Key Financial Information (£m)

Balance Sheet 2014 2013 2012
Portfolio value  349.9 285.9 181.8
Cash and deposits  97.3 24.1 47.9
Net asset value excluding intangibles*  451.3 315.5 236.6
Net asset value  526.2 337.0 263.1
Income Statement 2014 2013 2012
Change in fair value of portfolio  20.7 82.4 38.0
Profit/(loss) on realisations from portfolio  1.6 (0.2) 11.8
Revenue from services and other operating income  2.4 2.4 2.3
Administrative expenses - change in fair value of Oxford equity rights asset  (1.8) (5.0) (6.0)
Amortisation of intangible assets       (4.9) - -
Acquisition costs            (1.1) - -
Administrative expenses - other  (11.7) (8.2) (6.7)
Profit/(loss) for the period after tax  9.5 72.6 40.7
Cash Flow Statement 2014 2013 2012
Investments in portfolio  46.8 27.5 26.3
Realisations from portfolio  9.7 5.5 16.7
Net cash outflow from operating activities**  6.4 1.9 2.6

All amounts are displayed in £m.

Information is extracted from IP Group’s audited annual financial statements.

* Net asset value attributable to shareholders excluding intangibles comprises all assets and liabilities of the Group excluding intangible assets and the Oxford equity rights asset.

**Net cash outflow from operating activities excludes cash flows to/from fixed term deposits.