Ashmore Emerging Markets Strategy Phase 3
Strong balance sheet & consistent cash generation
•
Strong, liquid balance sheet benefits clients and
shareholders through the cycle
-
no debt
high-quality financial resources, >£800m
liquid assets represent 76% of total balance sheet
capacity to invest in seed capital for future growth
confers strategic flexibility, e.g. to consider M&A
progressive dividend policy
Business model converts operating profits to cash
108% cumulative conversion since IPO
consistent cash balance, average ~£400 million
over past decade
paid £1.5 billion ordinary dividends since IPO,
equivalent to 66% of attributable profits
Source: Ashmore, Pillar 3 and Group consolidated financial statements
Substantial, liquid financial resources
667.4
609.2
555.2
557.6
479.7
119.5
121.0
147.3
155.9
155.9
2018
2019
2020
2021
H1'22
■Total Pillar 2 requirement (£m)
■Excess financial resources (£m)
277.8
238.4
336.8
334.8
228.3
463.1
490.1
426.8
445.7
444.4
2018
2019
2020
2021
H1'22
■Cash (£m)
■Seed capital (£m)
Ashmore
Market risk
Credit risk
67%
17%
Operational risk
16%
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