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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ssp Group Plc | LSE:SSPG | London | Ordinary Share | GB00BGBN7C04 | ORD 1 17/200P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.10 | -0.05% | 196.60 | 196.30 | 196.90 | 200.80 | 192.70 | 192.70 | 906,255 | 16:35:02 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Food Preparations, Nec | 3.02B | 8.1M | 0.0102 | 192.84 | 1.57B |
TIDMSSPG
RNS Number : 9554C
SSP Group PLC
25 January 2018
25 January 2018
LEI: 213800QGNIWTXFMENJ24
SSP Group plc
(the "Company")
Posting of 2017 Annual Report and Accounts and Publication of a Circular including the Notice of Annual General Meeting and details of the Special Dividend and Share Consolidation
On 22 November 2017 the Company published its preliminary results for the year ended 30 September 2017 and announced its intention to return c.GBP100 million to shareholders by way of a Special Dividend. The Company today announces that the Directors have approved the decision to recommend the Special Dividend, subject to Shareholder approval, and have posted to Shareholders a circular which includes the Notice of Annual General Meeting and further details of the proposed Special Dividend and Share Consolidation (the "Circular"), a Form of Proxy and a copy of its Annual Report and Accounts for the period ending 30 September 2017.
All definitions used in the Circular have the same meaning when used in this announcement. The summary set out in this announcement should be read in conjunction with the full text of the Circular.
Special Dividend
The amount of the Special Dividend is 20.9 pence per Existing Ordinary Share. Subject to Shareholder approval at the Annual General Meeting, the Board is proposing to pay the Special Dividend to Shareholders on the register of members of the Company at 6.00 p.m. (London time) on 13 April 2018. The Special Dividend is expected to be paid to Shareholders on 27 April 2018.
Share Consolidation
It is proposed that the payment of the Special Dividend be accompanied by a consolidation of the Company's ordinary share capital. In line with market practice, the Share Consolidation is intended to maintain comparability, as far as possible, of the Company's share price before and after the Special Dividend, subject to normal market fluctuations. Under the proposed Share Consolidation, the Existing Ordinary Shares will be sub-divided and consolidated so that Shareholders will receive 30 New Ordinary Shares for every 31 Existing Ordinary Shares held at the Record Time, expected to be 6.00 p.m. on 13 April 2018. The nominal value of each New Ordinary Share will be 1 1/30 pence. Unless a Shareholder elects otherwise, fractions of New Ordinary Shares arising from the Share Consolidation will be aggregated and sold in the market, with the proceeds being distributed to the SSP Foundation (a charitable organisation set up by SSP Group plc, registered under charity no. 1163717).
The ratio used for the Share Consolidation has been set by reference to the closing middle-market price of 654.5 pence per Existing Ordinary Share and the number of Existing Ordinary Shares in issue on 24 January 2018 (being the latest practicable date prior to the publication of the Circular).
Shareholders will own the same proportion of the Company as they did before the Share Consolidation so far as possible. Although the New Ordinary Shares will have a different nominal value, they will carry the same rights as currently attach to Existing Ordinary Shares under the existing articles of association.
The Special Dividend and Share Consolidation are conditional on Shareholder approval which will be sought at the Annual General Meeting on 27 February 2018 and Admission of the New Ordinary Shares to the Official List and to trading on the Main Market.
Applications will be made for (i) the Official List to be amended to reflect the New Ordinary Shares arising from the Share Consolidation, and (ii) the New Ordinary Shares to be admitted to trading on the Main Market. Trading on the London Stock Exchange for the Existing Ordinary Shares (under ISIN GB00BNGWY422) is expected to close at 4.30 p.m. on 13 April 2018, and it is expected that Admission of the New Ordinary Shares will become effective and trading in the New Ordinary Shares (under ISIN GB00BFWK4V16) will commence at 8.00 a.m. on 16 April 2018.
