Impax Environmental Markets Plc (IEM) 2011年年度报告「LSE」.pdf

1、REPORT AND ACCOUNTSfor the year ended 31 December 2011Printed on recycled paper.Impax Environmental Markets plcRegistered in England and Wales No.4348393Job No.:10884Proof Event:4Park Communications Ltd Alpine Way London E6 6LACustomer:ImpaxProject Title:Annual ReportT:020 7055 6500F:020 7055 6600CO

2、NTENTS1IMPAX ENVIRONMENTAL MARKETS PLCPageKey Features2Chairmans Statement3Managers Report5Structure of the Portfolio9Ten Largest Investments10Details of Individual Holdings12Directors Report13Corporate Governance22Directors Remuneration Report29Statement of Directors Responsibilities31Independent A

3、uditors Report32Income Statement34Balance Sheet35Reconciliation of Movements in Shareholders Funds36Cash Flow Statement37Notes to the Accounts38Financial Record and Calendar47Directors,Manager and Advisers48Notice of Meeting49KEY FEATURES2IMPAX ENVIRONMENTAL MARKETS PLCJob No.:10884Proof Event:4Park

4、 Communications Ltd Alpine Way London E6 6LACustomer:ImpaxProject Title:Annual ReportT:020 7055 6500F:020 7055 6600INVESTMENT OBJECTIVEThe Companys objective is to enable investors to benefit from growth in the markets for cleaneror more efficient delivery of basic services of energy,water and waste

5、.Investments are madepredominantly in quoted companies which provide,utilise,implement or advise upon technology-based systems,products or services in environmental markets,particularly those of alternativeenergy and energy efficiency,water treatment and pollution control,and waste technology andres

6、ource management.HIGHLIGHTS OF THE YEARCompany outperformed environmental index(FTSE ET50)Environmental markets underperformed wider equity marketsCompany bought back 23,066,266 Ordinary Shares in response to widening discount to NAVFINANCIAL INFORMATIONAt 31At 31DecemberDecember%20112010changeNet a