.
Revenue recognition
Revenue represents sales to external customers at invoiced amounts less value added tax or local taxes. Revenue is recognised in 
the Statement of Comprehensive Income as follows.
(a) Investment management, administration and advisory fees contractually receivable are recognised in the period in which the work 
is performed and the respective fees are earned. Performance fees arising upon the achievement of speciﬁed targets are 
recognised at the respective fund’s period end, when such performance fees are conﬁrmed as receivable.
(b) Interest income is accrued on a time basis, by reference to the principal outstanding and the interest rate applicable.
Other investment income, including dividends, is recognised when the right to receive payment is established.
Leases
All leases are operating leases. Rentals payable are charged to the Income Statement on a straight-line basis over the lease term.
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
39
Financial Statements
22 Accounting policies continued
Long-term incentive scheme charge
The fair value of employee services received in exchange for the grant of shares or share options is recognised as an expense. The 
fair value of the shares and share options awarded is determined at the date the employee is deemed to be fully aware of their potential 
entitlement and all conditions of vesting (termed the ‘grant date’). The expense is charged over the period starting when the employee 
commenced the relevant services (termed ‘the service commencement date’) to the vesting date. In instances where the grant date 
occurs after the date of signing these ﬁnancial statements the fair value is initially estimated by assuming that the grant date is the 
reporting date.
Pensions
The Group and Company operate deﬁned contribution personal pension schemes for employees. The assets of the schemes are 
held separately from those of the Group and Company in independently administered funds. Payments made in relation to the 
schemes are charged as an employee beneﬁt expense to the Statement of Comprehensive Income when they are due.
Taxation
Current tax is based on taxable proﬁts for the year after all potential reliefs available have been utilised. Taxable proﬁts differ from 
‘proﬁt before tax’ as reported in the Statement of Comprehensive Income because it excludes items that are taxable or deductible in 
other years and items that are not taxable or deductible in the current year. The Group’s liability for current tax is calculated using tax 
rates that have been enacted or substantively enacted at the Statement of Financial Position date. In the United Kingdom tax 
deductions are available in respect of the award of the Company’s shares. In instances where the tax deduction is greater than the 
associated share-based payment charge due to differences in the Company’s share price that amount, tax effected, is recognised in 
other comprehensive income.
Deferred tax is provided in full in respect of taxation deferred by temporary differences between the treatment of certain items for 
taxation and accounting purposes. Deferred tax assets are not recognised to the extent that their recoverability is uncertain.
The carrying amounts of deferred tax assets are reviewed at each Statement of Financial Position date and regarded as recoverable 
and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be 
suitable taxable proﬁts from which the future reversal of the underlying temporary differences can be deducted.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability or the asset is realised.
Goodwill
Goodwill arising on consolidation represents the excess of the cost of acquisition over the fair value of the identiﬁable assets, liabilities 
and contingent liabilities of a subsidiary, associate or jointly controlled entity at the date of acquisition. Goodwill is recognised as an 
asset and is tested for impairment annually, or on such occasions that events or changes in circumstances indicate that its value 
might be impaired.
On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the proﬁt or loss on disposal.
Positive goodwill arising on acquisitions before the date of the transition to IFRS has been retained at the previous UK GAAP amount 
and is tested for impairment annually.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided on a straight-line basis over the estimated useful lives shown below:
 > Leasehold improvements  life of the lease
 > Fixtures, ﬁttings and equipment  three years
Intangible ﬁxed assets - software licences
Purchased licences are stated at cost less accumulated depreciation and any accumulated impairment losses and associated 
implementation costs.
Amortisation is provided on a straight-line basis over the life of the licence up to a maximum of three years. Impax Asset Management Group plc Annual Report and Accounts 2012
40
22 Accounting policies continued
Impairment of assets
At the Statement of Financial Position date, the Group reviews the carrying amount of assets to determine whether there is any 
indication that those assets have suffered an impairment loss or if events or changes in circumstances indicate that the carrying value 
may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the 
extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group 
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the impairment loss is recognised as an expense.
When an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its 
recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been 
determined had no impairment loss been recognised for the asset. A reversal of an impairment loss is recognised as income 
immediately, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as 
a revaluation increase. Impairment losses relating to goodwill are not reversed.
