TIDMCSP
RNS Number : 1311L
Countryside Properties PLC
08 January 2021
8 January 2021
COUNTRYSIDE PROPERTIES PLC (THE "COMPANY")
ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 AND NOTICE OF
ANNUAL GENERAL MEETING 2021
The following documents have today been posted or otherwise made
available to shareholders:
-- Annual Report 2020
-- Notice of Annual General Meeting
-- Proxy Form
In accordance with Listing Rule 9.6.1R, a copy of each of these
documents will be uploaded to the National Storage Mechanism and
will be available for viewing shortly at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
The above documents may also be viewed online at
investors.countrysideproperties.com/shareholder-information/meetings-and-voting.
A condensed set of the Company's financial statements and
information on important events that have occurred during the
financial year and their impact on the financial statements were
included in the Company's Preliminary Results Announcement on 3
December 2020. That information together with the information set
out below, which is extracted from the Annual Report 2020,
constitute the material required by Disclosure Guidance and
Transparency Rule 6.3.5R which is required to be communicated to
the media in full unedited text through a Regulatory Information
Service. This announcement is not a substitute for reading the full
Annual Report 2020. Page and note references in the text below
refer to page numbers in the Annual Report 2020. To view the
preliminary announcement, slides of the results presentation and
the webcast please visit
investors.countrysideproperties.com/results-reports-and-presentations
.
Enquiries: Tel: +44 (0) 1277 260 000
Iain McPherson - Group Chief Executive
Mike Scott - Group Chief Financial Officer
Victoria Prior - Managing Director, Corporate Affairs
OUR APPROACH TO RISK
Risk identification and management are built into every aspect
of Countryside's daily operations, ranging from the appraisal of
new sites to building safely and selling effectively.
How we manage risk
The Board oversees risk management within Countryside and
determines the Group's overall risk profile and appetite for risk
in achieving its strategy. This includes an assessment of the
Group's emerging and principal risks. The Board completed its
annual assessment of risks at its meeting on 7 October 2020, the
results of which are set out on pages 66 to 69.
The Audit Committee supports the Board in the management of risk
and reports to the Board on its assessment of the effectiveness of
the Group's risk management and internal control processes during
the year.
The day-to-day management of risk is delegated to the Risk
Management Committee ("RMC") which provides a focal point for the
co-ordination of the Group's risk management efforts. It meets at
least four times a year and its membership comprises all members of
the Executive Committee and the Director of Audit and Risk
Assurance. The RMC is chaired by the Group Chief Executive.
The standing business of the RMC includes reviewing:
-- the Group risk register, mitigation plans and internal controls;
-- for each risk, the assessment of gross and net risk versus
risk appetite, risk progression and adequacy of mitigating
actions;
-- emerging risks, material changes in risk and risks identified by regional management teams;
-- the internal audit plan, reports and progress against recommendations;
-- the management of claims and litigation;
-- reports of whistleblowing and fraud;
-- the forecast impact of and preparation for proposed and new legislation;
-- key policies and risk mitigation documentation (e.g. start on
site or land acquisition checklists); and
-- total cost of risk against insurance and bond requirements.
At each RMC meeting, a different "principal risk" or "emerging
risk" is reviewed in depth. A description of the key areas of risk
considered during 2020 is set out below.
The process whereby the management boards of each regional
business review all operational risks has been strengthened during
2020. The introduction of regional risk registers and the process
of standardised reporting up to the Group's RMC has contributed to
a better overall awareness of risk and implementation of mitigating
actions. All such regional board meetings are attended by the
relevant Divisional CEO, who in turn feeds back any matters
requiring consideration by the RMC.
The Group's risk register is maintained to record all principal
risks and uncertainties identified in each part of the business.
For each risk, the most appropriate member of the Executive
Committee is allocated as the "risk owner". The risk owners call
upon the appropriate expertise to conduct an analysis of each risk,
according to a defined set of assessment criteria which
includes:
-- How does the risk relate to the Group's business model and/or strategy?
-- What is the likelihood of the risk occurring?
-- What is the potential impact were the risk to occur?
-- Would the consequences be short, medium or long term?
-- What mitigating actions are available and which are cost effective?
