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RNS Number : 4741I
Laird PLC
21 March 2018
LAIRD PLC
Annual Report and Notice of Annual General Meeting
Laird PLC (the "Company") announces that it has today published
its 2017 Annual Report and Accounts and Notice of the 2018 Annual
General Meeting.
The documents listed below have been made available to
shareholders and will be submitted to the UK Listing Authority for
publication through the National Storage Mechanism where they will
shortly be available for inspection at
www.morningstar.co.uk/uk/NSM.
Documents:
Annual Report and Accounts 2017
Notice of Annual General Meeting
Form of Proxy
Copies of the Annual Report and Accounts 2017 and Notice of
Annual General Meeting will also shortly be available on the
Company's website at www.laird-plc.com.
The Company's Annual General Meeting will be held on Friday, 27
April 2018 at 10.30 am at the offices of Freshfields Bruckhaus
Deringer LLP, Northcliffe House, 28 Tudor Street, London, EC4Y
0AY.
A condensed set of Laird's financial statements and information
on important events that have occurred during the financial year
and their impact on the financial statements were included in
Laird's final results announcement released on 1 March 2018. That
information, together with the information set out below, which is
extracted from the 2017 Annual Report, constitutes the material
required by Disclosure and Transparency Rule 6.3.5 to be
communicated to the media in unedited full text through a
Regulatory Information Service. This announcement is not a
substitute for reading the full 2017 Annual Report. Page numbers
and cross-references in the extracted information below refer to
page numbers and sections in the 2017 Annual Report.
J G du Plessis
General Counsel and Company Secretary
020 7468 4040
Appendix A
Principal Risks and Uncertainties (P39 0f 2017 Annual
Report)
Risk Description Mitigation Risk Velocity
and Impact
------------------ ----------------- ------------------------------------------------------------ -----------------
Strategic The Group Rapid.
1 is dependent * Protecting our position by maintaining and extending Contract terms
Key Customer on a small a broad customer base and monitoring the market to with certain
Dependency number of support a swift response to market changes. key
Aligned to large global customers
strategy points: customers could
3,4,5 with whom * Developing the business into new and attractive lead to short
it does not growth markets in line with strategic objectives. notice
have any for significant
contractual changes to
guarantees * Maintaining a competitive and flexible manufacturing expected
for a base. sales volumes.
significant
portion of
its sales * Differentiating Laird with customers.
and a decrease
in or the
loss of business * Contract review and negotiation through in-house
from one or legal team and external advisers.
more of these
customers
or increased
pricing pressure
from one or
more of these
customers
would have
a material
adverse effect
on the Group's
business,
results of
operations
and financial
condition.
The Group's
customers
in its largest
business unit
typically
do not commit
to long-term
purchase
contracts,
which results
in low
visibility
on future
cash flows
in that business
unit.
------------------ ----------------- ------------------------------------------------------------ -----------------
Strategic Rapid growth Slow.
2 of Laird * Robust business opportunity evaluation and approval Automotive
Automotive business processes. market dynamics
Market in the drive long
Dynamics automotive term visibility
Aligned to sector brings * Differentiating Laird with customers to achieve close of the risk
strategy points: with it the partnerships. and slow
2,3,4 risks associated velocity
with bidding to impact.
in a competitive * Strategic options to balance Laird's overall business
market for portfolio.
very long-term
business with
a limited
number of
large customers.
Participation
requires
substantial
up-front
investment
in design
and development
capability,
well in advance
of associated
revenues.
------------------ ----------------- ------------------------------------------------------------ -----------------
Strategic The Group Slow.
3 may be adversely * Global manufacturing footprint flexibility. Changes to
Increased impacted by international
Trade a move towards trade treaties
Protectionism protectionist * Trade Compliance optimisation strategies. are subject
Aligned to international to detailed
strategy points: trade policies. negotiation
3 & 5 Recent political * Contractual risk sharing with customers and and national
events in suppliers. political
the United governance
States, Europe mechanisms
and elsewhere and subject
have signalled to World Trade
increasing Organisation
vocal support rules.
for a move
toward
protectionist
international
trade policies.
Restrictions
on or rising
costs of global
free trade
may require
the Group
to relocate
manufacturing
activities,
which could
entail
significant
costs and
could have
a material
adverse effect
on the Group's
business,
financial
condition
and results
of operations
in the
short-term.
------------------ ----------------- ------------------------------------------------------------ -----------------
Operational If the Group's Slow.
4 products, * Specialist IPR legal review. Long tail
Intellectual systems or negotiation
Property solutions and litigation
Rights (IPR) are found * Patent checks in the product development process. risks.
Aligned to to infringe
strategy points: the intellectual
1 & 4 property rights * Customer audit compliance.
of others,
the Group
may be required * Patent registration strategy.
to change
its business
practices * Internal monitoring of patent registrations.
and may also
become liable
for damages
and face
invalidation
of the Group's
intellectual
property rights.
