REG - NatWest Group plc - Filing of Annual Report on Form 20F with US SEC

NatwestAnnouncement

27/02/2023 07:00

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RNS Number : 0650R  NatWest Group plc  27 February 2023

FILING OF ANNUAL REPORT ON FORM 20-F WITH THE US SECURITIES AND EXCHANGE
COMMISSION

 

NatWest Group plc (the "Company") announces that, on 24 February 2023, it
filed its Annual Report on Form 20-F with the US Securities and Exchange
Commission (SEC).  The document is available for viewing on the SEC website
at www.sec.gov (http://www.sec.gov/) and also on the Company's website at
www.natwestgroup.com (http://www.natwestgroup.com) .  The Company will send
any holder of the Company's securities, upon request, a hard copy of the
Company's complete audited financial statements free of charge.  Requests may
be made by writing to the Chief Governance Officer and Company Secretary,
NatWest Group plc, Gogarburn, PO Box 1000, Edinburgh EH12 1HQ.

 

 

Jan Cargill

Chief Governance Officer and Company Secretary

27 February 2023

 

 

 

 Legal Entity Identifier

 NatWest Group plc  2138005O9XJIJN4JPN90

 

 

 

 

Forward-looking statements

Cautionary statement regarding forward-looking statements

Certain sections in this document contain 'forward-looking statements' as that
term is defined in the United States Private Securities Litigation Reform Act
of 1995, such as statements that include the words 'expect', 'estimate',
'project', 'anticipate', 'commit', 'believe', 'should', 'intend', 'will',
'plan', 'could', 'probability', 'risk', 'Value-at-Risk (VaR)', 'target',
'goal', 'objective', 'may', 'endeavour', 'outlook', 'optimistic', 'prospects'
and similar expressions or variations on these expressions. In particular,
this document includes forward-looking targets and guidance relating to
financial performance measures, such as income growth, operating expense,
RoTE, ROE, discretionary capital distribution targets, impairment loss rates,
balance sheet reduction, including the reduction of RWAs, CET1 ratio (and key
drivers of the CET1 ratio including timing, impact and details), Pillar 2 and
other regulatory buffer requirements and MREL and non-financial performance
measures, such as NatWest Group's initial area of focus, climate and
ESG-related performance ambitions, targets and metrics, including in relation
to initiatives to transition to a net zero economy, Climate and Sustainable
Funding and Financing (CSFF) and financed emissions. In addition, this
document includes forward-looking statements relating, but not limited to:
implementation of NatWest Group's purpose-led strategy and other strategic
priorities (including in relation to: phased withdrawal from ROI,
cost-controlling measures, the NatWest Markets refocusing, the creation of the
C&I franchise and the progression towards working as One Bank across
NatWest Group to serve customers); the timing and outcome of litigation and
government and regulatory investigations; direct and on-market buy-backs;
funding plans and credit risk profile; managing its capital position;
liquidity ratio; portfolios; net interest margin and drivers related thereto;
lending and income growth, product share and growth in target segments;
impairments and write-downs; restructuring and remediation costs and charges;
NatWest Group's exposure to political risk, economic assumptions and risk,
climate, environmental and sustainability risk, operational risk, conduct
risk, financial crime risk, cyber, data and IT risk and credit rating risk and
to various types of market risk, including interest rate risk, foreign
exchange rate risk and commodity and equity price risk; customer experience,
including our Net Promotor Score (NPS); employee engagement and gender balance
in leadership positions.

 

Limitations inherent to forward-looking statements

These statements are based on current plans, expectations, estimates, targets
and projections, and are subject to significant inherent risks, uncertainties
and other factors, both external and relating to NatWest Group's strategy or
operations, which may result in NatWest Group being unable to achieve the
current plans, expectations, estimates, targets, projections and other
anticipated outcomes expressed or implied by such forward-looking statements.
In addition, certain of these disclosures are dependent on choices relying on
key model characteristics and assumptions and are subject to various
limitations, including assumptions and estimates made by management. By their
nature, certain of these disclosures are only estimates and, as a result,
actual future results, gains or losses could differ materially from those that
have been estimated. Accordingly, undue reliance should not be placed on these
statements. The forward-looking statements contained in this document speak
only as of the date we make them and we expressly disclaim any obligation or
undertaking to update or revise any forward-looking statements contained
herein, whether to reflect any change in our expectations with regard thereto,
any change in events, conditions or circumstances on which any such statement
is based, or otherwise, except to the extent legally required.