-- What is the degree of residual risk and is it within the
level of risk that the Group is prepared to accept in pursuit of
its objectives (risk appetite)?
-- Has the risk assessment changed and what is expected to change going forward?
The risk assessments made are scored against a "risk scoring
matrix" that grades the likelihood of occurrence and impact based
on a range of types of impact (such as reputational, financial,
operational and environmental) to improve consistency. The results
are reviewed by the RMC, which compares them to the Group's
appetite for each risk, reviews the current level of preparedness
and determines whether further actions or resource are required. In
reviewing and agreeing the mitigating actions, the RMC considers
the impact of risks individually and in combination, in both the
short and longer term.
Risk identification and management are built into every aspect
of Countryside's daily operations, ranging from the appraisal of
new sites, assessment of the prospects of planning success,
building safely and selling effectively to achieving long-term
success through the property market cycle. Risk management is built
into standardised processes for each part of the business at every
stage of the housebuilding process. Financial risk is managed
centrally through maintenance of a strong balance sheet, forward
selling new homes and the careful allocation of funds to the right
projects, at the right time and in the right locations. Risk
management also includes the internal controls described within the
Corporate Governance Report on pages 76 to 82.
Our approach to risk
The Board - Role and responsibilities
-- Sets the Group strategy
-- Determines the Group's risk policy, overall appetite for risk
and the procedures that are put in place
-- Monitors the Group's emerging and principal risks
-- Assesses the progression of principal risks in comparison to
the agreed appetite for each risk
-- Reviews the effectiveness of the Group's risk management and internal control procedures
Audit Committee - Role and responsibilities
-- Has delegated responsibility from the Board to oversee risk
management and internal financial controls
-- Monitors the integrity of the Group's financial reporting process
-- Monitors the effectiveness of the Internal Audit function and
the independence of the external audit
Internal Audit - Role and responsibilities
-- Undertakes independent reviews of the effectiveness of internal control procedures
-- Reports on the effectiveness of management actions
-- Provides assurance to the Audit Committee
Risk Management Committee - Role and responsibilities
-- Manages the Group's risk register and assessment of net risk versus risk appetite
-- Determines the appropriate controls for the timely identification and management of risk
-- Monitors the effective implementation of action plans
-- Assesses the Group's emerging risks
-- Reviews reports from the Internal Audit function
-- Reviews principal claims and litigations
-- Reviews the annual renewal of the Group's insurance cover
Executive Committee - Role and responsibilities
-- Responsible for the identification of operational and strategic risks
-- Responsible for the ownership and control of specific risks
-- Responsible for establishing and managing the implementation of appropriate action plans
Key areas of focus during 2020
COVID-19
The measures taken to mitigate the impact of the Covid-19
pandemic are set out in the Company's various announcements
(Covid-19 updates on 25 March, 20 April and 7 May, the half-year
results on 14 May and the Q3 trading statement on 23 July 2020). At
the time of writing, all of the Group's sites, sales offices and
offices are open and both factories are operating. But like all
businesses, we remain vigilant and ready to react to any further
Government requirements. We have adapted our business model to take
into account the fact that life will not return to normal for some
time. We have increased our online presence with both new and
existing customers which includes conducting customer visits by
video conference, as well as a number of virtual home tours.
To ensure that we continue to deliver the highest levels of
customer service we have extended our new homes warranty by three
months to reflect the period for which sites were closed.
An internal review of the lessons learnt from the measures taken
to address the impact of the Covid-19 pandemic was carried out by
the internal Audit team. The report, outlining those aspects that
were managed well and those areas where improvements could be made,
was reviewed by the Executive Committee, Audit Committee and Board
and the recommendations for change set out in the report are being
implemented.
Government policy and regulatory change
The principal areas of regulatory change reflecting Government
policy, on which the Group has focused during the last 12 months,
were Building Regulations, leasehold reform and the provision of
Help to Buy.
Building Regulations
Following the Grenfell Tower tragedy in June 2017, there have
been a series of regulatory changes requiring swift implementation.
A Fire Quality Assurance Committee ("FQAC"), made up of the
technical directors from each division and representatives of
Health & Safety and Legal, and chaired by the Divisional Chief
Executive of Partnerships South, has been established to ensure
uniform compliance across the Group with the revised regulations
and any advice issued by Government. The FQAC, in combination with
the newly appointed Group Technical Director, ensures that measures
are in place to ensure all ongoing and future building projects
fully comply with the Building Regulations.
