The Environmental  
Investment Specialist
Impax Asset Management 
Group plc
(formerly Impax Group plc)
Annual Report 2009 Impax Asset Management Group plc 
is a leading investment manager 
dedicated to the rapidly expanding 
environmental markets sector, 
focusing on alternative energy,  
water and waste.
In a world of increasingly scarce natural resources, 
inadequate infrastructure and unacceptable pollution, 
we believe that companies active in environmental 
markets will continue to offer investors the prospect of 
excellent, risk-adjusted returns. We have over a decade 
of investment experience, a seasoned, stable team and 
a compelling track record in both quoted equities and 
private equity. 
We focus on a small number of carefully chosen 
investment strategies, and are now managing or 
advising pooled vehicles and segregated accounts for 
institutional investors in multiple countries. Our business 
is scalable, with a strong distribution network, has an 
efficient capital structure and is now generating 
significant free cash flow.
Contents
01 Highlights 2009
02 Key Facts
04 Chairman’s Statement
06 Chief Executive’s Report
10 Directors’ Profiles
11 Senior Personnel
12 Officers and Advisers
13 Directors’ Report
17 Independent Auditors’ Report
19 Consolidated Income Statement
20 Consolidated Balance Sheet
21 Company Balance Sheet
22 Consolidated Statement of Changes in Equity 
23 Company Statement of Changes in Equity 
24 Consolidated Cash Flow Statement
25 Company Cash Flow Statement 
26 Notes to the Financial Statement
55 Notice of Annual General Meeting 80
100
120
140
160
180
200
30 Sep 04
30 Sep 05
Net Asset Value of Impax Environmental 
Markets plc (undiluted)
Data re-based to September 2004 
30 Sep 06
30 Sep 07
30 Sep 08
30 Sep 09
MSCI World Index (Net Return)
Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
01
Highlights
Increase in AUM* (15%) to £1.26 billion   >
(30 September 2009) 
Subsequent to year end, further increase to £1.42 billion  
(30 November 2009)
Strong investment performance
 > 
Quoted equities: Impax Environmental Markets plc (NAV)  
+80% over five years 
Private equity: Impax New Energy Investors ranked 1st quartile  
by Preqin
Significant mandate wins
 > 
€150 million from European institutional investor
Launch of new investment strategy > 
£104.5 million raised for Asia Pacific product (subsequent to year end)
Expansion of distribution network >
Further investment in capabilities in UK and Hong Kong >
* Assets under discretionary and advisory management
Highlights
2009
Impax Environmental Markets plc versus MSCI World Index over five years in GBP Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
02
Impax – Key Facts
Impax has an excellent investment 
track record, powerful distribution 
partners and a highly qualified team
01 02
06 05
Attractive target markets Experienced  
investment team
Stable investor base Extensive distribution
>US$500bn
Annual revenue in environmental markets
10-20%
Compound annual growth rate
10+ years
Since Impax team established
200+ years
Aggregate sector experience
>90%
Investors in “Impax-Label”  
funds are institutional
 1 2
Countries actively targeted Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
03
Key Facts
03 04
08 07
Focused approach Comprehensive product 
range
Performance:  
Private equity
Performance:  
Quoted equities
6 21
Funds and accounts
 1 st
Quartile ranking (Preqin)
80%
Increase in NAV over five years of 
largest fund (to 30 September 2009)
Quoted
equities
Private 
equity
“Impax-Label” funds
Third party funds
Segregated accounts
Investment strategies 
across two divisions Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
04
Chairman’s Statement
For the Year Ended 30 September 2009
Growth rates in and investor returns  
from the environmental markets sector  
can be expected to outperform the 
mainstream economy
Principal activities and review of  
the business
The period from the demise of Lehman 
Brothers in mid September 2008 to the 
present will surely be remembered as 
one of the most extraordinary in the 
history of finance and economics.  
Until the spring of 2009, the effects of a 
severe recession, collapsing credit and 
banking markets, high profile corporate 
failures and pronounced risk aversion 
had threatened to decimate the 
investment management sector. 
However, in recent months, following 
radical macroeconomic policy 
interventions, particularly quantitative 
easing and stimulus funding,  
confidence has improved, and at  
present we are in a more benign 
business environment.
In this context, in the financial year 
ending 30 September 2009, while 
Impax’s revenue has not been immune 
to the stock market crash, the Group has 
taken a substantial step forward. Assets 
under discretionary and advisory 
management (“AUM”) started the year  
at £1,098 million. As the market fell, we 
suffered only minimal redemptions and 
AUM reached a low of £889 million in 
March 2009 before rising to £1,263 
million by the end of the Group’s financial 
year. Since then, major new mandates 
from a European institutional investor 
and our new investment trust targeting 
the Asia Pacific region (described in 
more detail below) coupled with broadly 
rising markets have led to a further 
increase in AUM, which reached  
£1,419 million on 30 November 2009. 
This year, in recognition of our 
increasingly complex business, my 
statement is followed by a Chief 
Executive’s Report, in which Ian Simm 
sets out more detail behind our 
performance, current status and plans.
Results for the year and  
proposed dividend
During the year we have undertaken a 
review of the Group’s accounting 
policies, and this has led to a number of 
corrections and improvements. Although 
none of these changes has materially 
impacted upon shareholders’ equity, 
results for 2008 and 2009 now reflect in 
particular an amended basis of 
expensing the Group’s long-term 
incentive scheme and the consolidation 
of one of the funds into which we have 
injected seed capital. Further information 
is included within the Prior Year 
Adjustment Note to the Accounts.
Notwithstanding the significant overall 
rise in assets since the start of the 
period, our results also reflect the sharp 
fall in equity markets in late 2008 and 
early 2009. Turnover for the year was 
£10,391,196 (2008: £11,389,264), an 8.8 
per cent decrease over the year. 
Turnover included £945,620 of 
exceptional non-recurring fees due 
under the management contract of our 
private equity fund. 
Profit before tax excluding minority 
interest was £2,472,992 (2008: 
£3,516,119 (restated)). This result 
included a charge of £551,579 (2008: 
£917,665 (restated)) for the Group’s 
long-term incentive scheme.
The tax charge for the year was lower 
than the standard rate of corporation tax 
for the UK as a result of credits arising 
on recognition of deferred tax assets. 
Earnings per share (“EPS”) were  
2.63 pence (adjusted), a 22 per cent fall 
against last year (3.36 pence (restated)). 
These EPS numbers exclude the 
charges for the Group’s long-term 
incentive scheme and therefore, in the 
Board’s view, represent the most 
relevant measure of the year’s earnings.
The Group’s Balance Sheet continues to 
strengthen. At the financial year end, 
equity attributable to shareholders had  06
07
08
09
3.84
7.11
11.39
10.39
06
07
08
09
0.50
1.82
3.52
2.47
06
07
08
09
1.59
1.20
3.36
2.63
06
07
08
09
0.00
0.00
0.35
0.40
06
07
08
09
0.43
0.98
1.09
1.26
Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
05
Chairman’s Statement
Revenue
£Million
Profit before tax (attributable to Impax)
£Million
Earnings per share (basic)*
pence
Dividend*
pence
AUM
£Billion
* 09 – proposed
* 08 and 09 – adjusted basis
increased to £13,849,539 (2008: 
£11,397,770 (restated)). There was no 
long-term debt and cash reserves readily 
available to the principal operating 
activities of the Group were £6,694,182 
(2008: £7,028,619).
A year ago the Group’s shareholders 
approved a proposal to pay a maiden 
dividend of 0.35 pence per share (for 
year ended 30 September 2008). 
Notwithstanding the events of the year 
and the consequent fall in the Group’s 
revenues and profits, I am pleased to 
report that the Board recommends that 
the dividend be increased to 0.40 pence 
per share. This dividend proposal will be 
submitted for formal approval by 
shareholders at the forthcoming Annual 
General Meeting on 10 February 2010.  
If approved the dividend will be paid 
shortly thereafter on a date to be 
confirmed in the formal Notice of AGM. 
In recognition of the Group’s stage of 
development, the Board does not 
currently intend to propose payment of 
interim dividends.
Name change
In recognition of the Group’s single focus 
on investment management, in 
September 2009, shareholders gave 
their overwhelming support to change 
the name of the Group from Impax  
Group plc to Impax Asset Management 
Group plc. 
Board of Directors
In September this year, I announced that 
Vince O’Brien had agreed to join the 
Group’s Board as a Non-Executive 
Director with immediate effect, taking the 
number of Directors to six. Vince, who is 
currently a Director of Montagu Private 
Equity and has worked in the private 
equity industry for over 20 years, is 
ideally placed to enhance our private 
equity strategy. He is a past Chairman of 
the British Venture Capital Association 
and served on its Council for seven years. 
Prospects  
Governments around the world are 
rapidly building their understanding of 
how to reduce pollution and improve the 
efficiency of natural resource use, while 
realising that the private sector can 
rapidly deliver cost-effective solutions 
within competitive environmental 
markets. Earlier in the decade, 
institutional investors were 
understandably cautious about the 
rationale for long-term allocations to 
investment strategies targeting the 
environmental sector. However, there is 
now an overwhelming body of evidence 
supporting claims that growth rates in 
and investor returns from this sector can 
be expected to out-perform the 
mainstream economy. It is therefore 
logical to conclude that the number of 
attractive investment opportunities for 
the portfolios that we manage will 
continue to expand.
Impax’s investment team has now been 
operating in this sector for over a decade 
and has experienced two full market 
cycles. With strong sector prospects, a 
scalable business model and a 
committed, experienced management 
team, I am confident that the Group is 
well positioned for further growth. 
J Keith R Falconer
22 December 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
06
Chief Executive’s Report
For the Year Ended 30 September 2009 
We now have an excellent track record, 
powerful distribution partners and a 
highly qualified team that is committed  
to maximizing the opportunities ahead
It is an exciting time to be managing 
funds targeting the environmental sector. 
Hardly a day goes by without extensive 
press coverage of water scarcity,  
energy security, local air pollution,  
waste disposal problems or global 
warming, and institutional investors are 
increasingly persuaded that the sector 
offers credible potential for superior 
returns over the long term.
The opportunities for a specialist 
investment manager in this area are 
highly attractive. Since 1998, when 
Impax secured its first investment 
advisory mandate, environmental 
markets have expanded out of all 
recognition. There are now over 1,300 
quoted companies generating a total of 
ca. US$500 billion of revenue each year 
and expecting to deliver, on average, 
double-digit percentage annual earnings 
growth. An investment management 
team that is able to understand the likely 
development and risks of environmental 
regulation and technology, and can 
compare business plans and valuations 
in different parts of the world, is ideally 
placed to identify mis-priced assets and 
to commit capital accordingly.
Impax focuses on the management of a 
small number of scalable investment 
strategies targeting the environmental 
sector that are distributed through a 
variety of profitable channels. As set out 
below, during the period under review we 
have made significant progress in 
building AUM across many of these 
channels, delivered excellent investment 
returns and continued to extend our 
capabilities in order to be ready to attract 
and manage further funds.   
Sector developments 
The environmental sector has seen  
many positive developments during  
the year. Unlike in previous recessions, 
when investment in environmental 
management and related infrastructure 
was typically deemed to be of low 
priority, it is encouraging that public 
sector commitment to the areas in  
which Impax is investing has grown 
significantly. Since late 2008, over 
US$500 billion of public money in the 
form of “stimulus funding” has been 
pledged for deployment in the sector, 
and this is expected to underpin  
demand for many private sector 
operators for several years.
Notwithstanding this unprecedented 
support, many governments have also 
continued to finalise and implement 
far-reaching environmental targets and 
regulations. For example, in December 
2008, the European Union adopted a set 
of Directives that stipulate challenging 
requirements for renewable energy, 
energy efficiency and CO
2
 emissions 
targets by 2020. Subsequently, early in 
the New Year, the newly inaugurated 
President Obama began a programme to 
accelerate US policy in these areas as 
well as in the strengthening of a wider 
group of environmental markets, for 
example the development of a “smart” 
distribution grid for electric power. In 
parallel, the Chinese government has 
announced a suite of measures to 
support the rapid deployment of clean 
energy technologies, notably in power 
generation, vehicles and energy efficiency.
Assets under management and  
fund flows
As noted in the Chairman’s Statement, 
Impax’s AUM increased over the period 
from £1,098 million on 1 October 2008 to 
£1,263 million on 30 September 2009. 
The material component of this increase 
arose in our Quoted Equities division, in 
particular in funds or accounts domiciled 
in the European Union (ex UK and Ireland).
The flow of funds into our quoted 
equities products can be analysed in two 
categories: “Impax-Label” funds, which 
we typically manage on behalf of UK 
investors and earn annual fees in the 
region of 0.9 per cent to 1.5 per cent of 
relevant AUM, and “Third Party Funds/
Accounts”, for which fees tend to be 
lower as we either receive them through 
third party distributors or offer discounts 
on large commitments. During the period 
we had modest net outflows from Impax 
Label funds but significant net inflows 
into Third Party Funds/Accounts; for 
example, the Environment Agency 
Pension Fund recently added £15 million 
to the segregated account that we have 
been managing for them since August 
2008 (which was initially funded with  
£35 million). As noted below, this 
experience has prompted us to invest 
further in our internal sales team.
Since the end of the period, there have 
been two major positive contributors to 
the further increase in AUM. First, as 
announced on 22 September 2009,  
we have received €80 million of a  
€150 million mandate from a European 
institutional investor to manage a quoted 
equities portfolio, and now expect to 
receive the balance early in 2010. 
Second, as noted below, on 22 October 
2009 we commenced management of 
Impax Asian Environmental Markets plc, 
an investment trust, which launched  
with £104.5 million of gross assets.  13%
32%
20%
2%
10%
23%
Multi Managers
Private Client Managers
Pension Funds
Others
Insurance Companies
Other Institutions
24%
26%
1%
7%
42%
Private Client Managers
Pension Funds
Others
Insurance Companies
Other Institutions
Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
07
Chief Executive’s Report
As reported in the Interim Statement, our 
partnership with FTSE to design and 
market a range of environmental sector 
indices has continued to develop and is 
producing rising (though still modest) 
revenues for us. In June 2009, FTSE 
launched six additional indices, taking 
the total number of indices in the 
Environmental Markets Index Series to 
18. There is currently ca. US$3 billion of 
capital either benchmarked  
to or tracking these indices, with 
institutional clients in North America and 
Asia as well as Europe. By contributing 
to a globally recognised standard for the 
categorisation of environmental markets 
and investments, we expect to build 
further credibility for the Impax brand 
and greater interest in our products.  
Cash flow   
As is common in the investment 
management sector, we now enjoy 
healthy operating cashflow before 
movements in working capital, which 
was £2.7 million for the year (2008: £4.1 
million), representing £0.23 million per 
month on average. Given the recent 
sharp increase in AUM, the current 
monthly cashflow run rate is substantially 
higher than this figure.   
     
Since the year end the Group has 
purchased 1,240,000 of its own shares. 
These shares, which we purchased at  
an average price of 36.33 pence, are 
currently held in treasury. 
Investment performance 
The delivery of excellent investment 
performance remains at the heart of  
our long-term strategy and day-to-day 
activity. 
Quoted equities 
Our quoted equities business has 
historically concentrated on the 
management of global portfolios, 
comprising either specialist stocks 
(Specialists/Pure Play Funds) or a 
combination of specialist stocks and 
more diversified companies (Leaders/All 
Cap Funds). I look forward to reporting 
on the performance of our more recently 
established Asia Pacific investment 
strategy next year.
Specialists/Pure Play Funds have once 
again sustained their out-performance. 
Between 1 October 2008 and 
30 September 2009, the net asset value 
(“NAV”) of Impax Environmental Markets 
plc (“IEM”), the investment trust that we 
have managed since its launch in 
February 2002, increased by 10.5 per 
cent, while the MSCI World Index rose 
by 9.3 per cent. Our other funds in this 
category produced similar performance. 
