TIDM48AH
RNS Number : 9903G
Granite Mortgages 03-3 PLC
26 November 2015
Granite MorTgages 03-3 PLC
Interim Financial Report
for the 6 months to 30 September 2015
Registered Number: 04823268
Financial information
Granite Mortgages 03-3 plc ('the Company') is a public limited
company incorporated and domiciled in the United Kingdom.
The Directors present the Interim Financial Report for the
Company for the six months reporting period from 1 April 2015 to 30
September 2015 (the 'six month period').
In accordance with the transitional provisions contained in
Section 79(2)(a) of the Transparency (Directive 2004/109/EC)
Regulations 2007, an Issuer of debt securities with a denomination
of EUR50,000 or less and admitted to trading before 1 January 2005
is exempted from the requirement to disclose its half yearly
financial report for a period of 10 years following 1 January 2015
(the 'interim reporting exemption'). The interim reporting
exemption now having come to an end, the Company in accordance with
the Transparency (Directive 2004/109/EC) Regulations 2007 (as
amended), now complies and has accordingly produced its half yearly
Interim Financial Report for the six month period. Where
appropriate to show half year and full year comparisons, the
unaudited six month period to 30 September 2014 ('H1 2014/15') and
audited 12 month period to 31 March 2015 ('FY 2014/15') have been
presented.
Principal activities
The Company's principal activity is to issue floating rate debt
securities and to enter into financial arrangements to fund the
activities of certain subsidiaries of Granite Finance Holdings
Limited and ultimately UK Asset Resolution Limited ('UKAR') by
means of intercompany loans. The debt securities are issued in US
Dollars, Euros and Sterling and are secured on a beneficial
interest in a portfolio of mortgage loans originated by NRAM plc
('NRAM') formerly Northern Rock (Asset Management) plc and held
under a master trust arrangement by Granite Finance Trustees
Limited. These mortgage loans are secured on residential properties
in the United Kingdom. Noteholders will only be paid interest and
principal to the extent that funds are received on the Trust's
mortgage portfolio and used by Granite Finance Funding Limited to
repay the inter-company loan with the Company in accordance with
the inter-company agreements. Details are set out in the offering
circular pertinent to this issue. The securitisation structure was
established primarily as a means of raising finance for Northern
Rock plc during 2004.
During the six months to 30 September 2015, Granite Finance
Funding Limited made repayments totalling GBP30.0m (H1 2014/15:
GBP25.4m; FY 2014/15: GBP51.8m) to the Company in respect of the
inter-company loan. These repayments were used to repay certain of
the debt securities in issue. The company made all interest
payments due in line with the securitisation transaction documents.
All payments made in the period were in accordance with the
pass-through provisions that continue to apply following the breach
of the non-asset trigger in November 2008. The Company is entitled
to a pre-determined retained profit under the securitisation
transaction documents. Under the terms of the securitisation, the
Company retains the right to 0.01% of the interest received under
the inter-company loan (as defined within the securitisation
transaction documents). The Company is taxed in accordance with the
permanent regime for securitisation companies.
On 13 November 2015, the Company announced that amendments had
been made to the Granite Transaction Documents granting NRAM the
right (the 'Seller Call Option') at any time to require the
Mortgages Trustee to sell the loans which are securitised within
the Granite structure to NRAM or to a person nominated by NRAM,
provided that the proceeds of sale are sufficient to fully redeem
all of the Granite notes in issue. The Company also announced that
NRAM had entered into an agreement, subject to the satisfaction of
certain conditions precedent, to sell the loans which are
securitised within the Granite structure to Cerberus European
Residential Holdings B.V. The sale is expected to be completed
following the exercise by NRAM of the Seller Call Option prior to 9
December 2015. The proceeds of sale are expected to be sufficient
to fund the redemption of all of the notes issued by the Granite
issuing companies, including those issued by the Company, on the
notes
Principal activities (continued)
payment date scheduled to fall on 20 January 2016. Consequently
the Directors of the Company have not applied the going concern
basis in preparing this Interim Financial Report.
