DOCSLIB.ORG

RBS Ann Review 01-07

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
RBS Ann Review 01-07 Annual Report and Accounts 2005 Profit before tax up 21% Total Adjusted income up earnings per share up 14% 8% Dividend up 25% rbs.com Make it happen The Royal Bank of Scotland was In 2000 RBS successfully completed the £21 billion founded in Edinburgh in 1727. acquisition of NatWest, the biggest takeover in British banking history, creating a Group with over 20 million customers, £400 billion assets By 1900 it had over 130 branches in Scotland and and 110,000 employees worldwide. The NatWest had opened its first branch in London. During the integration was completed successfully in February 1920s and 30s it established a significant presence 2003, with the original targets for cost savings and in England through the acquisition of Glyn, Mills and revenue benefits exceeded. Williams Deacon’s. By 1970, having merged with the National Commercial Bank of Scotland, it was the Since the acquisition of NatWest, RBS has continued leading bank in Scotland, with over 700 branches. to grow the business through the combination of strong organic growth and acquisitions. In the US, During the 1980s RBS diversified its business, Citizens’ footprint has been expanded from New pioneering the direct distribution of motor insurance England into the Mid-Atlantic states through the through the establishment of Direct Line in 1985, acquisition of the Mellon Bank regional franchise, and entering US banking in 1988 with the acquisition and into the Midwest through the acquisition of of Citizens Bank of Rhode Island. Charter One, completed in 2004. Citizens is now one of the top ten US commercial banking In the 1990s RBS re-engineered its retail banking organisations by deposits. In insurance, the business, removing processing activities from acquisition of Churchill broadened the product and branches, and segmenting the Bank’s customers distribution channel capabilities of Direct Line and and associated service propositions. Over the same created the second largest general insurer in the period RBS developed and implemented its multi- UK. In corporate banking, RBS has entered the US, brand, multiple channel strategy, launching Direct Continental European and Asia Pacific markets. Banking in 1994, and the UK’s first comprehensive internet banking service in 1997, together with In August 2005, RBS signed strategic investment financial services operations in partnership with and co-operation agreements with Bank of China, Virgin and Tesco in the same year. the second largest bank in China. Make it happen Highlights of 2005 Contents 01 02 Financial highlights 04 Chairman’s statement 06 Group Chief Executive’s review 08 Group profile 10 Divisional profile Group operating profit up 16% Group review to £8.3 billion Divisional review Profit before tax up 21% to £7.9 billion 14 Corporate Markets 22 Retail Markets 30 Ulster Bank Group Total dividend for the year of 72.5p 32 Citizens 38 RBS Insurance per share, up 25% 42 Manufacturing Divisional review Divisional Share repurchase of up to £1 billion Corporate responsibility Income up 14% to £25.6 billion 46 Corporate responsibility 47 2005 activities Cost:income ratio, excluding acquisitions, 48 Community investment Corporate 41.8% unchanged from 2004 responsibility Adjusted earnings per ordinary share up 8% to 175.9p Report and accounts 51 Section 01 Operating and financial review 107 Section 02 Governance 133 Section 03 Financial statements 231 Section 04 The financial comparisons are with 2004 pro forma results which have been prepared on the basis set out on page 57. financial review Additional information Governance and Governance 259 Section 05 Shareholder information Annual Report and Accounts 2005 Financial highlights Group operating profit up 16% Profit before tax up 21% Adjusted earnings per ordinary share up 8% to 175.9p Total dividend for the year up 25% to 72.5p per share 02 Income Adjusted cost:income ratio Group operating profit – profit before tax, (£m) (%) purchased intangibles amortisation, integration costs and net gain on sale of strategic investments and subsidiaries (£m) UK GAAP IFRS UK GAAP IFRS UK GAAP IFRS 25,569 45.3 8,251 44.2 8,101 42.6 41.8 41.8 Financial highlights 22,754 40.8 22,515 7,068 7,108 6,540 19,281 5,778 17,016 14,558 2001 2002 2003 2004 2004 2005 2001 2002 2003 2004 2004* 2005* 2001 2002 2003 2004 2004 2005 pro forma pro forma pro forma *excluding acquisitions and at constant exchange rates The Group’s total income grew The Group’s cost:income ratio, excluding Group operating profit increased by 16% by 14% to £25,569 million in 2005. acquisitions and at constant exchange rates, to £8,251 million in 2005. was 41.8%. The cost:income ratio is calculated excluding purchased intangibles amortisation, integration costs and net gain on sale of strategic investments and subsidiaries, and after netting operating lease depreciation against rental income. Profit before tax Adjusted earnings per share Dividend per ordinary share (£m) (pence) (pence) UK GAAP IFRS UK GAAP IFRS 7,936 175.9 72.5 172.5 162.6 6,917 157.2 6,543 58.0 6,076 146.3 50.3 43.7 4,852 127.9 4,252 38.0 2001 2002 2003 2004 2004 2005 2001 2002 2003 2004 2004 2005 2001 2002 2003 2004 2005 pro forma pro forma Group profit before tax rose by 21% Earnings per share increased by 8% to The directors have recommended a to £7,936 million in 2005. 