Over the five years ending 30 September 
2009, IEM’s NAV increased by 79.9 per 
cent while the corresponding increase in 
the MSCI World Index was 38.1 per cent. 
This track record, which covers a 
complete investment cycle, is an 
important component of our sales  
pitch to potential investors and/or  
their advisers. 
Leaders/All Cap Funds have benefited 
from mounting evidence that larger 
companies with significant and growing 
exposure to the environmental sector are 
delivering superior earnings and 
experiencing positive share price 
re-rating. For example, the net asset 
value of IFSL Impax Environmental 
Leaders fund rose 14.8 per cent over  
the period under review, while, as noted 
above, the MSCI World Index rose  
9.3 per cent. 
Stable, diverse client base
“Impax-Label” funds 
(as at 30/09/09)
Impax Asian Environmental Markets plc 
(launched 22/10/09)
With only a limited requirement for 
regulatory and working capital, we 
expect operating cashflow to rise further 
as our business continues to scale. 
While keeping a prudent level of cash to 
provide a buffer in weak markets, our 
policy is to utilise this free cashflow to 
seed high potential new products while 
also paying dividends to shareholders 
and, from time to time, making modest 
share buy-backs at attractive prices.
In 2007, we invested €2.2 million to seed 
our hedge fund. Subsequently, in March 
2008 we invested £1.5 million to seed 
IFSL Impax Environmental Leaders, the 
UK open-ended investment company 
that we manage; we have recently taken 
steps to hedge the equity market risk for 
this investment. At 30 September 2009, 
these investments were valued at £3.3 
million. Our intention is to leave these 
investments in place until the respective 
funds have had the opportunity of 
achieving critical mass.
As explained below, in 2010 we expect to 
be required to fund up to €3.13 million 
into Impax New Energy Investors LP, the 
private equity fund in which the Group  
is a limited partner and which we have 
successfully managed since August 
2005. This investment is likely to be 
illiquid until the fund’s portfolio is sold, 
most likely in two to three years. 30 September 2009
30 September 2008
£ Million
623 82 9 130 417
596
1,263
1,089
94 3 113 290
UK/Ireland
Other Europe
Asia Paciﬁc
North America
Private Equity
Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
08
Chief Executive’s Report continued
Our hedge fund, which has a “long 
short” portfolio selected from our stock 
universe of environmental markets 
companies and related utilities has also 
performed well, and we continue to 
engage in dialogue with potential 
investors in this product. 
Private equity
Towards the end of the most difficult 
year in recent memory for private equity, 
I am pleased to report that Impax New 
Energy Investors LP (“Fund I”), our 
principal private equity fund which has 
€125 million of committed capital, has 
further extended its strong track record. 
With over 80 per cent of its initial capital 
invested or committed, this fund is near 
the end of its investment period. Fund I 
has been recently ranked by Preqin as 
having first quartile performance for 
infrastructure funds launched in 2005, 
and we are confident of reaching or 
exceeding the target returns agreed that 
were discussed with investors at the 
fund’s launch. 
As noted in previous statements, our 
strategy is to fund the construction of 
renewable energy power generation 
assets based on low risk technology, 
avoiding significant development risk, 
and working with well capitalised 
counterparties. All the material assets  
of Fund I are fully funded, generating 
electric power, and performing ahead  
of expectations.
Impax became a limited partner in Fund I 
at launch in August 2005 with a 
commitment to invest €3.76 million. 
Alongside other investors, our capital 
calls for the fund have been bridged by a 
bank facility, with a first payment of 
€338,040 made in August 2009 and a 
final payment of €2.8 million due in 
January 2010, when the facility expires. 
We may then need to disburse up the 
balance of the commitment (ca. 
€612,000) during the remainder of 
calendar 2010. The Group has more than 
sufficient cash resources to be able to 
meet these commitments as they fall 
due. We expect that this investment will 
produce a significant gain for the Group 
when the fund’s assets have been sold. 
Following the adoption of the Renewable 
Energy Directive, which stipulates that 
the European Union must derive at least 
20 per cent of its energy from renewable 
sources by 2020, there has been a 
further acceleration of attractive deal 
flow for funds with our investment 
strategy. Against this background,  
we have been successful in securing 
significant interest from investors in a 
second private equity fund, and are 
making good progress towards a  
first closing.
New “Asia Pacific” product
Over the past three to four years, we 
have been impressed by the pace of 
development of opportunities to invest in 
the environmental sector in the Asia 
Pacific region. With almost half the 
world’s population, rapid rates of 
industrialisation and urbanisation, and 
rising standards of living, the region has 
developed significant environmental 
problems, which are restricting further 
economic development as well as 
reducing the quality of life. As 
governments have implemented 
environmental policy to address these 
issues, there has been a marked 
increase in the number of companies 
based in the region that are providing 
solutions to environmental problems as 
well as supplying expanding demand in 
other parts of the world, notably Europe 
and North America. 
Since 2006, we have been closely 
monitoring the development of these new 
environmental markets and companies, 
initially in consultation with two of our 
major shareholders, BNP Paribas 
Investment Partners (“BNPP IP”, which 
has offices throughout the Asia Pacific 
region) and DIAM (based in Tokyo), and 
more recently with Ajia Partners, an 
investment management firm based in 
Hong Kong. We have also added to our 
London team individuals who have 
significant experience of researching  
and investing in Asian stocks.
Over the summer period, our front and 
back office teams worked intensively 
with brokers Collins Stewart and with 
Ajia Partners to prepare for the launch of 
a new investment trust designed to 
provide investors with dedicated 
exposure to the stocks of Asian 
environmental sector companies. This 
trust, Impax Asian Environmental 
Markets plc, launched on 22 October 
2009 with £104.5 million of gross assets, 
making it the largest investment 
company IPO on the London Stock 
Exchange since July 2008. Impax is the 
new trust’s investment manager and Ajia 
Partners is acting as our investment 
adviser. We are actively exploring 
options to establish new funds to provide 
investors with “open ended” access to 
the underlying portfolio.
Increase in AUM in most geographies during period   Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
09
Chief Executive’s Report
Distribution 
As an “investment-led” firm, the bulk of 
our resources has historically been 
devoted to investment management, the 
associated back and middle office 
functions, and marketing support to third 
party distributors. However, as investor 
interest in the environmental sector 
expands and demand for our services 
accelerates, we are also seeing 
increasing opportunities to sell products 
directly to investors, and are therefore in 
the process of making several hires to 
strengthen our sales team.  
In parallel, we are very encouraged by 
the commitment of our network of 
distributors to the promotion of our 
products. Since 2006, BNPP IP has 
been selling funds managed or advised 
by Impax in much of continental Europe, 
parts of East Asia and, since January 
2009, Australia. At the end of the period, 
approximately 19 per cent of our AUM 
has been sourced through this route. 
During 2009, BNPP IP has been working 
towards the integration of the investment 
and sales teams of Fortis Investment 
Management (whose distribution is 
particularly strong in Scandinavia and 
the Benelux), and we believe that, from 
early 2010, the combined sales team will 
be able to attract significantly larger 
volumes for us.
In recent years, we have been exploring 
the potential for distribution of our 
products in North America, particularly 
the United States. As a first step, in 
March 2008 we commenced a sub-
advisory mandate with Pax World, which 
is well known for socially responsible 
investment products; this fund has had 
excellent investment performance and 
has grown from US$1 million at launch to 
ca. US$17 million today. Since the start 
of calendar 2009, as noted above, the 
public policy debate in the US has 
moved decisively in the direction of 
alternative energy and energy efficiency 
in particular, and we have recently 
signed a distribution agreement with 
Titanium Asset Management, which sells 
investment products to the US pension 
plan market. I hope to be able to report 
positive news on this new partnership in 
due course.
Infrastructure and support
Last year, we reported that we had  
made a significant investment in the 
infrastructure required to underpin 
further expansion of our business. Since 
the start of the year, this investment has 
continued, particularly to expand our 
support team (mainly operations and 
marketing), where headcount has 
increased from 12 to 17 staff. 
At the end of the year, our total 
headcount was 34 permanent and four 
temporary staff, up from 26 permanent 
staff at the start of the period. In the  
light of these increases, we are well 
resourced in most departments.
Outlook
The release of Impax’s preliminary 
statement of annual results for 2009 
coincided with the first week of the 
COP-15 conference in Copenhagen 
where the future of policy to reduce 
global warming was debated. Although  
a legally binding treaty has yet to be 
concluded, the arrival of the United 
States, China, India and Brazil at the 
negotiating table suggests that 
significant progress will be made in 2010. 
Over the longer term, we believe that 
interest in clean energy, energy 
efficiency and the drivers behind 
environmental markets will continue to 
strengthen and that Impax’s prospects 
are very strong. Having identified the 
environmental investment opportunity in 
the mid 1990s, we now have an excellent 
track record, powerful distribution 
partners and a highly qualified team that 
is committed to maximising the 
opportunities ahead. 
Ian R Simm
22 December 2009
United States
– Pax World
– Titanium Asset Management
UK
– Collins Stewart
– Direct sales
Asia/Australia
–  BNP Paribas Investment 
Partners
–  Mizuho/DIAM (Japan)
Continental Europe
–  BNP Paribas Investment 
Partners & Fortis IM (post 
merger with BNPP IP)
–  ASN Bank
International distribution network Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
10
Directors’ Profiles
Keith Falconer
Chairman
Keith Falconer, aged 54, 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. 
Ian Simm
Chief Executive
Ian Simm, aged 43, is Chief Executive of 
Impax Asset Management Group plc 
and Managing Director of Impax Asset 
Management Limited (“IAM”). Prior to 
joining Impax in 1996 he was a project 
manager at McKinsey & Co. in the 
Netherlands, where he advised clients 
on strategies in environmentally sensitive 
industries, including energy, waste 
management and the automotive sector. 
Ian established Impax’s asset 
management business in 1998. He 
graduated with a first class physics 
degree from Cambridge University and 
has a Master’s in Public Administration 
from Harvard University.  
Peter Gibbs
Non-Executive Director
Peter Gibbs, aged 51, is a Non-Executive 
Director of Impax Asset Management 
Group plc. Having begun his career at 
Brown Shipley, he joined Bankers Trust 
in 1985 as a Senior Portfolio Manager.  
In 1989 he joined Mercury Asset 
Management (“MAM”) where he rose to 
become Head of the International 
Equities Division. Following the 
acquisition of MAM by Merrill Lynch, he 
was appointed co-Head of Equity Assets 
worldwide. In 2003 he became Chief 
Investment Officer and Head of Region 
for Merrill Lynch’s Investment 
Management activities outside the US. 
Peter was a Non-Executive Director of 
Bridgewell Group plc between June 
2006 and August 2007. He is a Director 
of the Evolution Group plc and UK 
Financial Investments Ltd (“UKFI”) and is 
Chairman of Turquoise Services Limited.
Mark White
Non-Executive Director
Mark White, aged 54, is a Non-Executive 
Director of Impax Asset Management 
Group plc. He is the General Manager of 
LGT Capital Partners (UK) Ltd following 
LGT Capital Partners’ acquisition of KGR 
Capital. From 2001–2005, he was CEO 
of JPMorgan Fleming Asset 
Management (UK) Ltd and was 
responsible for their institutional 
businesses internationally. 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 a past Chairman of 
the Hong Kong Investment Funds 
Association and the HK SFC Advisory 
Committee on Unit Trusts. He is also a 
Non-Executive Director of Ellis Brady 
Absolute Return Fund and F&C Global 
Smaller Companies plc.
Guy de Froment
Non-Executive Director
Guy de Froment, aged 59, was 
appointed as a Non-Executive Director 
on 19 January 2008. Currently Vice 
Chairman of BNP Paribas Asset 
Management, he was previously 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  
23 years in the Indosuez Group during 
which time he was Chief Executive of  
W. I. Carr and CEO of Indosuez Asset 
Management. Guy is a graduate of the 
Ecole des Hautes Etudes Commerciales 
(HEC Paris).
Vince O’Brien
Non-Executive Director
Vince O’Brien, aged 51, joined the Board 
as a Non-Executive Director on 3 
September 2009. 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. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
11
Directors’ Profiles
Senior Personnel
Senior Personnel
Bruce Jenkyn-Jones
Bruce Jenkyn-Jones, aged 44, is a 
Director of IAM and Managing Director 
for the listed equity business. He has  
18 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). 
Peter Rossbach
Peter Rossbach, aged 51, is a Director of 
IAM and Managing Director for the 
private equity team that manages Impax 
New Energy Investors LP. From 1997 to 
2000, he was Senior Investment Officer 
at AMI Asset Management, a private 
equity investment fund specialising in 
the utility sector. Before AMI, he held 
positions as senior investment adviser to 
EBRD, Vice President of Project Finance 
at Mitsui Bank in New York, and within 
the energy project finance teams at 
Catalyst Energy, Lowrey Lazard and at 
Standard and Poor’s utility debt ratings 
services in New York. Peter holds both a 
Bachelor’s degree and a Master’s in 
Public Policy from Harvard University. 
Nigel Taunt
Nigel Taunt, aged 56, is a Director of IAM 
and Managing Director for Impax’s 
venture capital activities. Nigel qualified 
as a Chartered Accountant in 1977 and, 
before moving into corporate finance 
and investment management, joined the 
Group as Finance Director in January 
2002. From 1992 to 1998 he was Finance 
Director of Yorkshire Environmental 
(“YE”) and was a Director of several 
other water and renewable energy 
businesses within Kelda Group plc. 
During this period he led many 
successful acquisition and divestment 
projects as YE grew substantially in key 
sectors, particularly waste management, 
environmental laboratories and 
renewable energy. 
Charlie Ridge
Charlie Ridge, aged 45, is a Director of 
IAM and Chief Operating Officer of 
Impax Asset Management Group plc. 
Charlie has worked across financial 
services for more than 20 years, holding 
senior management positions with a 
number of international blue chip 
investment banks. Charlie joined Impax 
from Deutsche Bank, where he was a 
Managing Director within the Finance 
Division. He most recently served as UK 
Asset and Wealth Management Chief 
Financial Officer, having previously used 
his technical expertise in various 
financial and market risk related roles for 
the Global Markets Division. Charlie has 
a degree in Engineering Science from 
Durham University and trained as a 
qualified Chartered Accountant at  
Ernst & Young.
John McDonald
John McDonald, aged 49, joined Impax 
in August 2009 as Head of Sales and 
Marketing. He has 25 years experience 
in the financial markets, 17 of which were 
spent in investment research analysis 
and sales, followed by eight years in 
alternative investment sales and 
marketing. Before joining Impax he was 
Head of Alternative Investments Sales at 
New Star Asset Management. Prior to 
New Star he co-founded Fortune Asset 
Management having previously worked 
in European equity research and sales 
roles at Morgan Grenfell, James Capel, 
S.G.Warburg and the Europe Company 
Ltd. John is a graduate of the European 
Business School.  Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
12
Officers and Advisers
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  Michael B Knight
  
Registered Office  Mezzanine Floor
  Pegasus House
  37–43 Sackville Street
  London
  W1S 3EH
  
Auditors  Mazars LLP
  Tower Bridge House
  St Katharine’s Way
  London
  E1W 1DD
  
Bankers  Lloyds Bank TSB
  39 Threadneedle Street
  London
  EC2R 8PT
  
Registrars  Capita Registrars 
  Northern House
  Woodsome Park 
  Fenay Bridge
  Huddersfield 
  HD8 0LA
  
Nominated Adviser  Noble & Company Limited
and Broker  120 Old Broad Street
  London
  EC2N 1AR
  
Solicitors  Stephenson Harwood
  One St Paul’s Churchyard
  London
  EC4M 8SH Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
13
Officers and Advisers
Directors’ Report
Directors’ Report
For the Year Ended 30 September 2009
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 business is contained in the Chairman’s 
Statement and Chief Executive’s report.
