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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Tesco Plc | LSE:TSCO | London | Ordinary Share | GB00BLGZ9862 | ORD 6 1/3P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.70 | 0.84% | 324.00 | 322.60 | 322.80 | 324.40 | 319.70 | 321.00 | 29,154,831 | 16:35:20 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Grocery Stores | 68.38B | 1.19B | 0.1763 | 18.31 | 21.65B |
From Mar 2020 to Mar 2025
TIDMTSCO
RNS Number : 8572Y
Tesco PLC
14 May 2019
14 May 2019
Tesco PLC
Annual Report and Financial Statements and Notice of Annual General Meeting 2019
Further to the release of its preliminary results announcement on 10 April 2019, Tesco PLC (the "Company") announces that it has today published its Annual Report and Financial Statements 2019. In addition, the Company announces that its Notice of Annual General Meeting 2019 has been sent to shareholders. The 2019 Annual General Meeting will be held at our Heart building, Shire Park, Welwyn Garden City, Herts, AL7 1TW on Thursday, 13 June 2019 at 11.30 a.m.
The Company's Annual Report and Financial Statements 2019, Notice of Annual General Meeting 2019 and Little Helps Plan Progress Update can be viewed on the Company's website at www.tescoplc.com.
In accordance with Listing Rule 9.6.1R, copies of the following documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM:
-- Annual Report and Financial Statements 2019; -- Notice of Annual General Meeting 2019; and -- Proxy Form for the 2019 Annual General Meeting.
The Company's preliminary consolidated financial information and information on important events that have occurred during the year, and their impact on the financial statements were included in the Company's preliminary results announcement on 10 April 2019. That information, together with the information set out below, which is extracted from the Annual Report and Financial Statements 2019, constitute regulated information, which is to be communicated to the media in full unedited text through a Regulatory Information Service in accordance with the FCA's Disclosure Guidance and Transparency Rules ("DTR"), Rule 6.3.5R. This announcement is not a substitute for reading the full Annual Report and Financial Statements 2019. Page and note references in the text below refer to page numbers and note references in the Annual Report and Financial Statements 2019. To view the preliminary results announcement, visit the Company's website: www.tescoplc.com.
Enquiries: Robert Welch
Company Secretary
Tesco PLC
Tesco House
Shire Park
Kestrel Way
Welwyn Garden City
Hertfordshire
AL7 1GA
Tel: 07793 222569
LEI Number: 2138002P5RNKC5W2JZ46
Principal risks and uncertainties
We have an established risk management process to identify, assess and monitor the principal risks that we face as a business. We have performed a robust review of the risks that we believe could seriously affect the Group's performance, future prospects, reputation or its ability to deliver against its priorities. This review included an assessment of risks we believe would threaten the Group's business model, future performance, solvency or liquidity.
We have reviewed our principal risks in line with our strategic drivers. The risks to the business, at a high level, remain unchanged from the previous year. We have reframed our customer risk definition to better reflect current circumstances, set out on page 33.
The two shorter-term risks relating to Brexit as well as Booker synergy realisation and integration remain relevant. The risks associated with Brexit are increasing due to the possibility of a 'no deal' scenario and the potential for an abrupt departure from the EU. The Booker integration and synergy realisation risk is decreasing as good progress was made on the expected synergies.
The risk management process relies on our assessment of the risk likelihood and impact and on the development and monitoring of appropriate internal controls. Our process for identifying and managing risk is set out in more detail on page 59.
We maintain risk registers that discuss the principal risks faced by the Group and this is an important component of our governance framework and how we manage our business. As part of our risk management process, risks are reviewed as a top down and bottom up activity at the Group and the business unit level. The content of the risk registers are considered and discussed through regular meetings with senior management and reviewed by the Executive Committee. Each principal risk is discussed at least annually by the Board to provide oversight and ensure that they remain relevant.
The table opposite sets out our principal risks, their link to our strategic drivers, their movement during the year and a summary of key controls and mitigating factors. The Board considers these to be the most significant Group risks that may impact the achievement of our six strategic drivers as set out on pages 14 and 15. They do not comprise all of the risks associated with the business and are not set out in priority order. Additional risks not presently known to management, or currently deemed to be less material, may also have an adverse effect on the business.