175.9p for 2005, adjusted for purchased final dividend of 53.1p per ordinary intangibles amortisation, integration share which, when added to the interim costs and net gain on sale of strategic dividend of 19.4p, makes a total for 2005 investments and subsidiaries, and in of 72.5p, an increase of 25%. 2001 – 2003 for the AVS dividend. The annual accounts have, for the first time, been prepared in accordance with International Financial Reporting Standards. Certain standards relating to financial instruments were not adopted until 1 January 2005. As explained on page 58, the Group has provided comparative information on a pro forma basis that includes the estimated effect of these standards for the year ended 31 December 2004. 03 Total shareholder return performance 160 The performance graph illustrates the performance of the company over the past 140 five years in terms of total shareholder return compared with that of the companies 120 comprising the FTSE 100 index. This index 100 has been selected because it represents a cross-section of leading UK companies. Group review Index 80 The total shareholder return for the company and the FTSE 100 have been 60 rebased to 100 for 2000. 40 20 0 2000 2001 2002 2003 2004 2005 RBS FTSE 100 Source: Datastream Market capitalisation Geographic analysis: Geographic analysis: Geographic analysis: (£bn) Income Operating profit Employees 1 1 1 55.6 56.1 8 5 13 19 18 48.8 47.8 28 58 75 43.2 73 % % % 2001 2002 2003 2004 2005 UK 73 UK 58 UK 75 US 18 US 28 US 19 The Group’s market capitalisation at 31 December 2005 was £56.1 billion Europe 8 Europe 13 Europe 5 compared with £55.6 billion a year earlier. Rest of World 1 Rest of World 1 Rest of World 1 Geographic analysis of income Geographic analysis of operating determined by location of customer profit determined by location of customer 2005 Chairman’s statement 04 2005 was another year of excellent Board of directors The past year has seen significant change for our Board. performance by the Group. Increased I am delighted that Sir Tom McKillop agreed to join last year earnings and strong capital generation as our Deputy Chairman. Subject to his election, he will take over from me as Chairman at the Annual General Meeting on Chairman’s statement Chairman’s have enabled us to continue investing 28 April 2006. As chief executive of AstraZeneca PLC he enjoyed wide experience of operating successfully in different for organic growth, as well as raise our international markets and his comprehensive understanding dividend significantly and embark on a of financial services from his previous directorship of a major bank will be of great value to us. programme of repurchasing our shares. We bade farewell to Sir Angus Grossart, Lord Vallance, Eileen Mackay and Iain Robertson as non-executive directors, and Financial performance Fred Watt as Group Finance Director. Their contribution during In 2005, Group operating profit increased by 16% to £8,251 a period of dramatic growth and change for RBS has been million (2004 – £7,108 million). Total income grew by 14% to highly appreciated, as has their experience of the economic £25,569 million (2004 – £22,515 million), while operating expenses cycle and its impact on business. On behalf of the Board also grew by 14% to £11,298 million (2004 – £9,871 million). I would like to pay tribute to their loyal service and express our thanks for the valued contribution they have made. We have maintained a high level of efficiency across the Group, reaping the benefits of scale from our Manufacturing Over the same period we have welcomed the appointment of operations while continuing to invest in our businesses. two new non-executive directors, Janis Kong and, with effect from 1 March 2006, Bill Friedrich. I am confident that, with their All acquisition integration benefits are being achieved at or different backgrounds and experience across our key markets, ahead of expectations. The integration of Churchill, acquired both will greatly strengthen the Board as we embark on our in September 2003, was completed in September 2005 with next phase of growth. benefits in excess of those forecast at acquisition.
