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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cape | LSE:CIU | London | Ordinary Share | JE00B5SJJD95 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 263.125 | 262.00 | 264.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
TIDMCIU
RNS Number : 7302B
Cape plc
06 April 2017
Cape plc
6 April 2017
6 April 2017
Cape plc ('Cape' or the 'Company')
Annual Financial Report
Cape announces that its Annual Financial Report for the year ended 31 December 2016 (the "2016 Annual Report"), the Notice of Annual General Meeting ("Notice of AGM"), form of proxy ("Form of Proxy") and a letter requesting the sending of documents and information by electronic means ("Electronic Documents and Information Letter") have today been mailed to Ordinary Shareholders and the Scheme Shareholder (as defined in the Company's Articles of Association).
Pursuant to Listing Rule 9.6.1, the 2016 Annual Report, Notice of AGM, Form of Proxy and Electronic Documents and Information Letter have been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Hemscott.com/nsm.do and can also be viewed on the Company's website at www.capeplc.com.
AGM Location
The Company's AGM will be held at 10.00am (BST) on Wednesday, 10 May 2017 at the offices of Cape at Drayton Hall, Church Road, West Drayton, Middlesex UB7 7PS, United Kingdom.
Additional Information
In accordance with Disclosure and Transparency Rule 6.3.5(2)(b), additional information is set out in the appendices to this announcement. This information is extracted in full unedited text from the Annual Report. References to page numbers are the respective page numbers in the Annual Report. This information is not a substitute for reading the full Annual Report.
Cape plc
Richard Allan
Company Secretary
Appendices:
Appendix 1: Directors' Responsibility Statement
The following directors' responsibility statement is extracted from the 2016 Annual Report (page 79).
Directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable laws and regulations. The directors are also responsible for the preparation
of the directors' remuneration report, which they have chosen to prepare, being under no obligation to do so under Jersey law ('the Law'). The directors are also responsible for the preparation of the Directors' governance report under the Listing Rules.
Jersey company law requires the directors to prepare financial statements for each financial period in accordance with generally accepted accounting principles prescribed for the purposes of the Law. Pursuant to that Law, the directors have prepared the Group consolidated financial statements and the parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union (EU).
The financial statements are required by law to give a true and fair view of the state of affairs of the Company at the period's end and also the profit or loss of the Company for the period then ended. In preparing those financial statements, the directors should:
- select suitable accounting policies and then apply them consistently; - make judgements and estimates that are reasonable;
- state that the financial statements comply with IFRSs as adopted by the EU, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the 'going concern' basis unless it is inappropriate to presume that the Company will continue in business, in which case there should be supporting assumptions or qualifications as necessary.
The directors are responsible for keeping adequate accounting records which are sufficient to show and explain the Company's transactions and as such to disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the law. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in Jersey governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Responsibility statement under the Disclosure Guidance and Transparency Rules
Each of the current directors, whose names and functions are listed on page 52 of the 2016 Annual Report confirms that, to the best of his/her knowledge:
- the consolidated financial statements, prepared in accordance with IFRS as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit of the Group and the undertakings included in the consolidation taken as a whole; and
- the Directors' governance report (including the corporate governance report and the Audit Committee report) on pages 50 to 81 of the 2016 Annual Report and the regional and Chief Financial Officer's reviews on pages 18 to 30 of the 2016 Annual Report include a fair review of the development and performance of the business and the position of the Group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face as set out in the principal risks and viability review on pages 34 to 39 of the 2016 Annual Report.
Directors' statement under the Corporate Governance Code
The Strategic report and this directors' governance report (including the remuneration report) were reviewed and approved by the Board on 14 March 2017. The Board confirms that, taken as a whole, these reports represent a fair, balanced and understandable report on the Group's performance, business model and strategy.
By order of the Board
Michael Speakman
Chief Financial Officer
14 March 2017
Appendix 2: Principal Risks & Uncertainties
The following description of the principal risks and uncertainties that the Company faces is extracted from the 2016 Annual Report (pages 32 to 39).