Failure to
protect the
Group's
intellectual
property rights
could adversely
affect the
Group's
financial
condition
and results
of operations.
------------------ ----------------- ------------------------------------------------------------ -----------------
Risk Description Mitigation Risk Velocity
and Impact
------------------ ----------------- ----------------------------------------------------------- ------------------
Operational Actual, possible Rapid. A product
5 Product or perceived * Product and operations quality control processes. incident or
Risk defects, failure can
Aligned to failures in some cases
strategy points: or quality * Supplier quality review and audits. lead to a
1,4,5 issues short notice
associated product recall.
with the Group's * Automotive, ISO and other relevant standards
products could compliance Production controls; Logistics standards
lead to product compliance; Customer relationship management.
recalls and
litigation,
including * Contractual controls to limit liability where
product possible.
liability
claims, or
negative * Proactive customer relationship management.
publicity
that could
materially
adversely
affect the
Group's
reputation,
business,
financial
condition
and results
of operations.
------------------ ----------------- ----------------------------------------------------------- ------------------
Operational Disruptions Rapid.
6 of operations * Risk management and recovery plans in place at site, Major business
Operations at the Group's business unit and corporate functional levels. interruption
Continuity key factories incidents
Aligned to or sites due such as natural
strategy points: to disasters * Use of expert partners to continuously improve site catastrophes,
1 & 5 or other risk management controls IT security and back-up or a site
business procedures. fire, can
continuity have an immediate
events could and enduring
impact the * Flexing production between sites. operational
Group's ability impact.
to meet its
production * Cyber and IT protections and Business Interruption
requirements Plans.
and a failure
to successfully
recover from
such an event
could have
a material
adverse effect
on the Group's
business.
A cybersecurity
incident could
negatively
impact the
Group's business
or operations
or may harm
its
relationships
with customers.
------------------ ----------------- ----------------------------------------------------------- ------------------
Operations Market dynamics Moderate.
7 Contract in some parts * Robust business opportunity evaluation and approval Velocity to
Risk of the business processes. impact is
Aligned to with large assessed as
strategy points: key customers moderate
3,4,5 could lead * Comprehensive contract review by internal legal reflecting
to onerous function. the contractual
or imbalanced and litigation
contracts, Characteristics
potentially * Effective operational efficiency mechanisms. of the risk.
for very long
term business,
where * Product quality and compliance controls.
assumptions
on future
cost and
efficiencies
could lead
to commitments
to potentially
unprofitable
business and/or
unlimited
or very high
potential
penalties
and legal
costs.
------------------ ----------------- ----------------------------------------------------------- ------------------
Finance Exchange rate Moderate.
8 Foreign movements * Commercial management of exposures. Risk is driven
Exchange could impact by in year
Rate Movement on reported trends rather
Aligned to profit through * Hedging activity. than short
strategy points: a combination term
3 & 5 of translational fluctuations.
and * Matching of currency borrowings.
transactional
risk.
* Debt apportionment in currencies to offset
translation risk.
------------------ ----------------- ----------------------------------------------------------- ------------------
Appendix B
Directors' Responsibility Statements (P93 of 2017 Annual
Report)
The Directors are responsible for preparing the Annual Report
and the financial statements in accordance with applicable United
Kingdom law and regulations. Under that law the Directors have
prepared Group financial statements in accordance with
International Financial Reporting Standards ('IFRS') as adopted by
the European Union and the parent company financial statements in
accordance with United Kingdom Generally Accepted Accounting
Practice.
The Directors are required to prepare financial statements for
each financial year which present a true and fair view of the
financial position of the Group and Company and the financial
performance and cash flows of the Group for that period. In
preparing those financial statements on a going concern basis, the
Directors are required to:
-- select suitable accounting policies and then apply them consistently;
-- make judgements and accounting estimates that are reasonable;
-- present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information;
-- state that the Group has complied with IFRS as adopted by the
EU and that the parent company has complied with UK accounting
standards, subject to any material departures disclosed and
explained in the financial statements; and
-- prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group and the
Company will continue in business.
The Directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time, the
financial position of the Group and enable them to ensure that the
financial statements comply with the Companies Act 2006 and as
regards the Group financial statements, Article 4 of the IAS
Regulation. They are also responsible for safeguarding the assets
of the Company and the Group and hence for taking reasonable steps
for the prevention and detection of fraud and other irregularities.
They are also responsible for the maintenance and integrity of the
corporate and financial information included on the Company's
website.
Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation
in other jurisdictions. We confirm that, to the best of our
knowledge:
i. the Group financial statements, prepared in accordance with
IFRS as adopted by the EU, give a true and fair view of the assets,
liabilities, financial position and result of the Group taken as a
whole;
ii. the Strategic Report includes 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 that it faces; and
iii. the Annual Report and financial statements, taken as a
whole, are fair, balanced and understandable and provide the
information necessary for shareholders to assess the Group's
performance, business model and strategy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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