Load more

Recommended publications
  • Royal Mail Annual Report
    Royal Mail plc Royal Mail plc Annual Report and Financial Statements Royal Mail plc 2014-15 Annual Report FinancialAnnual Statements and 2014-15 Strategic report Governance Financial statements Other information Strategic report Who we are 02 Financial and operating performance highlights 04 Chairman’s statement 05 Chief Executive Officer’s review 07 Market overview 12 Our business model 14 Our strategy 16 Key performance indicators 18 UK Parcels, International & Letters (UKPIL) 21 General Logistics Systems (GLS) 23 Financial review 24 Business risks 31 Corporate Responsibility 36 Governance Chairman’s introduction to Corporate Governance 41 Board of Directors 43 Statement of Corporate Governance 47 Chief Executive’s Committee 58 Directors’ Report 60 Directors’ remuneration report 64 Financial statements Consolidated income statement 77 Consolidated statement of comprehensive income 78 Consolidated statement of cash flows 79 Consolidated balance sheet 80 Consolidated statement of changes in equity 81 Notes to the consolidated financial statements 82 Significant accounting policies 131 Group five year summary (unaudited) 140 Statement of Directors’ responsibilities in respect of 142 Information key the Group financial statements Independent Auditor’s Report to the members of 143 Royal Mail plc Case studies Royal Mail plc – parent Company financial statements 146 This icon is used throughout the document to indicate Other information reporting against a key performance indicator (KPI) Shareholder information 151 Forward-looking statements 152 Annual Report and Financial Statements 2014-15 Who we are Royal Mail is the UK’s pre-eminent delivery company, connecting people, customers and businesses. As the UK’s sole designated Universal Service Provider1, we are proud to deliver a ‘one-price-goes-anywhere’ service on a range of letters and parcels to more than 29 million addresses, across the UK, six-days-a-week.
    [Show full text]
  • Natwest Markets N.V. Annual Report and Accounts 2020 Financial Review
    NatWest Markets N.V. Annual Report and Accounts 2020 Financial Review Page Description of business Financial review NWM N.V., a licensed bank, operates as an investment banking firm serving corporates and financial institutions in the European Economic Presentation of information 2 Area (‘EEA’). NWM N.V. offers financing and risk solutions which 2 Description of business includes debt capital markets and risk management, as well as trading 2 Performance overview and flow sales that provides liquidity and risk management in rates, Impact of COVID-19 3 currencies, credit, and securitised products. NWM N.V. is based in Chairman's statement 4 Amsterdam with branches authorised in London, Dublin, Frankfurt, Summary consolidated income statement 5 Madrid, Milan, Paris and Stockholm. Consolidated balance sheet 6 On 1 January 2017, due to the balance sheet reduction, RBSH 7 Top and emerging risks Group’s regulation in the Netherlands, and supervision responsibilities, Climate-related disclosures 8 transferred from the European Central Bank (ECB), under the Single Risk and capital management 11 Supervisory Mechanism. The joint Supervisory Team comprising ECB Corporate governance 43 and De Nederlandsche Bank (DNB) conducted the day-to-day Financial statements prudential supervision oversight, back to DNB. The Netherlands Authority for the Financial Markets, Autoriteit Financiële Markten Consolidated income statement 52 (AFM), is responsible for the conduct supervision. Consolidated statement of comprehensive income 52 Consolidated balance sheet 53 UK ring-fencing legislation Consolidated statement of changes in equity 54 The UK ring-fencing legislation required the separation of essential Consolidated cash flow statement 55 banking services from investment banking services from 1 January Accounting policies 56 2019.