Cape recognises that in a dynamic operational and business environment, it is essential that we actively manage our risks and opportunities to allow us to meet the Group's strategic objectives and deliver value to our shareholders. Our risk management procedures allow the Group to identify, assess and manage risk to an acceptable level while pursuing our strategic objectives and protecting and enhancing our reputation.
How we manage risk
Following Cape's values in everything we do
Whilst Cape is focussed on seeking opportunities and delivering our objectives, we must do so by working in accordance with our values. We firmly believe that adopting responsible behaviour at every level and in every aspect of the business is key to our success and this is our first line of defence in risk management. Our values, visible adherence to our values and the reinforcement of them has created a strong culture of risk awareness within the business.
For more information go to page 41 of the 2016 Annual Report
Operations are accountable and maintain an effective risk mitigation framework
Our employees work across many different geographies and provide a wide range of services, which presents a range of risks. Our employees take accountability for identifying and effectively managing risks, using the Group's thorough system of policies and procedures. Internal control procedures are maintained on a day-to-day basis, risk registers are in place and training is assessed, to ensure the appropriate knowledge and skills are in place where and when they are needed.
Our independent risk management and compliance functions determine appropriate frameworks for managing risk
Independent functions, such as Health and Safety, Finance, Legal, Commercial and Operational Excellence, determine: the appropriate frameworks; set standards for managing risk; provide oversight for specific risk areas; collaborate with project and process owners on controls to mitigate identified risks; and ensure standards are implemented by process owners consistently across Cape.
Internal audit provides independent challenge
Our Internal Audit function reviews financial controls and risk management procedures throughout Cape, identifying risks, issues and opportunities for improvement and then reporting to the Executive Management and Audit Committee on these matters, including updates on progress made against open items.
The Board and Executive Management provide assessment and governance
The Board and Executive Management are actively engaged in assessing strategic risk and providing oversight. The Audit Committee formally reviews the results of the risk assessment process twice a year and reviews internal audit assurance work throughout the year.
For more information go to page 60 of the 2016 Annual Report
Our risk monitoring process
Analysing risks
- Risks are evaluated to establish potential financial and non-financial impacts, the likelihood of occurrence and the root cause. Risk is assessed formally at business unit level through risk workshops and the continual maintenance of risk registers. Every six months, a focussed bottom-up risk assessment is undertaken by all business units which results in a prioritised register of risks. A top-down assessment of operational and strategic risk is undertaken by the Board and Executive Management at least annually. The two processes are compared for profile and gaps and are factored into Cape's final risk analysis.
Risk mitigation
- We review the nature, adequacy and appropriateness of our current controls to mitigate these risks. If new, different or additional risks are identified, or if additional controls are required, these are developed and appropriate responsibilities to discharge are assigned. Acquisition and other investment-related risks are identified and assessed before key investment decisions are made. A comprehensive and rigorous bid authorisation model is used to evaluate the Group's risks when bidding for work and before contractual commitments are made.
Reporting and monitoring
- Risks are monitored throughout the year by the Executive Management and summarised to the Board. Emerging risks are identified, reported and reviewed on an ongoing basis, with particular focus on capturing emerging risk and monitoring all changing risk during monthly business reviews. Management is responsible for monitoring weakness in controls and progress of actions taken by business units to mitigate the key risks; this is supported through the Group's internal audit programme. The results of the risk management process are reported to the Audit Committee every six months.
For more information go to page 60 to 64 of the 2016 Annual Report
Risk appetite
The Group's risk appetite drives high standards of health, safety and environmental compliance, strong commercial risk controls and financial management that collectively allow growth whilst limiting the Group's risk exposure to an acceptable level. The level of risk is considered appropriate for Cape to accept in achieving our strategic objectives and is determined in accordance with the Board's strategic reviews and risk assessments during the year.
2016 assessment of principal risks
The risk assessment exercise is undertaken by each business unit and independent group function who conduct a formal review of the risks that could impact their activities. The assessment includes the perceived level of risk and likelihood of occurrence, both before and after mitigating controls. The impact of risks were quantified across a range of factors including: financial, health and safety, environmental, enforcement and reputational. The Executive Committee separately discussed the Group's principal risks in December to form a top-down assessment and oversight from a Group-wide view. The Board also reviewed and challenged the Group's assessment of risks, supported by the information obtained through the 'deep-dive' reviews of anti-bribery and anti-corruption and taxation, to arrive at the agreed principal risks.