Key Performance Indicators (KPIs)
The KPIs used by management in assessing the performance of the
Company are the quality of the assets in the mortgage pool and the
compliance of the Company with the terms of the securitisation
documentation. During the period the Company has complied with the
terms of the securitisation documentation. Information about the
quality of the assets in the mortgage pool is provided in the
monthly trustee reports to investors, available on the website of
NRAM plc ('NRAM') at
http://www.nram.co.uk/corporate/treasury/securitisation, including
the following:
At 30 Sept At 30 Sept At 31 Mar
2015 2014 2015
----------------------------------- ------ ------------- ------------- ---------
Number of outstanding mortgage
loans Number 115,271 141,854 132,570
Outstanding mortgage loans GBPbn 11.5 14.0 12.9
Number of mortgage loans 3
months or more in arrears Number 3,334 4,241 3,759
Principal value of mortgage
loans 3 months or more in arrears GBPm 414.4 534.8 472.3
Arrears value of mortgage loans
3 months or more in arrears GBPm 18.4 22.1 19.7
Mortgage loans in repossession Number 192 371 272
Value of mortgage loans in
repossession GBPm 23.0 43.6 30.6
Weighted average indexed current
LTV % 68.5 75.2 73.2
Principal risks and uncertainties
In the ordinary course of business the Company is exposed to,
and manages, a variety of risks, with credit risk, liquidity risk
and market risk (foreign currency risk and interest rate risk)
being of particular significance. The Directors have responsibility
for the overall system of internal control and for reviewing its
effectiveness. In general, when a transaction or group of
transactions is entered into, derivative instruments are taken out
to manage the associated risks. The effectiveness of the risk
management is then monitored on an ongoing basis.
Statement of Comprehensive Income
6 months 6 months 12 months
to 30 Sept to 30 Sept to 31 Mar
2015 2014 2015
Note GBP000 GBP000 GBP000
----------------------------------- ----- ------------ ------------ -----------
Interest receivable 3 1,518 1,884 3,682
Interest expense 4 (1,450) (1,810) (3,522)
----------------------------------- ----- ------------ ------------ -----------
Net interest income 68 74 160
Fair value movements 5 (133) 3 (60)
Administrative expenses 6 (69) (73) (159)
----------------------------------- ----- ------------ ------------ -----------
(Loss)/profit before taxation (134) 4 (59)
Taxation 7 - - -
----------------------------------- ----- ------------ ------------ -----------
(Loss)/profit for the period/year (134) 4 (59)
Other comprehensive income - - -
----------------------------------- ----- ------------ ------------ -----------
Total comprehensive (expense)/income
for the period/year (134) 4 (59)
------------------------------------------ ------------ ------------ -----------
The results above arise from continuing activities.
Balance Sheet
Note At 30 Sept At 30 Sept At 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
---------------------------------- ----- ----------- ----------- ----------
Assets
Non-current assets
Loans to Group undertakings - 175,228 176,539
Derivative financial instruments - 6,002 6,960
---------------------------------- ----- ----------- ----------- ----------
Total non-current assets - 181,230 183,499
---------------------------------- ----- ----------- ----------- ----------
Current assets
Loans to Group undertakings 166,314 47,732 20,105
Derivative financial instruments 6,980 1,592 1,041
Cash and cash equivalents 5,040 11,625 5,818
Total current assets 178,334 60,949 26,964
Total assets 178,334 242,179 210,463
---------------------------------- ----- ----------- ----------- ----------
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:30 ET (07:30 GMT)
Equity and liabilities
Liabilities
Non-current liabilities
Debt securities in issue 9 - 168,046 156,723
Derivative financial instruments - 853 -
---------------------------------- ----- ----------- ----------- ----------
Total non-current liabilities - 168,899 156,723
---------------------------------- ----- ----------- ----------- ----------
Current liabilities
Amounts due to banks 10 5,037 11,622 5,815
Debt securities in issue 9 173,237 61,316 47,537
Derivative financial instruments - 80 -
Other liabilities 11 24 29 218
---------------------------------- ----- ----------- ----------- ----------
Total current liabilities 178,298 73,047 53,570
Total liabilities 178,298 241,946 210,293
---------------------------------- ----- ----------- ----------- ----------
Equity
Issued capital and reserves:
Share capital 50 50 50
Retained earnings (14) 183 120
---------------------------------- ----- ----------- ----------- ----------
Total equity 36 233 170
Total equity and liabilities 178,334 242,179 210,463
---------------------------------- ----- ----------- ----------- ----------
Statement of Changes in Equity
For the 6 months to 30 September 2015
Share Retained Total
capital earnings equity
GBP000 GBP000 GBP000
--------------------------------- --------- ---------- --------