Current asset investments
Current asset investments are categorised as ﬁnancial assets at fair value through proﬁt or loss and are designated at fair value 
through proﬁt and loss on initial recognition or as held for trading. All gains or losses together with transactions costs are recognised 
in the Statement of Comprehensive Income. The investments comprise both listed investments and unlisted investments. The fair 
value of the listed investments which are traded in active markets are based on quoted market prices at the Statement of Financial 
Position date. The appropriate quoted price for investments held is the current bid price.
The fair value of the unlisted investments which are not traded in an active market is determined by using valuation techniques. The 
Group uses a variety of methods and makes assumptions that are based on market conditions existing at each reporting date. 
Valuation techniques used include the use of comparable recent arm’s length transactions, reference to other instruments that are 
substantially the same, discounted cash ﬂow analysis and other valuation techniques commonly used by market participants making 
the maximum use of market inputs and relying as little as possible on entity-speciﬁc inputs.
Trade and other receivables
Trade and other receivables that have ﬁxed or determinable payments that are not quoted in an active market are classiﬁed as loans 
and receivables. Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost using 
the effective interest method less provision for impairment.
Other ﬁnancial assets
Other ﬁnancial assets are non-derivative ﬁnancial assets with ﬁxed payments that are not quoted in an active market. They are 
included in current assets, except for maturities greater than twelve months after the end of the reporting period. These are classiﬁed 
as non-current assets. 
Interest income is recognised by applying the effective interest rate and included within ‘Investment income’.
Placement fees
Placement fees incurred that are directly attributable to securing an investment management contract are deferred and amortised 
over the investment period of the related fund.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, short-term deposits and short-term borrowings that are readily convertible  
to a known amount of cash and are subject to an insigniﬁcant risk of changes in value.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Own shares
Company shares held by the EBT are deducted from the shareholders’ funds and classiﬁed as Own Shares until such time as they 
vest unconditionally to participating employees and their families.
Trade payables
Trade payables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, 
unless otherwise stated.
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
41
Financial Statements
22 Accounting policies continued
Other payables
The Group’s consolidated funds may make short sales in which an investment is sold in anticipation of a decline in the market value 
of that investment. Short sales are categorised as ﬁnancial liabilities held at fair value through proﬁt or loss, classiﬁed as held for 
trading and are recorded at fair value.
Foreign currencies
Foreign currency transactions of individual companies are translated at the rates ruling when they occurred. Foreign currency monetary 
assets and liabilities are translated at the rates ruling at the Statement of Financial Position date. Any differences are taken to the 
Statement of Comprehensive Income. 
On consolidation, the results of overseas operations are translated at the average rates of exchange during the year and their Statement 
of Financial Positions are translated into sterling at the rates of exchange ruling on the Statement of Financial Position date. Exchange 
differences that arise from translation of the opening net assets and results of foreign subsidiary undertakings are charged to the 
exchange translation reserve.
The average rate ruling in the accounting period for US Dollars was US$1.58: £1 (2011: US$1.60: £1); the rate ruling at the Statement 
of Financial Position date was US$1.62: £1 (2011: US$1.56: £1). The average rate ruling in the accounting period for Euros was  
€1.21: £1 (2011: €1.15: £1); the rate ruling at the Statement of Financial Position date was €1.26: £1 (2011: €1.15: £1).
Derivatives
The group uses foreign exchange futures contracts as a hedge against the foreign exchange risk on future income denominated in 
foreign currencies. At the Statement of Financial Position date these derivative contracts are recorded at their fair value. In instances 
where the hedge accounting criteria are met changes in the fair value are recorded in other comprehensive income. The amounts 
recognised in other comprehensive income are reclassiﬁed to proﬁt or loss when the hedged item (such as the relevant foreign 
exchange income) is recorded in proﬁt.
Critical accounting judgements and key sources of estimation uncertainty
 > Determining the value of unlisted investments
A number of accounting estimates and judgements are incorporated within current asset investments in respect of the valuation  
of unlisted investments. The methodology used is described in note 19.
 > Consolidation of managed funds
In determining whether managed funds should be consolidated key judgements include whether returns received by the Group 
constitute an ownership interest and as to whether the Group controls the fund.
 > Determining the share-based payment charge
In determining the value of share-based payments, key judgements include the volatility of Impax shares, Impax’s dividend yield 
and the risk free rate.