Following these risk reviews, the Board noted that the Company is exposed to increasing IT--related financial risks, reflecting in part the increase in external cyber security threats. Consequently, IT--system and cyber risks have been added to the Group's principal risks and are explained in more detail in the following pages:
Please see table set out on page 33 of the 2016 Annual Report.
A Global political, security G Preservation of Company and economic conditions assets and investment B Key customer and market H Compliance and business dependency conduct risk C Health, safety and I Industrial Disease environmental (HSE) risks Claims - provision adequacy risk D Recruitment and retention J Industrial Disease of key executives and Claims - skilled employees widening of the scope and liability E Contract acceptance K Tax and treasury risks risk F Operational and project L IT-System and cyber performance risk risks Principal risks and viability Risk Risk description Link to Mitigation Change More information strategy in risk within during the 2016 2016 Annual Report ---------------- --------------------- --------------- --------------------- ---------- ------------------------- A. Global There - Geographic - A diverse Please Corporate political, is a potential expansion portfolio see page and social security impact - Balanced reduces 34 of responsibility and economic on the business exposure the 2016 section conditions Group to each Annual (security) from political, specific Report page 43 security location, Our markets and providing page 12 economic diverse Cape at conditions revenue a glance globally. streams page 2 We operate - Dedicated across Group the globe Head of and Security therefore responsible may be for regular exposed security to adverse and risk situations assessment, with potential monitoring risk to alert our people, and escalation assets procedures and business - Improved operations. contingency Examples plans of such and evacuation risks strategies would developed be geo-political - Travel events, by Cape sanctions, employees terrorist is monitored events, and restricted disease in countries outbreaks deemed or environmental unsafe hazards. or too Deterioration high risk in commodity - Legal prices Counsel affecting monitors customer any changes capital in sanctions and operational legislation expenditure - Senior is a key management risk. presence Although in all we operate regions over a - Reviews number of the of sectors, Group's we are forecast at risk and market of trends declining are completed revenue quarterly streams, along contract with the renegotiation Group's and incurring strategic costs annual which planning are not process supported to ensure by revenue any impacts during from the economic economic
downturns. environment are managed - Contract performance reviewed monthly by Finance and Commercial management, with those deemed high risk escalated to the Audit Committee. This allows any changes to expected performance or impact of economic downturns to be identified early, reviewed in the context of the Group's risk appetite and any necessary action taken. ---------------- --------------------- --------------- --------------------- ---------- ------------------------- B. Key Loss of - Customer - Group Please Our markets client key customers intimacy strategy see page page 12 and market or decline - Balanced focussed 34 of Cape at dependency in a key business on creating the 2016 a glance market - Operational a broad Annual page 2 could excellence portfolio Report adversely of affect customers Cape's and markets financial - Acquisitions performance. bring The Group's new customer top ten relationships customers and wider represented opportunities 54% of - Customer revenue relationships (2015: are built 45%) and at multiple if we levels are unable from site to supervisors continue to senior working management for one - Revenues or more are generated of our from a key customers, wide variety the Group's of service future offerings prospects across may be numerous impacted. markets There and different is the geographies risk of providing revenues greater being stability too concentrated and robustness on a particular of revenue market. streams Working - Work capital performed may be throughout impacted asset if key life cycles customers providing look to opportunities extend at each payment stage terms - Multi-year or reject contracts invoiced in place revenues. - Monthly contract performance reviews by Finance and Commercial management to identify and escalate high risk areas - Risk based credit control procedures are carried out before contracts are bid - Debt exposures are monitored during contract lives and firm operational decisions are taken when limits are approached or breached - Operational excellence initiatives seek to improve customer retention by increasing efficiencies and enhancing customer relations and satisfaction ---------------- --------------------- --------------- --------------------- ---------- -------------------------