The Directors consider assets under discretionary and advisory 
management (“AUM”), revenue and profitability to be the key 
performance indicators of the Group. Revenue for the year  
was £10,391,196 (2008: £11,389,264) and profit before tax  
was £2,586,174 (2008 restated: £3,687,187). AUM grew from  
£1,098 million at 30 September 2008 to £1,263 million at  
30 September 2009.
Results and dividends 
The profit for the year after taxation attributable to equity 
shareholders was £2,280,846 (2008 restated: £2,447,070). 
The Directors propose a dividend of 0.40p per share (totalling 
£438,777) for the year ended 30 September 2009 (2008: 0.35p 
per share, totalling £377,297). The dividend will be submitted 
for formal approval at the Annual General Meeting to be held 
on 10 February 2010. 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 ending 30 September 2010.
The dividend for the year ended 30 September 2008 was paid 
on 20 February 2009, being 0.35p per share. The trustees of 
the Employee Benefit Trust waived their rights to part of this 
dividend, leading to a total dividend payment of £377,297. This 
payment is reflected in the Statements of Changes in Equity.
Risk assessment
The Group is exposed to a variety of financial and operational 
risks (see note 23) as detailed below:
Liquidity and cash flow risk 
The Group produces cash flow forecasts covering a  
twelve month period to manage its liquidity requirements.  
The Group’s management and Board review these  
forecasts regularly.
Interest rate risk
The Group has both interest bearing assets and comparable 
liabilities. Interest bearing assets include cash balances that 
earn interest at a floating rate and a loan note earning interest 
at a fixed rate. Interest rate fluctuations do not have a 
significant impact on the Group. 
Currency risk
A significant amount of the Group’s income is denominated in 
foreign currencies. The strategy of the Group is to repatriate 
earned income back to Sterling whilst future income streams 
are left unhedged. The amount of the Group’s expenses 
denominated in foreign currencies is minimal.
A small 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. 
Exchange differences that arise on consolidation are taken to 
the exchange translation reserve.
Investment risk
The Group seeds investments in its own funds in order to build 
a track record to market those funds more effectively. The 
Group attempts to mitigate this risk through natural hedging 
where appropriate and intends to divest these investments as 
commercial and market conditions allow.
Operational risks
The Group has established a control framework so that the risk 
of financial loss to the Group through operational failure is 
minimised. 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’s insurance policies are reviewed each year prior to 
policy renewal.
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 
2009 were 14 (2008: 21).  Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
14
Directors’ Report continued
Directors and their interest 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 2009 
and 30 September 2008 were:
 Ordinary shares
  30 September  30 September 
  2009 2008
J Keith R Falconer*  10,489,290 10,599,290
Ian R Simm*  5,486,261 5,486,261
David L Kempton 
(resigned 2 February 2009)  – 1,997,367
Peter J Gibbs   200,000 200,000
Mark B E White   200,000 200,000
Guy de Froment   – –
Vince O’Brien 
(appointed 3 September 2009)  – –
* Includes allocated and/or vested shares granted by the Employee Benefit Trust.
There have been no changes to the above holdings since  
30 September 2009.
Ian Simm, a Director of Impax Asset Management Group plc, 
is interested in 5.88 per cent of the capital of Impax Carried 
Interest Partner LP, a fund in which the Company holds an 
investment.
Nigel Taunt, a Director of a Group subsidiary, is interested in 
2.94 per cent of the capital of Impax Carried Interest Partner 
LP, a fund in which the Company holds an investment.
Peter Rossbach, a Director of a Group subsidiary, is interested 
in 29.41 per cent of the capital of Impax Carried Interest 
Partner LP, a fund in which the Company holds an investment.
The Directors and their families are potential beneficiaries of 
the Employee Benefit Trust, which is described in further detail 
in note 26. At 30 September 2009 the Impax Group Employee 
Benefit Trust held 16,320,746 shares that have vested and as  
a result have transferred to sub-funds of the Trust  
(2008: 14,423,781 shares). 
Substantial share interests
The following interests in three per cent or more of the issued 
ordinary share capital have been notified to the Company as at 
2 December 2009:
  Number Percentage
BNP Paribas Investment Partners  32,220,000 27.9
Impax Group Employee Benefit Trust**  5,886,308 5.1
J Keith R Falconer*  10,489,290 9.1
Rathbone Investment Managers  7,454,300 6.4
Ian R Simm*  5,486,261 4.7
DIAM Company  5,474,955 4.7
UBS Wealth Management UK  5,408,250 4.7
Australian Ethical Investment Ltd  5,057,143 4.4
Bruce Jenkyn-Jones*  4,159,420 3.6
* Includes shares within sub-funds of the EBT from which the individual may benefit.
**  In addition to the interest disclosed above, the EBT has a legal interest in a further 
16,320,746 shares which have transferred to sub-funds from which individuals  
may benefit.
Directors’ responsibilities
The Directors are responsible for preparing the Annual Report 
and the Financial Statements in accordance with applicable 
law and regulations.
Company law requires the Directors to prepare financial 
statements for each financial year. Under that law the Directors 
have prepared the consolidated financial statements and the 
Parent Company financial statements in accordance with 
International Financial Reporting Standards (“IFRS”) as 
adopted by the European Union. 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 
assets, liabilities, financial position and profit or loss in the 
case of both the Company and all the undertakings included 
within the consolidation. In preparing these financial 
statements, the Directors are required to:
select suitable accounting policies and then apply   >
them consistently;
make judgements and accounting estimates that are  >
reasonable and prudent;
state whether applicable IFRSs as adopted by the European  >
Union have been followed, subject to any material 
departures disclosed and explained in the financial 
statements; and
prepare the financial statements on the going concern basis  >
unless it is inappropriate to presume that the Company will 
continue in business.
The Directors are responsible for keeping adequate accounting 
records that are sufficient to show and explain the Company’s 
transactions and disclose with reasonable accuracy at any 
time the financial position of the Company and the Group and 
enable them to ensure that the financial statements comply 
with the Companies Act 2006. They are also responsible for 
safeguarding the assets of the Company and the Group and 
hence for taking reasonable steps for the prevention and 
detection of fraud and other irregularities.   
The Directors are responsible for the maintenance and integrity 
of the Company’s website. Legislation in the United Kingdom 
governing the preparation and dissemination of financial 
statements may differ from legislation in other jurisdictions.
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.
Corporate governance
Directors
The Board has consisted of a Chairman, four Non-Executive 
Directors and one Executive Director during the year. Details of 
the current Board members are given on page 10 of this report. 
The Board meets at least six times each year and more 
frequently as and when appropriate.  Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
15
Directors’ Report
The Company has voluntarily complied throughout the year 
with the Provisions of the Code of Best Practice set out in 
Section 1 of the Combined Code as applicable to fully listed 
companies, in so far as is appropriate to the Company’s size 
and complexity: 
Under Code Provision C.2.1 the Directors should at least  >
annually conduct a review of the effectiveness of the 
Group’s system of internal control and should report to 
shareholders that they have done so. This review should 
cover all controls, including financial, operational and 
compliance controls and risk management.
A comprehensive review of internal controls was carried out  >
by the Directors during the year covering compliance, 
financial and operational control as well as risk 
management. The Company is a relatively small operation 
with all material matters reported to the full Board. Regular 
Group and subsidiary Board meetings are held throughout 
the period at which the Directors consider all major 
business and financial risks. Accepting that no system of 
financial control can provide absolute assurance against 
material loss or misstatement, the Directors believe that the 
established systems of internal control are appropriate to 
the business in its current size and form. 
The Company also meets the requirements of Code  >
Provision C.3.5. This states that companies that do not have 
an internal audit function, should from time to time review 
the need for one. The Board, in conjunction with its internal 
control review, has reviewed the need for a formal internal 
audit function. The Board is of the opinion that given the 
size and nature of the business, no internal audit function  
is required. 
Further explanations of how the Provisions have been applied 
are set out below and, in connection with Directors’ 
remuneration, in the Remuneration Report. 
Dialogue with institutional shareholders
The Company reports formally to shareholders twice a year, 
when its half-year and full-year results are announced and an 
Interim Statement and Annual Report are sent to shareholders. 
The Annual Report includes notice of the Annual General 
Meeting of the Company at which a presentation is given and 
Directors are available to take questions, both formally during 
the meeting and informally after the meeting. The Chairman 
and Chief Executive Director are available for dialogue with 
major shareholders on the Company’s plans and objectives 
and from time to time will meet with them.
Audit Committee
The Audit Committee provides a link between the Board and 
the Company’s auditors on matters falling within the scope of 
the Company’s audit. The Audit Committee is comprised of the 
following Non-Executive Directors: Mark White (Chairman), 
Peter Gibbs and Vince O’Brien. The Audit Committee meets at 
least twice a year and more frequently as and when appropriate.
The Committee’s responsibilities include:
the implementation of new accounting standards   >
and policies;
to monitor the integrity of the financial statements and  >
formal announcements relating to the Company’s  
financial performance;
to review the internal financial control procedures;  >
to make 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;
to review and monitor the external auditors’ independence  >
and objectivity and the effectiveness of the audit process 
and to develop and implement a policy on the engagement 
of the external auditors to supply non-audit services; 
ensuring the objectivity and independence of the external  >
auditors 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 direct from the external auditors.
Details of fees paid to the Company’s auditors are shown in 
note 3 to the financial statements. None of the non-audit 
services provided caused any concern as to the auditors’ 
independence or objectivity. 
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 
Paper and materials use: the Group has a system to recover  >
office paper and encourages staff to avoid wastage of other 
materials.
To ensure that its Environmental Policy is fully understood by 
all staff and remains under active development, the Group has: 
appointed a Health, Safety and Environment officer, who  >
has day-to-day responsibility for co-ordinating the 
implementation of policy;
adopted a monitoring programme to check compliance with  >
the Environmental Policy; and
incorporated training and discussion of the Environmental  >
Policy in its induction and periodic appraisals of all staff.
The Directors are ultimately responsible for the implementation 
and further development of this policy. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
16
Directors’ Report continued
Remuneration report
The Remuneration Committee is comprised of the four 
Non-Executive Directors: Peter Gibbs (Chairman), Mark White, 
Guy de Froment and Vince O’Brien. The Remuneration 
Committee meets at least four times each year and more 
frequently as and when appropriate.
Fees and payments to Non-Executive Directors reflect the 
demands which are made on them and the responsibilities 
which they bear. Non-Executive Directors’ fees are reviewed 
annually by the Board.
Emoluments
Total Directors’ emoluments for the year were £635,205 (2008: 
£1,090,960) and details of each Director’s remuneration are 
shown in note 20 to the financial statements.
Remuneration policy
The remuneration and terms and conditions of service  
of the Directors are determined by the Board, based on 
recommendations made by the Remuneration Committee. The 
Board’s policy is to pay competitive salaries having regard to 
the Directors’ experience, the size and complexity of the job 
and any special factors which may arise from time to time.  
The Executive Directors will, in addition to their basic salary 
and bonus, be granted share options or similar equity 
incentives as determined by the recommendations from the 
Remuneration Committee. 
The Employee Benefit Trust has been established to motivate 
and incentivise eligible participants to achieve value for 
shareholders. The Directors consider that the Group has taken 
due account of the principles of the Combined Code.
The Board recognises that, in order to attract high-calibre 
executives, it needs to design schemes which properly reward 
each of the Directors for their individual contributions to the 
Group’s performance. 
Auditors
Statement of disclosure to Auditor
Each of the persons who is 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 
Auditors are aware of that information.
In accordance with section 489 (2) of the Companies Act 2006, 
a resolution proposing that the Company’s Auditors, Mazars 
LLP , be re-appointed will be put to the Annual General Meeting. 
By order of the Board
Michael B Knight
Company Secretary
22 December 2009
Registered office:
Mezzanine Floor, Pegasus House
37–43 Sackville Street
London W1S 3EH Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
17
Independent 
Auditors’ Report
Independent Auditors’ 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 30 September 2009  
which comprise the Consolidated Income Statement, the Consolidated and Company Statements of Changes in Equity, the 
Consolidated and Company Balance Sheets, the Consolidated and Company Cash Flow Statements and the related notes. The 
financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting 
Standards (IFRSs) as adopted by the European Union and, as regards the parent company financial statements, as applied in 
accordance with the provisions of the Companies Act 2006.
Respective responsibilities of Directors and Auditors
As explained more fully in the Directors’ Responsibilities Statement set out on page 14, 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 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. This report, including our opinion, has been prepared for and only for the company’s members as a body in accordance 
with Sections 495 and 496 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.
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/UKNP.
Opinion on the 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  >
30 September 2009 and of the Group’s profit for the year then ended;
the Group financial statements have been properly prepared in accordance with IFRSs as adopted by the European Union; >
 the parent company financial statements have been properly prepared in accordance with IFRSs as adopted by the European  >
Union 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 matters 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. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
18
Independent Auditors’ Report to the Members 
of Impax Asset Management Group plc 
continued
Matters on which we are required to report by exception
We have nothing to report in respect of the following:
Under the Companies Act 2006 we are required 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. >
Andrew Goldsworthy (Senior statutory auditor)
for and on behalf of:
Mazars LLP
Chartered Accountants (Statutory auditor)
Tower Bridge House
St Katharine’s Way
London, E1W 1DD
22 December 2009
The maintenance and integrity of the Impax Asset Management Group plc website is the responsibility of the Directors; the work 
carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility 
for any changes that may have occurred to the financial statements since they were initially presented on the website. 
Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation 
in other jurisdictions.  Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
19
Financial Statements
Consolidated Income Statement 
For the Year Ended 30 September 2009
      2009  2008 
       (restated) 
     Note  £  £
Revenue      2 10,391,196  11,389,264 
Operating costs      (7,515,926) (7,237,312)
Long-term incentive scheme charge     26 (551,579) (917,665)
Operating profit     3 2,323,691  3,234,287 
Investment income     4 262,483  452,900 
Profit before taxation      2,586,174  3,687,187 
Taxation     5 (192,146) (1,069,049)
Profit for the year       2,394,028  2,618,138 
Attributable to:
 – Equity holders of the parent      2,280,846  2,447,070 
 – Minority interest      113,182  171,068 
Profit for the year       2,394,028  2,618,138 
Earnings per share
Basic     7 2.12p 2.45p
Diluted     7 1.97p 2.12p
The Income Statement has been prepared on the basis that all operations are continuing operations.
The notes on pages 26 to 54 form part of these financial statements. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
20
Consolidated Balance Sheet 
As at 30 September 2009
   2009 
|
 2008
       (restated) 
   Note  £  £ £ £
ASSEt S
Non-current assets
Goodwill   9 1,629,097   1,629,097 
Intangible assets   10 142,818   72,816 
Property, plant and equipment   11 421,604   537,004 
Other financial assets   12 792,093   1,045,618 
Investments   13 13,567  13,567 
Trade and other receivables   14 65,094  65,094 
Deferred tax asset   5 364,208  –
     3,428,481  3,363,196 
Current assets
Trade and other receivables   14 2,716,097  1,933,204 
Other financial assets   12 452,204  247,671 
Investments   15 3,926,992  4,171,550 
Current tax asset    22,329  –
Cash and cash equivalents   29 10,284,390  7,028,619 
     17,402,012  13,381,044 
t Ot AL ASSEt S     20,830,493  16,744,240 
EQUIt Y AND LIABILIt IES:
Equity attributable to owners of the parent
Ordinary shares    17 1,155,824  1,155,824 
Share premium   18 77,833  77,833 
Exchange translation reserve    (157,467)  (154,104)
Own shares   18 (58,863)  (77,833)
Retained earnings   18 12,832,212  10,396,050 
     13,849,539  11,397,770 
Minority interest    1,686,801  1,165,705 
     1,686,801  1,165,705 
t Ot AL EQUIt Y     15,536,340  12,563,475 
Current liabilities
Trade and other payables   16 4,610,218  3,925,326 
Short-term borrowings   29 683,935  –
Current tax liability    –  255,439 
     5,294,153  4,180,765 
t Ot AL EQUIt Y AND LIABILIt IES     20,830,493  16,744,240 
        
Authorised for issue and approved by the Board on 22 December 2009. The notes on pages 26 to 54 form part of these  
financial statements.
