Annual Financial Report

RNS Number : 8193E

The Vitec Group PLC

13 April 2011

 



13 April 2011

THE VITEC GROUP PLC

THE VITEC GROUP PLC (the Company) Annual Financial Report and Associated Documents Announcement.

In compliance with Listing Rule 9.6.1 the Company announces that it has today lodged two copies of the following documents with the UK Listing Authority:

(1)  Annual Report and Accounts 2010

(2)  Notice of 2011 Annual General Meeting

(3)  Proxy voting form

These documents will shortly be available for inspection at the UK Listing Authority's Document Viewing Facility, which is situated at:

The Financial Services Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

The Annual Report and Accounts 2010 and the Notice of 2011 Annual General Meeting are available online at www.vitecgroup.com.  Also today, hard copies of these documents have been sent to those shareholders who have elected to continue to receive paper communications.

Further to the preliminary announcement by the Company of its full year  results on 3 March 2011, the Company makes the following disclosures in compliance with rules 4.1.3 and 6.3.5(2) of the Disclosure and Transparency Rules:

DIRECTORS' RESPONSIBILITY STATEMENTS

To the best of the Directors' knowledge:-

(a)  the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and

(b)  the Directors' Report includes a fair review of the development and performance of the business and the position of the Company (and the Group as a whole), together with a description of the principal risks and uncertainties that it faces.

Related Party Transactions

Transactions with directors of subsidiaries

Abramo Manfrotto is a director of Vitecgroup Italia Spa and is also Managing Director of Alu Spa (disposed of by the Group in December 2003). Sales of Gruppo Manfrotto products and services to Alu in 2010 totalled e522,834, £448,631 (2009: e250,038, £223,328). At 31 December 2010, there was e79,282, £68,030 outstanding, payable by Alu Spa (2009: e79,629, £71,218). Purchases of Alu products and services by Gruppo Manfrotto companies in 2010 totalled e25,084, £21,524 (2009: e14,313, £12,801). At 31 December 2010, there was e6,006, £5,154 outstanding and payable to Alu Spa (2009: e3,621, £3,239).

Warren Parece, who was Operations Manager of the IMT business unit during 2010, is the owner of WJP LLC, the landlord at 15 Thornton Avenue, Haverhill, Massachusetts from which Microwave Service Corporation operates. The lease was terminated in 2010. In 2010, up to the point of termination, the total value of the transaction was $52,500, £33,860 (2009: $90,000, £57,630). At 31 December 2010, there were no amounts outstanding and payable to WJP LLC (2009: £nil).

Craig Schiller is General Manager of Bexel Broadcast Services and also inventor of a computer-based process named Sharp Shot which was provided to the broadcast market through Bexel. Craig Schiller was, in turn, compensated by Bexel for the provision. Payments to Craig Schiller in 2010 totalled $3,000, £1,935 (2009: £nil). This agreement was terminated in 2010.

Jeffrey Winemiller was Senior Vice President of Strategy and Business Development of the IMT business unit. He is also joint 80% owner of PSEN LLC and PMNI LLC, companies to which IMT companies provide products and services. Sales of products and services to PSEN LLC and PMNI LLC in 2010 totalled $9,600, £6,192 (2009: $21,525, £13,783). At 31 December 2010, there was $800, £516 outstanding and payable by PSEN LLC (2009: $800, £512).

Jürgen Sommer is Director of Business Development of Camera Dynamics GmbH and brother of the owner of Sommer Kommunikation, a company which provides marketing material and services to Camera Dynamics GmbH. Sales of products and services to Camera Dynamics GmbH in 2010 totalled e142,000, £121,847 (2009: e205,000, £183,347). At 31 December 2010, there were no amounts outstanding (2009: £nil).

Stefano Finessi is EMEA Sales Director of Camera Dynamics GmbH and son and nephew-in-law of Alberto and Ermanno Fumagalli who rent office space in Milan to a Camera Dynamics operation. Rent paid to Alberto and Ermanno Fumagalli in 2010 totalled e5,400, £4,634 (2009: e5,400, £4,830). At 31 December 2010, there were no amounts outstanding (2009: £nil).

Greg Cooney is Managing Director of Manfrotto Distribution UK Ltd. Mr Cooney's son, Philip, provides office cleaning and occasional administration services to Manfrotto Distribution UK. During 2010, £5,560 was paid to Philip Cooney in respect of these services (2009: £5,270). At 31 December 2010, there was £nil outstanding and payable (2009: £nil).

Transactions with key management personnel

In the year ended 31 December 2010, the Group Chief Executive, Stephen Bird, and the Group Finance Director, Richard Cotton, were directors of the Company and also members of the Operations Executive. However, for the purposes of the following paragraphs and to avoid double counting, their interests and remuneration have been excluded from the information relating to the Operations Executive.

Executive directors of the Company and their immediate relatives control 0.2% (2009: 0.101 %) of the shares of the Company.

Non-executive directors control 0.142% (2009: 0.143%). Members of the Operations Executive control 0.275% (2009: 0.25%) of the shares of the Company.

The remuneration of the directors is set out on pages 28 to 35. The remuneration of the members of the Operations Executive in 2010 was: salaries £966,170 (2009: £905,404); performance-related bonuses £680,804 (2009: £343,577); and short term employee benefits (company car and medical insurance) £63,650 (2009: £60,660).

In addition to their salaries, the aggregate of which is set out above, the Group also contributes to a number of pension arrangements, each one specific to the country in which the individual member of the Operations Executive is based. Members of the Operations Executive and the executive directors are eligible to participate in the Group's executive bonus scheme and its share incentive arrangements. The cost to the Company in 2010 arising from share incentive awards was £686,000 (2009: £629,000).

Jon Bolton

Group Company Secretary

 

END

 

 

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