C. Health, The Group - Geographic - HSE Please Corporate safety may suffer expansion reporting see page and social and commercial - Operational on both 34 of responsibility environmental and reputational excellence leading the 2016 section (HSE) damage and lagging Annual (health risks as a indicators Report and safety) result monthly page 43 of a safety to the to 45 or environmental Executive incident Committee involving and to our employees, the Board members - High of the number public of site or third-party based partners. HSE personnel Failure in all to maintain regions high - Investment HSE standards in training could to improve result staff in injury skills or loss and ensure of personnel, qualifications breach are up of regulations, to date financial - HSE loss and initiatives reputational rolled damage. out throughout Financial the year penalties, to raise which awareness in the - HSE UK are policies significantly and procedures increasing, in place in respect and monitored of HSE throughout incidents all regions may be incurred. ---------------- --------------------- --------------- --------------------- ---------- ------------------------- D. Recruitment The inability - Geographic Monitor Please Directors' and retention to recruit expansion employee see page remuneration of or retain - Customer turnover 34 of report key executives both key intimacy and conduct the 2016 page 65 and skilled executives - Broaden exit interviews Annual to 77 employees and skilled portfolio - Training Report Corporate employees - Operational programmes and social could excellence implemented responsibility adversely at all section impact levels (people) the Group, of Cape page 42 both operationally including and financially. programmes Strategic aimed objectives at executives, may not senior be advanced leaders, without future the leaders, industry site managers knowledge and supervisors. and experience Skilled possessed employees' by key training executives, is senior monitored management and refreshed and skilled as required employees. - Executive The availability remuneration of suitably is reviewed skilled against employees market can differ data to significantly ensure between awards different are competitive. geographies. Long-term Visa restrictions, incentive which plans are increasing are in in certain place key countries, to can impact encourage employee the retention availability. of the key management group - Availability of skilled employees has improved in some geographies as projects complete and other projects become impacted by regional economic conditions - Broad portfolio of services and geographic footprint provides employee development opportunities - Software to track status of new and previously employed skilled people is operating across all regions ---------------- --------------------- --------------- --------------------- ---------- ------------------------- E. Contract There - Geographic - Policies Please Audit acceptance is a risk expansion and procedures see page Committee risk that Cape - Operational in place 36 of report
may fail excellence for contract the 2016 page 61 to manage - Broaden approval Annual to 64 contract portfolio include Report risk and bid approval commit models, to contractual peer review terms and Board and conditions approval that expose of key the Group contracts to excessive - Experienced financial management risks teams and potential in place cost overruns. for all service offerings with the relevant technical and industry knowledge - Dedicated Estimation and Commercial teams are in place in all regions - Commercial management report on high risk contracts to senior executives and the Audit Committee ---------------- --------------------- --------------- --------------------- ---------- ------------------------- F. Operational Inefficient - Geographic - Operational Please Audit and project project expansion excellence see page Committee performance execution - Customer initiatives 36 of report risk and management intimacy have been the 2016 page 61 could - Broaden implemented Annual to 64 lead to portfolio and Report additional - Operational subsequently costs excellence further being developed incurred, each year affecting as part overall of continuous project improvement performance programmes; and the standardised Group's global financial project performance. delivery As our system range framework; of services continuing and to develop geographies and formalise broaden, best practice; the number and knowledge of project sharing types across and styles the Group expand, through increasing centres this risk. of excellence - Cape Management Development Programme provides training to all levels of employees and includes project management and financial management skills - Implementation of site based IT systems that monitor projects and support project managers - Monthly project performance reviews are undertaken involving finance, commercial and operational personnel - Audit Committee regularly review commercial contract risks with the Chief Executive and Chief Financial Officer ---------------- --------------------- --------------- --------------------- ---------- ------------------------- G. Preservation Return - Geographic - Due Please Audit of Company on invested expansion diligence see page Committee assets capital - Broaden assessments 36 of report and investment may decrease portfolio undertaken the 2016 page 61 if there - Operational prior Annual to 64 is a failure excellence to acquisitions, Report to achieve the formation satisfactory of joint returns venture on assets, arrangements acquisitions, and other joint investments ventures - Asset or other control investments. policies
