Financial Statements.

“If Europe today accounts for just over 7% of the world’s population, produces around 25% of global GDP and has to finance 50% of global social spending, then it’s obvious that it will have to work very hard to maintain its prosperity and way of life.”
ANGELA MERKEL, German Chancellor
Financial Times interview, December 2012
Financial Statements.


In last year’s annual report we had adopted a different approach to presenting our financial information. We believe that organising the information in this way enables greater understanding of the financial position and performance of our business.

The Group Consolidated financial statements have been divided into 3 sections.

  • The Primary Statements and Performance section includes the Group primary statements and other notes which we believe are integral to understanding our financial performance.
  • The Balance Sheet Management section provides further details on our financial position and approach to risk management.
  • The Additional Financial Information section includes disclosures required to be compliant with accounting standards or the Companies Act. We view this information as important, but less significant in understanding our business and performance.