Ian R Simm
Chief Executive Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
21
Financial Statements
Company Balance Sheet 
As at 30 September 2009
   2009 
|
 2008
       (restated) 
   Note  £  £ £ £
ASSEt S
Non-current assets
Property, plant and equipment   11 421,604  537,004 
Investments   13 6,181,018  5,265,813 
Trade and other receivables   14 1,083,089  1,030,185 
Deferred tax asset   5 306,745  –
     7,992,456  6,833,002 
Current assets
Trade and other receivables   14 295,785  1,031,941 
Investments   15 1,792,696  1,684,401 
Cash and cash equivalents   29 2,721,045  14,020 
     4,809,526  2,730,362 
t Ot AL ASSEt S     12,801,982  9,563,364 
EQUIt Y AND LIABILIt IES:
Equity attributable to owners of the Company
Ordinary shares    17 1,155,824  1,155,824 
Share premium   18 77,833  77,833 
Own shares   18 (58,863)  (77,833)
Retained earnings   18 6,660,888  5,104,922 
     7,835,682  6,260,746 
Current liabilities
Trade and other payables   16 4,966,300  3,302,618 
     4,966,300  3,302,618 
t Ot AL EQUIt Y AND LIABILIt IES     12,801,982  9,563,364 
Authorised for issue and approved by the Board on 22 December 2009. The notes on pages 26 to 54 form part of these  
financial statements.
Ian R Simm
Chief Executive Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
22
Consolidated Statement of Changes in Equity  
For the Year Ended 30 September 2009
         Equity  
      Exchange   attributable to  
     Share translation Own  Retained owners of  Minority  
    Share premium reserve shares earnings the parent interest Total 
    capital (restated) (restated) (restated) (restated) (restated) (restated) (restated) 
   Note £ £ £ £ £ £ £ £
Balance at 1 October 2007 as previously reported    1,094,991 18,970 (1,002,117) (167,771) 8,103,097 8,047,170 – 8,047,170
Effect of prior year adjustment    1 – – 856,216 72,700  (852,285) 76,631 – 76,631
Balance at 1 October 2007 as restated    1,094,991 18,970 (145,901) (95,071) 7,250,812 8,123,801 – 8,123,801
Minority interest recognised on consolidation of subsidiary   – – – – – – 994,637 994,637
Long-term incentive scheme charge   26 – – – – 917,665 917,665 – 917,665
Accrued cash equivalent of share options receivable by NOMAD  18 – – – – 33,336 33,336 – 33,336
Accrued cash equivalent of share options cancelled by NOMAD   – – – – (100,007) (100,007) – (100,007)
Exchange differences on consolidation    – – (8,203) – – (8,203) – (8,203)
Profit for the year    – – – – 2,447,070 2,447,070 171,068 2,618,138
Net issue of shares to Employee Benefit Trust   26 60,833 58,863 – (58,863) – 60,833 – 60,833
Net sale of shares from Employee Benefit Trust   26 – – – – (152,826) (152,826) – (152,826)
Shares vested to employees from Employee Benefit Trust    – – – 76,101  – 76,101 – 76,101 
Balance at 30 September 2008 as restated    1,155,824 77,833 (154,104) (77,833) 10,396,050 11,397,770 1,165,705 12,563,475
Dividends paid   8 – – – – (377,293) (377,293) – (377,293)
Minority interest derecognised on disposal of subsidiary    – – – – – – (1,165,705) (1,165,705)
Minority interest recognised on consolidation of subsidiary   – – – – – – 1,573,619 1,573,619 
Long-term incentive scheme charge   26 – – – – 551,579 551,579 – 551,579
Exchange differences on consolidation    – – (3,363) – – (3,363) – (3,363)
Profit for the year    – – – – 2,280,846 2,280,846 113,182 2,394,028 
Shares vested to employees from Employee Benefit Trust   18 – – – 18,970  (18,970) – – –
Balance at 30 September 2009    1,155,824 77,833 (157,467) (58,863) 12,832,212 13,849,539 1,686,801 15,536,340
Own shares relate to the holding of 5,886,308 (2008: 7,783,273) unallocated and unvested ordinary shares in the Company by the EBT, representing 5.1 per cent (2008: 6.7 per cent) of 
the ordinary shares in issue at 30 September 2009.
 
Other reserves of £894,359 at 30 September 2007 (as previously reported) have been combined with retained earnings.
The notes on pages 26 to 54 form part of these financial statements. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
23
Financial Statements
Company Statement of Changes in Equity  
For the Year Ended 30 September 2009
        Exchange 
      Share Share translation Own Retained 
      capital premium reserve shares earnings Total 
       (restated) (restated) (restated) (restated) (restated) 
     Note £ £ £ £ £ £
Balance at 1 October 2007 as previously reported      1,094,991 18,970 (856,216) (167,771) 4,859,905 4,949,879
Effect of prior year adjustment     1 – – 856,216  73,700 (646,224) 283,692
Balance at 1 October 2007 as restated      1,094,991 18,970 – (94,071) 4,213,681 5,233,571
Long-term incentive scheme charge      – – – – 917,665 917,665 
Accrued cash equivalent of share options receivable by NOMAD    18 – – – – 33,336 33,336 
Accrued cash equivalent of share options cancelled by NOMAD     – – – – (100,007) (100,007)
Profit for the year      – – – – 34,313 34,313 
Net issue of shares to Employee Benefit Trust     26 60,833 58,863 – (58,863) – 60,833
Net sale of shares from Employee Benefit Trust     26 – – – – 5,934 5,934
Shares vested to employees from Employee Benefit Trust      – – – 75,101 – 75,101
Balance at 30 September 2008 as restated      1,155,824 77,833 – (77,833) 5,104,922 6,260,746
Long-term incentive scheme charge     26 – – – – 551,579 551,579 
Profit for the year      – – – – 1,400,650 1,400,650
Dividends paid     8 – – – – (377,293) (377,293)
Shares vested to employees from Employee Benefit Trust     18 – – – 18,970 (18,970) –
Balance at 30 September 2009      1,155,824 77,833 – (58,863) 6,660,888 7,835,682
The notes on pages 26 to 54 form part of these financial statements.
Other reserves of £688,298 at 30 September 2007 (as previously reported) have been combined with retained earnings. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
24
      2009  2008 
       (restated) 
     Note  £  £
Cash flows from operating activities
Operating profit       2,323,691 3,234,287 
Adjustments for:
Depreciation of property, plant & equipment      185,716 45,631 
Amortisation of intangible assets      50,759 21,355 
Fair value movements in investments      (326,077) 38,617 
Profit on sale of investments      – (46,846)
Share-based payment      – (108,505)
Long-term incentive scheme charge      551,579 959,497 
Translation differences      (87,040) (76,131)
Operating cash flows before movement in working capital     2,698,628 4,067,905 
Increase in receivables      (725,222) (234,240)
(Decrease)/increase in payables      (849,438) 1,160,157 
Cash generated from operations      1,123,968 4,993,822 
Corporation tax paid      (834,120) (956,631)
Net cash generated from operating activities      289,848 4,037, 191 
Investing activities:
Interest received      149,301 281,832 
Cash acquired on consolidation of investment     15 2,906,273 –
Proceeds on sale of investments      – 1,622,236 
Purchase of investments      (288,892) (3,000,000)
Purchase of intangible assets      (120,761) (59,626)
Purchase of property, plant & equipment      (70,316) (535,429)
Net cash generated from/(used by) investment activities     2,575,605 (1,690,987)
Financing activities:
Dividends paid      (377,297) –
Share capital issued      – 60,833 
Net cash (used by)/generated from financing activities     (377,297) 60,833 
Net increase in cash and cash equivalents      2,488,156 2,407,037 
Cash and cash equivalents at beginning of year      7,028,619 4,553,654 
Effect of foreign exchange rate changes      83,680 67,928 
Cash and cash equivalents at end of year     29 9,600,455 7,028,619 
Consolidated Cash Flow Statement
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
25
Financial Statements
Company Cash Flow Statement
For the Year Ended 30 September 2009
      2009  2008 
       (restated) 
     Note  £  £
Cash flows from operating activities
Operating profit       1,076,824 24,967 
Adjustments for:
Depreciation of property, plant & equipment      185,716 45,631 
Fair value movements in investments      (326,077) 38,617 
Profit on sale of investments      – (13,500)
Share-based payment      – (108,505)
Long-term incentive scheme charge      143,048 601,867 
Operating cash flows before movement in working capital     1,079,511 589,077 
(Decrease)/increase in receivables      (7,839) 510,183 
Increase in payables      2,354,778 820,070 
Net cash generated from operating activities      3,426,450 1,919,330 
Investing activities:
Interest received      17,080 9,347 
Proceeds on sale of investments      – 1,513,500 
Purchase of investments      (288,892) (3,000,000)
Purchase of property, plant & equipment      (70,316) (535,429)
Net cash used by investment activities      (342,128) (2,012,582)
Financing activities:
Dividends paid      (377,297) –
Share capital issued      – 60,833 
Net cash (used by)/generated from financing activities     (377,297) 60,833 
Net increase/(decrease) in cash and cash equivalents     2,707,025 (32,419)
Cash and cash equivalents at beginning of year      14,020 46,439 
Cash and cash equivalents at end of year     29 2,721,045 14,020  Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
26
1 Accounting policies
The Group has been in discussion with the Financial Reporting Review Panel (“FRRP”) concerning its Report and Accounts for 
the year ended 30 September 2008. As a result of those discussions, the Group has given a number of undertakings to the FRRP 
in relation to the accounting treatments and disclosures included in these Report and Accounts. In particular, attention is drawn 
to the “Accounting Policies – Prior Year Adjustments” note, which details corrections to accounting policies applied in previous 
years relating to: foreign exchange differences arising on inter-company loans, consolidation of funds in which the Group has a 
controlling interest, and the determination of the grant date for awards, and derecognition of vested awards, made through the 
Employee Benefit Trust. 
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 Investments Market (“AIM”). The address of the registered office is given on page 12 of the financial 
statements. The nature of the Group’s operations and its principal activities are set out in the Directors’ Report on pages 13 to 16.
Basis of accounting
The financial statements have been prepared in accordance with International Financial Reporting Standards adopted for use by 
the European Union. 
The accounts have been prepared on a going concern basis under the historical cost convention, with the exception of the 
revaluation of certain current asset investments.
The Group and Company adopted no new standards, amendments and interpretations in the year. The following standards and 
amendments to existing standards have been published that are mandatory for the Group and Company’s accounting periods 
beginning on or after 1 October 2009 or later periods but which the Group has not early adopted:
IFRS 3 – (Revised) Business Combinations and consequential amendments to IAS 27 and IAS 28. The revision to these standards 
amends the way business combinations are accounted for. The Group will apply this revision for all business combinations on or 
after 1 October 2009.
IFRS 8 – Operating Segments. The Group will apply this standard for accounting periods beginning on or after 1 October 2009. 
This standard introduces new rules on the disclosure of operating results by business segment. The resultant impact, based 
upon current operations of the Group, is not expected to be significant.
IAS 1 – (Revised) Presentation of financial statements. The revised standard will prohibit the presentation of items of income and 
expenses (that is, non-owner changes in equity) in the Statement of Changes in Equity. The Group will apply this revision for 
accounting periods on or after 1 October 2009 and it will only effect the presentation of the results.
IAS 39 – (Amendment) “Financial Instruments: Recognition and Measurement” on eligible hedged items. The Group will apply 
this amendment for accounting periods commencing on 1 October 2009. The impact on the Group of adopting this amendment 
in future years is dependent on future movements in interest rates and therefore cannot be assessed at this time.
IFRS 2 – Share-based payments. The amendment issued in January 2008, which is effective from 1 January 2009, and the 
amendment issued in June 2009, which is effective from 1 January 2010, clarify the terms “vesting conditions” and 
“cancellations” and how an individual subsidiary in a group should account for some share-based payment arrangements in its 
own financial statements.
IFRS 7 – Financial Instruments Disclosures. This amendment enhances the disclosures about fair values and liquidity risk – 
effective 1 January 2009 and will result in more disclosures.
IFRS 9 – “Financial Instruments” issued in November 2009 established new principles for the recognition and measurement of 
financial assets. The revisions are effective for accounting periods beginning on or after 1 January 2013 with early adoption 
permitted. The Group does not at this stage anticipate early adoption of the revised standard. The impact on the Group’s 
financial statements is currently under review.
All the other amendments to standards and interpretations in issue but not yet effective are considered not to be applicable to 
the Group’s activities.
Notes to the Financial Statements
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
27
Financial Statements
1 Accounting policies (continued)
In addition to the above, there are also a number of minor amendments to various standards which are part of the IASB’s Annual 
Improvement Project published in May 2008. These amendments are not expected to have significant impact on the Group’s 
accounts. Amendments arising from the April 2009 Annual Improvements Project are also not expected to have significant 
impact on the Group’s accounts.
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. 
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. 
All intra-group transactions and balances are eliminated on consolidation. 
Investments in funds in which the Group has more than 50 per cent 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.
Investments in associates
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 Balance Sheet at fair value even though the Group may have significant influence over those entities. 
This treatment is permitted by IAS 28, “Investment in Associates”, which allows investments held by venture capital and similar 
organisations to be excluded from the scope of IAS 28, 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 Income Statement 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) Revenue related to provision of services is recognised on an accruals basis when the amount of revenue may be reliably 
measured and it is probable that economic benefits will flow to the Group.
(c) Interest income is accrued on a time basis, by reference to the principal outstanding and the interest rate applicable. 
(d) Other investment income, including dividends, is recognised when the right to receive payment is established.
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 unamortised goodwill, which has not been subject to impairment, is 
included in the determination of the profit or loss on disposal.
Positive goodwill arising on acquisitions before the date of the transition to International Financial Reporting Standards has been 
retained at the previous UK GAAP amount and is tested for impairment annually. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
28
1 Accounting policies (continued)
Impairment
At the Balance Sheet date, the Group reviews the carrying amount of its intangible 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.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and any accumulated impairment losses.
Depreciation is provided on property, plant and equipment by equal instalments over their estimated useful lives on a  
straight-line basis:
Leasehold improvements life of the lease
Fixtures, fittings and equipment three to four years 
Intangible fixed assets
Purchased licences are stated at cost less accumulated depreciation and any accumulated impairment losses.
Amortisation is provided on intangible fixed assets by equal instalments over their estimated useful lives on a straight-line basis:
Software licences and implementation costs life of the licence, up to a maximum of three years
 
Leasing
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of 
ownership to the lessee. All other leases are classified as operating leases.
Rentals payable under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Benefits received and receivable as an incentive to enter into operating leases are also spread on a straight line basis over the 
lease term.
Segment report
A business segment is a group of assets and operations engaged in providing services that are subject to risks and returns that 
are different from those of other business segments. The Group’s asset management division is the Group’s principal business 
segment. Although a small corporate finance segment exists, the activity of this division is deemed immaterial for the purpose of 
providing a segmented business analysis. The Group has deemed it appropriate to provide segmented geographical analysis.
Investment in subsidiaries
Investments held within non-current assets are stated at cost.
Pensions
The Group and Company operates 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 Income Statement when they are due.
Financial instruments
Financial assets and financial liabilities are recognised on the Group’s and Company Balance Sheet when the Group or Company 
becomes a party to the contractual provisions of the instrument.
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
29
Financial Statements
1 Accounting policies (continued)
The Group and Company holds financial assets and financial liabilities which it classifies as: financial assets and financial 
liabilities at fair value through profit or loss, loans and receivables and financial liabilities measured at amortised cost. 
Financial assets
All financial assets are recognised and derecognised on the trade date, being the date on which the Group or Company commits 
to purchase or sell the asset. 
Financial assets are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through 
profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction costs 
are expensed in the Income Statement. 