 > Determining the value of NIC payments due in respect of share schemes
In determining the amount of NIC that will be payable in respect of the Group’s share schemes the key estimates are the price of 
the shares at the date when the NIC becomes payable and the NIC rate prevalent at that date. The Group uses the rate at the 
Statement of Financial Position date as its estimate.
 > Determining the value of deferred tax assets for tax deductions that will become deductible in respect of share-based  
payment charges. 
A share-based payment charge and associated NIC charges are recorded in the current year. Tax deductions in respect of these 
will only be available in future years when the relevant individual exercises options or requests the Trustees of the Impax Employee 
Beneﬁt Trust to move their shares out of the Trust and accordingly a corresponding deferred tax asset is recognised. In 
determining the size of the deferred tax asset the key judgements are the price of the shares at the date when the tax or NIC 
becomes payable and the tax and NIC rates prevalent at that date. The Group uses the price/rates enacted at the Statement of 
Financial Position date as its estimate.
 > Impairment of goodwill
Goodwill has an indeﬁnite useful life, is not subject to amortisation and is tested annually for impairment. In determining if goodwill 
is impaired, the Group determines the recoverable amount of its CGUs by applying a discounted cash ﬂow model. The Group’s 
budgeted cash ﬂows were approved by the Directors and use a growth rate of 2%. Impax Asset Management Group plc Annual Report and Accounts 2012
42
Company Statement of Financial Position
As at 30 September 2012 
Company No: 03262305
2012 2011
Notes £000 £000 £000 £000
Assets
Property, plant and equipment 24 686 479
Investments 25 14,609 7,326
Deferred tax asset 29 105 56
Total non-current assets 15,400 7,861
Trade and other receivables 26 312 428
Investments 27 2,665 2,797
Cash invested in money market funds 9,594 8,546
Cash and cash equivalents 16 1,172
Total current assets 12,587 12,943
Total assets 27,987 20,804
Equity and Liabilities
Ordinary shares 30 1,156 1,156
Share premium 78 78
Own shares 31 (19) (59)
Treasury shares 31 (1,932) (453)
Retained earnings 16,187 8,955
Total equity 15,470 9,677
Liabilities
Trade and other payables 28 12,484 11,127
Bank overdraft 33
Total current liabilities 12,517 11,127
Total equity and liabilities 27,987 20,804
Authorised for issue and approved by the Board on 28 November 2012. The notes on pages 45 to 50 form part of these ﬁnancial 
statements.
Ian R Simm
Chief Executive Impax Asset Management Group plc Annual Report and Accounts 2012
43
Financial Statements
Note
Share  
capital
£’000
Share 
premium
£’000
Own shares
£’000
Treasury 
shares
£’000
Retained 
earnings
£’000
Total
£’000
As at 1 October 2010 1,156 78 (59) (453) 6,257 6,979
Long-term-incentive scheme – – – – 3,958 3,958
Loss for the year – – – – (609) (609)
Dividends paid – – – – (651) (651)
As at 30 September 2011 1,156 78 (59) (453) 8,955 9,677
Long-term incentive scheme – – – – 8,081 8,081
Loss for the year – – – – (50) (50)
Dividends paid 8 – – – – (759) (759)
Share buyback 31 – – – (1,479) – (1,479)
Share awards 31 – – 40 – (40) –
As at 30 September 2012 1,156 78 (19) (1,932) 16,187 15,470
The total of own shares and treasury shares is deducted from Retained earnings when calculating distributable proﬁts.
The notes on pages 45 to 50 form part of these ﬁnancial statements.
