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| Name | Symbol | Market | Type |
|---|---|---|---|
| Gran.04 2 1a1 | LSE:39XK | London | Bond |
| Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0 | - |
From Mar 2020 to Mar 2025
TIDM39XK
RNS Number : 9910G
Granite Mortgages 04-2 PLC
26 November 2015
Granite MorTgages 04-2 PLC
Interim Financial Report
for the 6 months to 30 September 2015
Registered Number: 05057377
Financial information
Granite Mortgages 04-2 plc ('the Company') is a public limited company incorporated and domiciled in the United Kingdom.
The Directors present the Interim Financial Report for the Company for the six months reporting period from 1 April 2015 to 30 September 2015 (the 'six month period').
In accordance with the transitional provisions contained in Section 79(2)(a) of the Transparency (Directive 2004/109/EC) Regulations 2007, an Issuer of debt securities with a denomination of EUR50,000 or less and admitted to trading before 1 January 2005 is exempted from the requirement to disclose its half yearly financial report for a period of 10 years following 1 January 2015 (the 'interim reporting exemption'). The interim reporting exemption now having come to an end, the Company in accordance with the Transparency (Directive 2004/109/EC) Regulations 2007 (as amended), now complies and has accordingly produced its half yearly Interim Financial Report for the six month period. Where appropriate to show half year and full year comparisons, the unaudited six month period to 30 September 2014 ('H1 2014/15') and audited 12 month period to 31 March 2015 ('FY 2014/15') have been presented.
Principal activities
The Company's principal activity is to issue floating rate debt securities and to enter into financial arrangements to fund the activities of certain subsidiaries of Granite Finance Holdings Limited and ultimately UK Asset Resolution Limited ('UKAR') by means of intercompany loans. The debt securities are issued in US Dollars, Euros and Sterling and are secured on a beneficial interest in a portfolio of mortgage loans originated by NRAM plc ('NRAM') formerly Northern Rock (Asset Management) plc and held under a master trust arrangement by Granite Finance Trustees Limited. These mortgage loans are secured on residential properties in the United Kingdom. Noteholders will only be paid interest and principal to the extent that funds are received on the Trust's mortgage portfolio and used by Granite Finance Funding Limited to repay the inter-company loan with the Company in accordance with the inter-company agreements. Details are set out in the offering circular pertinent to this issue. The securitisation structure was established primarily as a means of raising finance for Northern Rock plc during 2004.
During the six months to 30 September 2015, Granite Finance Funding Limited made repayments totalling GBP55.5m (H1 2014/15: GBP42.7m; FY 2014/15: GBP92.6m) to the Company in respect of the inter-company loan. These repayments were used to repay certain of the debt securities in issue. The company made all interest payments due in line with the securitisation transaction documents. All payments made in the period were in accordance with the pass-through provisions that continue to apply following the breach of the non-asset trigger in November 2008. The Company is entitled to a pre-determined retained profit under the securitisation transaction documents. Under the terms of the securitisation, the Company retains the right to 0.01% of the interest received under the inter-company loan (as defined within the securitisation transaction documents). The Company is taxed in accordance with the permanent regime for securitisation companies.
On 13 November 2015, the Company announced that amendments had been made to the Granite Transaction Documents granting NRAM the right (the 'Seller Call Option') at any time to require the Mortgages Trustee to sell the loans which are securitised within the Granite structure to NRAM or to a person nominated by NRAM, provided that the proceeds of sale are sufficient to fully redeem all of the Granite notes in issue. The Company also announced that NRAM had entered into an agreement, subject to the satisfaction of certain conditions precedent, to sell the loans which are securitised within the Granite structure to Cerberus European Residential Holdings B.V. The sale is expected to be completed following the exercise by NRAM of the Seller Call Option prior to 9 December 2015. The proceeds of sale are expected to be sufficient to fund the redemption of all of the notes issued by the Granite issuing companies, including those issued by the Company, on the notes
Principal activities (continued)
payment date scheduled to fall on 20 December 2015. Consequently the Directors of the Company have not applied the going concern basis in preparing this Interim Financial Report.