Financial assets are classified as held for trading where they are acquired or incurred principally for the purpose of selling or 
repurchasing in the near term or as part of a portfolio of identifiable financial investments that are managed together and for 
which there is evidence of a recent actual pattern of short-term profit taking.
Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been 
transferred and the Group and Company has transferred substantially all risks and rewards of ownership. 
Financial assets at fair value through profit or loss are subsequently carried at fair value and gains or losses arising from changes 
in the fair value are presented in the Income Statement within “Operating income” in the period in which they arise. 
Dividend income from financial assets at fair value through profit or loss is recognised in the Income Statement as part of 
“Investment income” when the Group’s right to receive payment is established.
Loans and receivables are subsequently carried at amortised cost using the effective interest method. Interest income is 
recognised in the Income Statement within “Investment income” in the period in which the interest is charged. 
Current asset investments
Current asset investments are categorised as financial assets at fair value through profit or loss and are classified as held for 
trading. These current asset 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 Balance Sheet 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 active markets 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.
Other investments
Other investments are categorised as available-for-sale financial assets as they relate to trade investments held, are non-
derivatives and are not classified in any of the other categories.
Gains and losses arising from changes in fair value are recognised directly in equity with the exception of impairment losses and 
interest calculated using the effective interest rate method, which are measured directly in profit or loss, or where it is considered 
not possible to reliably determine a fair value in which case the investments are held at cost less any impairment losses.
Dividends on investments are recognised in profit or loss when the Group’s right to receive the dividends are established.
t rade 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. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
30
1 Accounting policies (continued)
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 12 months after the end of the reporting period. These are classified 
as non-current assets. The Group’s other financial assets comprise a loan receivable balance, see note 12.
The loan receivable is recognised initially at fair value and subsequently measured at amortised cost using the effective interest 
rate method less any provision for impairment. Interest income is recognised by applying the effective interest rate and included 
within “Investment income”.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, short-term deposits, liquid investments 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. Interest income is 
included within “Investment income” and interest expense is included within “Investment income”.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 
An equity instrument is any contract that creates a residual interest in the assets of the Company.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
Financial liabilities
Financial liabilities include trade and other payables and short-term borrowings which are classified as financial liabilities at fair 
value through profit or loss or measured at amortised cost.
t rade and other payables
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost using the effective 
interest method, unless otherwise stated. 
The Group makes short sales in which an investment is sold in anticipation of a decline in the market value of that investment. 
Short sales are included within other payables and are subsequently measured at fair value and are therefore categorised as 
financial liabilities at fair value through profit or loss, classified as held for trading.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are initially recognised at fair value. Transaction costs are expensed as 
incurred in the income statement.
Financial liabilities at fair value through profit or loss are subsequently measured at fair value and gains and losses arising from 
changes in the fair value are presented in “Operating costs” in the period in which they arise.
Financial liabilities are classified as held for trading where they are acquired or incurred principally for the purpose of selling or 
repurchasing in the near term or are part of a portfolio of identifiable financial investments that are managed together and for 
which there is evidence of a recent actual pattern of short-term profit taking.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event from which it is likely that an 
outflow of economic benefits will occur which can be reasonably quantified.
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 Balance Sheet date. Any differences are taken to the 
Income Statement. Exchange differences arising on long-term loans are charged to the Income Statement, this represents a 
correction to the previous accounting policy. A prior year adjustment has resulted from this change in policy and is more fully 
described in Accounting Policies “Prior year adjustments.”
On consolidation, the results of overseas operations are translated at the average rates of exchange during the year and their Balance 
Sheets are translated into Sterling at the rates of exchange ruling on the Balance Sheet date. Exchange differences that arise from 
translation of the opening net assets and results of foreign subsidiary undertakings are taken to exchange translation reserves.
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
31
Financial Statements
1 Accounting policies (continued)
The average rate ruling in the accounting period for US Dollars was US$1.55 : £1 (2008: US$1.97 : £1); the rate ruling at the 
Balance Sheet date was US$1.59: £1 (2008: US$1.82 : £1). 
The average rate ruling in the accounting period for Euros was €1.15: £1 (2008: €1.30 : £1); the rate ruling at the Balance Sheet 
date was €1.09: £1 (2008: €1.26 : £1).
t axation
The tax charge represents the sum of current and deferred tax.
Current tax is based on taxable profits for the year after all potential reliefs available have been utilised. Taxable profit differs from 
net profit as reported in the Income Statement, because it excludes items that are taxable or deductible in other years and items 
that are not taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or 
substantively enacted at the Balance Sheet date. 
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 Balance Sheet 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. 
Employee Benefit t rust (“EBt ”)
In accordance with SIC 12 “Consolidation – special purpose entities”, the Company includes the assets and liabilities of the Trust 
within its Balance Sheet. In the event of the winding up of the Company, neither the shareholders nor the creditors would be 
entitled to the assets of the Employee Benefit Trust.
Investment in own shares held in connection with the Group’s employee share schemes are deducted from the shareholders’ 
funds in accordance with IAS 32 “Financial Instruments: Disclosure and Presentation” until such time as they vest unconditionally 
to participating employees and their families.
The fair value of employee services received in exchange for the grant of shares is recognised as an expense. The total amount 
to be expensed over the performance period, from grant date to vesting date, is determined by reference to the fair value of the 
shares determined at the date the employee is deemed to be fully aware of their potential entitlement and all conditions of 
vesting. As this date is later than the date that the scheme was approved by the shareholders, which was previously considered 
to be the start of the performance period, it has been necessary to correct prior period charges through a prior year adjustment. 
Capital contribution
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 the capital contribution has been recognised as an increase in the investment in subsidiaries. This has led to 
a prior year adjustment, described below in further detail.
Prior year adjustments
The Group has made the following prior year adjustments:
The fair value of employee services received in exchange for the grant of shares is recognised as an expense. The total amount 
to be expensed over the performance period is determined by reference to the fair value of the shares determined at the date  
the employee is deemed to be fully aware of their entitlement and all conditions of vesting, the “Grant Date”. As the Grant Date  
is now deemed to be later than previously recognised, the timing and quantum of charges arising from the EBT has changed  
and it has been necessary to restate prior periods through a prior year adjustment. 
In addition shares within the EBT that had fully vested but were still held by the EBT were previously consolidated as part  
of the Trust assets at year end. This treatment was incorrect and vested shares are no longer consolidated as Trust  
assets as these shares have been transferred to sub-funds in which the employees and their families may benefit.  Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
32
1 Accounting policies (continued)
The impact of these changes on the 2008 financial statements is as follows: 
   Group 
|
 Company
    Effect on Effect on Effect on Effect on 
    the income the balance the income the balance 
    statement sheet statement sheet 
    Dr/(Cr) Dr/(Cr) Dr/(Cr) Dr/(Cr) 
    £ £ £ £
Other receivables    – (163,416) – (163,416)
Share premium    – 161,837 – 161,837 
Own shares    – (144,238) – (144,238)
Retained earnings     – (344,515) – (50,928)
2008 EBT charge    490,332 – 196,745 –
Foreign exchange differences on long-term inter-company loans were previously treated as equity investments and translated at 
year-end rates with differences taken to reserves. However following a correction to the accounting policy, the exchange 
differences arising on long-term inter-company loans are now recognised in the Income Statement. The effect of the change in 
accounting policy on the 2008 comparative figures is as follows:
   Group 
|
 Company
    Effect on Effect on Effect on Effect on 
    the income the balance the income the balance 
    statement sheet statement sheet 
    Dr/(Cr) Dr/(Cr) Dr/(Cr) Dr/(Cr) 
    £ £ £ £
Operating costs    (149,003) – (118,526) –
Exchange translation reserve    – (707,213) – (737,690)
Retained earnings    – 856,216 – 856,216 
On 3 March 2008, the Company made an investment of £1,500,000 in the IFSL Impax Environmental Leaders Fund (“IEL ”). The 
Group investment in IEL at September 2008 amounted to 53.8 per cent of the NAV of IEL but as the Directors were of the opinion 
that as this investment was not controlled by the Group it was not reported as a subsidiary undertaking. The Directors are now of 
the opinion that this treatment was inappropriate and as a consequence there is a prior year adjustment to show this investment 
as a subsidiary. The effect of this adjustment on the 2008 comparative figures is as follows:
   Group 
|
 Company
    Effect on Effect on Effect on Effect on 
    the income the balance the income the balance 
    statement sheet statement sheet 
    Dr/(Cr) Dr/(Cr) Dr/(Cr) Dr/(Cr) 
    £ £ £ £
Investment in non-current asset investments    – – – 1,310,100 
Current asset investments    – 1,165,705 – (1,310,100)
Minority interest    – (1,165,705) – –
Retained earnings    – – – –
Charges relating to shares in the Company granted by the trustees of the Impax Group EBT to employees of subsidiary 
undertakings are accounted for in the subsidiary undertaking. The charge in the Company’s books had previously been taken to 
reserves. However, following a correction to accounting policy, this is now shown as an increase in investment in subsidiaries. 
The effect of this adjustment on the 2008 comparative figures is as follows:
   Group 
|
 Company
    Effect on Effect on Effect on Effect on 
    the income the balance the income the balance 
    statement sheet statement sheet 
    Dr/(Cr) Dr/(Cr) Dr/(Cr) Dr/(Cr) 
    £ £ £ £
Investment in non-current asset investments    – – – 726,923 
Retained earnings    – – – (726,923)
Share based payments – other goods and services
Goods or services (other than employee services) received in exchange for share-based payments are measured directly at the 
fair value of the goods and services received and are recognised as an expense. Proceeds received on exercise of options, net 
of any directly attributable transaction costs, are credited to equity. 
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
33
Financial Statements
1 Accounting policies (continued)
Critical accounting judgements and key sources of estimation uncertainty
Share-based payments
A number of accounting estimates and judgements are incorporated within the calculations of the charge to the Income 
Statement in respect of share-based payments. These are described in note 26 of the financial statements.
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 15.
2 Analysis of revenue, operating profit and net assets
Revenue relates solely to the principal activities of the Group as follows:
    Consolidated revenue
      2009 2008 
      £ £
Investment management (including Private Equity)      10,017,085 9,726,475 
Transaction fees      66,255 1,045,147 
Advisory fees      307,856 617,642 
      10,391,196 11,389,264 
Revenue of £10,391,196 includes £945,620 of exceptional management fees relating to Impax New Energy Investors, billed in the 
current financial year in accordance with the Limited Partnership Agreement. 
    Consolidated revenue
      2009 2008 
      £ £
UK      9,824,173 10,998,245 
Europe      567,023 391,019 
      10,391,196 11,389,264 
The USA operation does not generate any revenue. 
    Consolidated  
    operating profit
      2009 2008 
       (restated) 
      £ £
UK      2,300,909 3,241,315 
Europe      (4,650) (379)
USA      27,432 (6,649)
      2,323,691 3,234,287 
    Consolidated net assets  
    attributable to  
    equity shareholders
      2009 2008 
       (restated) 
      £ £
UK      12,609,099 10,103,794 
Europe      (3,857) 687 
USA      1,244,297 1,293,289 
      13,849,539 11,397,770 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
34
3 Operating profit
      2009  2008 
       (restated) 
       £  £
Operating profit is stated after charging/(crediting):
Staff costs and other operating charges      7,238,031 6,857,942 
Long-term incentive scheme charge*      551,579 917,665 
Operating leases, property rental      455,458 390,300 
Depreciation of property, fixtures and equipment      185,716 45,631 
Amortisation of intangible assets      50,759 21,355 
Auditors’ remuneration – Parent Company audit fees       30,000 25,000 
Auditors’ remuneration – subsidiary undertakings’ audit fees      40,000 40,000 
Auditors’ remuneration – tax compliance      32,258 29,961 
Auditors’ remuneration – other      34,073 –
Exchange differences      (224,296) (164,648)
Fair value movements in investments      (326,077) 38,617 
Profit on disposal of current asset investment      – (46,846)
* Further details are set out in note 26.
4 Investment income
      2009  2008 
       (restated) 
       £  £
Bank interest      149,301 281,832 
Other investment income      113,182 171,068 
      262,483 452,900 
5 t axation
(a) Analysis of charge for the year
      2009  2008 
       (restated) 
       £  £
Current tax expense:
UK corporation tax      423,317 942,000 
Adjustment in respect of previous years      133,037 (18,149)
      556,354 923,851 
Deferred tax expense:
(Credit)/charge for the year      (364,208) 157,648 
Under/(over) provision in respect of prior periods      – (12,450)
t otal deferred tax      (364,208) 145,198 
t otal income tax expense from continuing operations     192,146 1,069,049
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
35
Financial Statements
5 t axation (continued)
(b) Factors affecting the tax charge for the year
The tax assessment for the period is lower than the standard rate of corporation tax in the UK (28 per cent). The differences are 
explained below:
      2009  2008 
       (restated) 
       £  £
Profit before tax      2,586,174 3,687,187 
Effective tax charge at 28 per cent      724,129 1,032,412 
Effect of difference in tax rate compared with 28 per cent      – 84,927 
Effects of:
Non-taxable income/(non-deductible expenses)      115,576 151,869 
Tax effect of previously unrecognised tax losses      (622,977) (134,645)
Tax effect of other previously unrecognised deferred tax assets     (157,619) (47,365)
Adjustment in respect of previous years      133,037 (18,149)
Current tax charge      192,146 1,069,049 
(c) Deferred tax
The deferred tax asset included in the Balance Sheet is as follows:
    Accelerated Other Excess  
    capital temporary management  
    allowances differences charges Total 
    £ £ £ £
As at 1 October 2007    4,668  4,114 136,416 145,198 
Charge to the Income Statement    (4,668) (4,114) (148,866) (157,648)
Prior year credit    – – 12,450 12,450 
As at 30 September 2008    – – – –
Credit to the Income Statement    30,569  63,966 269,673 364,208 
As at 30 September 2009    30,569  63,966 269,673 364,208 
The Group has tax losses of approximately £0.96 million (2008: £1.6 million) available for offset against future taxable profits in 
the UK which have been fully recognised because forecasts indicate these will be fully recoverable within two years.
6 Parent company
The Company has taken advantage of the exemption allowed under Section 408 of the Companies Act 2006 and has not 
presented its own Income Statement in these Financial Statements. The Company’s profit for the year amounted to £1,400,650 
(2008 restated: £34,313).
7 Earnings per share
Earnings per share (“EPS”) on a basic and diluted basis are as follows:
      Ordinary shares 
      in issue 
     Profit for (weighted Earnings 
     the year average) per share
2009
Basic      2,280,846 107,799,158 2.12p
Diluted     2,280,846 115,582,431 1.97p
2008 (as restated)
Basic      2,447,070 99,995,832 2.45p
Diluted     2,447,070 115,582,431 2.12p Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
36
7 Earnings per share (continued)
The 2008 comparatives are restated for the reasons disclosed in the “Accounting Policies Prior Year Adjustments” (note 1).  
The effect of these restatements is that basic EPS for 2008 has reduced from 2.54p to 2.45p and on a diluted EPS has reduced 
from 2.93p to 2.12p. 
Shares allocated to the EBT, but not yet vested, are classified as “own shares” on consolidation and are considered to have a 
dilutive effect on EPS.
The weighted average number of ordinary shares for the purposes of diluted EPS reconciles to the weighted average number of 
ordinary shares used in the calculation of basic EPS as follows:
      2009 2008
Weighted average number of ordinary shares used in the calculation of basic EPS   107,799,158 99,995,832 
Weighted average EBT shares not yet vested      7,783,273 15,586,599 
Weighted average number of ordinary shares used in the calculation of diluted EPS   115,582,431 115,582,431
In order to show results from operating activities on a comparable basis, an adjusted profit after tax per share has been 
calculated which excludes the long-term incentive scheme charge:
      2009 2008 
      £ £
Profit after tax attributable to owners of the parent       2,280,846  2,447,070 
Long-term incentive scheme charge       551,579  917,665 
Adjusted profit for the year       2,832,425  3,364,735 
      Ordinary shares 
     Adjusted in issue 
     profit for (weighted Earnings 
     the year average) per share
2009
Basic adjusted     2,832,425 107,799,158 2.63p
Diluted adjusted     2,832,425 115,582,431 2.45p
2008 (as restated)
Basic adjusted     3,364,735 99,995,832 3.36p
Diluted adjusted     3,364,735 115,582,431 2.91p
8 Dividend
The Directors propose a dividend of 0.40p per share (totalling £438,777) for the year ended 30 September 2009 (2008: 0.35p per 
share, totalling £377,293). The dividend will be submitted for formal approval at the Annual General Meeting to be held on 10 
February 2010. 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 ending 30 September 2010. 
