TIDMGLO
RNS Number : 3486U
ContourGlobal PLC
01 April 2021
1 April 2021
Annual Report and Notice of Annual General Meeting
ContourGlobal plc (the "Company") announces that the following
documents have today been published:
-- Annual Report 2020 for the year ended 31 December 2020;
-- Notice of Annual General Meeting; and
-- Proxy form.
The above documents will be submitted to the National Storage
Mechanism. They will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
The Annual Report 2020 and Notice of Annual General Meeting will
also shortly be available on the Company's website at
https://www.contourglobal.com/investors .
The Company's preliminary results for the year ended 31 December
2020 were released via RNS on 19 March 2021.
The Company's Annual General Meeting will be held electronically
on 12(th) May 2020.
Disclosures required in accordance with DTR 6.3.5
Information on important events that have occurred during the
financial year and their impact on the Annual Report 2020 were
included in the Preliminary Results Announcement for the Year Ended
31 December 2020, released on 19 March 2021. This, together with
the following information, which is extracted from the Preliminary
Results Announcement for the year ended 31 December 2020 and the
Annual Report 2020, constitutes the information required by DTR
6.3.5 to be communicated in full, unedited text through a
regulatory information service. This information is not a
substitute for reading the full Annual Report 2020. Any page or
note references in the text below refer to those in the Annual
Report 2020.
For further information, please contact:
Company Secretariat:
Link Company Matters Limited
Phone: +44 (0) 333 300 1950
Email: cm-contourglobal@linkgroup.co.uk
Investor Relations:
Alice Heathcote
Tel: +44 (0) 203 626 9077
alice.heathcote@contourglobal.com
Media Relations: Brunswick
Charles Pretzlik/William Medvei
Tel: +44 (0) 207 404 5959
Contourglobal@brunswickgroup.com
Principal Risks
The Strategic Report describes in detail how the Group manages
its risks. Further details can be found on pages 66-71. The table
below details each principal business risk, those aspects that
would be impacted were the risk to materialise, our assessment of
the status of the risk and how the Company mitigates it.
Risk Factor Main Impact Risk Response (management
and mitigation)
R01. Strategy - Impact of governmental actions and regulations
The risk that governmental Deterioration of financial PPAs are held with
actions or changes performance including state-owned, regulated
in (1) loss or other offtakers,
taxes or (2) regulations of revenue and an the majority of which
of our increase in expenses are rated by Standard
non-PPA long-term (including & Poor's, with a weighted
fixed rate fossil fuel cost). average credit rating
arrangements (i.e. Loss of business/growth (after Political Risk
feed-intariffs) and opportunities: insurance - PRI) of
Power Purchase BBB+ weighted by EBITDA).
Agreements (PPAs) Termination of agreements PRI policies (from
including : commercial insurers)
new adverse policymaking -- Inability to obtain, are in place for several
and investigations maintain or renew projects in case of
by required governmental events that can affect
regulatory or competition permits/licenses our assets, in particular
law authorities, as the loss of invested
well as -- Inability to receive capital. In some cases,
(3) restrictive regulation permits for extension these cover a return
of of existing capacities on our capital.
Thermal generation
as the Financing impact These include:
result of climate :
change -- Limited access Maritsa, Vorotan,
initiatives and transition to capital for Thermal KivuWatt, Togo, Cap
to power generation projects des Biches,
low-carbon economy, TermoemCali, and Kosovo.
without Major Asset impact Close relationships
regulatory risk pass-through : are maintained with
mechanisms will have -- Maritsa anticipates energy
a that in the near term lawyers and associations
negative impact on it will engage to anticipate any
our in discussions with potential changes
results of operation the government of in regulation and
and Bulgaria related express our interests.
growth prospects. to the Bulgarian energy Partnerships are fostered
regulator's complaint with multilateral
Risk unchanged to the development banks
Included in the sensitivity European Commission for both equity and
analysis on principal that the Maritsa PPA debt which makes governments
risks contains reticent to renegotiate.
for viability and elements of state Investment is placed
going aid and the EC's related in local communities
concern assessment. review and hiring locally
of the PPA. Separately, The business has a
Bulgaria has submitted sovereign credit rating
its of BBB+ post-PRI impact
proposed energy market (based on the individual
reform plan to the sovereign ratings
EC, which determined by Standard
plan proposes a market-wide & Poor's).
capacity remuneration Close monitoring of
mechanism and termination global climate change
of the long-term PPAs, initiatives and taking
including that of them into account
Maritsa, and foresees in our medium- and
discussions long-term operations
with Maritsa on this and growth strategy.
subject. We cannot Proactive engagement
predict the and communication.
outcome of such discussions,
or of any resolution
by the EC of its review
should those discussions
not result in an agreement.