Expected Timetable
Latest time and date 11.00 a.m. on 23 February for receipt of Forms 2018 of Proxy and CREST proxy instructions for the Annual General Meeting Annual General Meeting 11.00 a.m. on 27 February 2018 Ex-dividend date for 15 March 2018 the Final Dividend Record date for Final 6.00 p.m. on 16 March Dividend 2018 Payment date for Final 29 March 2018 Dividend Latest time of dealings 4.30 p.m. on 13 April in Existing Ordinary 2018 Shares Record Time for Special 6.00 p.m. on 13 April Dividend and Share Consolidation 2018 Effective time and date 8.00 a.m. on 16 April of the Share Consolidation 2018 Admission of New Ordinary 8.00 a.m. on 16 April Shares to the Official 2018 List and to trading on the Main Market and commencement of dealings in New Ordinary Shares CREST accounts credited By or as soon as practicable with New Ordinary Shares after 8.00 a.m. on 16 April 2018 Dispatch (where applicable) 26 April 2018 of share certificates in respect of New Ordinary Shares Payment date for Special 27 April 2018 Dividend
Notes
1. All time references in this announcement are to London, UK time.
2. These dates are given on the basis of the Board's current expectations and are subject to change. If any of the above times and/or dates change, the revised times and/or dates will be notified to Shareholders by announcement through a Regulatory Information Service and will be available on the Company's website at www.foodtravelexperts.com.
3. All events in the above timetable scheduled to take place after the Annual General Meeting in respect of the Final Dividend, the Special Dividend and the Share Consolidation respectively are conditional on the approval by Shareholders of the Final Dividend, the Special Dividend and the Share Consolidation respectively as proposed. All events in the timetable from Admission of the New Ordinary Shares are also conditional upon Admission occurring.
Annual General Meeting
The Company's Annual General Meeting will be held at 11.00 a.m. on 27 February 2018 at the offices of Travers Smith LLP, 10 Snow Hill, London, EC1A 2AL.
National Storage Mechanism
Copies of the 2017 Annual Report and Accounts, the Circular and Form of Proxy have been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.Morningstar.co.uk/uk/nsm. Copies of the 2017 Annual Report and Accounts and the Circular are also available on the Company's website at www.foodtravelexperts.com.
Regulated Information
The information set out in the Appendix, which is extracted from the 2017 Annual Report and Accounts, is included for the purposes of complying with DTR 6.3.5 and its requirements on how to make public annual financial reports. The information in the Appendix should be read in conjunction with the Company's preliminary results for the year ended 30 September 2017 released on 22 November 2017 which can be viewed at www.foodtravelexperts.com. Together, these constitute the material required by DTR 6.3.5 to be communicated in unedited full text through a Regulatory Information Service.
For further information contact:
SSP Group plc
Helen Byrne
Company Secretary & General Counsel
0207 543 3300
Investor and analyst enquiries
Sarah John
Director of Investor Relations
+44 (0) 203 714 5251
E-mail: sarah.john@ssp-intl.com
Appendix
This material should also be read in conjunction with, and is not a substitute for reading, the full 2017 Annual Report and Accounts.
Note and page references in the text of this Appendix refer to note numbers and page numbers in the 2017 Annual Report and Accounts that can be viewed on the Company's website.
1. Directors' Responsibility statement
The following responsibility statement is repeated here to comply with DTR 6.3.5. This statement relates to, and is extracted from, page 57 of the 2017 Annual Report and Accounts. Responsibility is for the full 2017 Annual Report and Accounts, not the extracted information presented in this announcement and the full year results announcement.
The Directors are responsible for preparing the annual report and the Group and parent company financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare Group and parent company financial statements for each financial year. Under that law they are required to prepare the Group financial statements in accordance with International Financial Reporting Standards as adopted by the European Union (IFRSs as adopted by the EU) and applicable law and have elected to prepare the parent company financial statements in accordance with UK accounting standards, including FRS 101 Reduced Disclosure Framework.
Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and parent company and of their profit or loss for that period. In preparing each of the Group and parent company financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and estimates that are reasonable, relevant, reliable and prudent;
-- for the Group financial statements, state whether they have been prepared in accordance with IFRSs as adopted by the EU;
-- for the parent company financial statements, state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the parent company financial statements;
-- assess the Group and parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
-- use the going concern basis of accounting, unless they either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent company's transactions and disclose with reasonable accuracy at any time the financial position of the parent company and enable them to ensure that its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic report, Directors' report, Directors' remuneration report and Corporate Governance statement that complies with that law and those regulations.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Responsibility statement of the Directors in respect of the annual financial report
We confirm that to the best of our knowledge:
-- the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
-- the Strategic report and Directors' report include a fair review of the development and performance of the business and the position of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
We consider the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy.
Kate Swann
Chief Executive Officer
21 November 2017
Jonathan Davies
Chief Financial Officer
21 November 2017
2. Principal Risks
The description below of the principal risks and uncertainties that the Company faces is extracted from pages 18 to 21 of the 2017 Annual Report and Accounts.
The following table summarises the principal risks and uncertainties to which the Group is exposed, and the actions taken to mitigate those risks and uncertainties. Risks are identified as principal based on the likelihood of occurrence and the potential impact on the Group and are listed in order of priority.
Two new risks have been added to the principal risks since the prior year, indicated as such in the table below.
Risk increasing Risk decreasing No risk movement Risk/Risk Priority Risk Description Mitigating Factors ------------------------------- --------------------------- -------------------------- 1. Business environment The Group operates The Group monitors in the travel the performance environment where of individual external factors business units such as the general and markets economic and regularly. geopolitical The Executive climate, levels Directors review of disposable detailed weekly income, weather, and monthly changing demographics information and travel patterns covering a could all impact range of KPIs, both passenger and monitors numbers and consumer progress on spending. There key strategic is a risk that projects with the Group is local senior unable to, or management. poorly placed Specific short to, respond to and medium-term these external actions are events. taken to address any trading The travel environment performance is vulnerable issues which to acts of terrorism are monitored or war, an outbreak on an ongoing of pandemic disease, basis. or a major and extreme weather The Group also event or natural conducts extensive disaster which research to could reduce understand the number of current levels passengers in of customer travel locations. satisfaction and gathers feedback on changing requirements. The Group has business continuity plans in place including liaison with authorities and clients in key locations to ensure that contingency plans are comprehensive and complete. ------------------------------- --------------------------- -------------------------- 2. Retention The Group's operations The Group's of existing client are dependent local management relationships on the terms structures of airport and in all its railway station major geographies concession agreements. allow it to Growth is dependent maintain strong on the Group's relationships ability to retain with its clients existing concession and monitor contracts and performance win new contracts in close partnership from either new with its clients' or existing clients. management The Group's clients teams. may turn to alternative operators, cease The Group has operations, terminate an established contracts with contact strategy the Group or with key clients increase cost to establish pressure on the and/or maintain Group. ongoing relationships. The Group also has an annual online and interview-based client survey to ensure any concerns are being addressed.
Furthermore, the Group proactively seeks to invest in, extend and enhance its offers in key locations, working in conjunction with clients. ------------------------------- --------------------------- -------------------------- 3. Poor execution There is a risk The Group, and mobilisation that the Group regional and of new contracts may not be successful country senior in mobilising management new contracts teams review and operating mobilisation them successfully. plans to ensure that new openings are delivered on time and in line with the specific agreement or contract. The Group has strengthened the management teams in the high-growth regions of Asia Pacific, and India, especially in finance and operations. ------------------------------- --------------------------- -------------------------- 4. Labour laws Approximately The Group works and unions 46% of the Group's proactively employees are with all of subject to collective its unions bargaining agreements. to