Key Performance Indicators (KPIs)
The KPIs used by management in assessing the performance of the Company are the quality of the assets in the mortgage pool and the compliance of the Company with the terms of the securitisation documentation. During the period the Company has complied with the terms of the securitisation documentation. Information about the quality of the assets in the mortgage pool is provided in the monthly trustee reports to investors, available on the website of NRAM plc ('NRAM') at http://www.nram.co.uk/corporate/treasury/securitisation, including the following:
Hot Features
Premium
At 30 Sept At 30 Sept At 31 Mar
2015 2014 2015
----------------------------------- ------ ------------- ------------- ---------
Number of outstanding mortgage
loans Number 115,271 141,854 132,570
Outstanding mortgage loans GBPbn 11.5 14.0 12.9
Number of mortgage loans 3
months or more in arrears Number 3,334 4,241 3,759
Principal value of mortgage
loans 3 months or more in arrears GBPm 414.4 534.8 472.3
Arrears value of mortgage loans
3 months or more in arrears GBPm 18.4 22.1 19.7
Mortgage loans in repossession Number 192 371 272
Value of mortgage loans in
repossession GBPm 23.0 43.6 30.6
Weighted average indexed current
LTV % 68.5 75.2 73.2
Principal risks and uncertainties
In the ordinary course of business the Company is exposed to, and manages, a variety of risks, with credit risk, liquidity risk and market risk (foreign currency risk and interest rate risk) being of particular significance. The Directors have responsibility for the overall system of internal control and for reviewing its effectiveness. In general, when a transaction or group of transactions is entered into, derivative instruments are taken out to manage the associated risks. The effectiveness of the risk management is then monitored on an ongoing basis.
Statement of Comprehensive Income
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 Mar
2015 2014 2015
Note GBP000 GBP000 GBP000
----------------------------------- ----- ------------ ------------ -----------
Interest receivable 3 1,909 2,590 5,023
Interest expense 4 (1,833) (2,511) (4,852)
----------------------------------- ----- ------------ ------------ -----------
Net interest income 76 79 171
Fair value movements 5 269 (15) (283)
Administrative expenses 6 (76) (78) (171)
----------------------------------- ----- ------------ ------------ -----------
Profit/(loss) before taxation 269 (14) (283)
Taxation 7 - - -
----------------------------------- ----- ------------ ------------ -----------
Profit/(loss) for the period/year 269 (14) (283)
Other comprehensive income - - -
----------------------------------- ----- ------------ ------------ -----------
Total comprehensive income/(expense)
for the period/year 269 (14) (283)
------------------------------------------ ------------ ------------ -----------
The results above arise from continuing activities.
Balance Sheet
Note At 30 Sept At 30 Sept At 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
---------------------------------- ----- ----------- ----------- ----------
Assets
Non-current assets
Loans to Group undertakings - 304,867 319,986
Derivative financial instruments - 14,085 5,453
---------------------------------- ----- ----------- ----------- ----------
Total non-current assets - 318,952 325,439
---------------------------------- ----- ----------- ----------- ----------
Current assets
Loans to Group undertakings 288,672 84,979 24,480
Cash and cash equivalents 12,730 25,239 14,129
Derivative financial instruments 8,317 4,260 1,454
Total current assets 309,719 114,478 40,063
Total assets 309,719 433,430 365,502
---------------------------------- ----- ----------- ----------- ----------
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:30 ET (07:30 GMT)
Equity and liabilities Liabilities Non-current liabilities Debt securities in issue 9 - 296,009 268,204 ---------------------------------- ----- ----------- ----------- ---------- Total non-current liabilities - 296,009 268,204 ---------------------------------- ----- ----------- ----------- ---------- Current liabilities Amounts due to banks 10 12,727 25,236 14,126 Debt securities in issue 9 296,811 111,999 83,260 Other liabilities 11 5 10 5 ---------------------------------- ----- ----------- ----------- ---------- Total current liabilities 309,543 137,245 97,391 Total liabilities 309,543 433,254 365,595 ---------------------------------- ----- ----------- ----------- ---------- Equity Issued capital and reserves: Share capital 50 50 50 Retained earnings 126 126 (143) ---------------------------------- ----- ----------- ----------- ---------- Total equity 176 176 (93) Total equity and liabilities 309,719 433,430 365,502 ---------------------------------- ----- ----------- ----------- ----------
Statement of Changes in Equity
For the 6 months to 30 September 2015
Share Retained Total
capital earnings equity
GBP000 GBP000 GBP000
