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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 | |
---|---|---|---|---|---|---|---|---|---|---|
3.00 | 1.01% | 299.30 | 299.20 | 299.40 | 299.60 | 295.60 | 296.50 | 4,425,998 | 16:03:07 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Grocery Stores | 68.9B | 1.19B | 0.1670 | 17.86 | 21.22B |
TIDMTSCO
RNS Number : 6964M
Tesco PLC
13 May 2020
13 May 2020
Tesco PLC
Annual Report and Financial Statements and Notice of Annual General Meeting 2020
Further to the release of its preliminary results announcement on 8 April 2020, Tesco PLC (the "Company") announces that it has today published its Annual Report and Financial Statements 2020. In addition, the Company announces that its Notice of Annual General Meeting 2020 (the "Notice") has been sent to shareholders. The 2020 Annual General Meeting will be held at our Heart building, Shire Park, Welwyn Garden City, Herts, AL7 1TW on Friday, 26 June 2020 at 10.30 am (the "AGM").
Given prevailing Government guidance in relation to COVID-19, involving social distancing and prohibiting public gatherings, it is proposed that the AGM be convened with the minimum quorum of shareholders present (which will be facilitated by Tesco) in order to conduct the business of the meeting. In the interests of protecting the health and safety of the Company's shareholders, colleagues and AGM support staff, as well as the public, shareholders will not be admitted to the AGM in line with the latest Government guidance. The Company will continue to closely monitor the rapidly developing impact of COVID-19, including the latest Government guidance, and how this may affect the arrangements for the AGM. Consequently, the AGM is subject to change, possibly at short notice. If it becomes necessary or appropriate to revise the current arrangements for the AGM, further information will be made available on our website at www.tescoplc.com/AGM2020 .
The Company's Annual Report and Financial Statements 2020, Notice of Annual General Meeting 2020 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 https://data.fca.org.uk/#/nsm/nationalstoragemechanism
-- Annual Report and Financial Statements 2020; -- Notice of Annual General Meeting 2020; and -- Proxy Form for the 2020 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 8 April 2020. That information, together with the information set out below, which is extracted from the Annual Report and Financial Statements 2020, 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 2020. Page and note references in the text below refer to page numbers and note references in the Annual Report and Financial Statements 2020. 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 framework to manage and report the risks that we face as a business. A risk that can seriously affect our performance, future prospects or reputation of the Group is termed a principal risk.
To manage our risks effectively we have identified a risk appetite which is driven by the following:
- our performance should be competitive, responsible and focused on creating value for all our stakeholders including customers, colleagues, suppliers and shareholders;
- our behaviours must be in line with our code of business conduct to protect and enhance our reputation;
- we aim to operate our business within the capital allocation framework we have set out; and
- we seek to ensure that our principal risks are effectively managed.
Principal risks are discussed and agreed by Executive management and the Audit Committee and are cascaded to the business units who manage and report on the principal risks and any additional significant business unit risks. Business units also escalate risks as appropriate to the Executive Committee.
The principal risks are discussed and evaluated through regular meetings with senior management. Each principal risk is discussed at least annually by the Board to provide oversight and ensure that they remain well managed and relevant.
The seven steps of the risk, controls and assurance framework on page 13 are embedded within our business as a key element of how we manage our risks and ensure appropriate controls are established.
The risk assessment process relies on our evaluation of the risk likelihood and impact, and on the development and monitoring of appropriate internal controls. We maintain risk registers detailing the risks we face, and this is an important component of how we manage our risks.
Risk Management
We have performed a robust review of our principal risks which includes periodic assessments of the risks we believe could threaten the Group's business model, future performance, solvency or liquidity.
The COVID-19 outbreak has become a global pandemic moving from an emerging risk for the business to a principal risk. The Booker integration and synergy realisation risk has significantly reduced over the year and is now considered to be operating in a business as usual capacity. Consequently it has been retired as a principal risk. Other principal risks remain largely unchanged from last year.
Risks related to climate change and sustainability remain an integral part of a number of our principal risks including brand, reputation and trust, and responsible sourcing and supply chain. We have enhanced our risk descriptions for these two principal risks over the year to further reflect that.
The risks associated with Brexit remain due to there being no clarity on the long-term trading relationship with the EU. Although the UK entered the standstill transition period on 31 January 2020, uncertainty over the longer-term trade issues could remain until 31 December 2020 and potentially beyond. We have amended our Brexit risk description accordingly and continue to monitor this risk.
Liquidity and risks related to our transformation programme have reduced. An improved credit rating, reduction in indebtedness and improving cash flow position has resulted in reduced exposure and the transformation programme is delivering capability with pilot and major releases taking place over the past year.