ensure that These are principally the various in France, Germany, collective Spain, Denmark, bargaining Finland, Norway, agreements Sweden and the are appropriate United States. for the Group and minimise The Group is commercial also subject risks. to minimum wage requirements The Group is and mandatory reviewing the healthcare subsidisation impact of changes in some of the in remuneration jurisdictions structures, in which it operates, including the notably North introduction America, the of the National United Kingdom Living Wage and China. and Apprenticeship Levy in the United Kingdom and the healthcare bill in the United States and developing mitigating strategies across the Group. ------------------------------- --------------------------- -------------------------- 5. Implementation The Group is The Group has of efficiency continuously completed detailed programmes seeking new programmes evaluation, to improve efficiency. planning and These change partial implementation programmes could of its major fail to deliver change programmes, the desired benefits adapting and e.g. labour efficiency responding and improvements to feedback in waste and on an ongoing loss. basis. Where required to aid these programmes, the Group continues to utilise specialist expertise in the business, both at a Group and a country level. The Group provides central support with regional CEOs and CFOs to facilitate appropriate country actions based on key performance indicators linked to margin management. Group IT also provides support for project management and implementation using agreed standard business processes and controls. ------------------------------- --------------------------- -------------------------- 6. Changing client Changing client The Group has behaviours requirements, in place a such as splitting clear 'SSP tenders across Value Proposition' two or more providers, that it presents partnering with to the client operators in to address joint ventures, this risk. developing third party purchasing The Group Director models and favouring of Strategic
local brand operators Partnerships or partnering and the Group directly with Chief Commercial brand owners, Officer work may adversely closely with affect the Group's country management business. teams to enhance and clarify the Group's proposition to its clients. The Group's contact strategy with key stakeholders and clients helps to mitigate this risk. This is informed by its annual client survey, which is carried out by an independent party. ------------------------------- --------------------------- -------------------------- 7. Expansion The Group's strategy The Group has into new markets involves expanding strengthened its business the management in developing team in Asia markets, including Pacific, and Asia Pacific, India, especially India, Eastern in finance Europe and the and operations Middle East. where this risk is high Political, economic and the Group and legal systems is growing. and conditions in these countries In addition, are generally the Group adopts less predictable a joint venture than in countries model in certain with more developed new territories institutional to provide structures, subjecting access to existing the Group to local infrastructure additional commercial, and expertise reputational, as well as legal and compliance to help mitigate risks. the risk inherent on entering new territories. The Group has clearly defined authorisation procedures for all contract investment to ensure that it is consistent with the objectives set by the Board, and fully considers and evaluates the risks inherent in expansion into new locations and territories. The Group works with in-house and external advisors to ensure the risks of doing business in developing markets are identified and, where possible, mitigated before entering those markets.This includes appropriate due diligence of potential joint venture and other local partners. The Group legal team works closely with country legal and operational teams to support business development activities and ensure compliance with local requirements. The risk of working in developing markets is also monitored by the Risk Committee and the Audit Committee. ------------------------------- --------------------------- -------------------------- 8. Senior management The performance The Group continues capability and of the Group to review key retention depends on its roles and succession ability to attract, plans in country motivate and and at a Group retain key employees. level. Senior The skills developed resources have in our business been strengthened are highly attractive in a number to other companies, of strategically which regularly important and target our staff growing businesses. for recruitment. The Remuneration The Group may Committee monitors not have sufficient the levels management capability of remuneration at a senior level, for senior such as country management