Company Statement of Changes in Equity
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
44
Company Statement of Cash Flows
For the Year Ended 30 September 2012
2012 
£000
2011  
£000
Operating Activities:
(Loss) before taxation (98) (458)
Adjustments for:
Investment income (2,036) (546)
Depreciation of property, plant and equipment 295 243
Fair value movements in investments 462 (512)
Impairment of investment 77 592
Share-based payment 2,453 1,282
Exceptional long-term incentive scheme charge (71) 453
Other long-term incentive scheme related charges 193 110
Operating cash ﬂows before movement in working capital 1,275 1,164
Decrease in receivables 116 1,510
Increase in payables 758 2,940
Cash generated from operations 2,149 5,614
Corporation tax – –
Net cash generated from operating activities 2,149 5,614
Investing activities:
Interest received 36 52
Dividend received 2,000 497
Repayments/Proceeds on sale of investments 1,501 1,247
Purchase of investments (3,572) (83)
Disposal of investments 29 –
Purchase of property, plant and equipment (502) (424)
Net cash (used in)/generated from investing activities (508) 1,289
Financing activities:
Dividends paid (759) (651)
Increase in cash held in money market funds (1,048) (6,028)
Proceeds from borrowings 33 –
Share buy back (1,023) –
Net cash (used in) ﬁnancing activities (2,797) (6,679)
Net (decrease)/increase in cash and cash equivalents (1,156) 224
Cash and cash equivalents at beginning of year 1,172 948
Effect of foreign exchange rate changes – –
Cash and cash equivalents at end of year 16 1,172 Impax Asset Management Group plc Annual Report and Accounts 2012
45
Financial Statements
23 Signiﬁcant accounting policies
The separate ﬁnancial statements of the Company are presented as required by the Companies Act 2006. The principal accounting 
policies adopted are the same as those set out in the Group’s ﬁnancial statements disclosures. In addition note 25 sets out the 
accounting policy in respect of investments in subsidiary undertakings.
The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not 
presented its own Statement of Comprehensive Income in these ﬁnancial statements. The Company’s loss after tax for the year 
amounted to £50,000 (2011: loss of £609,000). 
24 Property, plant and equipment
Leasehold 
improvements 
£000
Fixtures, 
ﬁttings and 
equipment 
£000
Total  
£000
Cost 
As at 1 October 2010 445 304 749
Additions 296 128 424
Disposal – (29) (29)
As at 30 September 2011 741 403 1,144
Additions 368 137 505
Disposals (452) (58) (510)
As at 30 September 2012 657 482 1,139
Depreciation
As at 1 October 2010 281 170 451
Charge for the year 147 96 243
Disposals – (29) (29)
As at 30 September 2011 428 237 665
Charge for year 178 117 295
Disposals (452) (55) (507)
As at 30 September 2012 154 299 453
Net book value
As at 30 September 2012 503 183 686
As at 30 September 2011 313 166 479
As at 30 September 2010 115 182 297
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
46
Notes to the Financial Statements continued
For the Year Ended 30 September 2012
25 Non-current investments
Investments held by the Company in subsidiary undertakings are held at cost less any provision for impairment.
Other 
investments 
£000
Subsidiary 
undertakings 
£000
Total  
£000
At 1 October 2010 13 6,023 6,036
Additions 52126
Capital contribution – 2,676 2,676
Impairment of investments – (592) (592)
Disposals/Repayment of invested capital – (820) (820)
At 30 September 2011 18 7,308 7,326
Additions – 3,234 3,234
Capital contribution – 5,627 5,627
Impairment of investments – (77) (77)
Disposals/Repayment of invested capital (1) (1,500) (1,501)
At 30 September 2012 17 14,592 14,609
The principal subsidiary undertakings are:
Country of  
incorporation
Proportion of  
ordinary capital held Nature of business
Impax Asset Management Limited UK 100% Financial services 
Impax New Energy Investors (GP) Limited UK 100% Financial services 
Impax New Energy Investors II (GP) Limited UK 100% Financial services 
Impax New Energy Investors Management SARL Luxembourg 100% Financial services 
Kern USA Inc USA 100% Holding company 
Impax Asset Management (Hong Kong) Ltd Hong Kong 100% Financial services 
Impax Asset Management (US) LLC USA 100% Financial services 
A full list of subsidiaries will be attached to the Company’s Annual Return ﬁled with Company’s House. 
Charges relating to shares in the Company granted by the Trustees of the EBT to employees of subsidiary undertakings are accounted 
for in the subsidiary undertaking. The charge to the subsidiary undertaking is proportionate to the number of shares allocated to 
individuals in the entity as a percentage of the total shares allocated to employees of the Group. In the Company ﬁnancial statements 
this capital contribution has been recognised as an increase in the investment in subsidiaries.