We have noted a slight increase in our Health and Safety risk primarily driven by a shift in the external regulatory landscape leading to potentially higher penalties and legal action. Our Group-wide injury statistics continue to improve as we identify and implement improvement opportunities to further enhance our controls.
We recognise the potential risk of disruption to activities in view of the proposed sale of our businesses in Thailand and Malaysia. We have appropriate plans in place to monitor and manage these risks.
Emerging risks - This year we have conducted a formal exercise to identify and assess emerging risks. While assessing potential emerging risks we have considered our risk exposure across a number of themes e.g. finance and economics, geopolitical and security, social and humanitarian, technological, climate and sustainability (see TCFD on page 20).
Emerging risk and horizon scanning are integrated as part of regular risk discussions and reported at both business unit and Executive Committee level and we will continue to embed this further going forward. Our subject matter experts supported by our second line of defence teams have been working through the year to deepen our understanding of key risks like climate change, sustainability, cyber, packaging, artificial intelligence, animal welfare and more recently pandemics.
Key focus areas
As part of our focus on continuous improvement we have begun work to refine risk appetite for our principal risks with the Executive and Audit Committee this year and will continue to progress this in the coming year (see risk appetite below). We have also developed our assessment of emerging risks and integrated this into our bi-annual risk review process (see emerging risks and Corporate governance).
Risk appetite - During the year we have initiated work to formalise our approach to develop and report our risk appetite. We have worked with the Executive Committee, Audit Committee and subject matter experts to agree our methodology. We have revised our internal Board reporting guidance to ensure matters presented for approval clearly indicate the risk(s) and as we progress we will also integrate reference to our risk appetite. Next year we will formalise reporting to the Board and improve oversight by further developing and embedding our assessment and reporting against risk appetite.
The table below sets out our principal risks, their movement during the year, and a summary of key controls and mitigating factors. They do not comprise all our risks and are not set out in priority order. Additional risks not presently known, or currently deemed to be less material, may also have adverse effects.
Principal risk Risk movement Key controls and mitigating factors Customer Uncertainties (including There is continued Brexit) and macroeconomic volatility and uncertainty * We have a value, price, promotions and Clubcard conditions impact with the need for strategy that drives our business priorities with our customers' budgets customer reassurance governance and oversight mechanisms. and force customers on both value and to reappraise the quality; however concepts of value we feel that we have * We have a consistent approach to building impactful and loyalty in a the right strategy customer propositions, offering high-quality and way in which we are and processes in competitive value while improving the customer unable to respond. place to monitor experience. this risk. No risk movement * Propositions are being developed across channels and geographies to ensure consistency in the customer engagement. * Group-wide customer insight analysis is undertaken to understand and leverage trends around customer behaviour, expectations and experience across the different parts of the business to improve our propositions. * 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 customer central to our decision-making. --------------------------- ------------------------------------------------------------ Transformation Failure to achieve The risk has decreased our transformation driven by on-going * We have clear market strategies and business plans to objectives due to delivery of key programmes address changes to business priorities, strategic poor prioritisation, to meet our transformation objectives and external market factors. ineffective change objectives. management and a failure to understand Risk decreasing * We have executive-level governance and oversight for and deliver the technology all the transformation activities to ensure required, results programmes are adequately resourced, milestones in an inability to achieved and to approve key rollout decisions. progress sufficiently quickly to maintain or increase operating * Real-time independent assurance activities are margin and generate conducted over the transformation programme. sufficient cash to meet business objectives. --------------------------- ------------------------------------------------------------ Liquidity Failure of our business The risk has decreased performance to deliver driven by a reduction * We maintain an infrastructure of systems, policies cash as expected; in our debt levels and reports to ensure discipline and oversight on access to funding and improving credit liquidity matters, including specific treasury and markets or facilities rating and debt metrics. debt-related issues. being restricted; failures in operational Risk decreasing liquidity and currency * Our treasury policies are communicated across the risk management; Group and are regularly reviewed by the Board, Tesco Bank cash call; Executive Committee and management. or adverse changes to the pension deficit funding requirement; * The Group's funding strategy is approved annually by create calls on cash the Board and includes maintaining appropriate levels higher than anticipated, of working capital, undrawn committed facilities and leading to impacts access to the capital markets. on financial performance, cash liquidity or the ability to continue * The Audit Committee reviews and annually approves the to fund operations. viability and going concern statements and reports into the Board. * There is a long-term funding framework in place 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 an effective, coherent the ongoing challenge * Our Board develops and regularly challenges the and consistent strategy of a changing competitive strategic direction of our business to enhance our to respond to our landscape and price ability to remain competitive on price, range and competitors and changes pressure across most service. This includes the development of our online in market conditions of our markets. channels