Peachtree 2015 Annual Report Download - page 95

The Directors present their report together with the audited
consolidated financial statements for the year ended
30 September 2015.
The Annual Report & Accounts contains statements that are not
based on current or historical fact and are forward-looking in nature.
Please refer to the “Disclaimer” on page 97.
Strategic report
The information that fulfils the reporting requirements relating to
the following maers can be found on the following pages of the
Strategic report:
Subject maer Page
Future developments 10 to 11–Chief Executive’sreview
Greenhouse gas emissions 55 to 56– Environment section
Corporate governance statement
The Disclosure and Transparency Rules (“DTR”) require certain
information to be included in a corporate governance statement in
the Directors’ report. This information can be found in the Corporate
governance report on pages 59to 73, which is incorporated into this
Directors’ report by reference and, in the case of the information
referred to in DTR 7.2.6, in this Directors’ report.
Disclosure of information under Listing Rule 9.8.4
Information on allotments of shares for cash pursuant to the Group
employee share schemes can be found on page 145 within the notes
to the Group financial statements.
Results and dividends
The results for the year are set out on from page 104. Full details of the
proposed final dividend payment for the year ended 30 September 2015
are set out on page 151. The Board is proposing a final dividend of 8.65p
per share following the payment of an interim dividend of4.45p per
share on5 June2015. The proposed total dividend for the year is
therefore 13.10p per share.
Going concern
Aer making enquiries, the Directors have a reasonable expectation
that Sage has adequate resources to continue in operational existence
for the foreseeable future, a period of not less than 12 months.
Accordingly, they continue to adopt the going concern basis in
preparing the financial statements. In reaching this conclusion,
the Directors have had due regard to the following:
– the cash generated from operations, available cash resources
and commied bank facilities and their maturities, which taken
together, provide confidence that Sage will be able to meet its
obligations as they fall due. Further information on the available
cash resources and commied bank facilities is provided in
Note 12 to the financial statements.
– the financial position of Sage, its cash flows, financial risk
management policies and available debt facilities, which are
described in the financial statements, and Sage’s business activities,
together with the factors likely to impact its future growth and
operating performance, which are set out in the Strategic Report
on pages 2-58.
Financial viability statement
In accordance with provision C.2.2 of the 2014 revision of the UK
Corporate Governance Code, the Directors confirm that they have a
reasonable expectation that the group will continue to operate and
meet its liabilities, as they fall due, for the next five years. A period of five
years has been chosen for the purpose of this viability statement, in line
with the group’s 2020 Strategy as announced on 24 June 2015 and
reflecting a typical life of the on-premise products without an upgrade.
The Directors’ assessment has been made with reference to the Group’s
current position and prospects, the 2020 Strategy, the Board’s risk
appetite and the group’s principal risks and how these are managed,
as detailed in pages 16 to 43 of the Strategic report.
The Strategy and associated principal risks, which the Directors review
at least annually, are a foundation of the Group's strategic plan and
scenario testing. The plan makes certain assumptions about the
uptake of subscription services, the ability to refinance debt as it
falls due and the acceptable performance of the core revenue
streams and market segments.
The plan is stress tested using sensitivity analysis which reflects
plausible but severe combinations of the principal risks of the
business, primarily through reducing revenues and cash-flows.
Research and development
During the year, we invested £141m (2014: £131m) in research
and development.
Political donations
No political donations were made in the year.
Directors and their interests
A list of directors, their interests in the ordinary share capital of the
Company, their interests in its long-term performance share plan and
details of their options over the ordinary share capital of the Company
are given in the Directors’ remuneration report on page 89. No director
had a material interest in any significant contract, other than a service
contract or contract for services, with the Company or any of its
operating companies at any time during the year.
The names of all persons who, at any time during the year, were
directors of the Company can be found on pages60 to61 under
Board of Directors and Changes to the Board.
Directors’ report
The Sage Group plc | Annual Report & Accounts 2015 93
FINANCIAL STATEMENTSGOVERNANCESTRATEGIC REPORT