Balance at 1 April 2015 50 120 170
Total comprehensive expense for
the period - (134) (134)
--------------------------------- --------- ---------- --------
Balance at 30 September 2015 50 (14) 36
--------------------------------- --------- ---------- --------
For the 6 months to 30 September 2014
Share Retained Total
capital earnings equity
GBP000 GBP000 GBP000
-------------------------------- --------- ---------- --------
Balance at 1 April 2014 50 179 229
Total comprehensive income for
the period - 4 4
-------------------------------- --------- ---------- --------
Balance at 30 September 2014 50 183 233
-------------------------------- --------- ---------- --------
Cash Flow Statement
6 months 6 months
to 30 Sept to
2015 30 Sept
GBP000 2014
GBP000
------------------------------------------- ------------ ---------
Cash flows from operating activities:
(Loss)/profit before taxation for the
financial period (134) 4
Cash flows (used in)/generated from
operating activities before changes
in operating assets and liabilities (134) 4
Net decrease in operating assets:
- loans to Group undertakings 30,167 25,533
- derivative financial instruments 1,021 5,636
Net decrease in operating liabilities:
- debt securities in issue (30,860) (28,633)
- derivative financial instruments - (2,363)
- amounts due to banks (778) (6,840)
- other liabilities (194) (177)
Net cash used in operating activities (778) (6,840)
Net decrease in cash and cash equivalents (778) (6,840)
Cash and cash equivalents at beginning
of period 5,818 18,465
-------------------------------------------- ------------ ---------
Cash and cash equivalents at end of
period 5,040 11,625
-------------------------------------------- ------------ ---------
Cash collateral held 5,037 11,622
Cash at bank 3 3
-------------------------------------------- ------------ ---------
5,040 11,625
------------------------------------------- ------------ ---------
Notes to the Financial Information
1. Reporting entity
Granite Mortgages 03-3 plc ('the Company') is a public limited
company incorporated and domiciled in the United Kingdom.
2. Basis of preparation
This Interim Financial Report has been prepared in accordance
with IAS 34 'Interim Financial Reporting'.
The information in this document does not include all of the
disclosures required by IFRS in full annual financial statements,
and it should be read in conjunction with the Financial Statements
of the Company for the year ended 31 March 2015.
On 13 November 2015, the Company announced that amendments had
been made to the Granite Transaction Documents granting NRAM the
right (the 'Seller Call Option') at any time to require the
Mortgages Trustee to sell the loans which are securitised within
the Granite structure to NRAM or to a person nominated by NRAM,
provided that the proceeds of sale are sufficient to fully redeem
all of the Granite notes in issue. The Company also announced that
NRAM had entered into an agreement, subject to the satisfaction of
certain conditions precedent, to sell the loans which are
securitised within the Granite structure to Cerberus European
Residential Holdings B.V. The sale is expected to be completed
following the exercise by NRAM of the Seller Call Option prior to 9
December 2015. The proceeds of sale are expected to be sufficient
to fund the redemption of all of the notes issued by the Granite
issuing companies, including those issued by the Company, on the
notes payment date scheduled to fall on 20 January 2016.
Accordingly, the going concern basis of accounting is no longer
appropriate as at 30 September 2015. The comparative financial
information continues to be prepared on a going concern basis under
the historical cost basis except for financial instruments
classified as 'at fair value through profit or loss'. No
adjustments were necessary in this Interim Financial Report to
write down assets to their recoverable value or to provide for
liabilities arising as a result of the decision to cease
trading.
The Directors consider that the Company's accounting policies
are the most appropriate to its circumstances, have been
consistently applied in dealing with items which are considered
material and are supported by reasonable and prudent estimates and
judgements.
The preparation of this Interim Financial Report requires the
use of estimates and assumptions that affect the reported values of
assets and liabilities at the Balance Sheet date and the reported
amounts of revenues and expenses during the reporting period.
Although these estimates are based on management's best knowledge
of the amounts, events or actions, actual results ultimately may
differ from those estimates.
In preparing this Interim Financial Report, including the
comparative financial information where applicable, the Company has
adopted for the first time the following amendments to IFRS, which
had no material impact on the Company:
-- The Annual Improvements to IFRSs 2010-2012 Cycle; and
-- The Annual Improvements to IFRSs 2011-2013 Cycle.