leadership, to and seeks to execute the planned ensure that operational efficiency they are designed programmes and to attract, support the growth retain and and development motivate the of the business. key personnel required to The Group may run the Group not have sufficient effectively. resources such as in legal, The Group carries finance and IT, out an annual to meet the changing talent mapping and complex needs exercise to of an international identify candidates and growing business. for future roles and continues to invest in additional resource to support change initiatives and business development programmes. ------------------------------- --------------------------- -------------------------- 9. Intensified Competition intensifies The Group has competition as the Group's developed high-quality competitors become 'business-to-business' more sophisticated marketing collateral and direct more to clearly resources to lay out the the preparation benefits of of tenders and working with take a more aggressive SSP, which position on commercial it shares with terms when tendering the clients for contracts. to help them This could put better understand pressure on the the Group's Group's profitability proposition and reduce the from both quantitative availability and qualitative and attractiveness aspects. of contracts. The Group's strengthened business development team utilises the feedback from regular client satisfaction surveys when developing new tenders to ensure they remain competitive to clients. The Group has clear internal benchmarking and investment appraisal processes to evaluate tender proposals and to ensure that the Group is able to make a competitive offer, as well as meet its investment criteria. The Group continues to extend its brand portfolio, including via partnerships with celebrity chefs, to provide breadth and depth as part of a tender process. . ------------------------------- --------------------------- -------------------------- 10. Impact of There may be The Group carefully Brexit a potential impact monitors the NEW RISK from Brexit on ongoing negotiations consumer spending, of the UK's cost inflation exit from the and the mobility EU and as further of EU labour impacts of in the UK. Brexit develop and crystallise, the Executive Directors and senior management will consider and implement additional mitigating actions. The Group maintains a global portfolio and regularly monitors the impact of foreign exchange fluctuations on its cash flows, mitigating the impact from exchange risk. The Group's pricing and range initiatives are driven by continuous monitoring of consumer spend benchmarks. Various gross margin initiatives including recipe re-engineering and procurement
rationalisation continue to be pursued, in order to mitigate the impact of cost inflation. The Group continues to develop its UK recruitment strategy to ensure SSP is positioned as an attractive employer in the UK. ------------------------------- --------------------------- -------------------------- 11. Insufficient The Group may The Group prioritises business development not be successful its investment capability and in winning new in new contracts investment contracts on as part of commercially the ongoing acceptable terms. review of its global pipeline, The Group may and the prioritisation not have the of its capital capability to investment enter new markets and resources. and capitalise on the business The Group has development opportunities strengthened these provide. the management team in Asia Pacific and India, especially in finance and operations. ------------------------------- --------------------------- -------------------------- 12. Compliance The laws and The Group has Risk regulations governing processes in NEW RISK the Group's industry place to ensure have become increasingly compliance complex across with local a number of jurisdictions laws and regulations. and a wide variety The Group may of areas, including, obtain external among others, advice to supplement food safety, the in-house labour, employment, legal and compliance immigration, team. security and safety, health The Group has and safety, competition a Code of Conduct and antitrust, and Anti-Bribery consumer protection and Anti-Corruption (including data Policy and protection), training has environment, been rolled licensing requirements out internationally. and related compliance. The Group's With a UK parent procedures company, the under the policy Group is required include regular to comply with reporting by the provisions the businesses of the UK Bribery into the Risk Act and the new Committee. legislation aimed Compliance at preventing is monitored the facilitation by Internal of tax evasion, Audit and the as well as the Risk Committee local equivalent on an ongoing laws in the territories basis and all in which the alleged breaches Group operates. of the Code of Conduct The Group is and policy required to comply are investigated. with current data privacy The Group has laws, in many conducted a of the jurisdictions risk assessment in which it operates. regarding the In the EU, the new UK tax Company will legislation be subject to and is reviewing the new General its policies Data Protection and procedures Regulation (GDPR) in this regard. from May 2018. This requires The Group has the adoption established of stricter data a GDPR working management processes group with in order to address representatives greater rights from each key for individuals, division to mandatory breach assess and reporting and ensure the more rigorous Group is able compliance obligations. to manage GDPR compliance There is a risk risk. Local that the Group champions have fails to comply been identified with the new and the Group rules or to implement is making progress adequate processes to ensure it to safeguard is compliant personal data. with the new This could give rules. rise to larger fines, penalties The Group has and civil action food safety from individuals. controls and procedures The preparation in place that of food and maintenance are embedded of the Group's in the Group's supply chain operations. require a base These are monitored level of hygiene, by country temperature maintenance management and traceability, teams on a and expose the regular basis Group to possible and appropriate food safety liability action is taken claims and issues. if any issues