At 31 and procedures December, in place Cape held globally GBP84.0 - Group million Head of of property, Assets plant responsible and equipment for the around co-ordination, the globe utilisation, and the supply inadequate and relocation management of assets and financial worldwide control - Standardised of remote asset assets management may expose systems the Group being to losses. rolled out across all countries giving improved visibility of asset location and condition - Asset counts performed annually, including impairment assessments ---------------- --------------------- --------------- --------------------- ---------- ------------------------- H. Compliance Cape is - Geographic - Cape's Please Accountability/Audit and business exposed expansion values see page Committee conduct to the - Broaden drive 36 of report risk risk of portfolio a culture the 2016 Pages non-compliance - Operational where Annual 60-64 and breach excellence integrity, Report of honesty For further applicable and information laws and compliance of Cape's regulations are an corporate including integral responsibility anti-bribery part of please and anticorruption, day-to-day refer health business to our and safety at all website regulations levels www.capeplc.com/ and sanctions. - Global corporate-responsibility whistleblowing Laws and procedures regulations in place are increasing - Documentation and their of key reach operational is extending. and administration Forthcoming policies UK legislation and procedures will include: are available data protection; to the modern majority day of the slavery; Company's gender employees pay analysis; on the and export Cape Management controls. System - Senior A lack managers of detailed within knowledge each of of relevant the Group's legislation business across units the countries certify we operate detailed in could questionnaires result covering in a breach their of law unit's or regulation. business conduct and regulatory compliance every six months - Anti-bribery and anti-corruption policies and training is provided globally - Investment in training to improve the compliance knowledge of staff is being led by the Group's legal department - Compliance is monitored by the relevant Group functions including Tax and Treasury, Legal, Finance, and HSE ---------------- --------------------- --------------- --------------------- ---------- ------------------------- I. Industrial Cape receives - Operational - The Please Note 2 Disease claims excellence court-approved see page 'Summary Claims from individuals 2006 Scheme 36 of of significant (IDC) and insurance of Arrangement the 2016 accounting - provision companies protects Annual policies' adequacy in the Report Note 4 risk relation interests 'Significant to the of future judgements
historical IDC claimants and estimates' alleged whilst Note 29 exposure at the 'Provisions' to asbestos. same time Note 34 There protecting 'Industrial is a risk the Group disease that Cape from the claim materially impact provision underestimates of extreme and the IDC adverse contingent funding change liabilities' requirement in the due claims to inherent environment uncertainty - Triennial associated valuation with the of the future IDC liability level carried of asbestos out by related external IDC and actuaries of the using costs the Group's arising cumulative from such claims claims. history and updated economic assumptions - Recent valuation produced favourable trends and reduces the risk profile of the liability - Annual review carried out by external actuaries and external auditors of Cape's accounting note on the valuation of IDC - Half yearly review of economic assumptions by the Board - Dedicated internal Legal function and external claims handlers and specialist legal advisors proactively manage cases and monitor changes in the legal environment ---------------- --------------------- --------------- --------------------- ---------- ------------------------- J. Industrial Legal - Operational - Recent Please Note 2 Disease precedent excellence agreement see page 'Summary Claims in this to settle 38 of of (IDC) area is insurer the 2016 significant - widening constantly product Annual accounting of the evolving liability Report policies' scope and the claims Note 4 and Group substantially 'Significant liability is reduces judgements subjected the risk and estimates' to new to the Note 29 claim business 'Provisions' types in this Note 34 over time. area 'Industrial These - Regular disease may give Board claim rise to review provision uncertainty of IDC and in both litigation contingent the future - Dedicated liabilities' level internal Note 39 of asbestos-related Legal 'Post IDC and function balance of the monitors sheet legal changes events and other in the costs legal arising environment from such - Specialist claims. external legal and other advisors engaged ---------------- --------------------- --------------- --------------------- ---------- ------------------------- K. Tax We operate - Geographic - Cape's Please Note 2 and treasury across expansion values see page 'Summary risks a number - Customer drive 38 of of significant of economies intimacy a culture the 2016 accounting and jurisdictions - Broaden where Annual policies' which portfolio integrity, Report Note 12 therefore honesty 'Income