There have been no other material changes to the accounting
policies previously applied by the Company in preparing, and
detailed in, its Annual Report & Financial Statements for the
year ended 31 March 2015, which were prepared in accordance with
International Financial Reporting Standards ('IFRS') as adopted by
the European Union.
Notes to the Financial Information (continued)
3 Interest receivable
6 months 6 months 12 months
to to to
30 Sept 30 Sept 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
----------------------------------------- --------- --------- ----------
Interest on loans to Group undertakings 1,518 1,879 3,677
Other interest receivable from
Group undertakings - 5 5
----------------------------------------- --------- --------- ----------
1,518 1,884 3,682
----------------------------------------- --------- --------- ----------
4 Interest expense
6 months 6 months 12 months
to to to
30 Sept 30 Sept 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
--------------------------------- --------- --------- ----------
Interest on floating rate notes 1,133 1,697 2,956
(MORE TO FOLLOW) Dow Jones Newswires
November 26, 2015 02:30 ET (07:30 GMT)
Interest on cash collateral - 5 5
Interest on derivatives 317 108 561
--------------------------------- --------- --------- ----------
1,450 1,810 3,522
--------------------------------- --------- --------- ----------
5 Fair value movements
Fair value movements in the Statement of Comprehensive Income
comprised the following:
6 months 6 months 12 months
to to to
30 Sept 2015 30 Sept 2014 31 Mar 2015
GBP000 GBP000 GBP000
------------------------------------------- ------------- ------------- ------------
Net (losses)/gains on derivatives (669) (2,482) 721
Net gains/(losses) on debt securities
in issue due to exchange rate movements 536 2,485 (781)
(133) 3 (60)
------------------------------------------- ------------- ------------- ------------
The Company enters into certain derivative financial instruments
which although effective as economic hedges are not included in
hedge accounting relationships. These derivatives hedge foreign
currency debt securities in issue recorded at amortised cost.
Notes to the Financial Information (continued)
6 Administrative expenses
6 months 6 months 12 months
to to to
30 Sept 30 Sept 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
---------------------------------------- --------- --------- ----------
Cash manager fee - NRAM 59 59 111
Corporate services fee - Law Debenture
Corporate Services 5 5 9
Audit fees 2 2 4
Other legal and professional fees 3 7 35
---------------------------------------- --------- --------- ----------
69 73 159
---------------------------------------- --------- --------- ----------
The Company had no employees during the periods presented and
none of the Directors received emoluments in respect of their
services to the Company. A fee is paid to Law Debenture Corporate
Services Limited for the provision of corporate administration
services including the provision of directors.
7 Taxation
The Company is taxed in accordance with the permanent regime for
securitisation companies. Under the permanent regime, as the tax
charge is based purely on contractually retained profit, neither
the current tax charge nor deferred tax will be affected by any
fair value gains or losses arising on derivatives and other
financial instruments.
Taxation appropriately reflects changes in tax rates which had
been substantively enacted by 30 September 2015.
The tax charge for each period included nil overseas tax charge.
The tax charge for the six months to 30 September 2015 has been
calculated using the expected effective tax rate for the 12 months
to 31 March 2016, ie 20% (year ended 31 March 2015: 21%).
No deferred tax assets were unrecognised at 30 September 2015,
30 September 2014 or 31 March 2015. No deferred tax assets have
been recognised in respect of tax losses carried forward.
8 Related party disclosures
The Company is a special purpose vehicle controlled by its Board
of Directors, which comprises three Directors. Two of the Company's
three Directors are corporate Directors provided by Law Debenture
Corporate Services Limited and the third Director is a Director of
NRAM (the controlling party under IFRS). Transactions during the
period with the Company's key management personnel and other
related parties were similar in nature to those during the year
ended 31 March 2015.