Investments in subsidiary undertakings are divided between interest in shares and capital contributions as follows:
2012  
£000
2011  
£000
Interest in shares 5,013 3,356
Capital contribution 9,579 3,952
14,592 7,308
The principal other investment for the Company is in the fund Impax New Energy Investors SCA which is incorporated in 
Luxembourg. The Company holds 14.24% of the capital of this partnership which represents its subscription capital. Impax Asset Management Group plc Annual Report and Accounts 2012
47
Financial Statements
26 Trade and other receivables 
2012  
£000
2011  
£000
Amounts owed to Group undertakings – Receivables 6 71
Taxation and other social security – 128
Other receivables 79 42
Prepayments and accrued income 227 187
312 428
Due:
After one year – –
Within one year 312 428
312 428
27 Current asset investments 
Unlisted 
investments 
£000
Listed 
investments 
£000
Total  
£000
At 1 October 2010 2,323 332 2,655
Additions 57 – 57
Fair value movements 512 – 512
Repayments/disposals (95) (332) (427)
At 30 September 2011 2,797 – 2,797
Additions 338 – 338
Fair value movements (441) – (441)
Repayments/disposals (29) – (29)
At 30 September 2012 2,665 – 2,665
28 Trade and other payables
2012  
£000
2011  
£000
Trade payables 43 26
Amounts owed by Group undertakings 10,407 8,838
Taxation and other social security 716 643
Other payables 494 28
Accruals and deferred income 824 1,592
12,484 11,127
29 Deferred tax
The deferred tax asset included in the Company Statement of Financial Position is as follows: 
Accelerated 
capital 
allowances
£000
Other 
temporary 
differences
£’000
Excess 
management 
charges
£’000
Exceptional 
items
£’000
Share-based 
payment 
scheme
£’000
Total
£’000
As at 30 September 2011 14 (121) – 113 50 56
Charge/(credit) to the Income Statement 23 (120) – 113 (65) (49)
As at 30 September 2012 (9) (1) – – 115 105
As described in note 3 if and when the EBT Trustee agrees to transfer assets held in the EBT to beneﬁciaries and if the assets 
transferred are in the form of the Company’s ordinary shares, the Company expects to be eligible for a corporation tax deduction 
equal to the value of those ordinary shares. The Company has not recognised a deferred tax asset in respect of these amounts 
which would total £925,000. The Company also has unrecognised capital losses of £1,267 ,000 (2011: £1,498,000). Impax Asset Management Group plc Annual Report and Accounts 2012
48
Notes to the Financial Statements continued
For the Year Ended 30 September 2012
30 Ordinary shares
2012  
£000
2011  
£000
Allotted and fully paid
115,582,431 ordinary shares of 1p each 1,156 1,156
31 Own shares and treasury shares
On 30 September 2012 the employment conditions for Ian Simm in respect of the 4,000,000 shares held in sub trusts of the EBT for 
him and his beneﬁciaries were met. Accordingly the value of Own shares held reduced by £40,000.
During the period ended 30 September 2012, the Company purchased 3,459,000 of its own shares at an average price of 42 pence. 
Total shares held in Treasury at 30 September 2012 were 4,699,000 (2011: 1,240,000).
32 Financial commitments
The Company has committed to invest up to €3,756,000 in Impax New Energy Investors LP . At 30 September 2012 the outstanding 
commitment was €1,014,000 (2011: €1,011,000) which could be called on in the period to 19 August 2015.
The Company has committed to invest up to €3,298,000 in Impax New Energy Investors II LP . At 30 September 2012 the outstanding 
commitment was €2,782,000 (2011: €3,187 ,000), which could be called on in the period to 22 March 2020. 
At 30 September 2012 the Company had commitments under non-cancellable operating leases as follows:
Ofﬁces Other
2012  
£’000
2011  
£’000
2012  
£’000
2011  
£’000
Within one year 440 483 15 15
Between one and two years 440 440 14 29
Between two and ﬁve years 541 985 1 –
1,421 1,908 30 44
33 Financial risk management
The risk management processes of the Company are aligned to those of the Group as a whole. The Company’s speciﬁc risk 
exposures are explained below.
Credit risk
The Company’s primary exposure to credit risk relates to cash and deposits that are placed with regulated ﬁnancial institutions and 
amounts due from subsidiaries.
At the Statement of Financial Position date, the credit risk regarding cash and cash equivalent balances of the asset management 
business was spread by holding part of the balance with RBS (Standard & Poor’s credit rating A-1), and the remainder in a money 
market fund managed by Blackrock which has a Standard & Poor’s credit rating of AAA. The risk of default is considered minimal. 
Foreign exchange risk
The amount of the Company’s expenses denominated in foreign currencies is minimal.