Leasehold reform
Following concerns raised by homeowners about the leasehold
tenure of their property or the terms of their ground rent
escalation clause, the Government launched two consultations into
leasehold properties and potential reform. The proposals included a
ban on the sale of leasehold houses and plans to lower future
ground rents to a nominal fee.
On 28 February 2020, the Competition & Markets Authority
("CMA") announced that its market-wide investigation into the sale
of leasehold properties had found evidence of "potential
mis-selling and unfair contract terms in the leasehold housing
sector and that it was set to launch enforcement actions" against
those identified as responsible. On 4 September 2020, the CMA
announced it had launched enforcement action against Countryside
and three other housing developers in relation to possible breaches
of consumer protection law in relation to leasehold homes.
Countryside is committed to resolving this issue to the
satisfaction of our customers and will continue to co-operate fully
with the CMA's ongoing investigation.
To date, Countryside has signed the Public Pledge for
Leaseholders
(https://www.gov.uk/government/publications/leaseholder-pledge/public-pledge-for-leaseholders)
and, as reported in our half-year results, has created the Ground
Rent Assurance Scheme - full details of which are se out on page
44.
Help to Buy
In order to assist home buyers who have suffered delays because
of Covid-19, the current Government backed HTB scheme arrangements
have been extended for two months. The deadline for new homes to be
completed has been moved from the end of December 2020 to 28
February 2021. Legal completion must be before the end of March
2021. As a consequence, a revised HTB scheme which introduces
regional caps (set at 1.5 times the current average first-time
buyer price in each region) will extend to spring 2023. Measures
have been introduced so that all new site proposals reviewed by
management and the Board for approval take account of the
availability of HTB funding when determining product mix.
In addition to this, Countryside is working with the Home
Builders Federation, lenders, other housebuilders and Capsicum RE
to develop a mortgage insurance solution to address the potential
gap between the availability of mortgages and the savings capacity
of first-time buyers.
End of Brexit Transition Period
Whilst the UK formally left the European Union ("EU") on 31
January 2020 ("Brexit"), it commenced an 11-month period, known as
transition, that keeps the UK bound by EU rules and part of the EU
Customs Union and single market. Consequently, until the transition
ends, most things remain the same whilst the UK and EU negotiations
for a trade deal continue. The Government has stated in strong
terms that it will not ask to extend the transition period and so,
after 31 December 2020, the continued free movement of goods,
services and people between the UK and EU will depend upon the
terms of such trade agreement reached. In the worse case, no trade
deal may be agreed with the EU, in which case this would leave the
UK trading on World Trade Organization ("WTO") terms and
tariffs
As 31 December 2020 approaches, management and the Board have
continued to carefully review Countryside's exposure to risks that
may flow from the end of the transition period. Mitigating actions
and plans are in place to address the range of challenges relating
to the supply of materials and people should they arise.
Many of our building supplies are manufactured in the UK and are
not at risk from Brexit. Where possible, we endeavour to purchase
key commodities in bulk via national or regional agreements and
have preferred partnerships with many of our suppliers. Those
products that have an element imported from the EU are mainly
sourced through a network of UK-based suppliers. In the event of
the Government failing to reproduce the effects of existing EU
agreements at the end of the transition period, there is a risk
that our supplier network may experience delays, volume
restrictions and additional costs in their own supply chain and we
are working closely with these manufacturers to understand any
issues they may face. We have approached our supply chain partners
by way of a survey to harvest intelligence to populate a supply
chain risk matrix to recognise resilience and identify risk. We are
reviewing first and second tier material origins, fixed price
durations, WTO tariff impacts, logistical restrictions, Economic
Operator Registration and Identification accreditation and currency
fluctuation mitigation measures. We also plan to increase stock
levels where appropriate on sites and within the factories and
underwrite or invest in commodities in order to secure volume.
We are working with our workforce and suppliers to monitor any
trends, but to date have not experienced material changes that
might affect production. The introduction of the Government's
"settled status" scheme is reasonably expected to materially
mitigate the risk that large numbers of EU workers would otherwise
be required to leave the UK.
