newsbox.ch/ Informa plc: Interim Results for the -5-

27th Jul 2010 07:01

adversely impact the Group. · The Group may be subject to impairment losses that would reduce its reported assets and profit. · Increased accessibility to free or relatively inexpensive information sources may reduce demand for the Group's products and services. · Breaches of the Group's data security systems or other unauthorised access to its databases or breaches of data protection/privacy laws could adversely affect the Group's businesses and operations. · The Group's UK defined benefit pension schemes are in deficit and the cost of providing pensions benefits to existing and former employees is subject to changes in fund values and mortality. · Future dividends may become subject to Swiss withholding tax at 35 per cent. In the view of the Board, the main risks and uncertainties affecting the Group for the remaining six months of the financial year are those listed or referred to in this section. Going Concern The Group's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Business Review. As set out in the above review of Risks and Uncertainties, a number of risk factors and uncertainties affect the Group's results and financial position. The Group's net debt and banking covenants are analysed in the Finance Review. The Group has an extensive budgeting process for forecasting its trading results and cash flows and updates these forecasts to reflect current trading on a monthly basis. The Group sensitises its projections to reflect possible changes in trading performance, its cash conversions and its deferred revenues. These forecasts and projections indicate that the Group operates within the level of its current loan facilities and management is confident that it is able to meet its covenant requirements for the foreseeable future. After making enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing this interim management report. Cautionary Statements This interim management report contains forward looking statements. These statements are subject to a number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated as reflected in such forward looking statements. The terms 'expect', 'should be', 'will be' and similar expressions identify forward looking statements. Factors which may cause future outcomes to differ from those foreseen in forward looking statements include, but are not limited to: general economic conditions and business conditions in Informa's markets; exchange rate fluctuations, customers' acceptance of its products and services; the actions of competitors; legislative, fiscal and regulatory developments; changes in law and legal interpretation affecting Informa's intellectual property rights and internet communications; and the impact of technological change. These forward looking statements speak only as at the date of this report. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained in this document to reflect any change in the Group's expectations or any change in events, conditions or circumstances on which any such statement is based. Board of Directors The Directors of Informa plc are listed at www.informa.com. Stephen A. Carter was appointed to the Board as a Non-Executive Director on 11 May 2010. Responsibility Statement We confirm that to the best of our knowledge this interim management report and condensed set of consolidated financial statements: · has been prepared in accordance with IAS 34 "Interim Financial Reporting" as adopted by the European Union; · includes a fair review of the information required by DTR 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and · includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). By order of the Board Peter Rigby Adam Walker Chief Executive Finance Director 27 July 2010 Independent Review Report to Informa 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 2010 which comprises the condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity, the condensed consolidated statement of financial position, the condensed consolidated cash flow statement and related notes 1 to 18. 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 them 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 3, 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 2010 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. Deloitte LLP Chartered Accountants and Recognized Auditors London, United Kingdom 27 July 2010 +-------------++--------------++----------------+ |Provider ||Channel ||Contact | +-------------++--------------++----------------+ |Tensid Ltd., ||newsbox.ch ||Provider/Channel| |Switzerland ||www.newsbox.ch||related | |www.tensid.ch|| ||enquiries | | || ||[email protected] | | || ||+41 41 763 00 50| +-------------++--------------++----------------+ | || || | +-------------++--------------++----------------+ (END) Dow Jones Newswires July 27, 2010 02:01 ET (06:01 GMT)