and multiple formats to allow us to compete results in a loss in different markets. of market share and No risk movement failure to improve profitability. * Our Executive Committee and operational management regularly review markets, trading opportunities, competitor strategy and activity. * We engage in market scanning and competitor analysis to refine our customer proposition. --------------------------- ------------------------------------------------------------ Brand, reputation and trust Failure to create We continue to implement brand reappraisal a number of initiatives * Our Group policies, procedures and our Code of opportunities to and activities aligned Business Conduct sets out detailed expectations and improve quality, to our strategic behaviours around how we can make the right decisions value and service priorities, thereby for our customers, colleagues, suppliers, communities perceptions as well helping reappraise and investors. as meet climate and the brand and continue sustainability to build and maintain expectations trust. * We listen to our customers and stakeholders as part results in a negative of our communication and engagement programmes. We
impact on the trust No risk movement reflect these needs in our plans including building which our stakeholders upon health, community, sourcing, climate and place in our brand. sustainability initiatives as part of our LHP on pages 21 to 23. * 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 oversees all corporate responsibility activities and initiatives, including climate and sustainability programmes which ensures alignment with customer priorities and our brand strategy. --------------------------- ------------------------------------------------------------ Technology Failure of our IT There continues to infrastructure or be a growing dependence * Our multi-year programme continues to enhance our key IT systems results on technology throughout technology infrastructure and resilience in a loss of information, the Group. We continue capabilities. This involves significant investment in inability to operate to make improvements our hosting strategy, partnering with cloud providers effectively, financial and invest in disaster and re-engineering some of our legacy retail systems, or regulatory penalties, recovery and business while building redundancy for key business systems. and negative impacts continuity measures on our reputation. which are helping Further, failure to limit exposure * Our new data centre facility provides greater to build resilience to external threats. resiliency and oversight for our key systems. at the time of investing in and implementing No risk movement new technology, results * Our technology security programme continues to in potential loss enhance information security capabilities thereby of operating capability. strengthening our infrastructure and information technology general controls. * We have combined governance processes covering both technology disaster recovery and business continuity to ensure alignment. --------------------------- ------------------------------------------------------------ Data security and data privacy Failure to comply As a retail organisation with legal or regulatory we hold a large amount * We put our customers and colleagues at the heart of requirements relating of customer and colleague all decisions we make in relation to the processing to data security personal data, and of personal data. Our multi-year technology security and data privacy the threat landscape programme is driving the enhancement of our data in the course of has been ever growing. security capabilities. our business activities, Since the introduction results in reputational of General Data Protection damage, fines or Regulation (GDPR) * We have an established team in our security other adverse we have seen an increase operations centre to detect, report and respond to consequences. in individuals' awareness security incidents. This includes criminal levels, as well as penalties and an increase in the consequential financial penalties * We have a third-party supplier assurance programme litigation which which can be levied focusing on third-party data security and privacy may result in an by the data protection risks. adverse impact on authorities. our financial performance or unfavourable effects No risk movement * We invest significantly across the Group to help us on our ability to comply with the requirements of GDPR in Europe, and do business. any other relevant legislation globally. * We have a privacy compliance programme, which includes assessment and monitoring of risk across our global business. * There is regular reporting on progress and results of the security and privacy programmes to governance and oversight committees. * We recognise the importance of training and communication to help prevent data security and privacy-related incidents and have regular induction, awareness and refresher courses for our colleagues. * Our data privacy and protection policies clearly set out how we can protect and appropriately restrict customer, supplier and colleague data. * Next generation behaviour-based anti-virus and malware solutions, data and payment encryption and threat detection tools help us reduce the likelihood of being compromised. --------------------------- ------------------------------------------------------------ Political, regulatory and compliance Failure to comply Long-term changes with legal and other in the global political * Wherever we operate, we aim to ensure that the impact requirements as the environment, including of political and regulatory changes is incorporated regulatory environment that in some markets in our strategic planning and policies. becomes more restrictive, there is a push towards due to changes in greater regulation the global political of foreign ownership * We have compliance programmes and committees to landscape, results of companies resulting manage our most important risks (e.g. anti-bribery in fines, criminal in favouring of local and competition law). penalties for Tesco companies. or colleagues, consequential No risk movement * Our compliance programmes ensure that controls are litigation and an implemented to mitigate the risk and we conduct adverse impact on assurance activities for each risk area. our reputation, financial results, and/or our ability to do business. * Our Code of Business Conduct and various policies (e.g. gifts and entertainment, conflicts of interest) are 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 to the successful management of this risk area. Structured communication plans are established to provide a clear tone, from the top, for our colleagues. --------------------------- ------------------------------------------------------------ Health and safety Failure to meet safety This risk has increased standards in relation primarily driven * We have a business-wide, risk-based safety framework