Improving assurance and standardisation
As Countryside continues to grow, it is critical to ensure that
processes, procedures and risk mitigation actions are implemented,
standardised and uniformly applied across all parts of the Group.
As part of the measures implemented to achieve this objective,
there is now a director leading each of the Customer Service,
Commercial and Technical functions, with Group-wide responsibility.
Further, changes have been made to ensure that all Health and
Safety, Sustainability and Legal functions report centrally.
Environmental, social and governance
The Group is making considerable efforts to improve its
performance in areas of environmental, social and governance
("ESG") responsibility. We appointed a Group Director of
Sustainability who will be responsible for developing and leading
the implementation of Countryside's sustainability vision and
strategy to supplement the Group's positive record to date for
environmental compliance.
Board, Audit Committee and Risk Management Committee
responsibility
The Audit Committee reviewed the Group's risk register and the
assessment of the Group's emerging and principal risks, most
recently at its meeting on 1 October 2020.
The Audit Committee has considered the effectiveness of the
Group's systems and has taken this into account in preparing the
Viability Statement on the previous page.
The Audit Committee reported on its findings at the Board's 7
October 2020 meeting, in order to support it in making its
confirmation that it had carried out a robust assessment of the
principal risks.
Principal risks and uncertainties
The Group's principal risks are monitored by the Risk Management
Committee, the Audit Committee and the Board. The table below sets
out the Group's principal risks and uncertainties and
mitigation.
Emerging Risks
The Risk Management Committee regularly undertakes an assessment
of emerging risks and, where identified, agrees steps to monitor
the likelihood of the risk developing further and its potential
quantum. The results are reported to the Audit Committee and in
turn the Board.
Risk and impacts How we monitor and manage the risk
1 A major incident impacts the United Kingdom or countries
where key suppliers are located and significantly impacts
the business (Responsible Executive: Group Chief Executive)
(Impact on strategy-Growth/Returns/Resilience) (risk change-risk
increased)
The impact of a catastrophic
event, such as flooding, * Maintenance of a strong balance sheet to sustain
failure of the National Grid, periods of complete or partial cessation of business.
or the spread of an infectious
disease on an epidemic or
pandemic scale, can lead * Monitoring of World Health Organisation and/or UK
to the imposition of Government Government health warnings.
controls on the movement
of people with the associated
cessation of large parts * Robust and tested interruption plans, including "slow
of the economy for a significant sown" and "stop" procedures for all supply and
period of time. The cessation contractor agreements.
of business can lead to zero
or reduced revenues until
business activity can be * Site layouts and planning to facilitate swift
safely recommenced. roll-out of social distancing requirements.
2 Adverse macroeconomic conditions * (Responsible Executive:
Group Chief Executive)
(Impact on strategy-Growth/Returns) (risk change-no change)
A decline in macroeconomic
conditions, or conditions * Funds are allocated between the Housebuilding and
in the UK residential property Partnerships businesses.
market, can reduce the propensity
to buy homes. Higher unemployment,
interest rates and inflation * In Housebuilding, land is purchased based on planning
can affect consumer confidence prospects, forecast demand and market resilience.
and reduce demand for new
homes. Constraints on mortgage
availability, or higher costs * In Partnerships, contracts are phased and, where
of mortgage funding, may possible, subject to viability testing.
make it more difficult to
sell homes.
* In all cases, forward sales, cash flow and work in
progress are carefully monitored to give the Group
time to react to changing market conditions.
3 Adverse changes to Government policy and regulation* (Responsible
Executive: Group Company Secretary and General Counsel)
(Impact on strategy - Growth/Returns/Sustainability) (risk
change-no change)
Adverse changes to Government
policy in areas such as tax, * The potential impact of changes in Government policy
housing, planning, the environment and new laws and regulations are monitored and
and building regulations communicated throughout the business.
may result in increased costs
and/or delays. Failure to
comply with laws and regulations * Detailed policies and procedures are in place to
could expose the Group to address the prevailing regulations.
penalties and reputational
damage.