Hot Features
Premium
Principal risk Risk movement Key controls and
mitigating factors
Customer
Uncertainties (including Ongoing fragmentation We now have a more
Brexit and macro-economic of our customer engagement consistent approach
conditions) squeeze channels exposes to building impactful
our customers' budgets us to a risk of diluting customer propositions,
and force them to customer experience offering high-quality
reappraise the concepts and ability to differentiate and competitive value
of value and loyalty our brand. while improving the
in a way in which customer experience.
we are unable to No risk movement Propositions are
respond. now developed across
channels and geographies
Strategic drivers: to ensure consistency
in the engagement
1. A differentiated with customers. Group-wide
brand customer insight
2. Reduce operating management is undertaken
costs by GBP1.5bn to understand and
3. Generate GBP9bn leverage customer
cash from operations behaviour, expectations
4. Maximise the mix and experience across
to achieve a 3.5% the different parts
- 4.0% margin of the business.
6. Innovation We monitor the effectiveness
of our processes
by regularly tracking
our business and
competitors against
measures that customers
tell us are important
to their shopping
experience. We have
well-established
product development
and quality management
processes, which
keep the needs of
our customers central
to our decision-making.
------------------------------ -------------------------------
Transformation
Failure to achieve Achieving our transformation We have multiple
our transformation goals continues to transformation programmes
objectives due to demand effort and underway to simplify
poor prioritisation, investment, especially our business with
ineffective change with regard to technology clear market strategies
management and a changes. and business plans
failure to understand in place which evolve
and deliver the technology No risk movement as priorities or
required, resulting situations change.
in an inability to We have appropriate
progress sufficiently executive-level oversight
quickly to maintain for all the transformation
or increase operating activities to ensure
margin and generate programmes are adequately
sufficient cash to resourced and milestones
meet business objectives. achieved.
Strategic drivers:
2. Reduce operating
costs by GBP1.5bn
3. Generate GBP9bn
cash from operations
4. Maximise the mix
to achieve a 3.5%
- 4.0% margin
6. Innovation
------------------------------ -------------------------------
Liquidity
Failure of our business We have a disciplined We maintain an infrastructure
performance to deliver and policy-based of systems, policies
cash as expected; approach to treasury and reports to ensure
access to funding management. We have discipline and oversight
markets or facilities reduced our debt on liquidity matters,
being restricted; levels and have improving including specific
failures in operational debt metrics. treasury and debt-related
liquidity and currency issues. Our treasury
risk management; No risk movement policies are communicated
Tesco Bank cash call; across the Group
or adverse changes and are regularly
to the pension deficit reviewed by the Board,
funding requirement; Executive Committee
create calls on cash and management. The
higher than anticipated, Group's funding strategy
leading to impacts is approved annually
on financial performance, by the Board and
cash liquidity or includes maintaining
the ability to continue appropriate levels
to fund operations. of working capital,
undrawn committed
Strategic drivers: facilities and access
to the capital markets.
2. Reduce operating The Audit Committee
costs by GBP1.5bn reviews and annually
3. Generate GBP9bn approves the viability
cash from operations and going concern
4. Maximise the mix statements and reports
to achieve a 3.5% into the Board. There
- 4.0% margin is a long-term funding
5. Maximise value framework in place
from property for the pension deficit
and there is ongoing
communication and
engagement with the
Pension Trustees.
Liquidity levels
and sources of cash
are regularly reviewed
and the Group maintains
access to committed
credit facilities
and debt capital
markets. While recognising
that Tesco Bank is
financially separate
from Tesco PLC, there
is ongoing monitoring
of the activities
of Tesco Bank that
could give rise to
risks to Tesco PLC.