Notes to the Financial Information (continued)
9 Debt securities in issue
Class In currency In currency In currency 30 Sept 30 Sept 31 Mar
30 Sept 30 Sept 31 Mar 2015 2014 2015
2015 2014 2015 GBP000 GBP000 GBP000
------- -------------- -------------- -------------- -------- -------- --------
S1 A3 $10,284,000 $25,966,000 $18,615,000 6,801 16,004 12,526
S1 B $46,443,000 $46,443,000 $46,443,000 30,713 28,625 31,253
S1 M $17,416,000 $17,416,000 $17,416,000 11,517 10,734 11,720
S1 C $32,252,000 $32,252,000 $32,252,000 21,329 19,879 21,703
S2 A EUR13,163,000 EUR33,237,000 EUR23,827,000 9,720 25,870 17,231
S2 B EUR14,836,000 EUR14,836,000 EUR14,836,000 10,955 11,548 10,729
S2 M EUR4,838,000 EUR4,838,000 EUR4,838,000 3,572 3,765 3,498
S2 C EUR35,477,000 EUR35,477,000 EUR35,477,000 26,198 27,614 25,655
S3 A GBP21,230,000 GBP53,604,000 GBP38,429,000 21,230 53,604 38,429
S3 B GBP18,384,000 GBP18,384,000 GBP18,384,000 18,384 18,384 18,384
S3 M GBP7,418,000 GBP7,418,000 GBP7,418,000 7,418 7,418 7,418
S3 C GBP4,838,000 GBP4,838,000 GBP4,838,000 4,838 4,838 4,838
------- -------------- -------------- -------------- -------- -------- --------
172,675 228,283 203,384
Accrued interest - non-current - 454 284
Accrued interest - current 562 258 252
-------- -------- --------
173,237 229,362 204,260
-------- -------- --------
10 Amounts due to banks
30 Sept 30 Sept 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
----------------------------------- -------- -------- --------
Cash collateral which the Company
has received 5,037 11,622 5,815
----------------------------------- -------- -------- --------
All of the cash collateral held is in respect of collateral
received from derivative counterparties pursuant to the provisions
of associated credit support agreements.
11 Other liabilities
30 Sept 30 Sept 31 Mar
2015 2014 2015
GBP000 GBP000 GBP000
----------------------------------------- -------- -------- --------
Amounts owed to NRAM group undertakings 24 29 218
----------------------------------------- -------- -------- --------
Notes to the Financial Information (continued)
12 Financial instruments
(a) Categories of financial assets and financial liabilities:
carrying value compared to fair value
The following table summarises the carrying amounts and fair
values of financial assets and liabilities:
At 30 September 2015
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- -------------------------- --------------------------
Financial assets
Loans to Group undertakings 166,314 166,314
Derivative financial instruments 6,980 6,980
Cash and cash equivalents 5,040 5,040
--------------------------------- -------------------------- --------------------------
Total financial assets 178,334 178,334
--------------------------------- -------------------------- --------------------------
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- -------------------------- --------------------------
Financial liabilities
Debt securities in issue 173,237 172,715
Amounts due to banks 5,037 5,037
Other liabilities 24 24
--------------------------------- -------------------------- --------------------------
Total financial liabilities 178,298 177,776
--------------------------------- -------------------------- --------------------------
At 30 September 2014
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- -------------------------- --------------------------
Financial assets
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November 26, 2015 02:30 ET (07:30 GMT)
Loans to Group undertakings 222,960 222,960
Derivative financial instruments 7,594 7,594
Cash and cash equivalents 11,625 11,625
--------------------------------- -------------------------- --------------------------
Total financial assets 242,179 242,179
--------------------------------- -------------------------- --------------------------
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- -------------------------- --------------------------
Financial liabilities
Debt securities in issue 229,362 230,858
Amounts due to banks 933 933
Derivative financial instruments 11,622 11,622
Other liabilities 29 29
--------------------------------- -------------------------- --------------------------
Total financial liabilities 241,946 243,442
--------------------------------- -------------------------- --------------------------
Notes to the Financial Information (continued)
12 Financial instruments (continued)
(a) Categories of financial assets and financial liabilities:
carrying value compared to fair value (continued)
At 31 March 2015
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- --------------- ------------------------
Financial assets
Loans to Group undertakings 196,644 196,644
Derivative financial instruments 8,001 8,001
Cash and cash equivalents 5,818 5,818
--------------------------------- --------------- ------------------------
Total financial assets 210,463 210,463
--------------------------------- --------------- ------------------------
Total carrying
value Fair value
GBP000 GBP000
--------------------------------- --------------- ------------------------
Financial liabilities
Debt securities in issue 204,260 200,960
Amounts due to banks 5,815 5,815
Other liabilities 218 218
--------------------------------- --------------- ------------------------
Total financial liabilities 210,293 206,993
--------------------------------- --------------- ------------------------
Notes to the Financial Information (continued)
12 Financial instruments (continued)
(b) Fair value measurement
Financial assets and liabilities carried at fair value are
valued on the following bases:
At 30 September 2015 Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
---------------------------------- --------- -------- -------- --------
Financial assets
Derivative financial instruments - 6,980 - 6,980
---------------------------------- --------- -------- -------- --------
At 30 September 2014 Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
---------------------------------- --------- -------- -------- --------
Financial assets
Derivative financial instruments - 7,594 - 7,594
Financial liabilities
Derivative financial instruments - 933 - 933
---------------------------------- --------- -------- -------- --------
At 31 March 2015 Level 1 Level 2 Level 3 Total
GBP000 GBP000 GBP000 GBP000
---------------------------------- --------- -------- -------- --------
Financial assets
Derivative financial instruments - 8,001 - 8,001
---------------------------------- --------- -------- -------- --------
Level 1: Quoted prices (unadjusted) in active markets for
identical assets or liabilities.