Maritsa believes termination
of the PPA would not
be justified and will
take all required
actions to protect
its rights and
interests. Resolution
of the matter could
nonetheless
contain terms that
adversely affect the
Maritsa PPA
and have a material
adverse impact on
Maritsa's and
ContourGlobal's business.
Impact on other key
Assets :
-- The Group is subject
to changes in laws
or regulations or
changes in the application
or
interpretation of
laws or regulations
in jurisdictions
where we operate (particularly
utilities where electricity
tariffs are subject
to regulatory review
or approval) which
could adversely affect
our business. This
is the case for instance
in Mexico where the
current government
has engaged in
several attempts to
change the regulatory
regime under which
the Company's plants
are operating, and
related to Rwanda
and Kosovo, where
the Company is engaged
in arbitrations related
to
the interpretation
of its and counterparties'
contractual obligations.
-------------------------------------------- --------------------------------
R02. Strategy - Geopolitical uncertainties and social instability
(including environmental activism, sanctions and trade war)
The risk that geopolitical Deterioration of financial PRI policies (from
instability, increased performance: commercial insurers)
social -- Increase in operational are in place for several
pressure on politics costs (including additional projects in case of
and costs associated with events that can affect
increasing activism supply chain disruptions) our assets, in particular
will in Africa and Eastern
create additional -- Higher financing Europe.
uncertainty transaction costs
for our multinational In some cases we
business -- Disruption of operation can recover a return
operation and will of one or more of on our capital :
affect our assets -- Maritsa, Vorotan,
our business model KivuWatt, Togo, Cap
or -- Increase in OPEX des Biches, TermoemCali,
specific assets. and CAPEX and Kosovo
The risk that sanctions
affect our counterparties -- Loss of invested -- Our diversified
or stakeholders along capital operations limit the
our downside as the
supply chain will -- Adverse effect impact of a localized
have on results of operation geopolitical effect
negative impact on is unlikely
our -- Unforeseen additional to have a significant
cost structure and recurring costs vs. effect on the full
our financial model projections portfolio
ability to acquire (project IRR and cash
the flow) -- Diversification
required equipment. of jurisdictions and
The risk that excessive -- Charges and penalties technologies
cross border tariffs due to minimizes the risk
or non-compliance with
negative regulation external -- Access to several
on requirements financial markets
foreign capital flow allows the
will Loss of business/growth business to choose
have an impact on opportunities: the most opportune
our supply sources
chain and limit our -- Inability to operate of transactional financing
flexibility effectively
in cross border investments. -- Investment in local
-- Termination of communities and hiring
Risk unchanged agreements locally
Included in the sensitivity creates goodwill with
analysis on principal -- Fewer opportunities local governments
risks for growth and populations
for viability statement
and Business disruption: -- Reduced risk mitigation
going concern assessment. -- Inability to procure in place through diversified
required equipment Business
-- Impact on EAF and -- Regular analysis
EFOR of suppliers and supply
chain - related
business case study
on Spain on page 36.