 

Important factors that could affect the actual outcome of the forward-looking
statements

We caution you that a large number of important factors could adversely affect
our results or our ability to implement our strategy, cause us to fail to meet
our targets, predictions, expectations and other anticipated outcomes or
affect the accuracy of forward-looking statements described in this document.
These factors include, but are not limited to, those set forth in the risk
factors and the other uncertainties described in NatWest Group plc's Annual
Report on Form 20-F and its other filings with the US Securities and Exchange
Commission. The principal risks and uncertainties that could adversely NatWest
Group's future results, its financial condition and/or prospects and cause
them to be materially different from what is forecast or expected, include,
but are not limited to: economic and political risk (including in respect of:
political and economic risks and uncertainty in the UK and global markets,
including due to high inflation, supply chain disruption and the Russian
invasion of Ukraine); uncertainty regarding the effects of Brexit; changes in
interest rates and foreign currency exchange rates; and HM Treasury's
ownership as the largest shareholder of NatWest Group plc); strategic risk
(including in respect of the implementation of NatWest Group's purpose-led
Strategy; future acquisitions and divestments; phased withdrawal from ROI and
the transfer of its Western European corporate portfolio); financial
resilience risk (including in respect of: NatWest Group's ability to meet
targets and to make discretionary capital distributions; the competitive
environment; counterparty and borrower risk; prudential regulatory
requirements for capital and MREL; liquidity and funding risks; changes in the
credit ratings; the requirements of regulatory stress tests; model risk;
sensitivity to accounting policies, judgments, assumptions and estimates;
changes in applicable accounting standards; the value or effectiveness of
credit protection; the adequacy of NatWest Group's future assessments by the
Prudential Regulation Authority and the Bank of England; and the application
of UK statutory stabilisation or resolution powers); climate and
sustainability risk (including in respect of: risks relating to climate change
and the transitioning to a net zero economy; the implementation of NatWest
Group's climate change strategy, including publication of an initial climate
transition plan in 2023 and climate change resilient systems, controls and
procedures; climate-related data and model risk; the failure to adapt to
emerging climate, environmental and sustainability risks and opportunities;
changes in ESG ratings; increasing levels of climate, environmental and
sustainability related regulation and oversight; and climate, environmental
and sustainability-related litigation, enforcement proceedings and
investigations); operational and IT resilience risk (including in respect of:
operational risks (including reliance on third party suppliers); cyberattacks;
the accuracy and effective use of data; complex IT systems; attracting,
retaining and developing senior management and skilled personnel; NatWest
Group's risk management framework; and reputational risk); and legal,
regulatory and conduct risk (including in respect of: the impact of
substantial regulation and oversight; compliance with regulatory requirements;
the outcome of legal, regulatory and governmental actions and investigations;
the transition of LIBOR other IBOR rates to replacement risk-free rates; and
changes in tax legislation or failure to generate future taxable profits).

 

Climate and ESG disclosures

Climate and ESG disclosures in this document are not measures within the scope
of International Financial Reporting Standards ('IFRS'), use a greater number
and level of judgements, assumptions and estimates, including with respect to
the classification of climate and sustainable funding and financing
activities, than our reporting of historical financial information in
accordance with IFRS. These judgements, assumptions and estimates are highly
likely to change over time, and, when coupled with the longer time frames used
in these disclosures, make any assessment of materiality inherently uncertain.
In addition, our climate risk analysis, net zero strategy, including the
implementation of our climate transition plan remain under development, and
the data underlying our analysis and strategy remain subject to evolution over
time. The process we have adopted to define, gather and report data on our
performance on climate and ESG measures is not subject to the formal processes
adopted for financial reporting in accordance with IFRS and there are
currently limited industry standards or globally recognised established
practices for measuring and defining climate and ESG related metrics. As a
result, we expect that certain climate and ESG disclosures made in this
document are likely to be amended, updated, recalculated or restated in the
future. Please also refer to the cautionary statement in the section entitled
'Climate-related and other forward-looking statements and metrics' of the
NatWest Group 2022 Climate-related Disclosures Report.

 

Cautionary statement regarding Non-IFRS financial measures and APMs

NatWest Group prepares its financial statements in accordance with generally
accepted accounting principles (GAAP). This document may contain financial
measures and ratios not specifically defined under GAAP or IFRS ('Non-IFRS')
and/or alternative performance measures ('APMs') as defined in European
Securities and Markets Authority ('ESMA') guidelines. APMs are adjusted for
notable and other defined items which management believes are not
representative of the underlying performance of the business and which distort
period-on-period comparison. Non-IFRS measures provide users of the financial
statements with a consistent basis for comparing business performance between
financial periods and information on elements of performance that are one-off
in nature. Any Non-IFRS measures and/or APMs included in this document, are
not measures within the scope of IFRS, are based on a number of assumptions
that are subject to uncertainties and change, and are not a substitute for
IFRS measures.

 

The information, statements and opinions contained in this document do not
constitute a public offer under any applicable legislation or an offer to sell
or a solicitation of an offer to buy any securities or financial instruments
or any advice or recommendation with respect to such securities or other
financial instruments.

 

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