Annual Financial Report

RNS Number : 8417J
Babcock International Group PLC
17 June 2014
 



Babcock International Group PLC ('the Company') - Annual Report and AGM Documents

 

 

Copies of each of the following documents have today been posted or otherwise made available to shareholders and copies have been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.hemscott.com/nsm.do :-

 

1.   Annual Report and Accounts for the year ended 31 March 2014

2.   Notice of Annual General Meeting to be held on 21 July 2014

3.   Form of Proxy

 

Copies of the above documents (excluding the Form of Proxy) are also available on Babcock International Group PLC's website, www.babcockinternational.com and copies may also be obtained from the Company Secretary at the Company's registered office, 33 Wigmore Street, London, W1U 1QX.

 

 

Albert Dungate

Company Secretary

Babcock International Group PLC

17 June 2014

 

Compliance with Disclosure and Transparency Rule 6.3.5 ("DTR 6.3.5") - Extract from the 2014 Annual Report and Accounts

The information set out below, which is extracted from the Annual Report 2014, is included solely for the purposes of complying with DTR 6.3.5 and the requirements it imposes on how to make public, annual financial reports. The information below should be read in conjunction with the announcement of the Company's Full Year results issued on 19 May 2014. Together, these constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service.

This material should also be read in conjunction with, and is not a substitute for reading, the full Annual Report 2014.

Note and page references in the text of this announcement below refer to note numbers and page numbers in the Annual Report 2014 that can be viewed on the Company's website.

Related party transactions

(a) The following related parties either sell to or receive services from the Group. Loans to joint ventures and associates are detailed in note 16.


2014
Revenue to
£m

2014 Purchases from
£m

2014
Year end debtors' balance
£m

2014
Year end creditor balance
£m

Joint ventures and associates

 

 

 

 

Debut Services (South West) Limited

139.4

-

0.3

-

Holdfast Training Services Limited

76.2

0.1

8.0

-

First Swietelsky Operation and Maintenance

10.1

-

1.9

0.5

Ascent Flight Training (Management) Company Limited

1.8

-

0.1

-

Advanced Jet Training Limited

1.6

-

0.2

-

Rear Crew Training Limited

0.8

-

0.1

-

Airtanker Services Limited

5.8

-

0.7

-

ALC (Superholdco) Limited

3.2

-

0.1

-

Naval Ship Management (Australia) Pty Limited

1.5

-

0.1

-

Lewisham Schools for the Future SPV Limited

1.5

-

0.3

-

Lewisham Schools for the Future SPV2 Limited

0.4

-

0.1

-

Lewisham Schools for the Future SPV3 Limited

0.8

-

0.1

-

Lewisham Schools for the Future SPV4 Limited

1.4

-

0.1

-

Greenwich BSF SPV Limited

0.2

-

-

-

Cura Classis (UK) Limited

4.1

-

-

-

Cura Classis (US) LLC

6.3

-

0.1

-

Cura Classis Canada Hold Co Inc.

5.9

-

-

-

Dounreay Site Licence Company

15.1

0.1

-

-

Related by common directorships




-

Finmeccanica UK Group

11.8

0.1

1.3

-

GKN

-

0.3

-

-

Northrop Grumman Sperry Marine Limited

0.1

-

-

-


288.0

0.6

13.5

0.5

 

 

2013
Revenue to
£m

2013 Purchases from
£m

2013
Year end debtors' balance
£m

2013
Year end creditor balance
£m

Joint ventures and associates

 

 

 

 