-------------------------------------------- --------------------------------
R03. Strategy - Pandemic virus
The risk that global Direct financial impact: Information and Communication
pandemic(s) will cause
(1) health issues -- Adverse impact -- Emergency communication
for our on revenue due to online site on the
employees, (2) business force majeure claims, intranet that contains
disruptions at operational decreasing power demand the most recent communication
as well as at corporate caused by slowdown regarding Coronavirus
level, of economic growth to Company's employees
(3) disruption of in
our supply -- Slow payment of different languages
chain, (4) delays certain of our offtakers/the
in power country system, potential -- Crisis management
plants' major overhauls, financial distress task force (COVID-19)
(5) post-crisis of certain consisting of
increase in counterparty clients, regulatory sub-groups: remote
risk measures to slow down work and internal
given deterioration payments communication;
of our operations staffing
offtakers' credit and OT management;
strength -- Adverse effect IT readiness;
as well as (6) slowdown on results of operation health, medical and
of economic growth due to increase of testing
and O&M costs and CAPEX
thus disruption of expenditures due to -- Regular calls of
global supply senior management
commodity markets chain disruption with business
which leaders and global
will result in adverse Business interruption: Webinars for all employees
financial
impact on results -- Disruption to business-as-usual Mobility restriction,
of our activities caused remote work and social
operation as well by restrictions imposed distancing
as growth on travel and movement -- Employees training
targets and long-term of goods (Okta, VPN, zoom)
impact on sustainability and necessary
of regulated returns/FIT. -- Business leaders' IT set-ups in place
New risk distraction from core and tested to ensure
Included in the sensitivity business activities seamless
analysis on principal due to focus on risk remote operation for
risks prevention and mitigation corporate functions
for viability statement measures
and -- Remote power plant
going concern assessment. -- Disruption due operations in some
to employees' illness locations
at plant and corporate
level -- Temporary travel
business ban during
-- Disruption and quarantine and strict
delays to plants' monitoring of travel
planned maintenance situation going forward
due to travel restriction
of O&M contractors -- Strict third-party
(Impact on EAF and visitors control (contractors,
EFOR) service
providers) screening
-- Potential supply and authorization
chain disruption resulting process including
in inability to procure online questionnaire
important equipment,
consumables -- Issuance of "Temporary
or spare parts home-based employee
guidance" and "Emerging
Indirect financial Respiratory Viruses
impact Prevention Response
(Country/Counterparty): Guidance"
-- Adverse financial
impact on the result -- Regular check-ins
of Company's operation with managers
through the adverse
effect of economic -- Procurement of
growth slowdown on masks and PPE equipment
our counterparties, and
i.e. PPA offtakers shipment to sites
and governments' feed-in for front-line workers
tariffs
-- Assets operating
-- FX rate exposure in isolation mode
due to disruption
in countries with Supply chain analysis
weak currencies and contract management
Financing and growth -- Global supply chain
impact: actions tracker per
-- Inability to get plant with regular
access to financing update in case of
for new or existing potential risks. Calls
projects due to potential with sites to review
liquidity crunch caused the status
by global economy
slowdown -- Force majeure and
termination clauses
analysis for key contracts
(PPA, facility agreements,
supply chain) with
regular communication
on potential delivery
delays.
Local assets were
advised to avoid or
to require
protection for advance
payments
O&M optimization and
inventory management
-- Review of annual
maintenance program
to reschedule any
maintenance activities
that would require
third-party interventions
on site
-- Inventory requirement
in place for spares
and
consumables at least
through the end of
2020
(6-12 months' stock)
Health, Insurance
and Testing
-- PRC testing of
front-line workers
-- COVID insurance
policy for infected
employees (in addition
to existing health
benefits)
-- Strict protocols
for maintaining physical
distance,
disinfection of premises,
masks and gloves use
when required physical
distance cannot be
kept. In addition,
screenings for temperature
are conducted
-------------------------------------------- --------------------------------
R04. Strategy - Disruptive innovation in power generation
and storage technologies
The risk that technological Deterioration of financial Strong PPAs drafted
breakthrough in renewable performance: to protect ContourGlobal
generation, storage from non-payments
technologies and/or -- Loss of revenue PRI policies, several
energy of which provide protection
trading and financial -- Decrease in operating against non-honoring
markets cashflow of arbitration award
(i.e. blockchain) Diversification of
will reduce Loss of business/growth ContourGlobal's portfolio
our ability to be opportunities: (Thermal and Renewable)
competitive in and installing the
the new investments -- Renegotiation/termination most modern
or could of existing contracts technologies (where
result in stranded possible) in order
assets. -- Inability to expand to remain as competitive
Note: this risk is in strategically important as possible
regarded regions Innovation monitoring
as an emerging risk and using internal
but one capabilities
unlikely to impact to capitalize on emerging
in the next technologies and innovative
three years. solutions already
implemented within
the Group
New risk
-------------------------------------------- --------------------------------
R05. Strategy - Supply Chain
Increased supply chain Business disruption: -- Supply chain analysis
risk, and contract management:
with the identification -- Inability to procure global
and required equipment supply chain actions
management of supply or parts tracker per plant
requiring greater with regular update
efforts to -- Impact on EAF and in case of risks,
maintain resilience. EFOR regular reviews
This may
be due to a more competitive Deterioration of financial -- Monitoring of force
landscape among the performance: majeure and termination
Company's peers increasing clauses and
costs; or due to a -- Increase in Opex communication of potential
shrinking and Capex termination
of available supply
due to Potential breach of
suppliers going out loan agreements
of
business during economic
downturn; or politically
motivated restrictions
(such
as trade restrictions
e.g.
quotas, tariffs, additional
screening or sanctions)
following from heightened
geopolitical tensions.
