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LR 9.9 Half-yearly reports

LR 9.9.1R

A listed company must prepare a report, on a group basis where relevant, on its activities and profit or loss for the first six months of each financial year. [Note: Article 70 CARD]

LR 9.9.2R

The accounting policies and presentation applied to half-yearly figures must be consistent with those applied in the latest published annual accounts except where:

  1. (1)

    the accounting policies and presentation are to be changed in the subsequent annual financial statements, in which case the new accounting policies and presentation should be followed, and the changes and the reasons for the changes should be disclosed in the half-yearly report; or

  2. (2)

    the FSA otherwise agrees.

LR 9.9.3R
  1. (1)

    A listed company must publish its half-yearly report as soon as possible after it has been approved.

  2. (2)

    A listed company must approve and publish its half-yearly report within 90 days of the end of the period to which it relates.

LR 9.9.4R

A listed company must notify a RIS of the publication of its half-yearly report as soon as possible after its approval by the board.

LR 9.9.5R

A listed company must either:

  1. (1)

    send the half-yearly report to holders of its listed securities; or

  2. (2)

    insert the half-yearly report, as a paid advertisement, in at least one national newspaper. [Note: Article 102(2) CARD]

LR 9.9.6R

Where a listed company's shares are listed in another EEA State, the company must simultaneously send the competent authority of each of those other member states a copy of the half-yearly report. [Note: Article 102(2) CARD]

LR 9.9.7G

An overseas company with a primary listing that is incorporated in a non EEA State that is required to publish a half-yearly report in its country of incorporation, may seek authorisation from the FSA to publish that report instead of the report required by LR 9.9

Contents of half-yearly report

LR 9.9.8R

The half-yearly report must contain the following information, presented in table form, in respect of the group's activities during the relevant period: [Note: Article 73(2) CARD]

  1. (1)

    a balance sheet;

  2. (2)

    a cash flow statement;

  3. (3)

    an income statement comprising the following:

    1. (a)

      net turnover; [Note: Article 73(2) CARD]

    2. (b)

      finance income;

    3. (c)

      operating profit or loss;

    4. (d)

      finance costs;

    5. (e)

      profit or loss before taxation;

    6. (f)

      profit or loss;

    7. (g)

      minority interests;

    8. (h)

      profit or loss attributable to equity holders;

    9. (i)

      rates of dividend(s) paid and proposed and amount absorbed thereby; [Note: Article 73(4) CARD]

    10. (j)

      taxation on profits showing separately United Kingdom taxation and, if material, overseas and share of associated undertakings' taxation; and

    11. (k)

      earnings per share, expressed as pence per share;

  4. (4)

    comparative figures in respect of the information required by paragraphs (1) to (3) for the corresponding period in the preceding financial year; [Note: Article 73(5) CARD]

  5. (5)

    a statement showing either all changes in equity or changes in equity other than those arising from capital transactions with owners and distributions to owners; and

  6. (6)

    an explanatory statement including:

    1. (a)

      any significant information enabling investors to make an informed assessment of the trend of the group's activities and profit or loss; [Note: Article 73(6) CARD]

    2. (b)

      information of any special factor which has influenced the group's activities and the profit or loss during the period in question; [Note: Article 73(6) CARD]

    3. (c)

      enough information to enable a comparison to be made with the corresponding period of the preceding financial year; and [Note: Article 73(6) CARD]

    4. (d)

      to the extent possible, a reference to the group's prospects in the current financial year. [Note: Article 73(6) CARD]

LR 9.9.9R

Where the figures in the half-yearly report have been audited or reviewed by auditors pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information, the report of the auditors must be reproduced in full in the half-yearly report. [Note: Article 75 CARD]

LR 9.9.10G

Where any of the requirements or figures set out in LR 9.9.1 R to LR 9.9.8 R are unsuited to the listed company's activities or circumstances, the FSA may require suitable adaptations to be made to the figures. [Note: Articles 73(7) and 76 CARD]

LR 9.9.11G

The FSA may waive LR 9.9.8R (3)(a), LR 9.9.8R (3)(e), LR 9.9.8R (3)(i) and, to the extent it is relevant, LR 9.9.8R (4) if it considers that disclosure of such information would be contrary to the public interest or seriously detrimental to the listed company, provided that such omission would not be likely to mislead the public with regard to facts and circumstances, knowledge of which is essential for the assessment of the securities. [Note: Article 76(2) CARD]