to our workplace, by a shift in the which defines how we implement and report on safety results in death regulatory landscape controls to ensure that colleagues, contractors and or injury to our which may lead to customers have a safe place to work and shop. customers, colleagues an increase in penalties or third parties and fines. Group-wide and leads to adverse injury statistics * Each business is required to maintain a comprehensive financial and reputational continue to improve risk register and a safety improvement plan to consequences. alongside identifying document and track enhancements. continuous improvement opportunities to further embed controls. * Governance and oversight is established in the form of our Group Risk and Compliance Committee and Risk increasing business unit-specific health and safety committees. These committees review critical metrics and monitor the effectiveness of related controls. * Safety audits, whistleblowing arrangements and annual colleague survey results, informs management on delivery of targeted safety initiatives including communication plans. * Second and third line of defence assurance activities such as store and distribution compliance reviews, safety health checks and audits help us assess compliance with established policies and processes and continuously seek to identify areas of potential improvement. --------------------------- ------------------------------------------------------------ People Failure to attract, Market competitiveness retain and develop continues to affect * Our talent planning and people development processes the required capability our ability to attract are established across the Group. and continue to evolve and retain key specialist our culture results talent. There is in an impact on the a continued challenge * Talent and succession planning are regularly delivery of our purpose from fast-changing discussed by line management and the Executive and strategic drivers. and complex legislation. Committee with regular oversight by the Nominations and Governance Committee and the Board. No risk movement * We have clear potential and performance criteria and talent principles which are underpinned by our employer value proposition and strategy. * An independent assessment of all promotions and external hires is conducted at leadership level to ensure capability, potential, leadership and values. * The Remuneration Committee agrees objectives and remuneration arrangements for senior management. * 'How to' and 'when to' speak up has been relaunched across all areas and our protector line and complaint process allows colleagues to confidentially raise any workplace concerns e.g. dishonest activity or something endangering colleagues, the public or the environment. * We have a Group Inclusion strategy to ensure we provide equal opportunities for growth and development to all our colleagues. --------------------------- ------------------------------------------------------------ Responsible sourcing and supply chain Failure to meet product Given the evolution safety standards in external standards * We have product standards, policies and guidance results in death, and expectations covering both food and non-food, as well as goods and injury or illness we recognise the services not for resale, to help ensure that products to customers. importance of sourcing are safe, legal and of the required quality. Failure to ensure safe products in that products are a responsible manner. sourced responsibly We continue to monitor * Assurance, improvement and empowerment are our three across our supply and improve our controls human rights pillars in place to appropriately chain (including to ensure we have monitor conditions and progress, tackle endemic fair pay for workers, a sustainable supply sector risks and address wider community needs. adhering to human chain. Measures include policies and guidance to help to rights, clean and ensure the rights of workers are respected and safe working environments, No risk movement environmental impacts are managed responsibly. Refer meeting climate change to pages 21 to 23 for specific actions highlighted and sustainability under our LHP. commitments) and that all social and environmental standards * Supplier audit and product analysis programmes are in are met results in place to monitor product safety, traceability and supply chain disruption, integrity, human rights and environmental standards, regulatory breaches, including unannounced audits of supplier sites and and reputational facilities. impacts of not meeting societal expectations. * 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. * Crisis management procedures are embedded within operations to quickly resolve issues if non-compliant products are produced or sold with clear escalation protocols. * Our LHP pages 21 to 23 references the creation of a fourth pillar, Planet, and the steps being implemented to cover climate and sustainability. --------------------------- ------------------------------------------------------------ Brexit Failure to prepare The UK entered the for the UK's future standstill transition * With the UK's future trading relationship with the EU trading relationship period on 31 January (and others) still to be determined, we continue to with the EU (whatever 2020 and uncertainty contribute to important public policy discussions and form that may take) over the longer-term engage with government, regulatory bodies and results in disruption trade issues could industry e.g. sharing of analysis and data, to aid
