CPPGroup Plc Replacement Half Yearly Report -14-
August 21 2012 - 2:20AM
UK Regulatory
By order of the Board
Paul Stobart Shaun Parker
Chief Executive Officer Chief Financial Officer
20 August 2012
CAUTIONARY STATEMENT
This Half Year Report has been prepared solely to provide
additional information to shareholders as a body to meet the
relevant requirements of the UK Listing Authority's Disclosure and
Transparency Rules. The Half Year Report should not be relied on by
any other party or for any other purpose.
The Half Year Report contains certain forward-looking
statements. These statements are made by the Directors in good
faith based on the information available to them up to the time of
approval of the Half Year Report but such statements should be
treated with caution due to the inherent uncertainties, including
both economic and business risk factors, underlying any such
forward-looking information. Subject to the requirements of the UK
Listing Authority's Disclosure and Transparency Rules and Listing
Rules, CPP undertakes no obligation to update these forward-looking
statements and it will not publicly release any revisions it may
make to these forward-looking statements that may result from
events or circumstances arising after the date of this Half Year
Report.
The Half Year Report has been prepared for the Group as a whole
and therefore gives greater emphasis to those matters which are
significant to CPPGroup Plc and its subsidiary undertakings when
viewed as a whole.
INDEPENDENT REVIEW REPORT TO CPPGROUP PLC
We have been engaged by the company to review the condensed set
of financial statements in the half-yearly financial report for the
six months ended 30 June 2012 which comprises the consolidated
income statement, the consolidated statement of comprehensive
income, the consolidated balance sheet, the consolidated statement
of changes in equity, the consolidated cash flow statement and
related notes 1 to 14. We have read the other information contained
in the half-yearly financial report and considered whether it
contains any apparent misstatements or material inconsistencies
with the information in the condensed set of financial
statements.
This report is made solely to the company in accordance with
International Standard on Review Engagements (UK and Ireland) 2410
"Review of Interim Financial Information Performed by the
Independent Auditor of the Entity" issued by the Auditing Practices
Board. Our work has been undertaken so that we might state to the
company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and
has been approved by, the Directors. The Directors are responsible
for preparing the half-yearly financial report in accordance with
the Disclosure and Transparency Rules of the United Kingdom's
Financial Services Authority.
As disclosed in note 2, the annual financial statements of the
Group are prepared in accordance with IFRSs as adopted by the
European Union. The condensed set of financial statements included
in this half-yearly financial report has been prepared in
accordance with International Accounting Standard 34, "Interim
Financial Reporting," as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on
the condensed set of financial statements in the half-yearly
financial report based on our review.
Scope of review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 2410 "Review of
Interim Financial Information Performed by the Independent Auditor
of the Entity" issued by the Auditing Practices Board for use in
the United Kingdom. A review of interim financial information
consists of making inquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an
audit conducted in accordance with International Standards on
Auditing (UK and Ireland) and consequently does not enable us to
obtain assurance that we would become aware of all significant
matters that might be identified in an audit. Accordingly, we do
not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that
causes us to believe that the condensed set of financial statements
in the half-yearly financial report for the six months ended 30
June 2012 is not prepared, in all material respects, in accordance
with International Accounting Standard 34 as adopted by the
European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Services Authority.
Emphasis of matter
In forming our review conclusion on the condensed financial
statements in the Half Year Report, we have considered the adequacy
of the disclosure made in the Operating and Financial review and
note 2 of the Half Year Report concerning the on-going FSA
investigation, the ability of the Group to refinance on expiry of
the revolving credit facility in March 2013, and the Group's
ability to continue as a going concern in the light of these
material uncertainties. This disclosure also includes material
uncertainties in relation to the impact of Past Business Reviews
and related provisions, and possible future contingent expenditures
for which reliable estimates cannot be made.
The total financial impact in relation to the FSA investigation
is subject to significant uncertainty in that it is dependent on
certain factors outside of the control of the Group. In addition,
the Group's ability to refinance on expiry of the revolving credit
facility in March 2013 is open to significant uncertainty as it
relies upon the successful implementation of certain strategic and
financing options. These conditions indicate the existence of a
material uncertainty which may cast significant doubt about the
Group's ability to continue as a going concern and, therefore, that
it may be unable to realise its assets and discharge its
liabilities in the normal course of business.
Having considered these matters, the directors have concluded
that it is appropriate to prepare these condensed financial
statements on a going concern basis. The condensed financial
statements do not include the adjustments that would result if the
Group or the Company were unable to continue as a going concern.
Our review conclusion is not qualified in respect of these
matters.
Deloitte LLP
Chartered Accountants and Statutory Auditor
Leeds, United Kingdom
20 August 2012
CORPORATE INFORMATION
ENQUIRIES
Investor Relations
CPPGroup Plc: Helen Spivey, Head of Corporate and Investor
Communications
Tel: +44 (0)1904 544387
Media
Tulchan Communications: John Sunnucks; David Allchurch; Martin
Robinson
Tel: +44 (0)20 7353 4200
This half year report is available for download at
www.cppgroupplc.com.
REGISTERED OFFICE
CPPGroup plc
Holgate Park
York
YO26 4GA
Registered number: 07151159
This information is provided by RNS
The company news service from the London Stock Exchange
END
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