The Financial Transparency (EC Directive) Regulations 2009

PART 4 PUBLIC UNDERTAKINGS OPERATING IN THE MANUFACTURING SECTOR

Provision of information by public undertakings operating in the manufacturing sector

9.—(1) A public undertaking operating in the manufacturing sector shall provide the following information to the Secretary of State relating to each financial year—

(a) a copy of its annual report and annual accounts (as each term is defined in section 471 of the Companies Act 2006), explanatory notes, accounting policies, statements by directors, segmental and activity reports and any other pertinent information;

(b) a copy of any notices of shareholder meetings relating to that financial year; and

(c) information concerning the occurrences described in paragraph (4), insofar as that information is not included in its annual report and annual accounts.

(2) The information required under paragraph (1) shall—

(a) where appropriate, specify the relationship between the provider of finance and the public undertaking operating in the manufacturing sector;

(b) where appropriate, include details of intra-group and inter-group transactions between different public undertakings; and

(c) where appropriate, include details of transactions conducted between public undertakings and public authorities.

(3) The information required under paragraph (1) shall be provided to the Secretary of State within—

(a) 10 working days of the date of the publication, if any, of the annual report of the public undertaking concerned, or

(b) eight months following the end of the undertaking's financial year, whichever is the earlier.

(4) The occurrences for the purposes of paragraph (1)(c) are—

(a) the provision of any share capital (including by a public authority, a public holding company or another public undertaking) or quasi-capital funds similar in nature to equity, specifying the terms of its or their provision (whether ordinary, preference, deferred or convertible shares, and interest rates and any dividend or conversion rights attaching thereto);

(b) the award to it of any non-refundable grants which are only refundable in certain circumstances;

(c) the award to it of any loans including overdrafts and advances on capital injections, specifying the interest rates and the terms of the loan and the security given, if any, to the lender by the undertaking receiving the loan;

(d) any guarantees given to it by a public authority in respect of loan finance (specifying the terms and charges, if any, paid by the public undertaking for the guarantee);

(e) any dividends paid out and profits retained; and

(f) any other financial advantage provided by a public authority, including the forgiving of sums due to a public authority by the public undertaking, such as the repayment of loans, grants, payment of corporate or social taxes or any similar charges.

(5) Within 28 days of receipt of a written request by the Secretary of State, a public undertaking operating in the manufacturing sector shall provide the Secretary of State with such further information as is requested and considered necessary to fulfil the United Kingdom's obligations under the Financial Transparency Directive.

(6) Paragraphs (1) and (5) shall not apply to public undertakings with a turnover in the previous financial year of 250 million euros or less.

Consolidated information by groups

10.  Where two or more public undertakings subject to regulation 9 are members of a group of public undertakings and carry out activities in the same or closely related sectors, the information required by regulation 9(1) may be provided in relation to those undertakings in consolidated form rather than in relation to each undertaking separately.