    [Show full text]
  • Sustainable Investing for a Changing World Annual Report 2016 About Schroders
    Sustainable investing for a changing world Annual Report 2016 About Schroders At Schroders, asset management is our only business and our goals are completely aligned with those of our clients: the creation of long-term value to assist them in meeting their future financial requirements. We have responsibility for £397.1 billion As responsible investors and signatories (€465.2 billion/$490.6 billion) on behalf to the UN’s Principles for Responsible of institutional and retail investors, Investment (PRI) we consider the long-term financial institutions and high net worth risks and opportunities that will affect the clients from around the world, invested resilience of the assets in which we invest. across equities, fixed income, multi-asset, This approach is supported by our alternatives and real estate. Environmental, Social and Governance (ESG) Policy and our Responsible Real Estate Investment Policy. Presence in 41 offices P 27 countries globally £397.1 bn assets 4,100+ under management employees and administration 15% 15% 4% 4% 10% 10% 39% 39% 40% 40% 21% 21% by client by client By product domicile domicile By product 21% 21% 25% 25% 25% 25% United KingdomUnited Kingdom Asia Pac ific Asia Pacific uities uities ultiasset ultiasset urope iddleurope ast and iddle frica ast and fricamericas mericas Wealth manaementWealth manaementied income ied income merin maretmerin debt commoditiesmaret debt andcommodities real estate and real estate Source: Schroders, as at 31 December 2016 1 The companies and sectors mentioned herein are for illustrative purposes only and are not to be considered a recommendation to buy or sell. % W P X AA AAA 2016 has shown that the social and environmental backdrop facing companies is changing quickly and pressures are coming to a head.
    [Show full text]
  • Industry Analysis
    Investment Banks “Teaser” Industry Report Industry Analysis Investment Banks Q1 2012 Industry Overview Raising capital by underwriting and acting on behalf of individuals, corporations, and governments in the issuance of securities is the main thrust of investment banks. They also assist companies involved in mergers and acquisitions (M&As) and provide ancillary services like market making, derivatives trading, fixed income instruments, foreign exchange, commodities, and equity securities. Investment banks bannered the 2008 global financial and economic crisis, with U.S. investment bank Bear Sterns saved by J.P. Morgan Chase. Later in the year, Lehman Brothers filed for bankruptcy due to liquidity, leverage, and losses, as Merrill Lynch narrowly escaped such a fate with its purchase by Bank of America. Lehman Brothers was the largest bankruptcy in history at the time, with liabilities of more than $600 billion. Such unprecedented events caused panic in world markets, sending bonds, equities, and other assets into a severe decline. Morgan Stanley survived with an investment from Japan-based Mitsubishi UFJ Financial Group, and Goldman Sachs took a major investment from Warren Buffet’s Berkshire Hathaway. All major financial players took large financial bailouts from the U.S. government. Post-Lehman Brothers, both American and British banks took a huge beating. In the U.K., hundreds of billions of pounds of public money was provided to support HBOS, Lloyds, and Royal Bank of Scotland (RBS). Upon the government’s pressure, Lloyds took over HBOS to create Lloyds Banking Group and after three years, taxpayers end 2011 nursing a loss on their stake of almost £40 billion ($62.4 billion).
    [Show full text]
  • Chronology, 1963–89
    Chronology, 1963–89 This chronology covers key political and economic developments in the quarter century that saw the transformation of the Euromarkets into the world’s foremost financial markets. It also identifies milestones in the evolu- tion of Orion; transactions mentioned are those which were the first or the largest of their type or otherwise noteworthy. The tables and graphs present key financial and economic data of the era. Details of Orion’s financial his- tory are to be found in Appendix IV. Abbreviations: Chase (Chase Manhattan Bank), Royal (Royal Bank of Canada), NatPro (National Provincial Bank), Westminster (Westminster Bank), NatWest (National Westminster Bank), WestLB (Westdeutsche Landesbank Girozentrale), Mitsubishi (Mitsubishi Bank) and Orion (for Orion Bank, Orion Termbank, Orion Royal Bank and subsidiaries). Under Orion financings: ‘loans’ are syndicated loans, NIFs, RUFs etc.; ‘bonds’ are public issues, private placements, FRNs, FRCDs and other secu- rities, lead managed, co-managed, managed or advised by Orion. New loan transactions and new bond transactions are intended to show the range of Orion’s client base and refer to clients not previously mentioned. The word ‘subsequently’ in brackets indicates subsequent transactions of the same type and for the same client. Transaction amounts expressed in US dollars some- times include non-dollar transactions, converted at the prevailing rates of exchange. 1963 Global events Feb Canadian Conservative government falls. Apr Lester Pearson Premier. Mar China and Pakistan settle border dispute. May Jomo Kenyatta Premier of Kenya. Organization of African Unity formed, after widespread decolonization. Jun Election of Pope Paul VI. Aug Test Ban Take Your Partners Treaty.
