centerparcs.co.uk          

Financial reporting and controls

 

As well as adhering to all statutory reporting requirements, we also operate to an enhanced set of financial controls – the US Sarbanes Oxley Act 2002 - as a requirement of our shareholder Brookfield. To complement these additional requirements, regular internal audits are conducted by both Center Parcs and Brookfield, and management accounts are prepared and reviewed periodically (every 28 days). The results for the UK group are published quarterly and may be found here.

We also have a number of policies and internal procedures which review our key operational performance indicators to ensure that the broader performance of the business is fully understood at all times.

 

    

Periodic internal management accounts review

We operate a four-week accounting period, with 13 periods in our financial year. Following each accounting period, the Finance team produce the management accounts, which are reviewed by the Chief Financial Officer, Head of Group Reporting and the Group Management Accountant. The reviews include the minutes and actions from previous meetings; a review of the financial statements, focusing on revenue, profit and the variance statement; and a review of the business’ key performance indicators. These accounts are presented to our shareholders every period.

EBITDA and cash forecasting

We understand the importance of continually reviewing the environment we are operating in and, as such, we maintain a detailed business forecast of revenue and EBITDA for the current financial year. This forecast is reviewed periodically (every 28 days) and adjustments are made to identify where we expect a variance to our pre-determined budget. Our cash flow forecasting follows a similar process. The business also produces a five-year business plan, which is reviewed annually. This plan is for internal use and is also shared with our owners, Brookfield.

Payment practices reporting 

As a large business we publish our payment practices and policies on the HMRC website twice a year.

Quarterly bondholder reporting

In accordance with our financing reporting requirements, we publish a quarterly Operating and Financial Review, and hold a twice-yearly group call with our bondholders. This publication contains a summary of our KPIs, revenue, EBITDA, cash flow and liquidity.

Tax policy

We utilise our shareholder’s tax policy which focuses on the management of tax risks, approach to tax planning, and how we work with HMRC in the UK and Revenue in Ireland, as well as other relevant tax authorities. Our overriding principle when managing tax is to ensure all tax positions are consistent with the spirit and intention of the relevant law.