Debut Services (South West) Limited

128.9

1.2

-

-

Holdfast Training Services Limited

73.4

0.4

12.7

-

First Swietelsky Operation and Maintenance

9.5

-

1.2

0.5

Ascent Management Company (Weybridge) Limited

0.5

-

-

-

Ascent Flight Training (Management) Company Limited

1.8

-

0.7

-

Advanced Jet Training Limited

1.5

-

0.3

-

Rear Crew Training Limited

0.8

-

0.2

-

Airtanker Services Limited

6.9

-

1.0

-

Whitefleet Limited

0.4

17.9

-

-

ALC (Superholdco) Limited

3.1

-

-

-

Naval Ship Management (Australia) Pty Limited

2.1

-

0.2

-

Lewisham Schools for the Future LEP Limited

0.1

-

-

-

Lewisham Schools for the Future SPV Limited

2.2

-

0.9

-

Lewisham Schools for the Future SPV2 Limited

0.4

-

-

-

Lewisham Schools for the Future SPV3 Limited

0.5

-

0.1

-

Lewisham Schools for the Future SPV4 Limited

0.8

-

0.2

-

Greenwich BSF SPV Limited

0.2

-

-

-

Cura Classis (UK) Limited

5.1

-

-

-

Cura Classis (US) LLC

6.8

-

0.1

-

Cura Classis Canada Hold Co Inc.

7.2

-

-

-

Dounreay Site Licence Company

9.5

-

2.1

-

Related by common directorships

 

 

 

 

Finmeccanica UK Group

9.3

0.1

0.9

-


271.0

19.6

20.6

0.5

All transactions noted above arise in the normal course of business.

(b) Defined benefit pension schemes
Please refer to note 27 for transactions with the Group defined benefit pension schemes.

(c) Key management compensation is shown in note 8.

(d) Transactions in employee benefits trusts are shown in note 25.

Directors' responsibility statement

The following responsibility statement is repeated here solely with the purpose of complying with Disclosure and Transparency Rule 6.3.5.  This statement is relates to and is extracted from page 122 of the 2014 Annual Report and Accounts.  Responsibility is for the full 2014 Annual Report and Accounts not the extracted information presented in this announcement and the full year results announcement.

 

"The Directors are responsible for preparing the Annual Report, the Directors' Remuneration report and the Group's and the Company's financial statements in accordance with applicable law.

 

Company law requires the Directors to prepare financial statements for each financial year. In accordance with that law, the Directors have prepared the Group's financial statements in accordance with International Financial Reporting Standards (IFRS) (as adopted in the European Union), and the Company's financial statements and the Directors' Remuneration report in accordance with applicable law and UK Generally Accepted Accounting Practice (UK GAAP). The Group's and the Company's financial statements are required by law to give a true and fair view of the state of affairs of the Group and the Company and of the profit and loss of the Group for that year. In preparing those financial statements the Directors are required to

·      select suitable accounting policies and then apply them consistently;

·      make judgements and accounting estimates that are reasonable and prudent;

·      state whether IFRSs, as adopted by the European Union and applicable UK Accounting Standards, have been followed, subject to any material departures disclosed and explained in the Group's and Company's financial statements respectively; and

·      prepare the 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 that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company, and enable them to ensure that the Group's financial statements comply with the Companies Act 2006 and Article 4 of the IAS Regulation and that the Company's financial statements and the Directors' Remuneration report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Each of the Directors listed below (being the Board of Directors at the date of this Annual Report and these financial statements) confirms that to the best of his or her knowledge

·      the Group financial statements (set out on pages 127 to 174) which have been prepared in accordance with IFRS as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit of the Group taken as a whole; and

·      the Strategic report and Directors' report contained on pages 2 to 122 includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces."

 

 

Mike Turner

Chairman

 

 

Peter Rogers

Chief Executive

 

 

Bill Tame

Group Finance Director

 

 

Archie Bethel

CEO, Marine and Technology

 

 

Kevin Thomas

CEO, Support Services

 

 

John Davies

CEO, Defence and Security

 

 

Justin Crookenden

Non-Executive Director

 

 

Sir David Omand

Non-Executive Director

 

 

Ian Duncan

Non-Executive Director

 

 

Kate Swann

Non-Executive Director

 

 

Anna Stewart

Jeff Randall

Non-Executive Director

Non-Executive Director

 

 

 



 

 

 

 

 


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