The dividend for the year ended 30 September 2008 was paid on 20 February 2009, being 0.35p per share. The trustees of the 
Employee Benefit Trust waived their rights to part of this dividend, leading to a total dividend payment of £377,297. This payment 
is reflected in the Statement of Changes in Equity.
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
37
Financial Statements
9 Goodwill 
       Goodwill
Group       £
Cost
At 1 October 2007 , 30 September 2008 and 30 September 2009      1,629,097 
Goodwill arose on the acquisition of Impax Capital Limited on 18 June 2001. Following the transfer of all Impax Capital’s assets, 
liabilities and trading activities to Impax Asset Management Limited on 30 September 2009 the goodwill amount arising on 
consolidation is deemed to remain within the Group. 
The Group tests goodwill for impairment annually or more frequently if there are indications that goodwill may be impaired.
The Group has determined its recoverable amount on a value in use basis using discounted future cash flows. The discounted 
cash flows are based upon management’s three year plan and the following key assumptions are used:
Growth rates – The forecasts are based on growth of between 2 per cent and 4 per cent which takes into account  >
management’s views of the industry sector in which the Group operates.
Discount rates – The discount rate applied of 7 per cent is based upon commercial lending rates. >
Sensitivity analysis of key assumptions and forecasted future profitability and cash flow indicates that there is no expectation 
that any impairment of goodwill is appropriate.
10 Other intangible assets 
        Software  
       licences and  
       implementation  
       costs 
Group       £
Cost
As at 1 October 2007        40,543 
Additions       59,626 
As at 30 September 2008        100,169 
Additions       120,761 
As at 30 September 2009       220,930 
Amortisation
As at 1 October 2007        5,998 
Charge for the year        21,355 
As at 1 October 2008       27,353 
Charge for the year       50,759 
As at 30 September 2009       78,112 
Net book value
As at 30 September 2009       142,818 
As at 30 September 2008       72,816 
As at 30 September 2007       34,545 
The Company had no intangible assets. 
The amortisation charge is included in operating costs. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
38
11 Property, plant and equipment 
     Leasehold Fixtures, fittings  
     improvements and equipment Total
Group     £ £ £
Cost
As at 1 October 2007      15,760  179,369  195,129 
Additions      441,244  94,185  535,429 
As at 30 September 2008      457,004  273,554  730,558 
Additions      3,268  67,048  70,316 
As at 30 September 2009      460,272  340,602  800,874 
Depreciation
As at 1 October 2007      7,288  140,635  147,923 
Charge for the year      24,626  21,005  45,631 
As at 30 September 2008      31,914  161,640  193,554 
Charge for the year      131,280  54,436  185,716 
As at 30 September 2009      163,194  216,076  379,270 
Net book value
As at 30 September 2009      297,078  124,526  421,604 
As at 30 September 2008      425,090  111,914  537,004 
As at 30 September 2007      8,472  38,734  47,206
     Leasehold Fixtures, fittings  
     improvements and equipment Total
Company     £ £ £
Cost
As at 1 October 2007      15,760  61,287  77,047 
Additions      441,244  94,185  535,429 
As at 30 September 2008      457,004  155,472  612,476 
Additions      3,268  67,048  70,316 
As at 30 September 2009      460,272  222,520  682,792 
Depreciation
As at 1 October 2007      7,288  22,553  29,841 
Charge for the year      24,626  21,005  45,631 
As at 30 September 2008      31,914  43,558  75,472 
Charge for the year      131,280  54,436  185,716 
As at 30 September 2009      163,194  97,994  261,188 
Net book value
As at 30 September 2009      297,078  124,526  421,604 
As at 30 September 2008      425,090  111,914  537,004 
As at 30 September 2007      8,472  38,734  47,206 
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
39
Financial Statements
12 Other financial assets
      2009 2008 
Group      £ £
Loan receivable
Due after one year      792,093 1,045,618 
Due within one year      452,204 247,671 
      1,244,297 1,293,289 
The maximum exposure to credit risk for this loan receivable is represented by its carrying amount. The Directors do not consider 
that this balance at the year end is impaired – refer to note 24 for further details. The weighted average interest charged on this 
loan is 2 per cent (2008: 2 per cent). The Group holds the assets of the Nukern Oil Field as security in respect of this loan as also 
disclosed in note 24.
13 Investments
       Other investments 
Group       £
Cost
At 1 October 2008 and 30 September 2009       13,567 
This investment is held in unlisted shares that are not traded in an active market and therefore the Group considers that it is not 
possible to reliably determine a fair value and accordingly the investment is held at cost. The Group does not consider this 
investment to be impaired at the Balance Sheet date.
     Other Subsidiary  
     investments undertakings Total 
Company     £ £ £
At 1 October 2007 and 30 September 2008 (as previously reported)     13,362  3,215,428  3,228,790 
Prior year adjustment note 1 – capital contribution     –  726,923  726,923 
Prior year adjustment note 1 – reclassify investment as subsidiary undertaking   –  1,310,100  1,310,100 
At 30 September 2008 as restated      13,362  5,252,451  5,265,813 
Capital contribution     –  408,531  408,531 
Reclassification of subsidiary undertaking to investment     – (1,310,100) (1,310,100)
Reclassification of investment to subsidiary undertaking     – 1,816,774 1,816,774 
At 30 September 2009      13,362  6,167,656  6,181,018 
The principal subsidiary undertakings are:
    Proportion 
   Country of of ordinary  Nature of 
   incorporation  capital held  business
Impax Asset Management Limited   UK 100% Financial services
Impax Capital Limited   UK 100% Financial services
Kern USA Inc*   USA 100% Holding company
Impax Absolute Return Fund   Cayman Islands 52.98% Hedge fund
*Indirectly held
Investments in subsidiary undertakings are divided between interest in shares and capital contributions as follows:
      2009 2008 
      £ £
Interest in shares       5,032,202  4,525,528 
Capital contributions       1,135,454  726,923 
      6,167,656 5,252,451  Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
40
13 Investments (continued)
Other investments are:
   Proportion of  
  Country of incorporation ordinary capital held Nature of business
Impax New Energy Investors SCA  Luxembourg 14.24% Financial services
The investment in Impax New Energy Investors SCA represents the Company’s subscription share capital to this fund. 
Other investments are categorised as available-for-sale financial assets as they relate to trade investments held, are non-
derivatives and are not classified in any of the other categories.
Gains and losses arising from changes in fair value are recognised directly in equity with the exception of impairment losses and 
interest calculated using the effective interest method, which are measured directly in profit or loss or where it is considered not 
possible to reliably determine a fair value, in which case the investments are held at cost less any impairment losses.
Dividends on investments are recognised in profit or loss when the Group’s right to receive the dividends is established.
14 t rade and other receivables 
    Group Group Company Company 
    2009 2008 2009 2008 
     (restated)  (restated) 
    £ £ £ £
Trade receivables    1,976,134 1,121,463 5,366 –
Amounts owed by Group undertakings    – – 1,083,090 1,774,184 
Other receivables    409,114 354,183 132,862 105,227 
Prepayments and accrued income    395,943 522,652 157,556 182,715 
    2,781,191 1,998,298 1,378,874 2,062,126 
Due:
After one year     65,094  65,094  1,083,089  1,030,185 
Within one year    2,716,097 1,933,204 295,785 1,031,941 
    2,781,191 1,998,298 1,378,874 2,062,126 
Other receivables have been restated to remove assets of the Employee Benefit Trust that had previously been consolidated.  
Full details are provided in the prior year adjustments section of note 1 – Accounting Policies.
An analysis of the ageing of Group trade receivables is provided below:
      Group Group 
      2009 2008 
      £ £
Not past due       1,461,243 1,113,024 
Past due but not impaired:
31–60 days      358,919 –
61–90 days      – 8,439 
More than 90 days      155,972 –
      1,976,134 1,121,463
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
41
Financial Statements
15 Current asset investments 
      Listed  
     Unlisted investments Total 
     investments (restated) (restated) 
Group     £ £ £
At 1 October 2007 as previously reported     11,344 1,608,510 1,619,854 
Additions as restated     – 4,165,705 4,165,705 
Revaluations     – (38,617) (38,617)
Disposals     – (1,575,392) (1,575,392)
At 30 September 2008 as restated     11,344 4,160,206 4,171,550 
Additions     288,892 – 288,892 
Disposal of current asset investments     – (1,165,705) (1,165,705)
Transfer to subsidiary undertaking (note 13)     – (1,816,474) (1,816,474)
Acquisition of listed investments on consolidation of subsidiary    – 2,122,652 2,122,652 
Fair value movements     – 326,077 326,077 
At 30 September 2009     300,236 3,626,756 3,926,992 
On 21 May 2007, the Company made an investment of €2,200,000 (£1,506,851) in the Impax Absolute Return Fund (“IARF”).  
The investment took the form of a subscription of 22,000 Euro Class A shares in the IARF, at €100 per share. The IARF, which is 
managed by a subsidiary undertaking of the Company had a total net asset value (“NAV”) of €4,012,000 at 30 September 2009. 
The Group’s investment in the IARF represents 52.98 per cent of the NAV at 30 September 2009 (2008: 44.2 per cent).  
At 30 September 2009 this investment has been reported as a subsidiary and the underlying investments consolidated.
The consolidation of IARF at April 2009, the date ownership exceeded 50 per cent, has been accounted for as follows:
       Fair value 
       £
Listed investments        306,178 
Bank balances       2,906,273 
Trade and other payables       (1,525,650)
Minority interest       (1,686,801)
       –
As the deemed purchase price at acquisition was the net asset value, no goodwill arose. Since acquisition the investment in IARF 
has contributed £113,182 to profit before tax. If the investment in IARF had been acquired on 1 October 2008, the impact on the 
results for the year would have been to increase profit before tax by £49,685.
On 3 March 2008, the Group made an investment of £1,500,000 in the IFSL Impax Environmental Leaders Fund (“IEL ”). The 53.8 
per cent investment in IEL at 30 September 2008 has been restated as a consolidated subsidiary for 2008. During October 2008 
the holding reduced below 50 per cent to 28.11 per cent and has remained below 50 per cent and therefore has not been 
consolidated at year end. Instead the Group has applied exemptions from IAS 28 “Associates” available to venture capital and 
hedge fund businesses not to equity account for this investment as an associate.
The disposal of IEL at the date ownership reduced below 50 per cent has been accounted for as follows:
       Fair value 
       £
Listed investments       (1,165,705)
Minority interest       1,165,705 
       –
These listed investments are revalued to market value using quoted market prices that are available at the Balance Sheet date. 
The quoted market price is the current bid price.
The Group has a €3.76 million commitment to Impax New Energy Investors LP, a partnership based in England and Wales.  
The addition in unlisted investments in the year of £288,892 represents the first loan call of €338,040 (9 per cent of the Group 
commitment) on this investment. Further details of this commitment are disclosed in note 25 “Capital Commitments”. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
42
15 Current asset investments (continued)
The unlisted investment is valued at fair market value using open market prices of similar financial instruments. 
Company
       Listed investments 
       £
Cost or valuation       
At 1 October 2007 as previously reported       1,533,120 
Additions        3,000,000 
Revaluations       (38,619)
Disposals       (1,500,000)
Transfer to investments in subsidiaries (notes 1 and 13)       (1,310,100)
At 30 September 2008 as restated       1,684,401 
Additions       288,892 
Transfer from investment in subsidiaries       1,310,100 
Transfer to investment in subsidiaries       (1,816,774)
Revaluations       326,077 
At 30 September 2009       1,792,696 
Net book value
At 30 September 2009       1,792,696 
At 30 September 2008 as restated       1,684,401
16 t rade and other payables
    Group Group Company Company 
    2009 2008 2009 2008 
    £ £ £ £
Trade payables    239,180 117,571 55,601 76,260 
Amounts owed to Group undertakings    – – 4,194,089 2,056,852 
Taxation and other social security    111,397 223,322 – –
Other payables    1,599,997 117,826 6,505 45,042 
Accruals and deferred income    2,659,644 3,466,607 710,105 1,124,464 
    4,610,218 3,925,326 4,966,300 3,302,618 
Included within other payables are financial liabilities that are held for trading by the Group amounting to £1,394,793 (2008: £nil). 
These financial instruments relate to listed equity investments which have been sold short at the Balance Sheet date by IARF. 
The net gain of £132,373 (2008: £nil) relating to the change in the fair value of these investments has been recognised in the 
Income Statement. The Company does not hold any financial liabilities that are held for trading.
17 Ordinary shares
      2009 2008 
      £ £
Authorised
248,341,664 ordinary shares of 1p each       2,483,417 2,483,417 
Allotted and fully paid
115,582,431 ordinary shares of 1p each       1,155,824 1,155,824
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
43
Financial Statements
18 Reserves
In accordance with the requirements of SIC 12 “Consolidation – special purpose entities” and IAS 32 “Financial Instruments: 
Presentation”, certain of the assets and liabilities of the EBT have been included in the Company’s and Group’s accounts resulting in 
the inclusion of £58,863 (2008: £77,833) own shares and £77,833 (2008: £77,833) share premium. This represents shares that were 
held by the EBT that had not vested to employees. (2009: 5,886,308 ordinary shares; 2008: 7,783,273 ordinary shares).
In 2009, £nil (2008: £33,336) was charged to the Income Statement and credited to other reserve to reflect the cash equivalent 
cost of share options granted to the previous nominated advisor and broker, Landsbanki Securities (UK) Limited.
19 Financial commitments
At 30 September 2009 the Group and Company had commitments under non-cancellable operating leases as follows:
  Land and buildings 
| 
Other
    2009 2008 2009 2008 
    £ £ £ £
Expiry date:
Within one year    324,433 383,812 16,095 6,488 
Between one and two years    264,600 324,206 16,095 –
Between two and five years    42,771 264,600 970 –
Over five years    – 44,100 – –
    631,804 1,016,718 33,160 6,488 
The operating lease on the office address of the Group has a break clause in November 2011 after which time the Group has the 
option to renew. 
20 Directors’ emoluments 
The emoluments of all the Directors who held office during the year were as follows:
 
  Fees/  Benefits   2009 2008 
  salary in kind Pension Bonus total Total 
  £ £ £ £ £ £
J Keith R Falconer  65,000 – – – 65,000 317,500 
Ian R Simm  200,000 7,274 19,000 241,000 467,274 572,657 
David L Kempton**  10,623 – – – 10,623 27,500 
Peter J Gibbs  30,000 – – – 30,000 21,705 
Mark B E White  30,000 – – – 30,000 21,705 
Guy de Froment  30,000 – – – 30,000 21,250 
Nigel D W Taunt *  – – – – – 108,643 
Vince O’Brien  2,308 – – – 2,308 –
  367,931 7,274 19,000 241,000 635,205 1,090,960 
All amounts relate to the period served as a Director.
* Resigned 27 February 2008.
** Resigned 2 February 2009.
During the year ended 30 September 2008 490,000 ordinary shares in the Company were allocated to a sub-fund, from which  
J Keith R Falconer and his family may benefit in accordance with the terms of the EBT. No other amounts were paid to or 
receivable by Directors under long-term incentive schemes.
Other than as set out above, no other emoluments or benefits were paid to any of the Directors.
Only one Director accrued pension benefits (2008: 1).