Level 2: Inputs other than quoted prices that are observable for
the asset or liability, whether directly (i.e. as price) or
indirectly (i.e. derived from the implications of prices).
Level 3: Inputs for the asset or liability that are not based on
observable market data or have significant unobservable inputs.
There were no transfers between Levels during the period (H1
2014/15: none; FY 2014/15: none).
Derivative financial instruments which are categorised as Level
2 are those which either:
(a) Have future cash flows which are known dates and for which
the cash flow amounts are known or calculable by reference to
observable interest and foreign currency exchange rates; or
(b) Have future cash flows which are not pre-defined, but which
the fair value of the instrument has very low sensitivity to
unobservable inputs.
In each case the fair value is calculated by discounting cash
flows using observable market parameters including swap rates,
interest rates and currency rates.
Notes to the Financial Information (continued)
13 Risks and uncertainties
The Directors are aware of the following material risks and
uncertainties which may affect the Company during the period to 31
March 2016:
- external economic factors including unemployment, house price
movements, and the extent and timing of changes in interest
rates.
There may be other risks that are not listed above that the
Directors are not aware of or that the Directors do not consider
material.
14 Events after the reporting period
On 13 November 2015, the Company announced that amendments had
been made to the Granite Transaction Documents granting NRAM the
right (the 'Seller Call Option') at any time to require the
Mortgages Trustee to sell the loans which are securitised within
the Granite structure to NRAM or to a person nominated by NRAM,
provided that the proceeds of sale are sufficient to fully redeem
all of the Granite notes in issue. The Company also announced that
NRAM had entered into an agreement, subject to the satisfaction of
certain conditions precedent, to sell the loans which are
securitised within the Granite structure to Cerberus European
Residential Holdings B.V. The sale is expected to be completed
following the exercise by NRAM of the Seller Call Option prior to 9
December 2015. The proceeds of sale are expected to be sufficient
to fund the redemption of all of the notes issued by the Granite
issuing companies, including those issued by the Company, on the
notes payment date scheduled to fall on 20 January 2016.
The financial information in this document is unaudited and
does not constitute statutory accounts within the meaning of
section 435 of the Companies Act 2006. The comparative figures
for the financial year ended 31 March 2015 are not the statutory
accounts for that financial year for the Company. The 2015
statutory accounts of the Company have been reported on by
that company's auditors and delivered to the Registrar of Companies.
The report of the auditors was unqualified, did not include
a reference to any matters to which the auditors drew attention
by way of emphasis without qualifying their report, and did
not contain a statement under section 498(2) or (3) of the
Companies Act 2006. This document may contain forward-looking
statements with respect to certain plans and current goals
and expectations relating to the future financial conditions,
business performance and results of the Company. By their nature,
all forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances that
are beyond the control of the Company including, amongst other
things, UK domestic and global economic and business conditions,
market related risks such as fluctuation in interest rates
and exchange rates, inflation, deflation, the impact of competition,
changes in customer preferences, risks concerning borrower
credit quality, delays in implementing proposals, the timing,
impact and other uncertainties of future acquisitions or other
combinations within relevant industries, the policies and actions
of regulatory authorities, the impact of tax or other legislation
and other regulations in the jurisdictions in which the Company
and its affiliates operate. As a result, the actual future
financial condition, business performance and results of the
Company may differ materially from the plans, goals and expectations
expressed or implied in these forward-looking statements.
Statement of Directors' Responsibilities
The Directors confirm that this Interim Financial Report has
been prepared in accordance with IAS 34 as adopted by the European
Union and that the management commentary and related notes includes
a fair review of the information required by DTR 4.2.7 and DTR
4.2.8, namely:
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