Full Annual Report - Inchcape

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Financial statements Report of the Auditors We have audited the Group Financial statements of Inchcape plc for the year ended 31 December 2009 which comprise the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of financial position, consolidated statement of changes in equity, the consolidated statement of cash flows, the accounting policies and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union. Respective responsibilities of Directors and auditors As explained more fully in the statement of the Directors’ responsibilities, the Directors are responsible for the preparation of the Group Financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit the Group Financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. This report, including the opinions, has been prepared for and only for the Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Scope of the audit of the Financial statements An audit involves obtaining evidence about the amounts and disclosures in the Financial statements sufficient to give reasonable assurance that the Financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Group’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the Financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: • certain disclosures of Directors’ remuneration specified by law are not made; or • we have not received all the information and explanations we require for our audit; or • a corporate governance statement has not been prepared by the parent Company. Under the Listing Rules we are required to review: • the Directors’ statement, in relation to going concern; and • the part of the corporate governance statement relating to the Company’s compliance with the nine provisions of the June 2008 Combined Code specified for our review. Other matter We have reported separately on the parent Company Financial statements of Inchcape plc for the year ended 31 December 2009 and on the information in the Directors’ remuneration report that is described as having been audited. Paul Cragg (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 9 March 2010 Opinion on Financial statements In our opinion the Group Financial statements: • give a true and fair view of the state of the Group’s affairs as at 31 December 2009 and of its profit and cash flows for the year then ended; • have been properly prepared in accordance with IFRSs as adopted by the European Union; and • have been prepared in accordance with the requirements of the Companies Act 2006 and Article 4 of the lAS Regulation. Opinion on other matters prescribed by the Companies Act 2006 In our opinion: • the information given in the Directors’ report for the financial year for which the Group Financial statements are prepared is consistent with the Group Financial statements; and • the information given in the corporate governance statement with respect to internal control and risk management systems and about share capital structures is consistent with the Financial statements. 136 Inchcape plc ¦ Annual Report and Accounts 2009
Section Three Financial statements Company balance sheet As at 31 December 2009 Fixed assets Investment in subsidiaries 3 1,603.3 1,870.9 Current assets Debtors: – Amounts due within one year 4 299.8 233.1 – Amounts due after more than one year 4 742.1 153.0 Cash at bank and in hand 5 0.9 14.4 1,042.8 400.5 Notes 2009 £m 2008 £m Creditors – amounts falling due within one year 6 (3.3) (25.7) Net current assets 1,039.5 374.8 Total assets less current liabilities 2,642.8 2,245.7 Creditors – amounts falling due after more than one year 7 (1,923.2) (1,712.6) Provisions for liabilities and charges 9 (8.1) (9.5) Net assets 711.5 523.6 Capital and reserves Share capital 11, 13 163.3 121.9 Share premium 13 126.1 126.1 Capital redemption reserve 13 16.4 16.4 Profit and loss account 13 405.7 259.2 Total shareholders’ funds 711.5 523.6 The Financial statements on pages 137 to 143 were approved by the Board of Directors on 9 March 2010 and were signed on its behalf by: André Lacroix, Chief Executive Officer John McConnell, Group Finance Director www.inchcape.com 137
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Full Annual Report - Inchcape

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