We also provide targeted training for colleagues and suppliers dealing with specific challenges such as modern slavery. The Directors are required by the Companies Act 2006 to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Group and the Company as at the end of the financial year, and of the profit or loss of the Group for the financial year. Purchases from related parties include £275m 2017: £286m of rentals payable to the Group's joint ventures including those joint ventures formed as part of the sale and leaseback programme. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The largest foreign exchange losses in Q4 2015 were from Latin America. The Company's brands include Finest, Everyday Value, Chokablok and Technika. Additional risks not presently known to management, or currently deemed to be less material, may also have an adverse effect on the business.
Tesco, whose shares have fallen 6 percent this year, remains committed to a deal it believes will provide a new avenue of growth when its recovery is secured. Our privacy compliance programme, driven by the Group Privacy Officer continues to drive compliance throughout our global business. Adherence to risk appetite is monitored through a series of ratios and limits. Responsible sourcing and supply chain Failure to meet product safety standards resulting in death, injury or illness to customers. . Innovation Ongoing fragmentation of our customer engagement channels exposes us to an increased risk of diluting our customer experience and ability to differentiate our brand.
Depreciation and amortization charges, while a component of operating income, are fixed at the time of the asset purchase in accordance with the depreciable lives of the related asset and as such are not a directly controllable period operating charge. He has also sought to improve relationships with suppliers. For further information on the Tesco and Booker merger see page 7. Each of the Directors, whose names and functions are set out on pages 28 and 29 confirm that, to the best of their knowledge: · the financial statements, which have been prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the undertakings included in the consolidation taken as a whole; and · the Strategic report contained within this document includes a fair review of the development and performance of the business and the position of the Group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that the Group faces. Additionally, new risk factors emerge from time to time and it is not possible for us to predict all such factors, nor to assess the impact such factors might have on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward looking statements. This compares to a U.
A company logo is pictured outside a Tesco supermarket in Altrincham northern England, April 16, 2016. We have established a team to detect, report and respond to security incidents in a timely fashion. In terms of the , however, a large majority is concentrated in the United Kingdom and Republic of Ireland. Liquidity levels and sources of cash are regularly reviewed and the Group maintains access to committed credit facilities. However, we remain cautious as we recognize that 2017 will still present challenges in international and offshore markets as well as increasing cost escalation risks and limited pricing power in North America. The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
In the United Kingdom, Tesco is the with a consistent share of over 25 percent of the market and is classed as one of the 'big four' supermarkets along with Asda, Sainsbury's and Morrisons. In addition, Tesco has been a leader in technological adoption: it enabled the first ever recorded online shopping transaction from home in 1984 and, to this day, remains the in the country. We continue to contribute to important public policy discussions and engage with government, regulatory bodies and industry. Each principal risk is reviewed at least annually by the Board. A differentiated brand We continue to focus our efforts on controls which ensure colleague and customer safety.
Failure to ensure that products are sourced responsibly and sustainably across the supply chain including fair pay for workers, adhering to human rights, clean and safe working environments and that all social and environmental standards are met , leading to breaches of regulations, illness, injury or death to workers and communities. The Board considers these to be the most significant risks faced by the Group that may impact the achievement of our six strategic drivers as set out on pages 8 and 9. We continue to work towards meeting regulatory requirements and regularly report the status of the security programme to governance and oversight committees. However, we remain cautious as we recognize that 2017 will still present challenges in international and offshore markets as well as increasing cost escalation risks and limited pricing power in North America. Overall governance is provided by the Group Risk and Compliance Committee, with each business unit operating their own Health and Safety Committee.
This compares to the third quarter 2016 U. Some highlights of the great success Tesco had this Christmas include the opening of the Livingston distribution centre to service Scotland, bringing in an additional 15,000 staff for the holiday season, and improved customer numbers with 54% of British households shopping at Tesco during the Christmas shopping week. On Thursday, Tesco posted third quarter figures that indicated a 1. From time to time, our public filings, press releases and other communications such as conference calls and presentations will contain forward-looking statements. Lewis stabilised the business and then got it growing again with a focus on lower prices, new and streamlined product ranges and better customer service.
The legacy issue dominated the early days of chief executive Dave Lewis's tenure. Generate £9bn cash from operations 4. The deal is also expected to face tight regulatory scrutiny from regulators on competition grounds. Booker synergy realisation and integration Failure to successfully integrate Booker is dependent upon a number of factors, leading to a risk to our planned synergy commitments and value creation. The Remuneration Committee agrees objectives and remuneration arrangements for senior management, and the current remuneration policy is due for review at this year's Annual General Meeting. Our process for identifying and managing risk is set out in more detail on page 43.
We maintain risk registers for the principal risks faced by the Group and this is an important component of our governance framework and how we manage our business. The risk management process relies on our assessment of the risk likelihood and impact and on the development and monitoring of appropriate internal controls. This is intended for information purposes only and is not intended as an offer or recommendation to buy, sell or otherwise deal in securities. We run colleague training programmes on food and product safety, responsible sourcing, hygiene controls and provide support for stores. In Asia, Tesco said trading profit was £565m, once currency fluctuations were stripped out, 15. Market competitiveness and volatility affects our ability to attract and retain key specialist talent thereby increasing this risk. To listen to the replay, call 1-877-660-6853 inside the U.