Short-term employee benefits, compromising salaries and benefits paid to other key management personnel in the year, 
amounted to £1,297,129 (2008: £1,286,708).  Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
44
21 Employees
Number of employees
The average number of persons (including Directors) employed during the year was 34 (2008: 27).
      2009 2008 
      No. No.
Quoted equity      9 7 
Private equity      5 5 
Operations      7 5 
Marketing      4 3 
Finance and compliance      4 3 
Administration and support      5 4 
      34 27 
Employment costs
      2009 2008 
      £ £
Wages and salaries      4,302,458 4,024,765 
Social security costs      524,543 487,293 
Pensions      311,456 684,439 
      5,138,457 5,196,497 
22 Pension costs
The Group operates two defined contribution 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 and 
amounted to £311,456 (2008: £684,439). Contributions totalling £194,600 (2008: £610,199) were payable to the funds at the year 
end and are included in trade and other payables.
23 Financial instruments
Risk management is integral to the business of the Group and the Company. There is a system 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 and Company’s exposure to financial risks and describes the methods 
used by management to control such risk.
Details of significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement 
and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and 
equity instrument are disclosed in note 1 to the financial statements.
The Group’s and Company’s financial instruments comprise cash and various items, such as loans receivable, current asset 
investments, trade receivables and trade payables that arise directly from its operations. 
During the year the Group consolidated its investment in Impax Absolute Return Fund. By its nature the hedge fund aims to 
generate returns through its own investment activities (as opposed to earning management fees on AUM). The Company 
considers that the governance of the hedge fund is separate to that of the investment management activities and the hedge fund 
has its own Board of Directors which meets regularly to discuss its activities and strategy. 
Credit risk
Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle their financial and 
contractual obligations to the Group, as and when they fall due.
The Group’s primary exposure to credit risk relates to the financial assets of the Group including cash and deposits that are 
placed with regulated financial institutions.
At the Balance Sheet date, the credit risk regarding cash and cash equivalent balances of the asset management business held 
with counter-parties was spread over a variety of financial institutions including Lloyds TSB and BlackRock. The risk of default is 
considered minimal. Cash balances of IARF (in which the Group has a 52.98 per cent participation), were held by UBS and the 
risk of loss due to default by UBS is considered low.
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
45
Financial Statements
23 Financial instruments (continued)
The Group is also exposed to credit risk in relation to its loan note with Kern River Holdings Inc. This is discussed further in  
note 24. The recoverability and carrying value of this asset is monitored regularly by the Board.
Currency risk
The Directors consider that whilst the Group is exposed to a variety of financial risks associated with currency exposure there are 
natural hedges in place across different markets and asset types in which the Group operates. Furthermore, whilst it may be 
possible to attempt to manage some of these exposures through the use of financial instruments it would not be possible to 
completely remove these risks and the costs of such a strategy would be uneconomic to the Group.
The Group and Company activities are principally conducted in GBP, EUR, USD and JPY. Foreign exchange risk arises from 
income received in these currencies together with a limited amount of exposure to costs payable.
Certain of the Group’s assets and liabilities are denominated in Euros and US Dollars. These represent the Group’s only material 
assets denominated in a currency other than Sterling.
The Group’s exposure to foreign currency exchange rate risk at 30 September 2009 was:
   GBP EUR USD JPY Total 
   £ £ £ £ £
Assets
Other financial assets   – – 1,244,296 – 1,244,296 
Non-current asset investments   – – 13,567 – 13,567 
Current asset investments   1,504,883 288,892 2,133,217 – 3,926,992 
Trade and other receivables   653,875 917,531 1,095,246 114,539 2,781,191 
Cash and cash equivalents   5,490,035 4,653,232 104,906 36,217 10,284,390 
   7,648,793 5,859,655 4,591,232 150,756 18,250,436 
Liabilities
Trade and other payables   3,038,116 1,538,490 33,611 – 4,610,218 
Short-term borrowings   – 683,935 – – 683,935 
   3,038,116 2,222,425 33,611 – 5,294,153 
The Group’s exposure to foreign currency exchange rate risk at 30 September 2008 was:
   GBP EUR USD JPY Total 
   (restated)    (restated) 
   £ £ £ £ £
Assets
Other financial assets   – – 1,293,289 – 1,293,289 
Non-current asset investments   – – 13,567 – 13,567 
Current asset investments   2,489,370 1,682,180 – – 4,171,550 
Trade and other receivables   1,969,565 8,439 20,294 – 1,998,298 
Cash and cash equivalents   7,000,410 20,479 7,730 – 7,028,619 
   11,459,345 1,711,098 1,334,880 – 14,505,323 
Liabilities
Trade and other payables   3,797,449 50,653 66,498 10,726 3,925,326 
Trade and other payables held at fair value through profit and loss includes equity investments sold short and held within IARF. 
Balances are denominated in currencies which match the currency exposures of the funds’ assets, hence currency risk is 
managed within the fund and exposure to the Group is considered low. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
46
23 Financial instruments (continued)
The Company’s exposure to foreign currency exchange rate risk at 30 September 2009 was:
   GBP EUR USD JPY Total 
   £ £ £ £ £
Assets
Non-current asset investments   – – 13,362 – 13,362 
Current asset investments   – 288,892 1,503,804 – 1,792,696 
Trade and other receivables   1,378,874 – – – 1,378,874 
Cash and cash equivalents   2,547,778 42,749 94,301 36,217 2,721,045 
   3,926,652 331,641 1,611,467 36,217 5,905,977 
Liabilities
Trade and other payables   4,966,300 – – – 4,966,300 
The Company’s exposure to foreign currency exchange rate risk at 30 September 2008 was:
   GBP EUR USD JPY Total 
   (restated)    (restated) 
   £ £ £ £ £
Assets
Non-current asset investments   – – 13,362 – 13,362 
Current asset investments   1,684,401 – – – 1,684,401 
Trade and other receivables   2,062,126 – – – 2,062,126 
Cash and cash equivalents   14,020 – – – 14,020 
   2,076,146 1,684,401 13,362 – 3,773,909 
Liabilities
Trade and other payables   3,302,618 – – – 3,302,618 
As the earnings of the overseas subsidiaries of the Group do not constitute a significant part of overall post-tax profit the effect of 
5 per cent movement in the GBP/USD and/or GBP/EUR on the post-tax profit and equity of the Group is not material.
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 per cent increase/(decrease) in the exchange rate used to revalue significant foreign assets and 
liabilities, assuming all other variables are held constant.
    Post-tax profit
      2009 2008 
Group      £ £
t ranslation of significant foreign assets and liabilities 
GBP/USD up 5 per cent      (116,438) (60,293)
GBP/USD down 5 per cent      128,694 66,240 
GBP/EUR up 5 per cent      (146,592) (79,175)
GBP/EUR down 5 per cent      162,023 87,509 
GBP/JPY up 5 per cent      (7,179) 511 
GBP/JPY down 5 per cent      7,935 (565)
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
47
Financial Statements
23 Financial instruments (continued)
    Post-tax profit
      2009 2008 
Company      £ £
t ranslation of significant foreign assets and liabilities 
GBP/USD up 5 per cent      (91,004) –
GBP/USD down 5 per cent      100,583 –
GBP/EUR up 5 per cent      (15,792) (80,210)
GBP/EUR down 5 per cent      17,455 88,653 
GBP/JPY up 5 per cent      (1,725) –
GBP/JPY down 5 per cent      1,906 –
Liquidity and capital risk management
It is the policy of the Group and the Company to finance its business activities through working capital in order to ensure that the 
Group’s ability to continue as a going concern is safeguarded and hence the management of capital and liquidity is of prime 
importance. The Group is generally able to freely transfer capital between subsidiary undertakings and the Parent Company 
subject to meeting local statutory requirements over capital. The regulatory capital requirement of the Group’s main operating 
entity, Impax Asset Management Ltd, is reviewed regularly by the Board and the last return filed with the FSA indicated that there 
were capital reserves comfortably in excess of the amount required.
In order to maintain or adjust the capital structure the Group may adjust the amount of dividends paid to shareholders, return 
capital to shareholders, issue new shares or sell assets to reduce debts.
The Group monitors its liquidity requirements and risks through the use of detailed cash flow forecasts to ensure that it maintains 
a level of cash and cash equivalents deemed adequate to finance the Group’s operations and to mitigate the effects of 
fluctuations in its cash flows. Cash not required for immediate operations is placed on deposit but can be drawn down at  
any time.
The Group had no long-term borrowings at the year end but, as disclosed in note 29. Cash and cash equivalents, IARF has 
short-term borrowings from the same counter-party with which it deposits its funds.
Trade and other payables held at fair value through profit and loss includes equity investments sold short and held within IARF. 
Settlement on these trades is typically three days after the trade date and the fund has sufficient cash and liquid positions to 
meet its liabilities at all times.
The focus of the Group’s capital risk management is the current working capital position against the requirements of the Group 
to meet investment programmes and corporate overheads.
The working capital position of the Group at the Balance Sheet date is as follows:
      2009 2008 
Group      £ £
Trade and other receivables      2,781,191 1,998,298 
Cash and cash equivalents      10,284,390 7,028,619 
Trade and other payables      (4,610,218) (3,925,326)
Working capital position      8,455,363 5,101,591 
The working capital position of the Company at the Balance Sheet date is as follows:
      2009 2008 
Company      £ £
Trade and other receivables      1,378,874 2,062,126 
Cash and cash equivalents      2,721,045 14,020 
Trade and other payables      (4,966,300) (3,302,618)
Working capital position      (866,381) (1,226,472) Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
48
23 Financial instruments (continued)
The tables below analyse the financial liabilities of both the Group and the Company into relevant maturity groupings based on 
the remaining period at the Balance Sheet date.
   Less than  More than No stated  
   1 month 1–12 months  12 months maturity Total 
Group – 2009   £ £ £ £ £
Trade payables   239,180 – – – 239,180 
Taxation and other social security   111,397 – – – 111,397 
Other payables   – 1,599,997 – – 1,599,997 
Accruals and deferred income   – 2,659,644 – – 2,659,644 
   350,577 4,259,641 – – 4,610,218 
   Less than  More than No stated  
   1 month 1– 2 months  12 months maturity Total 
Group – 2008   £ £ £ £ £
Trade payables   117,571 – – – 117,571 
Taxation and other social security   223,322 – – – 223,322 
Other payables   – 117,826 – – 117,826 
Accruals and deferred income   – 3,466,607 – – 3,466,607 
   340,893 3,584,433 – – 3,925,326 
   Less than  More than No stated  
   1 month 1–12 months  12 months maturity Total 
Company – 2009   £ £ £ £ £
Trade payables   55,601 – – – 55,601 
Amounts owed to Group undertakings   – – – 4,194,089 4,194,089 
Other payables   – – 6,505 – 6,505 
Accruals and deferred income   – 710,105 – – 710,105 
   55,601 710,105 6,505 4,194,089 4,966,300 
   Less than  More than No stated  
   1 month 1–12 months  12 months maturity Total 
Company – 2008   £ £ £ £ £
Trade payables   76,260 – – – 76,260 
Amounts owed to Group undertakings   – – – 2,056,852 2,056,852 
Other payables   – 35,277 9,765 – 45,042 
Accruals and deferred income   – 1,124,464 – – 1,124,464 
   76,260 1,159,741 9,765 2,056,852 3,302,618 
Interest rate risk
The Group has both interest bearing assets and liabilities. Interest bearing assets include cash balances that earn interest at a 
floating rate and a loan note earning interest at a fixed rate. The average interest rate on the cash balances during the year was 
0.79 per cent (2008: 4.75 per cent). The interest rate on the loan note was 2 per cent (2008: 2 per cent).
At the Balance Sheet date the Group had the following significant financial assets exposed to variable interest rate risk.
      2009 2008 
      £ £
Cash at bank and in hand:
Readily available for the principal operating activities of the Group     6,694,182 7,028,619 
Other      3,590,208 –
      10,284,390 7,028,619 
Other amounts relate to cash acquired on consolidation of the hedge fund, see note 29.
 
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
49
Financial Statements
23 Financial instruments (continued)
The following table demonstrates the estimated sensitivity of the Group’s post-tax profit to a 0.5 per cent absolute change in 
interest rates, assuming all other variables are held constant.
    Effect on post-tax profit
      2009 2008 
Group      £ £
Interest rates up 0.5 per cent      19,766 22,245 
Interest rates down 0.5 per cent      (19,766) (22,245)
The impact of a 0.5 per cent movement in an interest rate on the Group’s post-tax profit (after deducting minority interest) is 
immaterial to the Group and therefore this risk is considered to be both low and manageable.
At the Balance Sheet date the Company had the following significant financial assets exposed to variable interest rate risk.
      2009 2008 
Company      £ £
Cash at bank and in hand      2,721,045 14,020 
The following table demonstrates the estimated sensitivity of the Company’s post-tax profit to a 0.5 per cent absolute change in 
interest rates, assuming all other variables are held constant.
    Effect on post-tax profit
      2009 2008 
      £ £
Interest rates up 0.5 per cent      6,612 890 
Interest rates down 0.5 per cent      (6,612) (890)
The hedge fund holds cash positions and as a result is exposed to interest rate risk. Cash balances of the hedge fund at the year 
end were as follows:
      2009 2008 
      £ £
Cash at bank      3,590,208 –
Short-term borrowings      (683,935) –
      2,906,273 –
The impact of a 0.5 per cent movement in interest rates on the results of the hedge fund is immaterial to the post-tax results of  
the Group.
Equity market pricing risk
The Group and Company have made investments within its own managed funds and the valuations placed on these investments 
are subject to market risk and price risk attached to the underlying assets of those funds. The significant holdings at 
30 September 2009 were as follows:
Impax New Energy Investors  –   As the underlying assets of this fund are large scale energy producing 
infrastructure assets, this investment, whilst exposed to market risks, is not 
considered to be high risk.
IFSL Impax Environmental Leaders Fund  –   The Group has mitigated its market exposure by using a basket of futures 
instruments. Exposure to market risk is therefore considered low.
Impax Absolute Return Fund  –   The hedge fund, through its own investment strategy mitigates market risk.  
As a result, a 5 per cent fall in equity markets would be expected to result in only a  
1 per cent reduction in the fund. Similarly, a 5 per cent rise in equity markets 
would be expected to result in only a 1 per cent increase in the fund.  Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
50
23 Financial instruments (continued)
A 5 per cent fall in equity markets around the world would therefore be expected to result in changes on the results of the Group 
as follows:
      2009 2008 
      £ £
Balance Sheet reduction in net assets      (147,450) (128,000)
Income Statement loss on investments       (147,450) (128,000)
A 5 per cent rise in equity markets around the world would therefore be expected to result in changes to the results of the Group 
as follows:
      2009 2008 
      £ £
Balance Sheet increase in net assets      147,450 128,000 
Income Statement gain on investments       147,450 128,000 
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.
Financial assets and liabilities by category
     Fair value  Financial  
     through   liabilities 
     profit and  Loans measured at 
    Available loss – held  and amortised 
    for sale for trading receivables cost 
Group – 2009    £ £ £ £
Financial assets:
Cash and cash equivalents    – – 10,284,390 –
Trade and other receivables    – – 2,385,248 –
Other financial assets – FVTPL    – 1,244,297 – –
Other investments     13,597 – – –
    13,597 1,244,297 12,669,639 –
Financial liabilities: 
Trade and other payables    – 1,394,743 – 444,434 
Short-term borrowings    – – – 683,935 
    – 1,394,743 – 1,128,369 
     Fair value  Financial  
     through   liabilities 
     profit and  Loans measured at 
    Available loss – held  and amortised 
    for sale for trading receivables cost 
Group – 2008    £ £ £ £
Financial assets:
Cash and cash equivalents    – – 7,028,619 –
Trade and other receivables    – – 1,475,646 –
Other financial assets – FVTPL    – 1,293,289 – –
Other investments     13,597 – – –
    13,597 1,293,289 8,504,265 –
Financial liabilities: 
Trade and other payables    – – – 235,397 
    – – – 235,397 
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
51
Financial Statements
23 Financial instruments (continued)
The only amounts past due are £150,943 ($240,000) of other financial assets. No financial assets are considered to be impaired 
at 30 September 2009. All financial liabilities are payable within one year.