-------------------------------- --------- ---------- --------
Balance at 1 April 2015 50 (143) (93)
Total comprehensive income for
the period - 269 269
-------------------------------- --------- ---------- --------
Balance at 30 September 2015 50 126 176
-------------------------------- --------- ---------- --------
For the 6 months to 30 September 2014
Share Retained Total
capital earnings equity
GBP000 GBP000 GBP000
--------------------------------- --------- ---------- --------
Balance at 1 April 2014 50 140 190
Total comprehensive expense for
the period - (14) (14)
--------------------------------- --------- ---------- --------
Balance at 30 September 2014 50 126 176
--------------------------------- --------- ---------- --------
Cash Flow Statement
6 months 6 months
to 30 Sept to
2015 30 Sept
GBP000 2014
GBP000
------------------------------------------- ------------ ---------
Cash flows from operating activities:
Profit/(loss) before taxation for the
financial period 269 (14)
Cash flows generated from/(used in)
operating activities before changes
in operating assets and liabilities 269 (14)
Net decrease in operating assets:
- loans to Group undertakings 55,499 47,234
- derivative financial instruments (1,410) 12,083
Net decrease in operating liabilities:
- debt securities in issue (54,358) (59,302)
- amounts due to banks (1,399) (12,619)
- other liabilities - (1)
Net cash used in operating activities (1,399) (12,619)
Net decrease in cash and cash equivalents (1,399) (12,619)
Cash and cash equivalents at beginning
of period 14,129 37,858
-------------------------------------------- ------------ ---------
Cash and cash equivalents at end of
period 12,730 25,239
-------------------------------------------- ------------ ---------
Cash collateral held 12,727 25,236
Cash at bank 3 3
-------------------------------------------- ------------ ---------
12,730 25,239
------------------------------------------- ------------ ---------
Notes to the Financial Information
1. Reporting entity
Granite Mortgages 04-2 plc ('the Company') is a public limited company incorporated and domiciled in the United Kingdom.
2. Basis of preparation
This Interim Financial Report has been prepared in accordance with IAS 34 'Interim Financial Reporting'.
The information in this document does not include all of the disclosures required by IFRS in full annual financial statements, and it should be read in conjunction with the Financial Statements of the Company for the year ended 31 March 2015.
On 13 November 2015, the Company announced that amendments had been made to the Granite Transaction Documents granting NRAM the right (the 'Seller Call Option') at any time to require the Mortgages Trustee to sell the loans which are securitised within the Granite structure to NRAM or to a person nominated by NRAM, provided that the proceeds of sale are sufficient to fully redeem all of the Granite notes in issue. The Company also announced that NRAM had entered into an agreement, subject to the satisfaction of certain conditions precedent, to sell the loans which are securitised within the Granite structure to Cerberus European Residential Holdings B.V. The sale is expected to be completed following the exercise by NRAM of the Seller Call Option prior to 9 December 2015. The proceeds of sale are expected to be sufficient to fund the redemption of all of the notes issued by the Granite issuing companies, including those issued by the Company, on the notes payment date scheduled to fall on 20 December 2015. Accordingly, the going concern basis of accounting is no longer appropriate as at 30 September 2015. The comparative financial information continues to be prepared on a going concern basis under the historical cost basis except for financial instruments classified as 'at fair value through profit or loss'. No adjustments were necessary in this Interim Financial Report to write down assets to their recoverable value or to provide for liabilities arising as a result of the decision to cease trading.
The Directors consider that the Company's accounting policies are the most appropriate to its circumstances, have been consistently applied in dealing with items which are considered material and are supported by reasonable and prudent estimates and judgements.
The preparation of this Interim Financial Report requires the use of estimates and assumptions that affect the reported values of assets and liabilities at the Balance Sheet date and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amounts, events or actions, actual results ultimately may differ from those estimates.
In preparing this Interim Financial Report, including the comparative financial information where applicable, the Company has adopted for the first time the following amendments to IFRS, which had no material impact on the Company:
-- The Annual Improvements to IFRSs 2010-2012 Cycle; and -- The Annual Improvements to IFRSs 2011-2013 Cycle.
