TIDMRR.
RNS Number : 1052U
Rolls-Royce Holdings plc
31 March 2021
31 March 2021
Rolls-Royce Holdings plc
Annual Report 2020 and Annual General Meeting 2021
Rolls-Royce Holdings plc (the Company) announces that it has
today published its Annual Report for the year ended 31 December
2020 (Annual Report 2020).
The Company also announces that it has today posted to
shareholders the Notice of Annual General Meeting to be held at
11.00am on Thursday 13 May 2021 at Kings Place, 90 York Way,
London, N1 9FX.
In accordance with Listing Rule 9.6.1, copies of the following
documents have been submitted to the UK Listing Authority and will
shortly be available for inspection from the National Storage
Mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
:
- Annual Report 2020;
- Notice of Annual General Meeting 2021; and
- Proxy Form for the Annual General Meeting 2021.
The above documents are also available at
www.rolls-royce.com
This information should be read in conjunction with the
Company's preliminary results announcement. A condensed set of the
Company's financial statements, information on important events
that have occurred during the financial year and their impact on
the financial statements and the Company's principal risks were
included in the preliminary results announcement released on 11
March 2021. That information, together with the information set out
below in the appendix, which is extracted from the Annual Report
2020, is provided in accordance with the Disclosure and
Transparency Rule (DTR) 6.3.5R, which requires it to be
communicated to the media in full unedited text through a
Regulatory Information Service. This announcement is not a
substitute for reading the full Annual Report 2020. Page and note
references in the text below refer to page numbers and note numbers
in the Annual Report 2020.
Enquiries :
Investor Relations:
Isabel Green +44 7880 160976
Media:
Richard Wray +44 7810 850055
Rolls-Royce Holdings plc LEI: 213800EC7997ZBLZJH69
Appendix
Statement of Directors' responsibilities in respect of the
Financial Statements
The Directors are responsible for preparing the Annual Report
and the Financial Statements in accordance with applicable law and
regulation.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the Directors
have prepared the Group Financial Statements in accordance with
International Financial Reporting Standards (IFRSs) as adopted by
the European Union and the parent company Financial Statements in
accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards, comprising FRS 101
Reduced Disclosure Framework, and applicable law).
Under company law, the Directors must not approve the Financial
Statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and parent company and of
the profit or loss of the Group and parent company for that
period.
In preparing the Financial Statements, the Directors are
required to:
-- select suitable accounting policies and then apply them consistently;
-- state whether applicable IFRSs, as adopted by the European
Union, have been followed for the Group Financial Statements and
United Kingdom Accounting Standards comprising FRS 101, have been
followed for the Company Financial Statements, subject to any
material departures disclosed and explained in the Financial
Statements;
-- make judgements and accounting estimates that are reasonable and prudent; and
-- prepare the Financial Statements on the going concern basis
unless it is inappropriate to presume that the Group and parent
company will continue in business.
The Directors are also responsible for safeguarding the assets
of the Group and parent company and hence for taking reasonable
steps for the prevention and detection of fraud and other
irregularities.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group and
parent company's transactions and disclose with reasonable accuracy
at any time the financial position of the Group and parent company.
This enables them to ensure that the Financial Statements and the
Directors' Remuneration Report comply with the Companies Act 2006
and, as regards the Group's Consolidated Financial Statements,
Article 4 of the IAS Regulation.
The Directors are responsible for the maintenance and integrity
of the parent company's website. Legislation in the United Kingdom
governing the preparation and dissemination of financial statements
may differ from legislation in other jurisdictions.
Directors' confirmations
The Directors consider that the Annual Report, taken as a whole,
is fair, balanced and understandable and provides the information
necessary for shareholders to assess the Group and parent company's
position and performance, business model and strategy.
Each of the Directors, whose names and functions are listed in
the Directors' Report, confirm that to the best of his or her
knowledge:
-- the Group Financial Statements, which have been prepared in
accordance with international financial reporting standards adopted
pursuant to Regulation (EC) No 1606/2002 as it applies in the
European Union, give a true and fair view of the assets,
liabilities, financial position and loss of the Group;
-- the parent company Financial Statements, which have been
prepared in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards,
comprising FRS 101 Reduced Disclosure Framework, and applicable
law), give a true and fair view of the assets, liabilities,
financial position and result of the Company; and
-- the Strategic Report includes a fair review of the
development and performance of the business and the position of the
Group and parent company, together with a description of the
principal risks and uncertainties that it faces; and
-- there is no relevant audit information of which the Company's
auditor is unaware. The Director has taken all steps that he or she
ought to have taken as a director in order to make himself or
herself aware of any relevant audit information and to establish
that the Company's auditor is aware of that information.
By order of the Board
Pamela Coles
Company Secretary
11 March 2021
Related party transactions
2020 2019
GBPm GBPm
--------------------------------------------------- -------- --------
Sales of goods and services to joint ventures
and associates(1) 3,760 3,776
--------------------------------------------------- -------- --------
Purchases of goods and services from joint
ventures and associates(1) (4,288) (3,685)
--------------------------------------------------- -------- --------
Lease payments to joint ventures and associates (226) (210)
--------------------------------------------------- -------- --------
Guarantees of joint arrangements' and associates'
borrowings 3 1
--------------------------------------------------- -------- --------
Guarantees of non-wholly owned subsidiaries'
borrowings 3 3
--------------------------------------------------- -------- --------
Dividends received from joint ventures and
associates 60 92
--------------------------------------------------- -------- --------
Other income received from joint ventures
and associates 3 1
(1) Included at the exchange rate achieved on settled derivative
contracts, consistent with note 2. At the average exchange rate,
sales were GBP3,768m (2019: GBP4,485m) and purchases were GBP4,292m
(2019: GBP4,442m).
Included in sales of goods and services to joint ventures and
associates are sales of spare engines amounting to GBP102m (2019:
GBP227m).
Profit recognised in the year on such sales amounted to GBP91m
(2019: GBP93m), including profit on current year sales and
recognition of profit deferred on sales in previous years. On an
underlying basis (at actual achieved rates on settled derivative
transactions), the amounts were GBP90m (2019: GBP78m). Cash
Receipts relating to the sale of spare engines amounted to GBP193m
(2019: GBP414m).
The aggregated balances with joint ventures are shown in notes
15 and 20. Transactions with Group pension schemes are shown in
note 23.
In the course of normal operations, related party transactions
entered into by the Group have been contracted on an arms-length
basis.
Key management personnel are deemed to be the Directors (pages
64 to 66) and the members of the Executive Team (described on page
62). Remuneration for key management personnel is shown below:
2020 2019
GBPm GBPm
---------------------------------- ------ ------
Salaries and short-term benefits 7 9
---------------------------------- ------ ------
Post-retirement schemes - -
---------------------------------- ------ ------
Share-based payments 1 5
---------------------------------- ------ ------
8 14
More detailed information regarding the Directors' remuneration,
shareholdings, pension entitlements, share options and other
long-term incentive plans is shown in the Directors' Remuneration
Report on pages 81 to 100. The charge for share-based payments
above is based on when the award is charged to the income statement
in accordance with IFRS 2 Share-Based Payments, rather than when
the shares vest, which is the basis used in the Directors'
Remuneration Report.
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