    [Show full text]
  • Annual Report and Financial Statements 2019-20
    Annual Report and Financial Statements 2019-20 and Financial Statements Annual Report ANNUAL REPORT AND FINANCIAL STATEMENTS 2019-20 Royal Mail plc 1 Annual Report and Financial Statements 2019–20 CONTENTS Strategic Report Financial Statements Report Strategic 02 Overview 159 Independent auditor’s report 04 Who we are 166 Consolidated income statement 06 Financial and operational highlights 2019-20 167 Consolidated statement 15 Interim Executive Chair’s statement of comprehensive income 18 Delivering throughout the COVID-19 pandemic 168 Consolidated balance sheet 19 Business review 2019-20 170 Consolidated statement of changes in equity Corporate Governance Corporate 26 Market overview 171 Consolidated statement of cash flows 28 Business model 173 Notes to the consolidated financial statements 30 Measuring our performance 233 Significant accounting policies 32 Financial review 247 Royal Mail plc – Parent Company financial statements 62 Principal risks and uncertainties 73 Viability statement Shareholder Information Financial Statements 74 Corporate responsibility 250 Group five year summary (unaudited) 86 Non-financial information statement 252 Shareholder information 253 Forward-looking statements Corporate Governance 88 Chair’s introduction 90 Group Board of Directors 92 Executive Board – Royal Mail Information Shareholder 94 Governance structure 96 Board in action 100 Board composition and diversity 101 Reporting against the 2018 Corporate Governance Code 102 Board induction programme 103 Annual evaluation of Board performance and effectiveness 104 Engaging with our stakeholders 110 The Board’s considerations to our stakeholders during the COVID-19 pandemic 112 Employee engagement 114 Nomination Committee 117 Audit and Risk Committee 126 Corporate Responsibility Committee 128 Directors’ Remuneration Report 154 Directors’ Report 157 Statement of Directors’ Responsibilities 2 Strategic Report OVERVIEW ROYAL MAIL (UKPIL) Our UK business has faced significant challenges for some years.
    [Show full text]
  • Important Information
    VOXI Buying online terms and conditions Important information Here’s what you need to know when you buy anything on the VOXI website. Date: 09 / 08 / 2021 Your agreement with us Version 1.2 By ordering from us, you agree you’ve read and accepted the following terms: • Theses buying online terms • If you’re purchasing a VOXI plan, the VOXI terms and conditions • The terms related to the use of this site Your status If you’re an individual who’s placing an order, you must be a resident in the UK, to purchase any products or services from us. Your order When you order products and services from this site, we treat this as an offer from you to purchase such products and services. We may refuse to accept such orders for any number of reasons - such as a failure to meet credit check criteria, unavailability of products or services, product or pricing errors. On receipt of your order we’ll send you an email describing the products and services you’ve ordered. These communications confirm we’ve received your order, but don’t represent any acceptance of your offer to purchase products or services from us. We’re not legally obliged to provide the products and services to you during the offer process (before the contract is completed). The contract between you and us will only be completed when we dispatch the products to you. Any products or services on the same order which haven’t been dispatched to you don’t form part of that contract.