There have been no other material changes to the accounting policies previously applied by the Company in preparing, and detailed in, its Annual Report & Financial Statements for the year ended 31 March 2015, which were prepared in accordance with International Financial Reporting Standards ('IFRS') as adopted by the European Union.
Notes to the Financial Information (continued)
3 Interest receivable
6 months 6 months 12 months
to to to
30 Sept 30 Sept 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
----------------------------------------- --------- --------- ----------
Interest on loans to Group undertakings 1,887 2,522 4,908
Other interest receivable from
Group undertakings 22 68 115
----------------------------------------- --------- --------- ----------
1,909 2,590 5,023
----------------------------------------- --------- --------- ----------
4 Interest expense
6 months 6 months 12 months
to to to
30 Sept 30 Sept 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
--------------------------------- --------- --------- ----------
Interest on floating rate notes 1,378 2,153 4,019
Interest on cash collateral 22 68 115
Interest on derivatives 433 290 718
--------------------------------- --------- --------- ----------
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:30 ET (07:30 GMT)
1,833 2,511 4,852
--------------------------------- --------- --------- ----------
5 Fair value movements
Fair value movements in the Statement of Comprehensive Income comprised the following:
6 months 6 months 12 months
to to to
30 Sept 2015 30 Sept 2014 31 Mar 2015
GBP000 GBP000 GBP000
------------------------------------------- ------------- ------------- ------------
Net gains/(losses) on derivatives 2,375 (9,842) 15,264
Net (losses)/gains on debt securities
in issue due to exchange rate movements (2,106) 9,827 (15,547)
269 (15) (283)
------------------------------------------- ------------- ------------- ------------
The Company enters into certain derivative financial instruments which although effective as economic hedges are not included in hedge accounting relationships. These derivatives hedge foreign currency debt securities in issue recorded at amortised cost.
Notes to the Financial Information (continued)
6 Administrative expenses
6 months 6 months 12 months
to to to
30 Sept 30 Sept 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
---------------------------------------- --------- --------- ----------
Cash manager fee - NRAM 59 59 111
Corporate services fee - Law Debenture
Corporate Services 4 4 9
Audit fees 2 2 4
Other legal and professional fees 11 13 47
---------------------------------------- --------- --------- ----------
76 78 171
---------------------------------------- --------- --------- ----------
The Company had no employees during the periods presented and none of the Directors received emoluments in respect of their services to the Company. A fee is paid to Law Debenture Corporate Services Limited for the provision of corporate administration services including the provision of directors.
7 Taxation
The Company is taxed in accordance with the permanent regime for securitisation companies. Under the permanent regime, as the tax charge is based purely on contractually retained profit, neither the current tax charge nor deferred tax will be affected by any fair value gains or losses arising on derivatives and other financial instruments.
Taxation appropriately reflects changes in tax rates which had been substantively enacted by 30 September 2015.
The tax charge for each period included nil overseas tax charge. The tax charge for the six months to 30 September 2015 has been calculated using the expected effective tax rate for the 12 months to 31 March 2016, ie 20% (year ended 31 March 2015: 21%).
No deferred tax assets were unrecognised at 30 September 2015, 30 September 2014 or 31 March 2015. No deferred tax assets have been recognised in respect of tax losses carried forward.
8 Related party disclosures
The Company is a special purpose vehicle controlled by its Board of Directors, which comprises three Directors. Two of the Company's three Directors are corporate Directors provided by Law Debenture Corporate Services Limited and the third Director is a Director of NRAM (the controlling party under IFRS). Transactions during the period with the Company's key management personnel and other related parties were similar in nature to those during the year ended 31 March 2015.