New risk
Included in the sensitivity
analysis on principal
risks
for viability statement
and
going concern assessment.
-------------------------------------------- --------------------------------
R06. Operation and execution - Project execution (CAPEX)
The risk that inefficient Financial impact e.g.: -- Controlling methodology:
contractors' selection, -- Overrun of project specific internal
contracting, project costs (including financing resource
management and execution fees) vs. investment is dedicated to provide
of greenfield construction case impacting projected guidance and best
or cash flows and IRR practice to
refurbishment investment ensure strict and
projects will result -- Liquidated damages/penalties/litigation real-time project
in delays cost control, enabling
or unanticipated cost -- Reduced revenue cost overruns to be
overruns. due to construction identified early and
delays mitigation actions
Risk unchanged put in place
Included in the sensitivity -- Potential defaults
analysis on principal on financing and debt -- Minimizing the
risks repayment before COD risk of exceeding
for viability and construction budgets
going -- Image and reputation by entering into fixed
concern assessment. impact price contracts with
resulting from a loss engineering, procurement
of credibility with and construction (EPC)
counterparties, lenders contractors with proven
and other stakeholders track records
-- EPC contracts contain
back-to-back liquidated
damages
provisions which protect
ContourGlobal against
construction delays
and other breaches
by EPC contractors
-- Contract monitoring
and management with
legal support
-- External support
to obtain permits
-- Project Review
Procedure: monthly
review of the
projects organized
by the Project Management
Team
(including the Group
COO) and presented
to the Project
Steering Committee
-- Regular analysis
of suppliers and supply
chain
-------------------------------------------- --------------------------------
R07. Operation and execution - Asset integrity (OPEX)
The risk that asset Deterioration of operational Business interruption
maintenance processes performance: insurance O&M strategy
are not managed in focusing on HSE, O&M
line -- Business interruption organization, O&M
with the O&M plan and power outages performance management,
and benchmarks and KPIs
quality standards -- Performance below Maintenance strategy
will expected including hydro and
prevent the power efficiency and output civil structures.
plants levels O&M IT systems (including
from delivering electricity remote monitoring
and ensuring availability -- Inability to deliver control room) Maintenance
at the levels defined electricity or ensure activities with regular
in availability defined KPIs for control,
the long-term PPAs. in long-term PPAs and timely corrective
Risk unchanged actions
Reduced profitability Daily KPIs and improvement
and cash flows: meetings between local
plant
-- Increase of expenses managers and operators
(OPEX & CAPEX) Regular analysis of
suppliers and supply
-- Unplanned O&M and chain
capital
Expenditures
-- Loss of revenue
and PPA penalties
-- Liquidated damages
-- Reduction in distribution
and inability to service
debt
-- Reputational impact
-------------------------------------------- --------------------------------
R08. Operation and execution - Resources/Climate change
The risk that climate -- Deterioration of -- Diversified geographical
change (e.g. changes financial performance and technological
in temperature, wind including a loss of portfolio
patterns and hydrological revenue and/or an of assets
conditions) will affect increase in expenses
the certainty of forecasts, (O&M costs)
will impact our operations -- Extensive weather
and adversely affect -- Impact on the operational phenomena studies
our financial performance with a and due
performance. strong deviation of diligence before acquisitions
Risk unchanged actual renewable generation -- Sign-off on all
vs. projections in investment case assumptions
Included in the sensitivity the investment case by
analysis on principal specifically for wind a reputable advisory
risks and hydro firm
for viability and
going -- Read more about -- Scenario analysis
concern assessment. how we managed this carried out across
risk in Armenia this the portfolio
year on page 19.
