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The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) as endorsed and adopted for use in the European Union (EU) and IFRS as issued by the International Accounting Standards Board (IASB). References to IFRS hereafter should be construed as references to both IFRS as adopted by the EU and IFRS as issued by the IASB. No reconciliation to US GAAP is included in the financial statements in accordance with a rule adopted by the US Securities and Exchange Commission accepting financial statements from foreign private issuers prepared in accordance with IFRS as issued by the IASB without that reconciliation.
The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates.Information on the business environment that the group operates in, the groups strategy and the principal risk factors that the group faces is contained in the Business review. The financial position of the group, its cash flows,