------------------------------ -------------------------------
Competition and markets
Failure to deliver We continue to face Our Board develops
an effective, coherent the ongoing challenge and regularly challenges
and consistent strategy of a changing competitive the strategic direction
to respond to our landscape and price of our business to
competitors and changes pressure across most enhance our ability
in market conditions of our markets. to remain competitive
in the operating on price, range and
environment, resulting No risk movement service. This activity
in a loss of market includes development
share and failure of our online channels
to improve profitability. and multiple formats
to allow us to compete
Strategic drivers: in different markets.
Our Executive Committee
1. A differentiated and operational management
brand regularly review
2. Reduce operating markets, trading
costs by GBP1.5bn opportunities, competitor
3. Generate GBP9bn strategy and activity.
cash from operations We engage in market
4. Maximise the mix scanning and competitor
to achieve a 3.5% analysis to refine
- 4.0% margin our customer proposition.
6. Innovation
------------------------------ -------------------------------
Brand, reputation and trust
Failure to create We are leveraging Maintaining a differentiated
brand reappraisal the Tesco Centenary brand is one of our
opportunities to to celebrate 100 strategic priorities.
improve quality, Years of great value Our Group processes,
value and service and reaffirm our policies and our
perceptions thus position as the customer Code of Business
failing to rebuild champion. We continue Conduct sets out
trust in our brand. to implement a number how we can make the
of initiatives and right decisions for
Strategic drivers: activities thereby our customers, colleagues,
helping reappraise suppliers, communities
1. A differentiated the brand, increase and investors.
brand trust and reputation
while improving our We continue to develop
quality and value communication and
perception. engagement programmes
to listen to our
Risk decreasing customers and stakeholders
and reflect their
needs in our plans.
This includes the
Supplier Viewpoint
and the integration
of local community
and local marketing
programmes. We continue
to maximise the value
and impact of our
brand with the advice
of specialist external
agencies and in-house
marketing expertise.
Our Corporate Responsibility
Committee is in place
to oversee all corporate
responsibility activities
and initiatives ensuring
alignment with customer
priorities and our
brand.
------------------------------ -------------------------------
Technology
Failure of our IT Our dependency on A multi-year programme
infrastructure or technology continues is underway to enhance
key IT systems result to grow. Ongoing our technology infrastructure
in loss of information, improvements and and resilience capabilities.
inability to operate investment in disaster This involves significant
effectively, financial recovery and business investment in our
or regulatory penalties, continuity measures hosting strategy,
and negatively impacts help to limit exposure partnering with cloud
our reputation. Further, to external threats. providers and re-engineering
failure to build some of our legacy
resilience at the Risk decreasing retail systems, while
time of investing building redundancy
in and implementing for key business
new technology may systems.
result in potential
loss of operating Our technology security
capability. programme continues
to build security
Strategic drivers: capabilities to strengthen
our infrastructure
1. A differentiated and Information Technology
brand General Controls.
2. Reduce operating
costs by GBP1.5bn
3. Generate GBP9bn
cash from operations
4. Maximise the mix
to achieve a 3.5%
- 4.0% margin
6. Innovation
------------------------------ -------------------------------
Data security and data privacy
Failure to comply As a retail organisation We put our customers
with legal or regulatory we hold a large amount and our colleagues
requirements relating of customer and colleague at the heart of all
to data security personal data, and decisions we make
or data privacy in the threat landscape in relation to the
the course of our has been ever growing. processing of personal
business activities, The introduction data. Our multi-year
results in reputational of GDPR in May 2018 technology security
damage, fines or has meant an increase programme has been
other adverse consequences. in individuals' awareness driving the enhancement
This includes criminal levels, as well as of our security capabilities
penalties and consequential an increase in the to improve data security.
litigation which financial penalties
result in an adverse which can be levied We have an established
impact on our financial by the data protection team to detect, report
performance or unfavourable authorities. and respond to security
effects on our ability incidents in a timely
to do business. No risk movement fashion. We have
a third-party supplier
Strategic drivers: assurance programme
focusing on data
1. A differentiated security and privacy
brand risks.
3. Generate GBP9bn
cash from operations We have made significant
investment across
the Group to ensure
we comply with the
requirements of GDPR
in Europe, and any
other relevant legislation
globally. Our privacy
compliance programme,
which includes assessment
and monitoring of
risk, continues to
drive compliance
throughout our global
business.