Notes to the Financial Information (continued)
9 Debt securities in issue
Class In currency In currency In currency 30 Sept 30 Sept 31 Mar
30 Sept 30 Sept 31 Mar 2015 2014 2015
2015 2014 2015 GBP000 GBP000 GBP000
------- -------------- --------------- --------------- -------- -------- --------
S2 A1 EUR48,925,000 EUR93,204,000 EUR73,288,000 36,128 72,545 52,997
S2 A2 GBP8,888,000 GBP16,933,000 GBP13,314,000 8,888 16,933 13,314
S2 B EUR36,678,000 EUR36,678,000 EUR36,678,000 27,084 28,548 26,524
S2 M EUR21,324,000 EUR21,324,000 EUR21,324,000 15,747 16,598 15,421
S2 C EUR35,398,000 EUR35,398,000 EUR35,398,000 26,140 27,552 25,598
S3 A GBP68,828,000 GBP131,120,000 GBP103,102,000 68,828 131,120 103,102
S3 B GBP38,900,000 GBP38,900,000 GBP38,900,000 38,900 38,900 38,900
S3 M GBP26,500,000 GBP26,500,000 GBP26,500,000 26,500 26,500 26,500
S3 C GBP48,500,000 GBP48,500,000 GBP48,500,000 48,500 48,500 48,500
------- -------------- --------------- --------------- -------- -------- --------
296,715 407,196 350,856
Accrued interest - non-current - 454 284
Accrued interest - current 96 258 252
-------- -------- --------
296,811 408,008 351,464
-------- -------- --------
10 Amounts due to banks
30 Sept 30 Sept 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
----------------------------------- -------- -------- --------
Cash collateral which the Company
has received 12,727 25,236 14,126
----------------------------------- -------- -------- --------
All of the cash collateral held is in respect of collateral received from derivative counterparties pursuant to the provisions of associated credit support agreements.
11 Other liabilities
30 Sept 30 Sept 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
----------------------------------------- -------- -------- --------
Amounts owed to NRAM group undertakings 5 10 5
----------------------------------------- -------- -------- --------
Notes to the Financial Information (continued)
12 Financial instruments
(a) Categories of financial assets and financial liabilities: carrying value compared to fair value
The following table summarises the carrying amounts and fair values of financial assets and liabilities:
At 30 September 2015
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- --------------- -----------
Financial assets
Loans to Group undertakings 288,672 288,672
Derivative financial instruments 8,317 8,317
Cash and cash equivalents 12,730 12,730
--------------------------------- --------------- -----------
Total financial assets 309,719 309,719
--------------------------------- --------------- -----------
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- --------------- -----------
Financial liabilities
Debt securities in issue 296,811 295,551
Amounts due to banks 12,727 12,727
Other liabilities 5 5
--------------------------------- --------------- -----------
Total financial liabilities 309,543 308,283
--------------------------------- --------------- -----------
At 30 September 2014
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- --------------- -----------
Financial assets
Loans to Group undertakings 389,846 389,846
Derivative financial instruments 18,345 18,345
Cash and cash equivalents 25,239 25,239
--------------------------------- --------------- -----------
Total financial assets 433,430 433,430
--------------------------------- --------------- -----------
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- --------------- -----------
Financial liabilities
Debt securities in issue 408,008 407,572
Amounts due to banks 25,236 25,236
Other liabilities 10 10
--------------------------------- --------------- -----------
Total financial liabilities 433,254 432,818
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:30 ET (07:30 GMT)
--------------------------------- --------------- -----------
Notes to the Financial Information (continued)
12 Financial instruments (continued)
(a) Categories of financial assets and financial liabilities: carrying value compared to fair value (continued)
At 31 March 2015
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- --------------- -----------
Financial assets
Loans to Group undertakings 344,466 344,466
Derivative financial instruments 6,907 6,907
Cash and cash equivalents 14,129 14,129
--------------------------------- --------------- -----------
Total financial assets 365,502 365,502
--------------------------------- --------------- -----------
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- --------------- -----------
Financial liabilities
Debt securities in issue 351,464 353,312
Amounts due to banks 14,126 14,126
Other liabilities 5 5
--------------------------------- --------------- -----------
Total financial liabilities 365,595 367,443
--------------------------------- --------------- -----------
Notes to the Financial Information (continued)
12 Financial instruments (continued) (b) Fair value measurement
Financial assets and liabilities carried at fair value are valued on the following bases:
At 30 September 2015 Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
---------------------------------- --------- -------- -------- --------
Financial assets
Derivative financial instruments - 8,317 - 8,317
---------------------------------- --------- -------- -------- --------
At 30 September 2014 Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
---------------------------------- --------- -------- -------- --------
Financial assets
Derivative financial instruments - 18,345 - 18,345
---------------------------------- --------- -------- -------- --------
At 31 March 2015 Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
---------------------------------- --------- -------- -------- --------
Financial assets
Derivative financial instruments - 6,907 - 6,907
---------------------------------- --------- -------- -------- --------
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: Inputs other than quoted prices that are observable for the asset or liability, whether directly (i.e. as price) or indirectly (i.e. derived from the implications of prices).
