REG - Clarke(T.) PLC - Interim Results Announcement <Origin Href="QuoteRef">CTO.L</Origin> - Part 2

TclarkeAnnouncement

29/10/2014 10:09

- Part 2: For the preceding part double click  ID:nRSE2560Oa 

                (27.3)                 (25.8)                 (26.9)               
 Deficit in scheme recognised in the statement of financial position  11.7                   11.1                   10.9                 
 Key assumptions used:                                                                                                                   
 Rate of increase in salaries                                         3.45%                  3.90%                  4.05%                
 Rate of increase of pensions in payment                              3.15%                  3.10%                  3.20%                
 Discount rate                                                        4.45%                  4.90%                  4.65%                
 Inflation assumption                                                 3.45%                  3.40%                  3.55%                
                                                                                                                                         
 Mortality assumptions (years):                                       Unaudited30 06 2014    Unaudited30 06 2013    Audited31 12 2013    
 Life expectancy at age 65 for current pensioners:                                                                                       
 Men                                                                  23.7                   23.6                   23.6                 
 Women                                                                25.0                   24.9                   24.8                 
 Life expectancy at age 65 for future pensioners(current age 45)                                                                         
 Men                                                                  24.9                   24.8                   24.9                 
 Women                                                                26.4                   26.4                   26.4                 
 
 
Note 9 - Related party transactions 
 
Transactions between the company and its subsidiary undertakings, which are
related parties, have been eliminated on consolidation and are not disclosed
in this note. Full disclosure of the Group's other related party transactions
is given in Note 22 to the Group's financial statements for the year ended
31st December 2013. There have been no material changes in these relationships
in the six months ended 30th June 2014 that have materially affected the
financial position or performance of the Group during that period. 
 
Note 10 - Risks and uncertainties 
 
Details of the key risks facing the Group are included on pages 24 and 25 of
the Group's annual report and financial statements for the year ended 31st
December 2013. Details of further potential risks and uncertainties arising
for the six months ended 30th June 2014 are included within the Chairman's
statement and the Business and Financial Reviews as appropriate. The directors
consider that the main areas of risk and uncertainty with respect to the
remainder of 2014, in addition to the settlement of the matters arising from
the damages claim referred to in note 10 above, remain market conditions,
operational risk, cost inflation, people, health and safety, credit and
liquidity risk, cash flow interest rate risk and risk from pension
obligations. 
 
Statement of directors' responsibilities 
 
The directors confirm that the interim management report includes a fair
review of the information required by DTR 4.2.7 (indication of important
events during the first six months and description of principal risks and
uncertainties for the remaining six months of the year) and DTR 4.2.8
(disclosure of related party transactions and changes therein). The directors
also confirm that the interim financial statements have been prepared in
accordance with IAS 34 as adopted by the European Union and present a true and
fair view of the assets, liabilities, financial position and profit of the
Group. 
 
On behalf of the Board 
 
David Henderson - Chairman 
 
Mark Lawrence - Chief Executive 
 
Martin Walton - Finance Director 
 
5th August 2014 
 
This information is provided by RNS
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