The Company activities are principally conducted in GBP, EUR, and USD. Foreign exchange risk arises from income received in  
these currencies together with a limited amount of exposure to costs payable.  Impax Asset Management Group plc Annual Report and Accounts 2012
49
Financial Statements
33 Financial risk management continued
Foreign exchange risk continued
The Company’s exposure to foreign exchange rate risk at 30 September 2012 was:
EUR/GBP 
£000
USD/GBP 
£000
Assets
Non-current asset investments 17 3,121
Current asset investments 2,665 –
2,682 3,121
Liabilities
Trade and other payables 7 503
7 503
Net exposure 2,675 2,618
The Company’s exposure to foreign currency exchange rate risk at 30 September 2011 was:
EUR/GBP 
£000
USD/GBP 
£000
Assets
Non-current asset investments 18 –
Current asset investments 2,797 –
2,815 –
Liabilities
Trade and other payables – 886
– 886
Net exposure 2,815 (886)
The following tables demonstrate the estimated impact on Group post-tax proﬁt and net assets and Company post-tax proﬁt and net 
assets caused by a 5% movement in the exchange rate used to revalue signiﬁcant foreign assets and liabilities, assuming all other 
variables are held constant. Post tax proﬁt either increases or (decreases).
Post-tax proﬁt
2012  
£000
2011  
£000
Translation of signiﬁcant foreign assets and liabilities 
GBP strengthens against the USD, up 5% (31) (104)
GBP weakens against the USD, down 5% 31 104
GBP strengthens against the EUR, up 5% (32) (33)
GBP weakens against the EUR, down 5% 32 33
Liquidity risk
Liquidity risk is the risk that the Company does not have sufﬁcient ﬁnancial resources to meets it obligations when they fall due or will 
have to do so at cost. The Company can request to borrow cash through intragroup loans to maintain sufﬁcient liquidity.
Interest rate risk
At reporting date the Company’s cash and cash equivalents, including bank overdrafts and cash held in money market deposits 
balance of £9,594,000 (2011: £9,718,000) were its only ﬁnancial instruments subject to variable interest rate risk. The impact of 0.5% 
increase or decrease in interest rate on the post tax proﬁt is not material to the Company. 
Market risk
The Company has made investments in its own managed funds and the value of these investments are subject to equity market risk. 
The signiﬁcant holding at 30 September 2012 that is exposed to equity market price risk is in the Group’s investment held by IGMF.  
If the valuation of the holdings in the fund fell by 5% this would have a £166,000 impact on the proﬁt or loss statement.
The signiﬁcant holdings at 30 September 2011 exposed to equity market price risk were the Group’s holdings in IARF. Impax Asset Management Group plc Annual Report and Accounts 2012
50
33 Financial risk management continued
Fair values of ﬁnancial assets and liabilities
The Directors consider there to be no difference between the carrying value of the Group’s ﬁnancial assets and liabilities and their  
fair value. 
The hierarchical classiﬁcation of ﬁnancial assets and liabilities measured at fair value are as follows:
30 September 2012
Level 1  
£000
Level 2  
£000
Level 3  
£000
Total  
£000
Current investments – – 2,665 2,665
There were no movements between any of the levels in the year.
30 September 2011
Level 1  
£000
Level 2  
£000
Level 3  
£000
Total  
£000
Current investments – – 2,797 2,797
The Company had no ﬁnancial liabilities for 2012 or 2011.
Financial assets and liabilities by category
30 September 2012
Available  
for sale  
£000
1 
FVTPL –  
Held for 
trading  
£000
Loans  
and 
receivables 
£000
Financial 
liabilities 
measured at 
amortised 
cost £000
Financial assets
Cash and cash equivalents – – 16 –
Cash held in money market funds – – 9,594 –
Trade and other receivables – – 79 –
Investments 17 2,665 – –
Total ﬁnancial assets 17 2,665 9,689 –
Financial liabilities
Bank overdraft – – – (33)
Trade and other payables – – – (537)
Total ﬁnancial liabilities – – – (570)
1
   Fair value through proﬁt and loss
30 September 2011
Available for 
sale £000
1 
FVTPL 
– Held for 
trading £000
Loans and 
receivables 
£000
Financial 
liabilities 
measured at 
amortised 
cost £000
Financial assets
Cash and cash equivalents – – 1,172 –
Cash held in money market funds – – 8,546 –
Trade and other receivables – – 42 –
Investments 18 2,797 – –
Total ﬁnancial assets 18 2,797 9,760 –
Financial liabilities
Trade and other payables – – – (55)
Total ﬁnancial liabilities – – – (55)
Notes to the Financial Statements continued
For the Year Ended 30 September 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
51
Financial Statements
Notice of Annual General Meeting
Notice is hereby given that the Annual General Meeting of Impax Asset Management Group plc (the “Company”) will be held at the 
ofﬁces of the Company, Norfolk House, 31 St James’s Square, London SW1Y 4JR at 11.00am on 13 February 2013 for the following 
purposes:
As Ordinary Business
To consider and, if thought ﬁt, pass the following resolutions which will be proposed as ordinary resolutions:
1. To receive and adopt the Company’s annual accounts for the ﬁnancial year ended 30 September 2012 together with the Directors’ 
Report and the Auditor’s Report on those accounts.