There is regular
reporting on progress
of the security and
privacy programmes
to governance and
oversight committees.
------------------------------ -------------------------------
Political, regulatory and compliance
Failure to comply We continue to monitor Wherever we operate,
with legal and other and improve our controls we aim to ensure
requirements as the to ensure we comply that the impact of
regulatory environment with legal and regulatory political and regulatory
becomes more restrictive, requirements across changes is incorporated
due to changes in the Group. Long-term in our strategic
the global political changes in the global planning and policies.
landscape, results political environment We manage regulatory
in fines, criminal mean that in some risks through the
penalties for Tesco markets there is use of our risk management
or colleagues, consequential a push towards greater framework and we
litigation and an regulation of foreign have implemented
adverse impact on investors and a favouring compliance programmes
our reputation, financial of local companies. and committees to
results, and/or our manage our most important
ability to do business. No risk movement risks (e.g. anti-bribery
and competition law).
Strategic drivers: Our compliance programmes
ensure that sustainable
1. A differentiated controls are implemented
brand to mitigate the risk
and we conduct assurance
activities for each
risk area. Our Code
of Business Conduct
is supported by new
starter and annual
compliance training
and other tools such
as our whistleblowing
hotline. The engagement
of leadership and
senior management
is critical in the
successful management
of this risk area
and leaders provide
clear tone from the
top for colleagues.
------------------------------ -------------------------------
Health and safety
Failure to meet safety We continue to focus We have a business-wide,
standards in relation our efforts on controls risk-based safety
to our workplace, which ensure colleague framework which defines
resulting in death and customer safety. how we implement
or injury to our and report on safety
customers, colleagues No risk movement controls to ensure
or third parties. that colleagues,
contractors and customers
Strategic drivers: have a safe place
to work and shop.
1. A differentiated Each business is
brand required to maintain
a Safety Improvement
Plan to document
and track enhancements.
Overall governance
is provided by the
Group Risk and Compliance
Committee, with each
business unit operating
their own Health
and Safety Committee.
Our annual colleague
survey programme
results, alongside
other inputs such
as safety audits,
informs the delivery
of safety initiatives
and targeted communications.
------------------------------ -------------------------------
People
Failure to attract Market competitiveness Talent planning and
and retain the required continues to affect people development
capability and continue our ability to attract processes are well
to evolve our culture and retain key specialist established across
could impact delivery talent. There is the Group. Talent
of our purpose and continued impact and succession planning
strategic drivers. arising from fast-changing is discussed annually
and complex legislation. by the Board and
Strategic drivers: three times a year
No risk movement at the Executive
1. A differentiated Committee and Nominations
brand and Governance Committee.
2. Reduce operating A Group Inclusion
costs by GBP1.5bn strategy is in place.
3. Generate GBP9bn An independent assessment
cash from operations of all promotions
4. Maximise the mix and external hires
to achieve a 3.5% is conducted at leadership
- 4.0% margin level to ensure capability,
5. Maximise value potential, leadership
from property and values. The Remuneration
6. Innovation Committee agrees
objectives and remuneration
arrangements for
senior management.
People risk mitigation
plans are in place
throughout the Group,
supported by the
Executive Committee.
------------------------------ -------------------------------
Responsible sourcing and supply chain
Failure to meet product We continue to monitor We have product standards,
safety standards and improve our controls policies and guidance
resulting in death, to further reduce covering both food
injury or illness this risk. and non-food, as
to customers. Failure well as goods and
to ensure that products No risk movement services not for
are sourced responsibly resale, ensuring
and that products are
sustainably across safe, legal and of
supply chains (including the required quality.
fair pay for workers, Measures include
adhering to human policies and guidance
rights, clean and to help to ensure
safe working environments, that the human rights
and that all social of workers are respected
and environmental and environmental
standards are met), impacts are managed
leading to breaches responsibly. Refer
of regulations, illness, to pages 24 to 31
injury or death to for specific actions
workers and communities, highlighted under
and affecting our our Little Helps
reputation. Plan. Supplier audit
programmes are in
Strategic drivers: place to monitor
product safety, traceability
1. A differentiated and integrity, human
brand rights and environmental
6. Innovation standards, including
unannounced specification
inspections of suppliers
and facilities. We
run colleague training
programmes on food
and product safety,
responsible sourcing,
hygiene controls,
and also provide
support for stores.