-- StormGeo forecasting
service has been implemented
that provides medium-
to long- range prognostics
for LATAM assets
-- Retina Performance
Management platform
for Renewable businesses
to improve data analytics
and forecasting, enabling
predictive analysis
for medium- to long-
range maintenance
planning and downtime
reduction
-- Review of weatherization
planning for extreme
temperatures
-------------------------------------------- --------------------------------
R09. Health, safety and environment (HSE) and food - prevention
and regulation
The risk that failure Human and environmental Health and Safety
to prevent major health, impact: Policy reviewed annually
safety, environmental LTIs (Lost Time Incidents) and communicated Company-wide
and food (CO2 production and
for human consumption) fatalities of ContourGlobal -- Health and Safety
incidents and/ or employees, contractors and Environmental
comply with relevant or management system
regulations due to people in local communities is aligned with H&S
inherent around the facilities 18001, ISO 14001 standards,
risks related to our due to and also with World
activities incidents at the power Bank guidelines, namely
(fuel types, technology, plants the IFC Performance
equipment in more Environmental accidents Standards
than on
20 countries) will site and in local -- Monitoring of reactive
have a communities indicators (such as
material adverse impact Contamination of food responses to accidents)
on supply and proactive indicators
our operations, financing Reputational impact (including known hazards,
conditions and reputation. inspection quality
Risk unchanged Financial and operational and number of training
impact: hours)
Increase in liabilities -- Intense regular
and training
compliance costs Business
interruption Loss -- Continuous improvement
of efficiency/productivity and failure analysis
Breach of loan covenants (like 5 whys
Non-compliance with and lessons learned)
applicable HSE legal to prevent incident
requirements and recurrence
potential sanctions
-- Strong environmental
policies and procedures:
-- Each business's
compliance with applicable
policies, local laws
and permit requirements
is managed directly
by the business
-- Oversight and audit
through operations,
environmental, health
and safety departments
-- Third-party contractors'
environmental audits,
including Coca- Cola
audits of food grade
CO2
-- Arrubal, Togo and
Knockmore Hill have
achieved ISO 14001
Certification
-- Adherence to a
Company-wide environmental
policy, reflecting
the business commitment
to the United Nations
Global Compact
-------------------------------------------- --------------------------------
R10. Regulation and compliance - Fraud, bribery and corruption
The risk that lack Financial impact: -- A strong anti-bribery
of -- Financial losses compliance program
transparency, threat as a result that reflects the
of fraud, of fraudulent activities components of an 'effective
public sector corruption, ethics and compliance
money laundering and -- Violations of anti-corruption program'
other or other laws as set forth by various
forms of criminal international conventions
activity -- Criminal and/or and
involving government civil sanctions enforcement authorities,
officials against individuals which is reviewed
or suppliers will and/or the at least quarterly
result in a Company
failure to comply -- Policies and procedures
with -- Loss of trust by include:
anti-corruption legislation, key stakeholders -- Code of Conduct
including the UK Bribery and Business Ethics
Act -- Debarment by multilateral -- Anti-Corruption
2010 and other international development banks Policy
anti-bribery laws. and -- Anti-Corruption
international financial Compliance Guide
Risk unchanged institutions -- Policy for Engaging
Included in the sensitivity Suppliers and Third-Party
analysis on principal -- Reputation impact Service
risks for and loss Providers
viability and going of trust -- Gifts & Hospitality
concern Policy
assessment. -- Exclusion from -- Compliance Transactional
government
funding programs Due Diligence Protocol
-- Business Development
Consultant Compliance
Protocol
-- Regular certification
by employees
-- Risk-based due
diligence, including
for third parties
and
transactions
-- Pre-approval by
Compliance of gifts
and hospitality offered
to Governmental Officials
-- Online portals:
-- EthicsLine
-- Regular checks
and audits:
-- Bi-annual combined
Compliance and Finance
Audits, internal audits
-- Internal spot checks
-- Tailored, risk-based
training according
to a yearly training
plan
-- Anti-Corruption
e-learning course
for new joiners and
regular refresh course
for existing employees
-------------------------------------------- --------------------------------
R11. Information technology - Cyber security and system integrity
The risk that insufficient Organizational and -- Dedicated IT security
IT operational function established
security or maintenance impact: for corporate
of systems will expose -- Disruptions to and Operations
the business operations
Company to data corruption. Plants
This could have a -- Compromise of data -- Physical access
negative integrity in core controls
impact on information systems
systems as well as -- Dedicated plant
electronic Financial impact: IT functions established
control systems used -- Potential for fraudulent to consolidate
at the activity due to segregation IT management approach
generating plants, of duties conflicts in the plants under
and could a global
disrupt business operations, -- Penalties related framework of IT/OT
resulting in loss to non-compliance security policies
of service to with data-related and procedures.