2. To re-elect Vince O’Brien as a Director.
3. To re-elect Ian R Simm as a Director.
4. To reappoint KPMG Audit Plc as auditor of the Company.
5. To authorise the Directors to ﬁx the remuneration of the auditor.
6. To declare a ﬁnal dividend in respect of the ﬁnancial year ended 30 September 2012 of 0.75 pence per ordinary share payable  
to the holders of ordinary shares on the register of members at the close of business on 25 January 2013.
As Special Business
To consider and, if thought ﬁt, pass the following resolutions which will be proposed as special resolutions:
7. THAT the Directors of the Company be and are hereby empowered pursuant to section 570 of the Companies Act 2006 (the “Act”) 
to allot equity securities (within the meaning of section 560 of the Act) for cash, pursuant to the authority conferred by an ordinary 
resolution passed on 2 February 2009 or by way of a sale of treasury shares, as if section 561 of the Act did not apply to any such 
allotment or sale, provided that the power conferred by this resolution shall be limited to:
(a) the allotment or sale of equity securities, either in connection with an issue or offer of equity securities (including, without limitation, 
under a rights issue, open offer or similar arrangement) to holders of equity securities in proportion (as nearly as may be practicable) 
to their respective holdings of equity securities, subject only to such exclusions or other arrangements as the Directors of  
the Company may consider necessary or expedient to deal with any treasury shares, fractional entitlements or legal or practical 
problems under the laws of any territory, or the requirements of any regulatory body or stock exchange in any territory; and
(b) the allotment or sale (otherwise than pursuant to resolution 7(a)) of equity securities up to an aggregate nominal value of £115,582.43.
The power conferred by this resolution shall expire (unless previously renewed, revoked or varied by the Company in general meeting) 
at the conclusion of the Company’s next annual general meeting, except that the Company may at any time before such expiry make 
any offer or agreement which would or might require equity securities to be allotted or sold after such expiry and the Directors of  
the Company may allot or sell equity securities in pursuance of such an offer or agreement as if the authority conferred hereby had 
not expired.
8. THAT the Company be and is generally authorised for the purposes of section 701 of the Act to make one or more market 
purchases (within the meaning of section 693(4) of the Act) of its ordinary shares of 1 pence each provided that:
 
(a) the maximum aggregate number of ordinary shares that may be purchased is 11,558,243; 
(b) the minimum price which may be paid for each ordinary share is 1 pence;
(c) the maximum price which may be paid for each ordinary share is not more than 105 per cent. of the average of the middle market 
quotations for an ordinary share taken from the London Stock Exchange for the ﬁve business days immediately preceding the day 
of purchase; and
(c) unless previously renewed, varied or revoked, the authority conferred by this resolution shall expire at the conclusion of the 
Company’s next annual general meeting save that the Company may make a contract or contracts to purchase ordinary shares 
under the authority conferred by this resolution prior to the expiry of such authority which will or may be executed wholly or partly 
after the expiry of such authority and may make a purchase of ordinary shares in pursuance of any such contract or contracts.
By order of the Board
Zack Wilson
Company Secretary
14 December 2012 Impax Asset Management Group plc Annual Report and Accounts 2012
52
Notice of Annual General Meeting continued
Notes:
1. Any member entitled to attend and vote at the meeting is entitled to appoint a proxy or proxies to attend, speak and vote in his or 
her stead. A member may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different 
shares. A member may not appoint more than one proxy to exercise rights attached to any one share. A proxy need not be a 
member of the Company. A form of proxy is enclosed for use of members. Completion and return of a form of proxy or CREST 
Proxy Instruction (as described in note 4) will not preclude a member from attending and voting in person at the meeting should  
he or she so decide. You can only appoint a proxy using the procedures set out in these notes and the notes to the form of proxy. 
