REG - Galliford Try PLC - Half-year Report <Origin Href="QuoteRef">GFRD.L</Origin> - Part 3

Galliford Try HoldingsAnnouncement

14/02/2018 07:05

- Part 3: For the preceding part double click  ID:nRSN8004Eb 

Galliford Try plc has entered into financial guarantees and counter
indemnities in respect of bank and performance bonds issued in the normal
course of business on behalf of Group undertakings, including joint
arrangements and joint ventures, amounting to £361.8m (31 December 2016:
£353.6m; 30 June 2017 £353.3m). 
 
Disputes arise in the normal course of business, some of which lead to
litigation or arbitration procedures.  The directors make proper provision in
the financial statements when they believe a liability exists.  While the
outcome of disputes and arbitration is never certain, the directors believe
that the resolution of all existing actions will not have a material adverse
effect on the Group's financial position. 
 
18  Related party transactions 
 
Transactions between the Group and its joint ventures and jointly controlled
operations are disclosed as follows: 
 
Group 
 
                                Sales to related parties  Purchases from related parties  Amounts owed by related parties  Amounts owed to related parties  
                                31 Dec2017£m              31 Dec2016£m                    30 Jun2017(audited)£m            31 Dec 2017£m                    31 Dec2016£m  30 Jun2017(audited)£m  31 Dec2017£m  31 Dec2016£m  30 Jun2017(audited)£m  31 Dec2017£m  31 Dec2016£m  30 Jun2017(audited)£m  
 Trading transactions                                                                                                                                                                                                                                                                                  
 Joint ventures                 5.4                       21.7                            61.7                             -                                0.1           0.4                    24.1          21.2          33.4                   13.1          12.3          11.7                   
 Jointly controlled operations  20.9                      21.1                            50.6                             -                                0.1           0.1                    7.9           3.9           7.7                    19.2          11.7          20.1                   
 
 
                           Interest and dividend income from related parties  Loans to related parties  
                           31 Dec2017£m                                       31 Dec2016£m              30 Jun2017(audited)£m  31 Dec2017£m  31 Dec2016£m  30 Jun2017(audited)£m  
 Non-trading transactions                                                                                                                                                         
 Joint ventures            6.8                                                8.8                       12.3                   234.8         207.7         215.2                  
 
 
Principal risks and uncertainties 
 
The directors consider that the principal risks and uncertainties which may
have a material impact on the Group's performance in the second half of the
financial year remain the same as those outlined on pages 20 and 21 of the
Group's annual report and financial statements for the year ended 30 June
2017.  These can be summarised as health, safety, environmental and community;
people; supply chain; macro environment; markets; and corporate. 
 
Forward looking statements 
 
Certain statements in this half year report are forward looking.  Such
statements should be treated with caution as they are based on current
information and expectations and are subject to a number of risks and
uncertainties that could cause actual events of outcomes to differ materially
from expectations. 
 
Directors' responsibilities 
 
The half-yearly financial report is the responsibility of, and has been
approved by, the directors. The directors are responsible for preparing the
half-yearly financial report in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom's Financial Conduct Authority. 
 
As disclosed in note 1, the annual financial statements of the Group are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared in accordance with International Accounting Standard
34, 'Interim Financial Reporting', as adopted by the European Union. 
 
The directors confirm that these condensed consolidated half year financial
statements have been prepared in accordance with IAS 34 as adopted by the
European Union; and that the interim management report herein gives a true and
fair view of the assets, liabilities, financial position and profit of the
Group as required by DTR 4.2.4 and includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8 namely: 
 
·        an indication of important events that have occurred during the six
months and their impact on the condensed set of financial statements, and a
description of the principal risks and uncertainties for the remaining six
months of the financial year; and 
 
·        material related party transactions in the first six months and any
material changes in the related party transactions described in the last
annual report. 
 
The directors of Galliford Try plc are: 
 
Peter Ventress                           Non-Executive Chairman 
 
Peter Truscott                            Chief Executive 
 
Graham Prothero                       Finance Director 
 
Terry Miller                                Senior Independent Director 
 
Gavin Slark                                Non executive director 
 
Jeremy Townsend                     Non executive director 
 
Signed on behalf of the Board 
 
Peter Truscott 
 
Chief Executive 
 
Graham Prothero 
 
Finance Director 
 
14 February 2018 
 
Independent review report to Galliford Try plc 
 
Report on the condensed consolidated half year financial statements 
 
Our conclusion 
 
We have reviewed Galliford Try plc's condensed consolidated half year
financial statements (the "interim financial statements") in the half year
report of Galliford Try plc for the 6 month period ended 31 December 2017.
Based on our review, nothing has come to our attention that causes us to
believe that the interim financial statements are not prepared, in all
material respects, in accordance with International Accounting Standard 34,
'Interim Financial Reporting', as adopted by the European Union and the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. 
 
What we have reviewed 
 
The interim financial statements comprise: 
 
·                 the condensed consolidated balance sheet as at 31 December
2017; 
 
·                 the condensed consolidated income statement and condensed
consolidated statement of comprehensive income for the period then ended; 
 
·                 the condensed consolidated statement of cash flows for the
period then ended; 
 
·                 the condensed consolidated statement of changes in equity
for the period then ended; and 
 
·                 the explanatory notes to the interim financial statements. 
 
The interim financial statements included in the half year report have been
prepared in accordance with International Accounting Standard 34, 'Interim
Financial Reporting', as adopted by the European Union and the Disclosure
Guidance and Transparency Rules sourcebook of the United Kingdom's Financial
Conduct Authority. 
 
As disclosed in note 1 to the interim financial statements, the financial
reporting framework that has been applied in the preparation of the full
annual financial statements of the Group is applicable law and International
Financial Reporting Standards (IFRSs) as adopted by the European Union. 
 
Responsibilities for the interim financial statements and the review 
 
Our responsibilities and those of the directors 
 
The half year report, including the interim financial statements, is the
responsibility of, and has been approved by, the directors. The directors are
responsible for preparing the half year report in accordance with the
Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's
Financial Conduct Authority. 
 
Our responsibility is to express a conclusion on the interim financial
statements in the half year report based on our review. This report, including
the conclusion, has been prepared for and only for the company for the purpose
of complying with the Disclosure Guidance and Transparency Rules sourcebook of
the United Kingdom's Financial Conduct Authority and for no other purpose.  We
do not, in giving this conclusion, accept or assume responsibility for any
other purpose or to any other person to whom this report is shown or into
whose hands it may come save where expressly agreed by our prior consent in
writing. 
 
What a review of interim financial statements involves 
 
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. 
 
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) and, consequently, does not
enable us to obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do not express
an audit opinion. 
 
We have read the other information contained in the half year report and
considered whether it contains any apparent misstatements or material
inconsistencies with the information in the interim financial statements. 
 
PricewaterhouseCoopers LLP 
 
Chartered Accountants 
 
London 
 
14 February 2018 
 
a)         The maintenance and integrity of the Galliford Try plc website is
the responsibility of the directors; the work carried out by the auditors does
not involve consideration of these matters and, accordingly, the auditors
accept no responsibility for any changes that may have occurred to the interim
financial statements since they were initially presented on the website. 
 
b)         Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other
jurisdictions. 
 
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