customers, expense laws and regulations This local, segregated
to repair approach to the management
security breaches -- Loss of revenue of plants minimizes
and/or due to disruptions risk
system damage. to operations
Corporate
Risk unchanged -- Impact on reputation -- Security governance
Included in the sensitivity due to breach of confidentiality controls in place
analysis on principal (including security
risks policies, security
for viability statement training, security
and reviews)
going concern assessment.
-- Security systems
implemented (e.g.
anti-virus, web filtering,
firewalls, multifactor
authentication, encryption)
-- Security information
and event management
system
(SIEM)
-- Infrastructure
hosting security in
place (ISO-27001 compliant
data centers)
-- User provisioning
process for key financial
accounting
and reporting systems,
and segregation of
duties
where applicable
-- Governance processes
in place (e.g. change
management, incident
management)
-- Restricted USB
access
-- Centralized administrative
access restricting
any changes introduced
by individual users
-- Annual external
audits of financial
systems and IT security
-------------------------------------------- --------------------------------
R12. People and organization - Key people (senior executive
management) succession planning
The risk that a combination Removal or departure Focused action to
of key people's (senior of key attract, retain and
executive management) individuals could develop high-caliber
departure at short result in operational Employees Managing
notice disruption, while organizational capability
may affect the Company's competition for employees and capacity to meet
ability to deliver could lead to higher our customers' needs
its strategic than expected increases Effective remuneration
objectives and the in the cost of recruitment, arrangements to promote
overall training and employee effective employee
Company performance costs behaviours Clear succession
and the availability plans in place
of -- Loss of key management
talent to support members could have
long-term a reputational impact
growth plans.
Risk decreased
The risk assessment
was
re-evaluated due to
set
of measures implemented
earlier in 2020 related
to succession planning.
-------------------------------------------- --------------------------------
Statement of Directors' responsibilities in respect of the
Annual Report and 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 accounting standards in conformity with the
requirements of the Companies Act 2006 and international financial
reporting standards adopted pursuant to Regulation (EC) No
1606/2002 as it applies in the European Union and company financial
statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards,
comprising FRS 102 "The Financial Reporting Standard applicable in
the UK and Republic of Ireland", and applicable law).
Under company law, 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 company and of the
profit or loss of the group 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 international accounting standards
in conformity with the requirements of the Companies Act 2006 and
international financial reporting standards adopted pursuant to
Regulation (EC) No 1606/2002 as it applies in the European Union
have been followed for the group financial statements and United
Kingdom Accounting Standards, comprising FRS 102 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 company
will continue in business.
The directors are also responsible for safeguarding the assets
of the group and 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's and
company's transactions and disclose with reasonable accuracy at any
time the financial position of the group and company and enable
them to ensure that the financial statements and the Directors'
Remuneration Report comply with the Companies Act 2006.
The directors are responsible for the maintenance and integrity
of the 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 and accounts,
taken as a whole, is fair, balanced and understandable and provides
the information necessary for shareholders to assess the group's
and 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 their
knowledge:
-- the group financial statements, which have been prepared in
accordance with international accounting standards in conformity
with the requirements of the Companies Act 2006 and 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 profit
of the group;
-- the company financial statements, which have been prepared in
accordance with United Kingdom Accounting Standards, comprising FRS
102, give a true and fair view of the assets, liabilities,
financial position and profit 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 company, together with a description of the principal
risks and uncertainties that it faces.
In the case of each director in office at the date the
directors' report is approved:
-- so far as the director is aware, there is no relevant audit
information of which the group's and company's auditors are
unaware; and
-- they have taken all the steps that they ought to have taken
as a director in order to make themselves aware of any relevant
audit information and to establish that the group's and company's
auditors are aware of that information.
This responsibility statement has been approved and is signed on
behalf of the Board by:
Joseph C. Brandt
President, Chief Executive Officer and Executive Director
ContourGlobal plc
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