Ann: Market Update, page-12

Yes they are. The profit includes the performance fees not received, they get moved to the non-current receivables. Hence why Glaucus has taken a swipe at them, because the receivables are growing faster than profits.

Check your self, December 17 Half Year Report:
1. Page 8 Operating Revenue - 39 Million
2. Page 8 Profit after tax - 8.25Million
3. Page 9 non-Current assets, Trade and other recievables - 59 Million
4. Page 12 Note 2 - Operating Revenue (breaking down my item 1)
a) 23 Million Management Fees
b) 10 Million Performance fees
5. Page 15 Non Current Receivables, Performance Fees from Blue Sky funds - 37 Million (an increase of circa 8Mil)

So yes, they record the performance fees when they re-value assets in the funds and book them into the profit and loss and as an non-current receivable.