Level 3 Inputs for the asset or liability that are not based on observable market data or have significant unobservable inputs.
There were no transfers between Levels during the period (H1 2014/15: none; FY 2014/15: none).
Derivative financial instruments which are categorised as Level 2 are those which either:
(a) Have future cash flows which are known dates and for which the cash flow amounts are known or calculable by reference to observable interest and foreign currency exchange rates; or
(b) Have future cash flows which are not pre-defined, but which the fair value of the instrument has very low sensitivity to unobservable inputs.
In each case the fair value is calculated by discounting cash flows using observable market parameters including swap rates, interest rates and currency rates.
Notes to the Financial Information (continued)
13 Risks and uncertainties
The Directors are aware of the following material risks and uncertainties which may affect the Company during the period to 31 March 2016:
- external economic factors including unemployment, house price movements, and the extent and timing of changes in interest rates.
There may be other risks that are not listed above that the Directors are not aware of or that the Directors do not consider material.
14 Events after the reporting period
On 13 November 2015, the Company announced that amendments had been made to the Granite Transaction Documents granting NRAM the right (the 'Seller Call Option') at any time to require the Mortgages Trustee to sell the loans which are securitised within the Granite structure to NRAM or to a person nominated by NRAM, provided that the proceeds of sale are sufficient to fully redeem all of the Granite notes in issue. The Company also announced that NRAM had entered into an agreement, subject to the satisfaction of certain conditions precedent, to sell the loans which are securitised within the Granite structure to Cerberus European Residential Holdings B.V. The sale is expected to be completed following the exercise by NRAM of the Seller Call Option prior to 9 December 2015. The proceeds of sale are expected to be sufficient to fund the redemption of all of the notes issued by the Granite issuing companies, including those issued by the Company, on the notes payment date scheduled to fall on 20 December 2015.
The financial information in this document is unaudited and does not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. The comparative figures for the financial year ended 31 March 2015 are not the statutory accounts for that financial year for the Company. The 2015 statutory accounts of the Company have been reported on by that company's auditors and delivered to the Registrar of Companies. The report of the auditors was unqualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their report, and did not contain a statement under section 498(2) or (3) of the Companies Act 2006. This document may contain forward-looking statements with respect to certain plans and current goals and expectations relating to the future financial conditions, business performance and results of the Company. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that are beyond the control of the Company including, amongst other things, UK domestic and global economic and business conditions, market related risks such as fluctuation in interest rates and exchange rates, inflation, deflation, the impact of competition, changes in customer preferences, risks concerning borrower credit quality, delays in implementing proposals, the timing, impact and other uncertainties of future acquisitions or other combinations within relevant industries, the policies and actions of regulatory authorities, the impact of tax or other legislation and other regulations in the jurisdictions in which the Company and its affiliates operate. As a result, the actual future financial condition, business performance and results of the Company may differ materially from the plans, goals and expectations expressed or implied in these forward-looking statements. ----------------------------------------------------------------------
Statement of Directors' Responsibilities
The Directors confirm that this Interim Financial Report has been prepared in accordance with IAS 34 as adopted by the European Union and that the management commentary and related notes includes a fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:
-- An indication of important events that have occurred during the first six months and their impact on the condensed Financial Statements and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
-- Material related party transactions in the first six months and any material changes in the related party transactions described in the last annual report.
The Directors of Granite Mortgages 04-2 plc at the date of this report are:
Ian Hares
LDC Securitisation Director No. 1 Limited
LDC Securitisation Director No. 2 Limited
On behalf of the Board
For and on behalf of Law Debenture Corporate Services Limited
Company Secretary
25 November 2015
Registered Office:
Fifth Floor 100 Wood Street London
Independent review report to Granite Mortgages 04-2 plc
Report on the interim financial statements
Our conclusion
We have reviewed Granite Mortgages 04-2 plc's interim financial statements (the 'interim financial statements') in the Interim Financial Report of Granite Mortgages 04-2 plc for the 6 month period ended 30 September 2015. Based on our review, nothing has come to our attention that causes us to believe that the interim financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Rules and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Emphasis of matter
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:30 ET (07:30 GMT)
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