REG - MITIE Group PLC - Annual Financial Report <Origin Href="QuoteRef">MTO.L</Origin> - Part 2

MITIEAnnouncement

06/09/2014 02:03

- Part 2: For the preceding part double click  ID:nRSI1517Ja 

regulatory requirements in all our business areas. Our operationalteams remain primarily responsible for ensuring legalcompliance, supported by experienced teams of functional experts and backed up by our assurance teams. Where required, we obtain specialist technicaladvice to support our in-house teams. We continue to monitor the developing regulatory framework to allow for effective planning on potential requirements and costs of compliance.                                                                                                                                                                                                                                                                                                                                      
                                                                                                           businessareas. As a major employer, further development of the regulatory framework in areas where we work may have a material financial impact on the business. Failure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
                                                                                                           to achieveappropriate legal or regulatory compliance could lead to enforcement action, fines, adverse publicity and therefore potential damage to our reputation.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
 
 
Directors' Responsibility Statement 
 
The following statement is extracted from page 75 of the 2014 Annual Report
and Accounts and is repeated here for the purposes of Disclosure and
Transparency Rule 6.3.5 to comply with Disclosure and Transparency Rule 6.3. 
This statement relates solely to the 2014 Annual Report and Accounts and is
not connected to the extracted information set out in this announcement or the
Preliminary Announcement: 
 
"The Directors are responsible for preparing the Annual Report, the Directors'
Remuneration Report and the financial statements in accordance with applicable
law and regulations. The Directors are required to prepare the financial
statements for the group in accordance with International Financial Reporting
Standards as adopted by the EU (IFRS) and Article 4 of the IAS Regulation and
have chosen to prepare Company financial statements in accordance with United
Kingdom Generally Accepted Accounting Practice (UK GAAP). 
 
In the case of International Financial Reporting Standards (IFRS) accounts,
International Accounting Standard 1 requires that financial statements present
fairly for each financial year the Company's financial position, financial
performance and cash flows. This requires the faithful representation of the
effects of transactions, other events and conditions in accordance with the
definitions and recognition criteria for assets, liabilities, income and
expenses set out in the International Accounting Standards Board's 'Framework
for the Preparation and Presentation of Financial Statements'. In virtually
all circumstances, a fair presentation will be achieved by compliance with
IFRS where applicable. The Directors are also 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 IFRS
requirements is 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. 
 
In the parent company accounts, the Directors have elected to prepare the
financial statements in accordance with UK GAAP. The Directors are required to
prepare financial statements for each financial year which 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 these 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; 
 
-      state whether applicable accounting standards have been followed,
subject to any material departures disclosed and explained in the financial
statements; and, 
 
-      prepare financial statements on the going concern basis unless it is
inappropriate to presume that the Company will continue in business. 
 
The Directors are responsible for keeping adequate accounting records which
disclose with reasonable accuracy at any time the financial position of the
Company, safeguarding the assets, taking reasonable steps for the prevention
and detection of fraud and other irregularities, and the preparation of a
Directors' remuneration report which comply with the relevant requirements of
the Companies Acts, Listing Rules and Disclosure and Transparency Rules
(DTRs). 
 
The Directors are also responsible for the maintenance and integrity of the
Company website. Financial statements published by the Company on this website
are prepared in accordance with UK legislation which may differ from
legislation in other jurisdictions. 
 
To the best of each Director's knowledge: 
 
-      the financial statements, prepared in accordance with the applicable
set of accounting standards and contained within this Annual Report and
Accounts, give a true and fair view of the assets, liabilities, financial
position and profit or loss of the group 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 performance, business model and
strategy." 
 
Related party transactions 
 
The following extract from the Annual Report and Accounts refers to related
party transactions as set out in Note 36: 
 
"Transactions between the Company and its subsidiaries, which are related
parties, have been eliminated on consolidation and are not disclosed in this
Note. 
 
During the year, the group derived £10.5m (2013: £16.1m) of revenue from
contracts with joint ventures and associated undertakings. At 31 March 2014
£7.5m (2013: £2.1m) was outstanding (excluding the loans to joint ventures and
associates included in Note 17). 
 
No material contract or arrangement has been entered into during the year, nor
existed at the end of the year, in which a Director had a material interest. 
 
The group's key management personnel are the Directors and Non-Executive
Directors whose remuneration is disclosed in the audited section of the
Directors' remuneration report. The share-based payment charge for key
management personnel was £1.5m (2013: £1.1m)." 
 
-Ends- 
 
For further information, contact: 
 
Erica Lockhart 
 
Head of Corporate Affairs, Mitie Group plc 
 
T: +44 (0) 203 123 8179                   M: +44 (0) 7979 784 488  E:
erica.lockhart@mitie.com 
 
Helen Greenwood 
 
Investor and Public Relations Manager 
 
T: +44 (0) 203 123 8731  M: +44 (0) 7467 442 962 E: helen.greenwood@mitie.com 
 
Notes for editors 
 
What is Mitie? 
 
Mitie is a FTSE250 strategic outsourcing company. 
 
We work with people who want to perform better - now and in the future. We
help our clients to run more efficient and effective businesses by looking
after their facilities, their energy needs and the people they're responsible
for. 
 
We're all about developing our people to excel every day, challenge the status
quo, and inspire change in the way people live and work. 
 
Find out more at www.mitie.com 
 
This information is provided by RNS
The company news service from the London Stock Exchange