4 Constraints on construction resources* (Responsible Executive:
Chief Executive, Partnerships North)
(Impact on strategy-Growth/Returns) (risk change-no change)
Costs may increase beyond
budget due to the reduced * Optimise use of standard house types and design to
availability of skilled labour maximise buying power.
or shortages of sub-contractors
or building materials at
competitive prices to support * Use of strategic suppliers to leverage volume price
the Group's growth ambitions. reductions and minimise unforeseen disruption.
The Group's strategic geographic
expansion may be at risk
if new supply chains cannot * Robust contract terms to control costs.
be established.
* Modular panel factory mitigates supply chain
exposures.
5 Programme delay (rising project complexity) (Responsible
Executives: Each Divisional CEO)
(Impact on strategy-Growth/Returns) (risk change-no change)
Failure to secure timely
planning permission on economically * The budgeted programme for each site is approved by
viable terms or poor project the Divisional Board before acquisition.
forecasting, unforeseen operational
delays due to technical issues,
disputes with third-party * Sites are managed as a portfolio to control overall
contractors or suppliers, Group delivery risk.
bad weather or changes in
purchaser requirements may
cause delay or potentially * Weekly monitoring at both divisional and Group level.
termination of a project.
6 Inability to attract and retain talented employees (Responsible
Executive: Group Chief People Officer
(Impact on strategy-Growth/Returns/Resilience/Sustainability)
(risk change-no change)
Inability to attract and
retain highly skilled, competent * Remuneration packages are regularly benchmarked
people, with adequate diversity against industry standards to ensure competitiveness.
and inclusion, at all levels
could adversely affect the
Group's results, prospects * Succession plans are in place for all key roles
and financial condition. within the Group.
* Exit interviews are used to identify any areas for
improvement.
7 Inadequate health, safety and environmental procedures (Responsible
Executive: Group Chief Executive)
(Impact on strategy-Returns/Sustainability) (risk change-no
change)
---------------------------------------------------------------------------------------------------------
A deterioration in the Group's
health, safety and environmental * Procedures, training and reporting are all carefully
standards could put the Group's monitored to ensure that high standards are
employees, contractors or maintained.
the general public at risk
of injury or death and could
lead to litigation or penalties * An environmental risk assessment is carried out prior
or damage the Group's reputation. to any land acquisition.
* Appropriate insurance is in place to cover the risks
associated with housebuilding.
------------------------------------- ------------------------------------------------------------------
8 Cyber security (Responsible Executive: Group Chief Financial
Officer)
(Impact on strategy-Returns/Resilience) (risk change-no change)
A failure of the Group's
IT systems or a security * Maintenance and communication of Group-wide IT
breach of the internal systems, policies and procedures.
website or loss of data could
significantly impact the
Group's business. * Regular systems updates, backups and storage of data
off-site.
* Compulsory GDPR and IT/cyber risk training for all
employees within the business.
* All systems have the ability to accommodate home
working.
* Third-party assessments, including penetration
testing.
9 Reputational damage (Responsible Executive: Group Chief Executive)
(Impact on strategy-Growth/Returns/Resilience/Sustainability)
(risk change-no change)
---------------------------------------------------------------------------------------------------------
The perception of Countryside,
its brand and values deteriorate * Agreement of Company "purpose" and implementation of
in the eyes of investors, culture and values to support agreed strategy.
customers, suppliers, local
authorities, housing associations,
banks, analysts or auditors * Code of Conduct and Business Ethics.
which could lead to increased
operational and financial
risks. * Alignment of actions with cultural values.
* Clear environmental, social and governance objectives
and plan to achieve them.
* Clear Whistleblowing Policy and independent
whistleblowing reporting hotline.
* Shareholder engagement programme.
------------------------------------- ------------------------------------------------------------------
* The Board's review of risk, including the principal risks,
takes into account the known and forecast developments flowing
from plans being made for the termination of the "transition
phase" on 31 December 2020, following the UK's exit from the
European Union on 31 January 2020 ("Brexit"). Brexit affects
many of the principal risks, but particularly those marked
with an asterisk.