If you appoint a proxy and attend the meeting in person, your proxy appointment will automatically be terminated.
2. To be valid, the form of proxy and the power of attorney or other authority (if any) under which it is signed (or a notarially certiﬁed 
copy of such power of authority) must be deposited at the ofﬁces of Capita Registrars, PXS, 34 Beckenham Road, Beckenham, 
Kent BR3 4TU by 11.00 a.m. on 11 February 2013. To change your proxy instructions simply submit a new proxy appointment 
using the methods set out above and in the notes to the form of proxy. Note that the cut-off time for receipt of proxy appointments 
also applies in relation to amended instructions; any amended proxy appointment received after the relevant cut-off time will be 
disregarded.
3. To be entitled to attend and vote at the meeting (and for the purpose of the determination by the Company of the number of votes 
they may cast), members must be entered in the Register of Members at 6.00 p.m. on 11 February 2013 (or, in the event of any 
adjournment, 6.00 p.m. on the date which is two days before the time of the adjourned meeting).
4. CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for 
the meeting and any adjournment(s) thereof by using the procedures described in the CREST Manual. CREST personal members 
or other CREST sponsored members, and those CREST members who have appointed a voting service provider(s) should refer  
to their CREST sponsors or voting service provider(s), who will be able to take the appropriate action on their behalf. In order for  
a proxy appointment or instruction made by means of CREST to be valid, the appropriate CREST message (a “CREST Proxy 
Instruction”) must be properly authenticated in accordance with Euroclear UK & Ireland Limited’s speciﬁcations and must contain 
the information required for such instructions, as described in the CREST Manual. The message must be transmitted so as to  
be received by the Company’s agent, Capita Registrars Limited (CREST Participant ID: RA10), no later than 48 hours before the 
time appointed for the meeting. For this purpose, the time of receipt will be taken to be the time (as determined by the time stamp 
applied to the message by the CREST Application Host) from which the Company’s agent is able to retrieve the message by 
enquiry to CREST in the manner prescribed by CREST. CREST members and, where applicable, their CREST sponsors or voting 
service provider(s) should note that Euroclear UK & Ireland Limited does not make available special procedures in CREST for any 
particular messages. Normal system timings and limitations will therefore apply in relation to the input of CREST Proxy Instructions. 
It is the responsibility of the CREST member concerned to take (or, if the CREST member is a CREST personal member or sponsored 
member or has appointed a voting service provider(s), to procure that his CREST sponsor or voting service provider(s) take(s)) such 
action as shall be necessary to ensure that a message is transmitted by means of the CREST system by any particular time. In this 
connection, CREST members and, where applicable, their CREST sponsors or voting service provider(s) are referred in particular  
to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. The Company  
may treat as invalid a CREST Proxy Instruction in the circumstances set out in Regulation 35(5) of the Uncertiﬁcated Securities 
Regulations 2001. Designed and produced by Emperor Design Consultants Ltd
Telephone +44 (0)20 7729 9090  www.emperordesign.co.uk
Directors
J Keith R Falconer (Chairman)
Ian R Simm (Chief Executive)
Guy de Froment (Non-Executive)
Peter J Gibbs (Non-Executive)
Vincent O’Brien (Non-Executive)
Mark B E White (Non-Executive)
Secretary
Zack Wilson
Registered Office
Norfolk House
31 St James’s Square
London
SW1Y 4JR
Auditor
KPMG Audit Plc
15 Canada Square
London
E14 5GL
Bankers
The Royal Bank of Scotland Group plc
3rd Floor
280 Bishopsgate
London
EC2M 4RB
Registrars
Capita Registrars
The Registry
34 Beckenham Road
Beckenham
Kent
BR3 4TU
Nominated Adviser and Broker
Execution Noble & Co Limited
10 Paternoster Square
London
EC4M 7AL
Solicitors
Stephenson Harwood
1 Finsbury Circus
London
EC4M 7SH
Officers and Advisors Impax Asset Management Group plc
Norfolk House
31 St James’s Square
London
SW1Y 4JR
United Kingdom
T: +44 (0) 20 7434 1122
F: +44 (0) 20 7434 1123
E: info@impaxam.com
www.impaxam.com
Impax Asset Management Group plc Annual Report and Accounts 2012