    [Show full text]
  • List of Recognised Overseas Pension Schemes Notifications
    List of Recognised Overseas Pension Schemes Notifications This list contains some of the overseas entities that have told HM Revenue and Customs (HMRC) they are Recognised Overseas Pension Scheme (ROPS) under section 169(2) Finance Act 2004 HMRC can’t guarantee these are ROPS or that any transfers to them will be free of UK tax. It is your responsibility to find out if you have to pay tax on any transfer of pension savings. HMRC will usually pursue any UK tax charges (and interest for late payment) arising from transfers to overseas entities that do not meet the ROPS requirements even when they appear on this list. This includes where taxpayers are overseas. HMRC will also charge penalties in appropriate cases. Tax relief is given on pensions to encourage saving to provide benefits in later life. Accessing benefits (directly or indirectly) before age 55 will result in a liability to UK tax charges in all but the most exceptional circumstances. You should seek suitable professional advice including from a regulated financial adviser. Publication Date: 1 May 2015 Scheme Name Country 100% Care Superannuation Fund Australia 1825 Super Australia 20th Century Dingo Pty Limited Superannuation Fund Australia 2MHPAL Super Australia A & C Petris Superfund Australia A & J Armitage Super Fund Australia A & L Smith Super Fund Australia A & M Joseph Superannuation Fund Australia A & P Power Super Fund Australia A & T Adkins Super Fund Australia A + C Blackledge Australia A Y Conley Superannuation Fund Australia A+K Jacko Superannuation Fund Australia
    [Show full text]
  • Royal Mail Plc – Annual Report and Financial Statements 2015-16
    Royal Mail plc Annual Report and Financial Statements 2015-16 Celebrating 500 Years of Royal Mail Royal Mail has a rich and varied history, characterised by a tradition of service and innovation spanning 500 years. For five centuries, our postal network has been connecting families and friends, powering business and driving innovation across the country. In 1516, Henry VIII knighted Brian Tuke, the first Master of the Posts. This act was the catalyst for the creation of the Royal Mail postal service, as we know it today. Tuke had the influence and authority to establish key post towns across the country and set up a formal postal network. Since its royal beginnings, the postal service has continued to deliver the nation’s mail for 500 years, under 21 different monarchs and through two World Wars, employing hundreds of thousands of people along the way. To mark this momentous anniversary, Royal Mail has launched a special website featuring the people, objects and events that played a key role in the development of the world’s first national postal service. Visit: www.royalmailgroup.com/500years Within the pages of this report you will find ‘then and now’ image captions showcasing how Royal Mail has evolved over the last 500 years. Strategic report | Governance | Financial statements | Other information Welcome Strategic report Who we are ....................................................................................................................... 02 Financial and operating performance highlights .........................................................
    [Show full text]
  • Morningstar Report
    Report as of 02 Oct 2021 Threadneedle Monthly Extra Income Fund Retail Income GBP Morningstar® Category Morningstar® Benchmark Fund Benchmark Morningstar Rating™ Category_EUCA000916 Morningstar UK Moderately 20% ICE BofA Sterling Corp&Coll TR QQQ Adventurous Target Allocation NR GBP EUR, 80% FTSE AllSh TR GBP Used throughout report Investment Objective Performance The Fund aims to provide a monthly income with prospects 172 for capital growth over the long term. It looks to provide 154 an income yield higher than the FTSE All-Share Index over 136 rolling 3-year periods, after the deduction of charges. The 118 Fund is actively managed, and invests in a combination of 100 company shares and bonds; typically, between 70-80% in 82 UK company shares and 20%-30% in bonds. 2016 2017 2018 2019 2020 2021-08 12.39 6.59 -5.45 19.10 -5.17 11.72 Fund - - - - 4.52 9.96 Benchmark 13.23 10.00 -6.37 15.67 5.25 9.54 Category Risk Measures Trailing Returns % Fund Bmark Cat Quarterly Returns % Q1 Q2 Q3 Q4 3Y Alpha -4.50 3Y Sharpe Ratio 0.33 3 Months 1.16 0.35 0.46 2021 2.78 4.59 - - 3Y Beta 1.30 3Y Std Dev 14.34 6 Months 6.14 5.16 5.16 2020 -20.71 10.08 -0.11 8.77 3Y R-Squared 89.79 3Y Risk abv avg 1 Year 17.92 15.22 15.32 2019 6.46 2.75 4.10 4.59 3Y Info Ratio -0.54 5Y Risk abv avg 3 Years Annualised 3.80 6.62 6.12 2018 -4.05 8.69 -0.28 -9.09 3Y Tracking Error 5.57 10Y Risk abv avg 5 Years Annualised 4.71 7.20 6.49 2017 3.91 2.73 -0.15 0.01 Calculations use Morningstar UK Moderately Adventurous Target Allocation NR GBP 10 Years Annualised 8.86 8.92 8.05