exposes and tax' the Group compliance Note 20 to a range are an 'Deferred of tax integral income laws that part of tax' vary significantly day-to-day Note 28 and are business 'Current rapidly at all income evolving levels tax liabilities' toward - Tax Note 34 global policies 'Industrial transparency and procedures disease and are regularly claim harmonisation. updated, provision The Group with the and is required Group's contingent to interpret tax strategy liabilities' laws and to be treaties published and must online manage in 2017 its tax - Embedded affairs tax expertise within in all these major laws or businesses else risk along incurring with central fines Group and/or Tax team charges support from the - Ongoing tax authorities. reviews Taxation conducted regimes by the are increasingly Group co-ordinating Tax and and tightening Legal with 'base team to erosion monitor and profit compliance shifting' - External rules advisors and equivalent are used regulations. to support In some local cases, teams tax legislation on specific or rules tax matters are not including clear legal and the opinion Group when requiring may disagree interpretation with the of tax tax legislation authorities. and principals If this - Active is the engagement case, with relevant then it tax and may be government necessary authorities for court - Debt involvement exposures to interpret are monitored the laws. during contract The treasury lives related and firm risks operational faced decisions by Cape are taken include when limits client are approached and bank or breached credit - Bank risk and creditworthiness foreign and relationships exchange are monitored risk. by The credit Group risks Treasury faced - Business by Cape units vary by endeavour geography, to balance but are revenues currently and costs highest in in oil matched based currencies economies wherever with developing possible financial - Group systems, Treasury non-investment will hedge grade higher banks currency and where risk exposures our clients if required may be local sub-contractors with delayed payment practices. ---------------- --------------------- --------------- --------------------- ---------- ------------------------- L. IT-system The IT - Geographic - A variety Please and cyber risks expansion of cyber-attack see page risks faced - Operational monitoring 38 of by Cape excellence and response the 2016 include software Annual increasing has Report cyber been implemented risks, - Design increasing and development data and of the network global protection ERP system requirements, that will business significantly continuity/disaster standardise recovery operations considerations and processing and ageing across legacy all of systems Cape which - Consolidation will be of payrolls, gradually where transitioned practicable to a new - General robust data protection global regulation ERP system. readiness
planning has commenced - Data categorisation and classification is underway - Global review of business continuity/disaster recovery plans - Development of plans to regularly test and gradually migrate payrolls to a cloud based solution - Email systems have been migrated to Office 365 ---------------- --------------------- --------------- --------------------- ---------- -------------------------
Viability statement
In accordance with the UK Corporate Governance Code, the directors have assessed the prospect for the Group over a longer period than the twelve-month going concern provision.
The directors' assessment of the Group's prospects for the three-year period is based on the review and analysis described below. The directors consider this to be a reasonable process which therefore allows them to form a reasonable expectation of the Group's prospects in the circumstances of the inherent uncertainty of a three-year period. The time period was selected to represent the duration of the Group's contract base, with construction contracts having a typical duration of two to three years, while a change in provider for maintenance contracts takes around one to two years. Additionally, the revaluation of both the IDC and pension liabilities takes place on a three-year cycle.
The Group performs a strategic review each year, in which the Board reviews Cape's current position, strategy and risks and opportunities alongside current and expected market conditions and trends. Our viability assessment was based upon the Group's strategy and planning information and assessed the discrete impact of each individual selected principal risk, with the impact from a number of these risks also assessed on a combined basis. This analysis considers cash flows, covenant projections and liquidity and other key financial measures over the period. The selected key risks against which the strategy model has been stress tested are those that management considers could affect the future viability of the Group. These risks are highlighted on pages 34 to 39 and included the following: political and security instability in one region; acceptance of a new contract with unfavourable terms; poor operational performance on an existing contract; new scope of liability relating to IDC, with additional assessment undertaken on the timing of the resulting cash flows; loss of a key customer and an increase in interest rates and tax liabilities.
Based upon a robust assessment of the principal risks to the Group's prospects and consideration of the duration of the Group's contract base and the projected timing of IDC and pension outflows, the directors concluded that there is a reasonable expectation that the Group will be able to continue in operation and meet its liabilities as they fall due over the three--year assessment period.
Appendix 3: Related party transactions
Details of directors' emoluments are shown in note 36 'Related party transactions' to the consolidated financial statements and in the Directors' Remuneration Report on pages 65 to 77 of the 2016 Annual Report.
There have been no material transactions with the Company and other related parties during the year.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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