REG - Compass Group PLC - Final Results <Origin Href="QuoteRef">CPG.L</Origin> - Part 2

CompassAnnouncement

26/11/2014 07:11

- Part 2: For the preceding part double click  ID:nRSZ9967Xa 

                                                                                                                                                                                                       deliver services and communicate with our clients, consumers, suppliers and employees. We are focused on the need to maximise the effectiveness of our information systems 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   and technology as a business enabler and to reduce both cost and exposure as a result.                                                                                    
                                              
 Risk                                         Description                                                                                                                                                                                                                                                                                                                                                                                                                          Examples of Mitigation                                                                                                                                                    
 Economic and political Environment           
 Economy                                      Some sectors of our business could be susceptible to adverse changes in economic conditions and employment levels.                                                                                                                                                                                                                                                                                                                   With the variable and flexible nature of our cost base, it is generally possible to contain the impact of these adverse conditions.                                       
 Cost inflation                               Our objective is always to deliver the right level of service in the most efficient way. An increase in the cost of labour or food could constitute a risk to our ability to do this.                                                                                                                                                                                                                                                As part of our MAP framework, we seek to manage inflation through continuing to drive greater efficiencies through menu management, supplier rationalisation, labour      
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   scheduling and productivity. Cost indexation in our contracts also gives us the contractual right to review pricing with our clients.                                     
 Political stability                          We are a global business operating in countries and regions with diverse economic and political conditions. Our operations and earnings may be adversely affected by political or economic instability.                                                                                                                                                                                                                              The Group remains vigilant to future changes presented by emerging markets or fledgling administrations and we try to anticipate and contribute to important changes in   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   public policy.                                                                                                                                                            
 Compliance and fraud                         
                                              Ineffective compliance management with laws and regulations, or evidence of fraud, could have an adverse effect on the Group's reputation and could result in an adverse impact on the Group's performance if significant financial penalties are levied or a criminal action is brought against the Company or its directors.                                                                                                       The Group's zero tolerance based Codes of Business Conduct and Ethics govern all aspects of our relationships with our stakeholders. All alleged breaches of the Codes,   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   including any allegations of fraud, are investigated. The Group's procedures include regular operating reviews, underpinned by a continual focus on ensuring the          
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   effectiveness of internal controls.  Regulation and compliance risk is also considered as part of our annual business planning process.                                   
 
 
Compass Group PLC 
 
Consolidated Financial Statements 
 
Directors' responsibilities 
 
 The Annual Report and Accounts complies with the Disclosure and Transparency Rules (DTR) of the United Kingdom's Financial Conduct Authority and the UK Corporate Governance Code in respect of the requirements to produce an annual financial report. The Annual Report and Accounts is the responsibility of, and has been approved by, the directors.  We confirm that to the best of our knowledge: ·  the Annual Report and Accounts, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy·  the consolidated financial statements have been prepared in accordance with International Financial Reporting Standards·  the financial statements 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 Annual Report and Accounts includes a 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 On behalf of the Board   Mark WhiteGeneral Counsel and Company Secretary26 November 2014    The directors are responsible for preparing the Annual Report and the group and parent company financial statements in accordance with applicable law and regulations.    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Company law requires the directors to prepare group and parent company financial statements for each financial year.  Under that law they are required to prepare the     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             group financial statements in accordance with IFRSs as adopted by the EU and applicable law and have elected to prepare the parent company financial statements in        
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice). Under company law the directors must not approve the financial    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company and of their profit or loss for that     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             period.  In preparing each of the group and parent company financial statements, the directors are required to:         select suitable accounting policies and then apply 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             them consistently;         make judgements and estimates that are reasonable and prudent;          for the group financial statements, state whether they have been       
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             prepared in accordance with IFRSs as adopted by