TIDMBMS
RNS Number : 0352H
Braemar Shipping Services PLC
20 May 2011
Braemar Shipping Services plc (the "Company")
Annual Report and Notice of AGM
The Company has today published its Annual Report and Accounts
for the year ended 28 February 2011 ("Annual Report"), together
with the Notice of Annual General Meeting ("AGM") (together the
"Documents"). The AGM will be held at the Oak Room 3, Lancaster
London, Lancaster Terrace, London W2 2TY at 12 noon on 22(nd) June
2011.
Copies of the Documents have been posted to shareholders and
will be available on the Company's website www.seascope.co.uk.
Copies of the Documents have also been submitted to the National
Storage Mechanism and will shortly be available for inspection at:
www.Hemscott.com/nsm.do
The Company announced its preliminary results for the year ended
28 February 2011 on 9 May 2011. The preliminary results
announcement included a condensed set of financial statements and
extracts from the management report. That information, together
with the Appendix to this announcement, which contains additional
information which has been extracted from the Annual Report,
constitutes the material required for the purposes of compliance
with the Disclosure and Transparency Rules and should be read
together with the preliminary results announcement, which can be
downloaded from the Company's website at www.seascope.co.uk.
This announcement should be read in conjunction with and is not
a substitute for reading the full Annual Report. Page and note
references in the appendix below refer to page numbers and notes in
the Annual Report.
20 May 2011
For further information, contact:
Braemar Shipping Services plc Tel: 020 7535 2881
James Kidwell (Finance Director)
Arbuthnot Securities Limited Tel: 0207 012 2000
Nick Tulloch
Henry Willcocks
Appendix
The following statement is an extract from the Notes to the
Accounts and may be found in full on page 42 of the Annual
Report:
Certain statements in this annual report are forward-looking.
Although the Group believes that the expectations reflected in
these forward-looking statements are reasonable, we can give no
assurance that these expectations will prove to have been correct.
Because these statements involve risks and uncertainties, actual
results may differ materially from those expressed or implied by
these forward-looking statements. We undertake no obligation to
update any forward-looking statements whether as a result of new
information, future events or otherwise.
Principal risks and uncertainties
The principal risks and uncertainties are set out on page 25 of
the Annual Report. The full and unedited text relating to these
disclosures are set out below:
Market risk
Shipping markets are influenced by a multitude of factors some
of which are on-going by nature (e.g. economic factors such as
world trade and the demand for commodities) and others of which are
one-off (e.g. geo-political events and extreme weather). The Group
seeks to mitigate its exposure to any one driver or event by
holding a presence in most bulk shipping markets and by investing
in other shipping services businesses whose income is more fee or
project based. Future earnings are also partly mitigated by the
longer-term nature of some of the Group's business and the forward
order book.
Reputational risks
We view the Group's reputation with existing and potential
clients, staff and other business partners as critical to the
on-going success of the Group. Management seeks to ensure that
staff are properly managed, trained and informed so that they can
provide a top quality service to clients. The Group also seeks to
adhere to all applicable laws, regulations and ethical
standards.
Operational risks The key operational risks are:
- Departure of key teams or staff which is managed through staff
contracts and long and short-term incentive arrangements and the
monitoring of market practice,
- Staff errors and/or omissions, for which the Group carries
separate professional indemnity insurance,
- The failure of financial controls which is monitored by
management reporting and oversight and other checks including
internal audit; and
- The failure of support services such as communications systems
and public utilities for which the Group maintains business
continuity plans and back-up procedures.
A review of risks affecting all areas of the Group is prepared
for consideration annually by the Audit Committee and appropriate
actions are taken to address the risks identified.
Foreign exchange risk
Much of the Group's income is earned in US dollars and therefore
changes in the US dollar rate of exchange relative to the
currencies in the countries where the Group operates (principally
the pound sterling, Australian dollar, Singapore dollar and Indian
Rupee) can have an effect on the reported results and net assets.
The Group has a policy of hedging some of this exposure and does so
by entering into forward foreign exchange contracts and currency
options to limit the effect of currency fluctuations.
Liquidity risk
The Group has not had any borrowings for more than five years.
For financial flexibility and to enable treasury efficiency, the
Group maintains an overdraft facility of GBP5.0 million with the
Group's principal relationship bank, the Royal Bank of Scotland
plc. The Group reviews the institutions with whom cash resources
are held and has a significant level of cash affording it the
ability to fund its operations from internal resources.
Credit risk
The Group is exposed to risk of non-payment by a trade debtor
including the concentration of credit risk within market sectors.
We consider the risk to be reduced due to the breadth and diversity
of the Group's customer base. Management monitors the level of
outstanding trade receivables regularly following up to ensure
appropriate steps are being taken to collect debts on a timely
basis.
Interest rate risk
The Group aims to reduce its exposure to interest rate risk by
pooling sterling cash balances across the UK group. Cash balances
are generally held on overnight deposits at floating rates
depending on cash requirements and the prevailing market rates for
the amount of funds deposited.
Directors' responsibility statement
The following statement is an extract from the Report of the
Directors contained on pages 27 to 28 of the Annual Report, and is
repeated here solely for the purpose of complying with Disclosure
and Transparency Rule 6.3.5. Responsibility is for the full Annual
Report not the extracted information presented in this announcement
and the Final Results announcement:
Each of the Directors, whose names and functions are listed on
page 26 confirm that, to the best of their knowledge:
-- the Group financial statements, which have been prepared in
accordance with IFRSs as adopted by the EU, give a true and fair
view of the assets, liabilities, financial position and profit of
the Group and the Company; and
-- the Chief Executive's review and the Financial review include
a fair review of the development and performance of the business
and the position of the Group and the Company, together with a
description of the principal risks and uncertainties that it
faces.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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