ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 | 01
F&C Asset Management plc Annual Report and Financial Statements 2011
Business Review Our year in brief
Welcome from the Chairman Chief Executive’s Report This is F&C Our strategy Managing risk
Our view of the market
Our trading performance and outlook Our financial performance
Our strategic approach and commitment to corporate responsibility
Governance Company Directors
Report of the Directors
Directors’ Report on Corporate Governance Directors’ Remuneration Report
Statement of Directors’ Responsibilities
02 03 04 07 10 13 14 15 16
20
Financial Statements Independent Auditor’s Report
Consolidated Income Statement
41 42
Consolidated Statement of Comprehensive Income 43 Consolidated Statement of Financial Position Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows Accounting Policies
Notes to the Consolidated Financial Statements Five Year Record
44 45 46 47 55
123
Reconciliations of reported to underlying earnings 124 Company Balance Sheet
Company Accounting Policies Notes to the Company Financial Statements
22 23 27 34 40
Shareholder Information Notice of Annual General Meeting
Notice to US Shareholders Corporate Information
126 127 131
141 144 145
Forward-looking statements
This Annual Report and Financial Statements may contain certain “forward-looking statements” with respect to certain of the Group’s plans and its current goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements containing the words “believes”, “intends”, “expects”, “plans”, “seeks” and “anticipates”, and words of similar meaning, are forward-looking.
By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the Group’s control including among other things, UK domestic and global economic and business conditions, market related risks such as fluctuations in market indices, interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of regulatory authorities, the impact of competition, inflation and deflation; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which the Group operates.
As a result, the Group’s actual future financial condition, performance and results may differ materially from the plans, goals, and expectations set forth in the Group’s forward-looking statements. F&C undertakes no obligation to update the forward-looking statements contained in this Annual Report and Financial Statements. Nothing in this publication should be considered as a profit forecast.
Definitions
“F&C, FCAM, Group or Company” F&C Asset Management plc and its subsidiaries
“FL”, “FL Group” Friends Life and its subsidiaries
“F&CGH” F&C Group (Holdings) Limited and its subsidiaries
“F&C REIT” F&C REIT Asset Management LLP and its subsidiaries
“REIT” REIT Property Asset Management LLP and its subsidiaries
“Sherborne or the Sherborne Group” Sherborne Investors (Guernsey) GP, LLC (Sherborne GP), SIGA, LP (SIGA), Sherborne Investors (Guernsey) A Limited, Sherborne Investors Management (Guernsey) LLC and Sherborne Investors LP
“Thames River” or “TRC” Thames River Capital Group Limited and its subsidiary companies or limited liability partnerships (LLPs) which are consolidated within the Group
“NCI” Non-controlling interests
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