We also provide targeted
training for colleagues
and suppliers dealing
with specific challenges
such as modern slavery.
------------------------------ -------------------------------
Booker synergy realisation and integration
Failure to successfully There has been good A detailed synergy
integrate Booker progress on the expected realisation and integration
is dependent on a synergies. plan was successfully
number of factors, executed during the
leading to a risk Risk decreasing financial year. Period-end
to our planned synergy reporting and tracking
commitments and value of targeted benefits
creation. and key performance
indicators is embedded.
Strategic drivers:
1. A differentiated
brand
2. Reduce operating
costs by GBP1.5bn
3. Generate GBP9bn
cash from operations
4. Maximise the mix
to achieve a 3.5%
- 4.0% margin
5. Maximise value
from property
6. Innovation
------------------------------ -------------------------------
Brexit
Failure to prepare Uncertainty around With the UK's future
for the UK's departure our departure from trading relationship
from the EU will the EU has continued with the EU still
cause disruption to grow as a result to be determined,
to and create uncertainty of the political we continue to contribute
around our business, deadlock. to important public
not least our ability policy discussion
to recruit and supply Risk increasing and engage with government,
to our customers. regulatory bodies
Any disruption or and industry. During
uncertainty could this process, we
have an adverse effect will continue to
on our business, assess and monitor
financial results the potential risks
and operations. and impacts on Tesco
customers, colleagues
Strategic drivers: and shareholders,
while taking appropriate
1. A differentiated mitigation measures
brand to address challenges
2. Reduce operating including logistics,
costs by GBP1.5bn staff and supply.
3. Generate GBP9bn
cash from operations This year we put
4. Maximise the mix in place a detailed
to achieve a 3.5% Brexit contingency
- 4.0% margin plan against political
and macro-economic
changes that could
have a material impact
on our market and
customer proposition.
------------------------------ -------------------------------
Tesco Bank
Tesco Bank is exposed The Bank continues The Bank has a defined
to a number of risks, to actively manage risk appetite, which
the most significant the risks to which is approved and reviewed
of which are operational it is exposed. regularly by both
risk, regulatory the Bank's Board
risk, credit risk, No risk movement and the Tesco PLC
funding and liquidity Board. The risk appetite
risk, market risk defines the type
and business risk. and amount of risk
that the Group is
Strategic drivers: prepared to accept
to achieve its objectives,
1. A differentiated and forms a key link
brand between the day-to-day
2. Reduce operating risk management of
costs by GBP1.5bn the business and
3. Generate GBP9bn its strategic priorities,
cash from operations long-term plan, capital
planning and liquidity
management. Adherence
to risk appetite
is monitored through
a series of ratios
and limits.
The Bank operates
a risk management
framework that is
underpinned by governance,
policies, processes
and controls, reporting,
assurance and stress
testing.
There is Bank Board
risk reporting throughout
the year, with updates
to the Tesco PLC
Audit Committee by
the Bank's Chief
Financial Officer,
Chief Risk Officer
and Audit Committee
Chairman. A member
of the Tesco PLC
Board is also a member
of the Bank's Board.
------------------------------ -------------------------------
Indicates that the principal risk has been included as part of the longer term viability scenarios as detailed on page 37.
Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its joint ventures and associates are disclosed below:
Transactions
Joint ventures Associates
2019 2018 2019 2018
GBPm GBPm GBPm GBPm
-------- ------ ------
Sales to related parties 486 474 - -
-------- ------- ------ ------
Purchases from related
parties 376 396 20 18
-------- ------- ------ ------
Dividends received 29 15 12 11
-------- ------- ------ ------
Injection of equity funding 11 21 - -
-------- ------- ------ ------
Sales to related parties consist of services/management fees and loan interest.
