Additional Performance Disclosures
The Board of Hipgnosis Songs Fund Limited, the first UK listed investment company offering investors a pure-play exposure to songs and associated intellectual property rights, and its Investment Adviser, The Family (Music) Limited, are pleased to announce additional performance disclosures. These will provide an additional lens to analyse the Company's performance and financial prospects, complementing its annual and interim accounts prepared under IFRS.
New Alternative Performance Measure - Pro-Forma Annual Revenue (PFAR)
Due to the process of royalty collection, Hipgnosis is required under IFRS to accrue for a proportion of its revenue where revenue has been earned but where cash has not yet been received. These accruals are highly accurate due to the reliable and predictable nature of song income.