2012 Halcrow Holdings Annual Report
The 2012 Halcrow Holdings Annual Report
The 2012 Halcrow Holdings Annual Report was received at Companies House on 20th August 2013. Turnover declined from £387.8 million in 2011 to £350.1 million in 2012, a reduction of 10 per cent. A loss before taxation of £104.6 million in 2011 was reduced to a loss before taxation of £20.5 million in 2012.
The auditors found it necessary to make a qualifying remark:
“The Group and Company are dependent on continued support from the ultimate Parent, CH2M HILL Companies, Ltd., including for any additional funding that might be required, and no certainty has been provided in respect of this support. This matter, together with the other matters explained in Note 1, indicates the existence of a material uncertainty which may cast significant doubt on the Group's and Company's ability to continue as a going concern The financial statements do not include any adjustments that would result if the Group and Company were unable to continue as a going concern.”
Note 33 of the Halcrow Annual Report gives details of the overall pension commitments. It states:
“Over the year to 31 December 2012, contributions by the group of £10.5m were made to the main UK pension scheme (2011 £7.5m). Contributions have been reviewed as part of the full actuarial valuation of the main scheme with an effective date of 31 December 2008. Under the schedule of contributions, contributions of £11.6m is expected to be payable in 2013. Additional contributions dependent on Company performance may also be paid.”