Purchases from related parties include GBP280m (2018: GBP275m) of rentals payable to the Group's joint ventures (including those joint ventures formed as part of the sale and leaseback programme).
Transactions between the Group and the Group's pension plans are disclosed in Note 27.
Balances
Joint ventures Associates
2019 2018 2019 2018
GBPm GBPm GBPm GBPm
----------------------------- -------- ------ ------
Amounts owed to related
parties 20 20 - -
-------- ------- ------ ------
Amounts owed by related
parties 37 27 - -
-------- ------- ------ ------
Loans to related parties
(net of deferred profits)* 133 138 - -
-------- ------- ------ ------
Loans from related parties - 6 - -
(Note 21)
-------- ------- ------ ------
* Loans to related parties of GBP133m (2018: GBP138m) are presented net of deferred profits of GBP54m (2018: GBP54m) historically arising from the sale of property assets to joint ventures. For loans to related parties, a 12-month expected credit loss is recorded on initial recognition. The expected credit loss was immaterial as at the current reporting date.
A number of the Group's subsidiaries are members of one or more partnerships to whom the provisions of the Partnerships (Accounts) Regulations 2008 (Regulations) apply. The financial statements for those partnerships have been consolidated into these financial statements pursuant to Regulation 7 of the Regulations.
Transactions with key management personnel
Members of the Board of Directors and Executive Committee of Tesco PLC are deemed to be key management personnel.
Key management personnel compensation for the financial year was as follows:
2019 2018
GBPm GBPm
-------------------------------------------------
Salaries and short-term benefits 17 17
------ ------
Pensions and cash in lieu of pensions 2 2
------ ------
Share-based payments 13 19
------ ------
Joining costs and loss of office costs 1 4
------ ------
33 42
------ ------
Attributable to:
The Board of Directors (including Non-executive
Directors) 10 12
------ ------
Executive Committee (members not on the
Board of Directors) 23 30
------ ------
33 42
------ ------
Of the key management personnel who had transactions with Tesco Bank during the financial year, the following are the balances at the financial year end:
Credit card, mortgage Current and saving deposit
and personal loan balances accounts
Number of key management GBPm Number of key management GBPm
personnel personnel
---------------- ------------------------- ------------------------- -----
At 23 February
2019 3 - 10 2
------------------------- ----- ------------------------- -----
At 24 February
2018 7 1 5 -
------------------------- ----- ------------------------- -----
Statement of Directors' responsibilities
In compliance with DTR 4.1.12R, the Annual Report and Financial Statements 2019 contains a Directors' responsibility statement. This is reproduced below, in line with DTR 6.3.5R. The statement relates to and is extracted from the Annual Report and Financial Statements 2019 and does not attach to the extracted information presented in this announcement or the preliminary results announcement released on 10 April 2019.
The Directors are required by the Companies Act 2006 to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Group and the Company as at the end of the financial year, and of the profit or loss of the Group for the financial year. Under that law, the Directors are required to prepare the Group financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU) and have elected to prepare the Parent Company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 101 'Reduced Disclosure Framework' (UK Accounting Standards and applicable law).
In preparing these financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and accounting estimates that are reasonable and prudent;
-- state whether IFRSs as adopted by the EU and applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Group and Parent Company financial statements respectively;
-- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
-- provide additional disclosures when compliance with the specific requirements in IFRS are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
-- prepare the financial statements on the going concern basis, unless it is inappropriate to presume that the Group and the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company, and which enable them to ensure that the financial statements and the Directors' remuneration report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They also have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and the Company, and to prevent and detect fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The Directors consider that the Annual Report and Financial Statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's and the Company's performance, business model and priorities. Each of the Directors, whose names and functions are set out on pages 40 and 42 confirm that, to the best of their knowledge:
-- the financial statements, which have been prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the undertakings included in the consolidation taken as a whole; and
-- the Strategic report contained within this document includes 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 the Group faces.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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