to and creates uncertainty remain until 31 December policy makers' understanding of food and product around our business 2020 and potentially supply chains. and our ability to beyond. The risk supply our customers. of business disruption Any disruption or and cost increases * We continue to assess and monitor the potential risks uncertainty could therefore remain and impacts on our customers, colleagues and have an adverse effect unchanged. shareholders, while taking appropriate mitigation on our business, measures to address challenges including logistics, financial results No risk movement resourcing and supply. and operations. * We have developed a detailed Brexit contingency plan for any political and macroeconomic changes that could have a material impact on our market and customer proposition with clear oversight by our senior leaders through the Brexit Governance Group. --------------------------- ------------------------------------------------------------ Tesco Bank Tesco Bank is exposed The Bank continues to a number of risks, to actively manage * The Bank has a formal structure for reporting, the most significant the risks to which monitoring and managing risks. This comprises, at its of which are operational it is exposed. highest level, the Bank's risk appetite, approved by risk, regulatory the Bank Board and supported by the risk management risk, credit risk, No risk movement framework. funding and liquidity risk, market risk and business risk. * The Tesco PLC Board also reviews and approves the financial risk appetite. Risk appetite defines the type and amount of risk that the Bank is prepared to accept in order to meet its strategic objectives. It forms a link between day-to-day risk management of the business and its strategic priorities, long-term plan, capital planning and stress testing. Adherence to risk appetite is monitored monthly. * The risk management framework brings together governance, risk appetite, the three lines of defence , the policy framework and the risk management tools to support the business in managing risk as part of day-to-day activities. * There is Bank Board risk reporting throughout the year, with updates to the Tesco PLC Audit Committee provided by the Bank's Chief Financial Officer, and Audit Committee Chairman. A member of the Tesco PLC Board is also a member of the Bank's Board to enhance visibility and knowledge sharing. --------------------------- ------------------------------------------------------------ COVID-19 The recent outbreak The COVID-19 outbreak and global spread has become a global * The safety and wellbeing of our colleagues and of the COVID-19 may pandemic moving from customers has been and continues to be our overriding have a significant an emerging risk priority. Our Executive Committee are monitoring and prolonged impact to becoming a principal events closely with regular Board oversight on global economic risk for the business. evaluating the impacts and designing appropriate conditions, disrupt response strategies. our supply chain New risk (including our supplier base, specifically * The availability of cash resources and committed regarding business facilities together with strong cash flow, support closure and consolidation, Tesco's liquidity and longer-term viability. labour shortage, raw material supply and potential cost * Our teams are working tirelessly to implement inflation), increase specific actions to minimise disruption faced by our employee absenteeism customers in these challenging times. Our business and adversely impact continuity and crisis management plans have been our operations. mobilised in all parts of the Group and additional Governments and public measures have been implemented including increasing bodies in affected our retail store colleague headcount (with countries have introduced redeployment of colleagues where possible), securing temporary emergency additional supply chain capacity to meet changes in public measures such demand (including measures to prevent customer as travel bans, stockpiling), implementing changes to stores quarantines (including hours, additional security, hygiene and and public lockdowns social distancing measures), and extending support to (also impacting our colleagues and customers at increased risk. mall operations). Should these continue for an extended period of time, they would increase pressure on our supply chain and operations (including Tesco Bank due to an economic downturn). --------------------------- ------------------------------------------------------------
Indicates that the principal risk has been included as part of the longer-term viability scenarios as detailed on page 19.
Internal control.
The key elements of the Group's internal control framework are monitored throughout the year and the Audit Committee has conducted a review of the effectiveness of the Group's risk management and internal control systems on behalf of the Board. To support the Board's annual assessment, Group Audit and Advisory prepared a report on the Group's principal risks and internal controls. This describes the risk management systems and key internal controls, as well as the work conducted in the year to improve the risk and control environment including the level of assurance undertaken. The internal control framework is intended to effectively manage rather than eliminate the risk of failure to achieve business objectives. It can only provide reasonable, but not absolute, assurance against the risk of material misstatement or financial loss.
Statement of Directors' responsibilities
In compliance with DTR 4.1.12R, the Annual Report and Financial Statements 2020 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 2020 and does not attach to the extracted information presented in this announcement or the preliminary results announcement released on 8 April 2020.
The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each 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 and Article 4 of the International Accounting Standard (IAS) Regulation and have also chosen to prepare the Parent Company financial statements in accordance with Financial Reporting Standard (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 Company and of the profit or loss of the Company for that period.
In preparing the Parent Company 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 FRS 101 Reduced Disclosure Framework has been followed, subject to any material departures disclosed and explained in the financial statements; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
In preparing the Parent Company financial statements, the Directors are required to:
-- properly select and apply accounting policies;
-- 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 IFRSs 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
-- make an assessment of the Company's ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Each of the Directors, whose names and functions are set out on pages 27 to 30, confirm that, to the best of their knowledge:
-- the financial statements, 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 Company and the undertakings included in the consolidation taken as a whole;
-- the strategic report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and
-- the Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business model and strategy.
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.
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