are identified. Training sessions are also held in country to ensure compliance with these procedures. ------------------------------- --------------------------- -------------------------- 13. Execution The Group fails The Group continues of outsourcing to execute outsourcing to utilise programmes projects effectively specialist resulting in resources in the business the business as usual being to manage implementation disrupted and and transition the introduction projects and of new third to use external party risks. advisors to provide input into the management of risks on such projects. Performance feedback is reported to the Executive Committee on a regular basis and the Risk Committee periodically. The Group has included the outsourcing centres in its Internal Audit review scope. The outsourcing partners are highly reputable and were selected after a rigorous tender process and extensive due diligence. ------------------------------- --------------------------- -------------------------- 14. Maintenance/development The Group's success The Group carries of brand portfolio is largely dependent out extensive upon its ability customer research to maintain its into passengers' portfolio of needs and continually proprietary brands analyses market as well as the trends in order brands of its to enhance franchisors, its brand and and the appeal concept portfolio of those brands on an ongoing for clients and basis. customers. The loss of any significant The Group continues partner brands, to strengthen the inability its dedicated to obtain rights brands team to new brands to work closely over time or with its partner the diminution brands and in the appeal to enable greater of partner brands capacity to or the Group's attract and proprietary brands manage a broader could impair portfolio of the Group's ability external brands. to compete effectively in tender processes and ultimately have a material adverse effect on the Group's business. ------------------------------- --------------------------- -------------------------- 15. Cyber threats The Group becomes The Group continually exposed to information reviews its security and business continuity cyber threats plans for its e.g. Payment supply chain, Card Industry IT disaster Data Security recovery, and Standards (PCIDSS). information security policies and practices to ensure that these meet the changing landscape. The Group's segmental business model and IT systems structure help to ensure that potential cyber attacks are likely to remain isolated locally rather than impacting the whole Group. ------------------------------- --------------------------- -------------------------- 16. Tax strategy Risk that reputation The Group has is damaged if a tax management customers, clients policy which and/or suppliers is based on believe that Board guidance the Group is to adopt a engaged in aggressive low risk tax or abusive tax strategy. avoidance. ------------------------------- --------------------------- -------------------------- 3. Related Parties
The following is extracted from note 27 to the Group's consolidated financial statements (on pages 97 to 98).
Related party relationships exist with the Group's subsidiaries, associates (note 12), key management personnel, pension schemes (note 19) and employee benefit trust (note 21).
Subsidiaries
Transactions between the Company and its subsidiaries, and transactions between subsidiaries, have been eliminated on consolidation and are not disclosed in this note. Where the Group does not own 100% of its subsidiary, significant transactions with the other investors in the jointly owned subsidiary (JV partner), other than those listed in note 21, are disclosed in this note. Sales and purchases with related parties are made at normal market prices.
Associates
Significant transactions with associated undertakings during the year, other than those included in note 12, are included in the table below.
2017 2016 GBPm GBPm ------------------------------------------------------- ----- ----- Purchases from related parties(1) (5.4) (4.8) Management fee income 2.5 1.6 Other income 1.5 0.9 Other expenses(2) (6.5) (0.2) Amounts owed by related parties at the end of the year 4.2 0.7 Amounts owed to related parties at the end of the year (0.8) (4.9) ------------------------------------------------------- ----- -----
1 The majority of purchases from related parties relates to purchases from The Minor Food Group PCL (GBP4.8m; 2016: GBP4.8m) which owns 51% of Select Service Partner Co. Limited.
2 The majority of other costs relate to GBP5.3m concession fees charged by Mumbai Airport Private Limited, which owns 14.7% of Mumbai Airport Lounge Services Private Limited.
The Group has provided a number of guarantees to third parties in respect of obligations of its associates, relating to, for example, concession agreements, franchise agreements and financing facilities. In addition, certain subsidiaries benefit from guarantees provided by the Group's JV partners to similar third parties (in respect of obligations of the subsidiaries). These guarantees are consistent with those provided in the normal course of business in respect of the Group's wholly owned subsidiaries.
Remuneration of key management personnel
The remuneration of key management personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24 'Related Party Disclosures'. The Group considers key management personnel to be the Chief Executive Officer, Chief Financial Officer and Non-Executive Directors.
2017 2016 GBPm GBPm ----------------------------- ----- ----- Short-term employee benefits (4.1) (4.0) Post-employment benefits (0.4) (0.4) Share-based payments (2.3) (1.3) ----------------------------- ----- ----- (6.8) (5.7) ----------------------------- ----- -----
This information is provided by RNS
The company news service from the London Stock Exchange
END
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