Cash and cash equivalents are due within three months. Included in trade and other receivables is an amount of £65,094 due 
after more than one year (2008: £65,094). Other financial assets include £452,204 (2008: £247,671) due within one year and 
£792,093 (2008: £1,045,618) due for repayment within three years.
No amounts are impaired.
     Fair value  Financial  
     through   liabilities 
     profit and  Loans measured at 
    Available loss – held  and amortised 
    for sale for trading receivables cost 
Company – 2009    £ £ £ £
Financial assets:
Cash and cash equivalents    – – 2,721,045 –
Trade and other receivables    – – 138,228 –
Current asset investments    – 1,792,696 – –
Other investments    13,362 – – –
    13,362 1,792,696 2,859,273 –
Financial liabilities: 
Trade and other payables    – – – 62,106 
    – – – 62,106 
     Fair value  Financial  
     through   liabilities 
     profit and  Loans measured at 
    Available loss – held  and amortised 
    for sale for trading receivables cost 
Company – 2008    £ £ £ £
Financial assets:
Cash and cash equivalents    – – 14,020 –
Trade and other receivables    – – 105,227 –
Current asset investments    – 1,684,401 – –
Other investments     13,362 – – –
    13,362 1,684,401 119,247 –
Financial liabilities: 
Trade and other payables    – – – 121,302 
    – – – 121,302 
Cash and cash equivalents are due within three months.
Financial liabilities at fair value through profit and loss
Group
      2009 2008 
      £ £
Financial liabilities held for trading:
Listed equity securities sold short      1,394,743 –
Total net gains      132,373 –
The fair value of financial liabilities held for trading has been determined by reference to the current bid price at the Balance 
Sheet date of the listed investments which are traded in active markets. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
52
24 Contingent assets
In 2004, a production note of US$5,400,000 was issued as part of the consideration for the disposal of the Company’s US 
subsidiary, Kern River Holdings Inc. Kern River Holdings Inc. held and operated the Nukern oil field. The production note is based 
on payments of US$4 per barrel, with minimum quarterly payments of currently US$120,000. Any remaining balance on the note 
is repayable in full on 3 July 2011. At the time of the transaction a loan was recognised equivalent to the carrying value of the 
Nukern field prior to disposal. The carrying value of this loan at 30 September 2009 of US$1,981,169 (£1,244,297) is disclosed in  
note 12. The Directors believe the Company will receive consideration over the term of the production note, equivalent to the 
carrying value of the Nukern field prior to disposal but are of the opinion that, due to the nature of part of the consideration,  
it would not be appropriate to recognise all future contingent revenues.
25 Commitments
On 19 August 2005, the Company became a limited partner in Impax New Energy Investors LP (the “New Energy Fund”), a ten 
year fund investing in projects in the renewable energy and related sectors, predominantly in Western Europe. Impax Asset 
Management Group plc has committed to invest up to €3.76 million (£3.44 million) in the fund.
During August 2009 the New Energy Fund made its first loan call equivalent to 9 per cent of committed funds and accordingly 
the Company invested €338,040. The Directors now anticipate that on maturity of the New Energy Fund’s bridge facility provided 
by a bank, expected in January 2010, the Company will be required to invest a further amount in the region of €2,800,000. Up to 
€612,500 of additional amounts may also be called by the New Energy Fund before September 2010. The Company has 
sufficient funds to meet these commitments as they fall due.
At 30 September 2009, the Group had four exchange traded futures contracts with a notional value of £1.5 million. These futures 
are used to hedge the Group’s seed investment in equity funds managed by Impax Asset Management Limited.
26 Employee Benefit t rust
On 4 February 2005 shareholders approved the establishment by the Company of the Impax Group Employee Benefit Trust (the 
“EBT”) as part of the Company’s employee incentive arrangements. The scheme provided for the issue of up to 18.25 million 
shares to employees in respect of the three years ended 30 September 2007. On 30 September 2009 1,896,965 ordinary shares 
were allocated to sub-funds from which employees and their families may benefit in accordance with the terms of the EBT (herein 
referred to as “vested”). 
On 31 January 2008 shareholders approved an extension to the existing EBT whereby a further 18.25 million shares can be 
issued to employees in respect of the three years ended 30 September 2010. 
The number of ordinary shares that the EBT holds that have not vested is 5,886,308 representing 5.1 per cent of the ordinary 
shares in issue at 30 September 2009. The potential beneficiaries of the EBT include the present and former Directors and 
employees of the Group and their respective families. 
During the year ended 30 September 2009 the number of shares bought and sold by the EBT was nil. 
Income Statement charge – original scheme (for the three years ended 30 September 2007)
The allocation of ordinary shares to employees and their families via the EBT by the Company for the three years ended  
30 September 2007 as part of the long-term incentive scheme has given rise to a charge of £551,579 in the current year, 
representing shares that vested on 30 September 2009. 
A prior year adjustment of £490,332 has been made to the previous year’s charge, increasing it from £427,333 to £917,665  
(see note 1 for further information). This represents: 
– a £45,965 charge for shares granted September 2008 that vested September 2009
– a £871,700 charge for shares granted December 2006 that vested September 2008
This charge has been calculated in accordance with the requirements of IFRS 2 “Share-based payments”. The total amount to be 
expensed over the performance period, from grant date to vesting date, is determined by reference to the fair value of the shares 
determined at the date the employee is deemed to be fully aware of their potential entitlement and all conditions of vesting. 
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
53
Financial Statements
26 Employee Benefit t rust (continued)
Income Statement charge – scheme extension (for the three years ended 30 September 2010)
The allocation of ordinary shares to employees and their families via the EBT by the Company for the three years ended  
30 September 2010 as part of the long-term incentive scheme will only give rise to a charge if and when shares are allocated  
to employees. 
Consequently, because no shares were allocated in the year ended 30 September 2009 the charge to the Income Statement that 
relates to the scheme extension was £nil. 
In accordance with the requirements of SIC 12 “Consolidation – special purpose entities” and IAS 32, the assets and liabilities of 
the EBT that have not yet been allocated to sub-funds from which employees may benefit have been included in the Company’s 
and Group’s accounts resulting in the inclusion of £58,863 own shares and £77,833 share premium. 
Summary of transactions undertaken by the Employee Benefit t rust
A summary of transactions undertaken by the EBT is as follows:
     Ordinary Ordinary  Total 
     shares allotted shares sold  ordinary  
     to the EBT by the EBT  shares 
5 September 2005     8,200,000 (930,000) 7,270,000
14 August 2006     8,075,000 (464,920) 7,610,080
14 September 2007     1,975,000 (78,035) 1,896,965
24 September 2008     6,083,333 (197,025) 5,886,308
     24,333,333 (1,669,980) 22,663,353*
Vested on 30 September 2007       (7,270,000)
Vested on 30 September 2008       (7,610,080)
Vested on 30 September 2009       (1,896,965)
Own shares as at 30 September 2009       5,886,308
This shareholding of 5,886,308 ordinary shares is represented in the Statement of Changes In Equity as Own Shares (£58,863). 
* Of this total, 456,299 shares have been transferred to a sub trust.
27 Ultimate controlling party
The Company has no ultimate controlling party.
28 Related party transactions – Group and Company
Impax New Energy Investors LP is a related party of the Group by virtue of the Company being a limited partner in the fund and a 
subsidiary undertaking, Impax Asset Management Limited, acting as the fund’s manager. 
Impax New Energy Investors SCA is a related party of the Group by virtue of a subsidiary undertaking, Impax Asset Management 
Limited, acting as the fund’s manager. 
IFSL Impax Environmental Leaders is a related party of the Group by virtue of a subsidiary undertaking, Impax Asset 
Management Limited, acting as the fund’s manager. The Group held an equity stake of 28.1 per cent as at 30 September 2009. 
Impax Absolute Return Fund is a related party of the Group by virtue of a subsidiary undertaking, Impax Asset Management 
Limited, acting as the fund’s manager. The Group held an equity stake of 53.0 per cent as at 30 September 2009. 
BNP Paribas Investment Partners is a related party of the Group by virtue of owning a 27.9 per cent equity holding. 
All balances were unsecured.  Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
54
28 Related party transactions – Group and Company (continued)
The aggregate related party transactions during the period, and holdings as at the year end, were as follows:
Group
      2009 2008 
      £ £
Income Statement
Revenue income from other related parties       4,158,628  2,817,456 
Balance Sheet
Current asset investments – other related parties       300,236  11,344 
Trade and other receivables – associates       11,060  34,292 
Trade and other payables – associates       28,474 –
Company
      2009 2008 
      £ £
Income Statement
Revenue income      – –
Balance Sheet
Current asset investments in associates       1,792,696  1,684,401 
29 Cash and cash equivalents
For the purposes of the Cash Flow Statement, cash and cash equivalents include the following: 
Group
      2009 2008 
      £ £
Cash at bank and in hand
 Readily available for the principal operating activities of the Group     6,694,182 7,028,619 
 Not available for the Group      3,590,208 –
      10,284,390 7,028,619 
Short-term borrowings
 Readily available for the principal operating activities of the Group     – –
 Not available for the Group      (683,935) –
      (683,935) –
Cash and cash equivalents      9,600,455 7,028,619 
Cash balances of the Group at 30 September 2009 included £3,590,208 (2008: £nil) of cash held and £683,935 (2008: £nil) of 
short-term borrowings acquired on consolidation of the hedge fund, IARF. These amounts (net total: £2,906,273; 2008: £nil) are 
held with the same counter-party and are subject to full right of offset. The Group exercises no direct control over these funds.
Company
      2009 2008 
      £ £
Cash at bank and in hand      2,721,045 14,020 
30 Post Balance Sheet events
Since the year end the Company has purchased 1,240,000 of its own shares at an average price of 36.33 pence which are 
currently held in Treasury.
On 22 October 2009, the Group commenced management of a new investment fund, Impax Asian Environmental Markets plc, 
which raised £104.5 million of capital.
Notes to the Financial Statements continued
For the Year Ended 30 September 2009 Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
55
Notice of AGM
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 Mazars LLP, Tower Bridge House, St Katharine’s Way, London E1W 1DD at 10.30 a.m. on 10 February 2010 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 2009 together with the 
Directors’ Report and the Auditor’s Report on those accounts.
2. To elect Mr Vince O’Brien as a Director. 
3. To re-elect Mr Ian R Simm as a Director.
4. To re-appoint Mazars LLP as auditors of the Company and to authorise the Directors to fix their remuneration.
5. To declare a final dividend in respect of the financial year ended 30 September 2009 of 0.4 pence per ordinary share payable 
to the holders of ordinary shares on the register of members at the close of business on 22 January 2010.
As special business
To consider and, if thought fit, pass the following resolutions which will be proposed as special resolutions:
6. 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 6(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.
7. 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 5,779,122;
 (b) the minimum price which may be paid for each ordinary share is 10 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 
 (d) 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. Impax Asset Management Group plc
(formerly Impax Group plc)
Annual Report and Accounts 2009
56
Notice of Annual General Meeting continued
8. THAT:
 (a) the articles of association of the Company be amended by deleting all the provisions of the Company’s memorandum of 
association which, by virtue of section 28 of the Act, are to be treated as provisions of the Company’s articles of 
association; and
 (b) the articles of association produced to the meeting and initialled by the chairman of the meeting for the purposes of 
identification be adopted as the articles of association of the Company in substitution for, and to the exclusion of, the 
existing articles of association.
By order of the Board
Michael Knight
Company Secretary
7 January 2010
Notes:
1.  As a member of the Company you are entitled to appoint a proxy to exercise all or any of your rights to attend, speak and vote at a general meeting of the Company.
2.  Appointment of a proxy does not preclude you from attending the meeting and voting in person. If you have appointed a proxy and attend the meeting in person, your proxy 
appointment will automatically be terminated.
3.  A proxy does not need to be a member of the Company but must attend the meeting to represent you. To appoint as your proxy a person other than the Chairman of the 
meeting, insert their full name in the space provided on your proxy form. If you sign and return your proxy form with no name inserted in the space provided, the Chairman 
of the meeting will be deemed to be your proxy. Where you appoint as your proxy someone other than the Chairman, you are responsible for ensuring that they attend the 
meeting and are aware of your voting intentions. If you wish your proxy to make any comments on your behalf, you will need to appoint someone other than the Chairman 
and give them the relevant instructions directly.
4.  You may appoint more than one proxy provided each proxy is appointed to exercise rights attached to different shares. In the event of a conflict between a blank proxy form 
and a proxy form which states the number of shares to which it applies, the specific proxy form shall be counted first, regardless of whether it was sent or received before 
or after the blank proxy form, and any remaining shares in respect of which you are the registered holder will be apportioned to the blank proxy form. You may not appoint 
more than one proxy to exercise rights attached to any one share. To appoint more than one proxy, you should contact Capita Registrars, Proxy Department, The Registry, 
34 Beckenham Road, Beckenham, Kent, BR3 4TU.
5.  To direct your proxy how to vote on the resolutions mark the appropriate box on your proxy form with an “X”. To abstain from voting on a resolution, select the relevant “Vote 
withheld” box. A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for or against the resolution. If no voting 
indication is given, your proxy will vote or abstain from voting at his or her discretion. Your proxy will vote (or abstain from voting) as he or she thinks fit in relation to any 
other matter which is put before the meeting.
6.  To appoint a proxy using this form, your proxy form must be:
	 • 	 c omplet e d 	 a nd 	 signe d ;
	 • 	 s e nt 	 o r 	 de liv e re d 	 t o 	 Ca pit a 	 Re gis tr a r s, 	 Pro x y 	 D e pa r tme nt, 	 T he 	 Re gis tr y , 	 3 4 	 Be ck e nha m 	 Road, 	 Be ck e nha m, 	 K e nt, 	 BR 3 	 4 T U ; 	 a nd
	 • 	 re c e iv e d 	 b y 	 Ca pit a 	 Re gis tr a r s 	 no 	 lat e r 	 tha n 	 1 0.3 0 	 a .m. 	 on 	 8 	 F e b r ua r y 	 20 1 0.
7.  In the case of a member which is a company, your proxy form must be executed under its common seal or signed on its behalf by a duly authorised officer of the Company 
or an attorney for the Company.
8.  Any power of attorney or any other authority under which your proxy form is signed (or a duly certified copy of such power or authority) must be included with your proxy 
form.
9.  If you submit more than one valid proxy appointment, the appointment received last before the latest time for the receipt of proxies will take precedence.
10.  You may not use any electronic address provided in your proxy form to communicate with the Company for any purposes other than those expressly stated.
11.  CREST members who wish to appoint a proxy or proxies through the CREST electronic proxy appointment service may do so for the Annual General Meeting to be held at 
10.30am on 10 February 2010 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 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 sponsor or voting service provider 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, to procure that his CREST sponsor or voting service provider takes) 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 sponsor or voting service provider are referred in particular 
to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.
12. Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the Company specifies that only those members entered on the register of members of the 
Company at 6.00 p.m. on 8 February 2010 or, in the event that this meeting is adjourned, in the register of members as at 6.00 p.m. on the day two days before the date of 
any adjourned meeting, shall be entitled to attend and vote at the meeting in respect of the number of ordinary shares registered in their names at that time. Changes to the 
entries on the register of members after the close of business on 8 February 2010 or, in the event that this meeting is adjourned, in the register of members after the close of 
business on the day two days before the date of the adjourned meeting, shall be disregarded in determining the rights of any person to attend or vote at the meeting.  Impax Asset Management Group plc
Mezzanine Floor
Pegasus House
37–43 Sackville Street
London
W1S 3EH
United Kingdom
T: +44 (0) 20 7434 1122
F: +44 (0) 20 7434 1123
E: info@impax.co.uk
www.impax.co.uk