2008 Annual Financial Report
2008 Annual Financial Report Announcement
Provident Financial plc announces that as from today the following documents are available on its website: www.providentfinancial.com:
Provident Financial plc Annual Report and Financial Statements 2008
Provident Financial plc Notice of 2009 Annual General Meeting
A copy of each of these documents listed, as well as a copy of the proxy, has been submitted to the UK Listing Authority and 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
Tel: +44 (0)20 7066 1000
These documents have also been mailed to shareholders today.
Attached to this announcement is the additional information for the purposes of compliance with the Disclosure and Transparency Rules including disclosure on risks, related party transactions and a responsibility statement.
The preliminary announcement of the group's 2008 results was issued on 3 March 2009. The preliminary announcement was prepared in accordance with the Listing Rules of the Financial Services Authority and was based on the 2008 financial statements which have been prepared under International Financial Reporting Standards (IFRS) as adopted by the European Union and those parts of the Companies Act 1985 applicable to companies reporting under IFRS. The disclosures made in the preliminary announcement met the requirements of IAS 34 'Interim Financial Reporting'. A copy of the preliminary announcement can be found on the group's website at www.providentfinancial.com.
ADDITIONAL INFORMATION
Risks
The group has a rigorous risk management framework. This is designed to identify the risks that could adversely impact the delivery of the group's strategic aims and to ensure that adequate controls and procedures are in place to mitigate the risks.
The group's risks, together with the controls and procedures in place to mitigate the risks, are as follows:
|
Risk |
Definition |
Controls and procedures |
|
Credit risk |
The risk that the group will suffer loss in the event of a default by a customer or bank counterparty. A default occurs when the customer or bank fails to honour repayments as they fall due. |
Customers
Bank counterparties
|
|
Operational risk |
The risk of loss resulting from inadequate or failed internal processes, people and systems. |
IT systems
Health and safety
Fraud
Key person risk
|
|
Market risk |
The risk of loss due to adverse market movements caused by active trading positions taken in interest rates, foreign exchange markets, bonds and equities. |
|
|
Tax risk |
The risk of loss arising from changes in tax legislation or practice. |
|
|
Liquidity risk |
The risk that the group will have insufficient liquid resources available to fulfil its operational plans and/or meet its financial obligations as they fall due. |
|
|
Interest rate risk |
The risk that a change in external interest rates leads to an increase in the group's cost of borrowing. |
|
|
Foreign exchange rate risk |
The risk that a change in foreign currency exchange rates leads to a reduction in profits or equity. |
|
|
Business risk |
The risk of loss arising from the failure of the group's strategy or management actions over the planning horizon. |
|
|
Reputational risk |
The risk that an event or circumstance could adversely impact on the group's reputation including adverse publicity from the activities of legislators, pressure groups and the media. |
|
|
Regulatory risk |
The risk of loss arising from a breach of existing regulation or regulatory changes in the markets within which the group operates. |
|
|
Concentration risk |
The risk arising from the lack of diversification in the group's business either geographical, demographic or by product. |
|
|
Pension risk |
The risk that there may be insufficient assets to meet the liabilities of the group's defined benefit pension scheme. |
|
Related party transactions
There are no related party transactions which have had a material effect on the financial position or performance of the group in the year ended 31 December 2008.
Statement of directors' responsibilities
The directors are responsible for preparing the annual financial report announcement and the preliminary results announcement.
The directors confirm to the best of their knowledge:
-
The condensed financial statements contained in the preliminary results announcement have been prepared in accordance with IFRS as adopted by the European Union and give a true and fair view of the assets, liabilities, financial position and profit and loss of the group; and
-
The chairman's statement and financial results commentary contained in the preliminary results announcement together with the additional information on risks contained in the annual financial report announcement comprise 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 faced by the group.
By order of the board
Peter Crook - Chief Executive Andrew Fisher - Finance Director
23 March 2009
Cautionary statement
All statements other than statements of historical fact included in the preliminary announcement and the annual financial report announcement, including, without limitation, those regarding the financial condition, results, operations and business of Provident Financial plc and its strategy, plans and objectives and the markets in which it operates, are forward-looking statements. Such forward-looking statements which reflect the directors' assumptions made on the basis of information available to them at this time, involve known and unknown risks, uncertainties and other important factors which could cause the actual results, performance or achievements of Provident Financial plc or the markets in which it operates to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Nothing in the annual financial report announcement or preliminary results announcement shall be regarded as a profit forecast and the directors of Provident Financial plc accept no liability to third parties in respect of the annual financial report announcement or the preliminary results announcement save as would arise under English law. In particular, section 463 of the Companies Act 2006 limits the liability of the directors of Provident Financial plc so that their liability is solely to Provident Financial plc.
This information is provided by RNS
Latest directors dealings
- 11 hours ago Luceco
- 11 hours ago Helios Towers
- 12 hours ago Wise Class A
- 12 hours ago EDX Medical Group Plc
- 12 hours ago Naked Wines