    [Show full text]
  • Annual Report and Accounts 2018 01 Overview Performance Highlights for the Year to 31 March 2018
    3i Group plc Overview Governance Introduction 01 Chairman’s introduction 58 Performance highlights 02 Board of Directors and Executive Committee 60 Chairman’s statement 02 Nominations Committee report 65 Chief Executive’s statement 04 Audit and Compliance Committee report 66 Action 08 Valuations Committee report 70 Directors’ remuneration report 73 Our business Relations with shareholders 83 Our business at a glance 10 Additional statutory and corporate governance information 84 Our business model 12 Our strategic objectives 14 Audited financial statements Key performance indicators 16 Private Equity 18 Consolidated statement of comprehensive income 92 Infrastructure 25 Consolidated statement of financial position 93 Performance, risk and sustainability Consolidated statement of changes in equity 94 Consolidated cash flow statement 95 Financial review 29 Company statement of financial position 96 Investment basis 35 Company statement of changes in equity 97 Reconciliation of Investment basis and IFRS 39 Company cash flow statement 98 Alternative Performance Measures 43 Significant accounting policies 99 Risk management 44 Notes to the accounts 104 Principal risks and mitigations 47 Independent Auditor’s report 139 Sustainability 52 Portfolio and other information 20 Large investments 148 Strategic report: Portfolio valuation – an explanation 150 pages 2 to 56. Information for shareholders 152 Directors’ report: pages Glossary 154 58 to 72 and 83 to 90. For definitions of our financial terms, used throughout this report, please see Directors’ remuneration our glossary on pages 154 to 156. report: pages 73 to 82. Consistent with our approach since the introduction of IFRS 10 in 2014, the financial data presented in the Overview and Strategic report is taken from the Investment basis financial statements.
    [Show full text]
  • NATIONAL WESTMINSTER BANK PLC (Incorporated Under the Laws
    NATIONAL WESTMINSTER BANK PLC (incorporated under the laws of England and Wales with limited liability under the Companies Act 1948 to 1980, with registered number 00929027) €25 billion Global Covered Bond Programme unconditionally and irrevocably guaranteed as to payments of interest and principal by NatWest Covered Bonds Limited Liability Partnership (a limited liability partnership incorporated in England and Wales) Under this €25 billion global covered bond programme (the Programme), National Westminster Bank Plc (the Issuer and NatWest) may from time to time issue bonds (the Covered Bonds) denominated in any currency agreed between the Issuer and the relevant Dealer(s) (as defined below). The price and amount of the Covered Bonds to be issued under the Programme will be determined by the Issuer and the relevant Dealer at the time of issue in accordance with prevailing market conditions. NatWest Covered Bonds Limited Liability Partnership (the LLP) has guaranteed payments of interest and principal under the Covered Bonds pursuant to a guarantee which is secured over the Portfolio (as defined below) and its other assets. Recourse against the LLP under its guarantee is limited to the Portfolio and such assets. The Issuer under the Programme was previously The Royal Bank of Scotland plc (RBS). Pursuant to a ring fencing transfer scheme under Part VII of the Financial Services and Markets Act 2000 (the Ring Fencing Transfer Scheme), certain elements of RBS's business were transferred to National Westminster Bank Plc. Following the approval of the Ring Fencing Transfer Scheme by the Court of Session in Scotland, all accrued rights and obligations of RBS in its various capacities under the Programme, including as Issuer, but excluding the roles of Arranger and Dealer have been transferred to, and vested in or became liabilities of (as applicable), National Westminster Bank Plc.
    [Show full text]