RELATED PARTY TRANSACTIONS
Transactions with joint ventures and associate
Joint ventures Associate
---------------------------------------------- ----------------- --------------
2020 2019 2020 2019
GBPm GBPm GBPm GBPm
---------------------------------------------- ------- -------- ------ ------
Sales during the year 14.8 29.8 0.2 2.4
---------------------------------------------- ------- -------- ------ ------
Net advances to joint ventures and associate 49.3 56.1 - -
at 1 October 19.8
Net advances/(repayments) during the (6.8) - -
year
---------------------------------------------- ------- -------- ------ ------
Net advances to joint ventures and associate
at 30 September 69.1 49.3 - -
---------------------------------------------- ------- -------- ------ ------
The transactions noted above are between the Group and its joint
ventures and associate, the details of which are described in Note
14 and Note 15 respectively.
Sales of goods and services to related parties related
principally to the provision of services to the joint ventures and
associate at contractually agreed prices. No purchases were made by
the Group from its joint ventures or associate. The amounts
outstanding ordinarily bear no interest and will be settled in
cash.
Remuneration of key management personnel
Key management personnel are deemed to be the Executive
Committee, along with other Directors of the Company, including the
Non-Executive Directors. The aggregate remuneration of these
personnel during the year was GBP5.2m (2019: GBP11.0m).
Transactions with key management personnel
During the year ended 30 September 2020, one close family member
of Ian Sutcliffe and two close family members of Phillip Lyons were
employed by a subsidiary of the Group. All these individuals were
recruited through the normal interview process and are employed at
salaries commensurate with their experience and roles. The combined
annual salary and benefits of these individuals is less than
GBP190,000 (2019: three individuals less than GBP190,000).
On 23 July 2020, the Company carried out a non-pre-emptive
placing of ordinary shares at a placing price of 335 pence (Note
23). The Board of Directors along with their close family members
and members of the Executive Committee participated in the placing,
purchasing a total of 119,997 new ordinary shares.
Transactions with significant shareholders
Standard Life Aberdeen ("SLA") and Aviva Investors ("Aviva") are
substantial shareholders of the Group and classify as related
parties for the purposes of the Listing Rules. Both shareholders
participated in the
non-pre-emptive placing noted above with SLA subscribing to
9,084,169 shares for total consideration of GBP30.4m and Aviva
subscribing to 6,509,512 shares for total consideration of
GBP21.8m. The participation in the placing by SLA and Aviva
constitutes a smaller related party transaction for the purpose of
Listing Rule 11.1.10R.
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE
FINANCIAL STATEMENTS
The Directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable law and
regulation.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have prepared the Group financial statements in accordance with
International Financial Reporting Standards ("IFRSs") as adopted by
the European Union and parent company financial statements in
accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards, comprising FRS 102
"The Financial Reporting Standard applicable in the UK and Republic
of Ireland", and applicable law). 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 the profit or loss of the Group and
parent company for that period. In preparing the financial
statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable IFRSs as adopted by the European
Union have been followed for the Group financial statements and
United Kingdom Accounting Standards, comprising FRS 102, have been
followed for the Company financial statements, subject to any
material departures disclosed and explained in the financial
statements;
-- make judgements and accounting estimates that are reasonable and prudent; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group and parent
company will continue in business.
The Directors are also responsible for safeguarding the assets
of the Group and parent company and hence for taking reasonable
steps for the prevention and detection of fraud and other
irregularities.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group and
parent company's transactions and disclose with reasonable accuracy
at any time the financial position of the Group and parent company
and 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.
The Directors are responsible for the maintenance and integrity
of the parent 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 Accounts,
taken as a whole, is fair, balanced and understandable and provides
the information necessary for shareholders to assess the Group and
parent company's performance, business model and strategy.
Each of the Directors, whose names and functions are listed in
the Board of Directors section, confirms that, to the best of their
knowledge:
-- the parent company financial statements, which have been
prepared in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards,
comprising FRS 102 "The Financial Reporting Standard applicable in
the UK and Republic of Ireland", and applicable law), give a true
and fair view of the assets, liabilities, financial position and
loss of the Company;
-- the Group financial statements, which have been prepared in
accordance with IFRSs as adopted by the European Union, give a true
and fair view of the assets, liabilities, financial position and
loss of the Group; and
-- the Directors' Report includes a fair review of the
development and performance of the business and the position of the
Group and parent company, together with a description of the
principal risks and uncertainties that it faces.
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