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1 | – To provide a significant proportion of performance-linked pay in shares allowing senior management to build a significant shareholding in the business and, therefore, aligning management with shareholders' interests and the Group's performance, without encouraging excessive risk-taking. | What is the consequence of providing a significant proportion of performance-linked pay in shares, allowing senior management to build a significant shareholding in the business? | aligning management with shareholders' interests and the Group's performance, without encouraging excessive risk-taking |
2 | The vast majority of the Group's bank borrowings are with two banks and these financing arrangements contain either cross-collateralisation or cross-default provisions. Therefore, there is a risk that more than one property gets affected by a default under these financing arrangements. | Why is there a risk that more than one property gets affected by a default under these financing arrangements? | The vast majority of the Group's bank borrowings are with two banks and these financing arrangements contain either cross-collateralisation or cross-default provisions |
3 | Brazil has significant long-term potential and the success of the local team in capturing this potential has resulted in the creation of a very valuable asset in Brazil, which is not reflected in the Group's headline numbers. As shares in this business become available, we have continued to purchase our full allocation... | What did Brazil's long-term potential and the local team's success in capturing this potential lead to? | the creation of a very valuable asset in Brazil, which is not reflected in the Group's headline numbers |
4 | We are not proposing changes to the 2017 Performance Share Plan. Therefore our incentive arrangements will be linked only to performance under the Corporate Scorecard and Total Shareholder Return from 2018. | What impact did the decision to not propose changes to the 2017 Performance Share Plan have? | our incentive arrangements will be linked only to performance under the Corporate Scorecard and Total Shareholder Return from 2018 |
5 | In addition, future interest charges will also increase as the interest rate swap became ineffective at the end of 2017, as forecast drawdowns will no longer be met as we seek to deleverage the business. | What is the reason for the anticipated increase in future interest charges? | the interest rate swap became ineffective at the end of 2017 |
6 | The Commercial COR of 93.4% benefitted from low weather- related claims costs. The COR was 5.3 percentage points lower than 2016, primarily due to higher prior-year reserve releases following favourable development on liability classes and the non-repeat of the Ogden charge of £24.8 million incurred in 2016. | What reason is behind the COR being 5.3 percentage points lower than in 2016? | higher prior-year reserve releases following favourable development on liability classes and the non-repeat of the Ogden charge of £24.8 million incurred in 2016 |
7 | Cost per tonne at Ciénega increased 19.9% to US$66.5 due to: i) the increase in development works recognised in the income statement; ii) increases in the use of consumables, services and maintenance; and iii) cost inflation (6.3%). Cash cost per gold ounce was -US$163.7, an increase compared to -US$217.2 | What factors led to the cost per tonne at Ciénega increasing by 19.9% to US$66.5? | the increase in development works recognised in the income statement; ii) increases in the use of consumables, services and maintenance; and iii) cost inflation (6.3%) |
8 | Failing to achieve targets for growth in passenger footfall through airports resulting in reduced revenue and income growth. | What does the reduced revenue and income growth stem from? | Failing to achieve targets for growth in passenger footfall through airports |
9 | Committee's assessment of internal control and risk management arrangements In light of its work, the Committee was content with the effectiveness of the Group's processes governing financial and regulatory reporting and controls, its culture, ethical standards and its relationships with regulators. | What was the impact of its work? | the Committee was content with the effectiveness of the Group's processes governing financial and regulatory reporting and controls, its culture, ethical standards and its relationships with regulators |
10 | • The business management system may be inadequate or may not be sufficiently complied with. • Specific risks for 2018: unable to attract, challenge or retain key staff due to lack of affordability to pursue all the growth opportunities within the portfolio increasing competition for talent. | What renders the Company unable to attract, challenge or retain key staff? | lack of affordability to pursue all the growth opportunities within the portfolio |
11 | As with any economic forecasts, the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty and therefore the actual outcomes may be significantly different to those projected. | What is the implication of the projections and likelihoods of occurrence are subject to a high degree of inherent uncertainty? | the actual outcomes may be significantly different to those projected |
12 | From the Company, we aim at having a more open, transparent and closer communication, which has resulted in a better appreciation on the part of the different stakeholders of the Company since the new management started in 2015, thus placing the Company in the Top 50 of Companies with best reputation in Spain, a milest... | What was the effect of the Company striving for a more open, transparent and closer communication? | a better appreciation on the part of the different stakeholders of the Company since the new management started in 2015, thus placing the Company in the Top 50 of Companies with best reputation in Spain, a milestone that has been obtained for the second consecutive year |
13 | Based on performance to 31 December 2017, 30% of the share award made under the 2015 PSA will vest in March 2018, driven by strong progress against long-term strategic targets. We introduced strategic objectives in the PSA in 2015 as we believed it was important for management to be focused. | Why did they introduced strategic objectives in the PSA in 2015? | we believed it was important for management to be focused |
14 | Working through these obstacles at the Oklahoma plant has afforded a number of learning opportunities that Velocys will apply to future biorefineries, reducing technology risk and further optimising operations. | What are the consequences of Velocys applying the learning from these obstacles at the Oklahoma plant to future biorefineries? | reducing technology risk and further optimising operations |
15 | In addition, our ability to successfully scale-up production processes to clinical trial or commercial levels is vital to the commercial viability of any product. Availability of raw materials is extremely important to ensure that products are manufactured on schedule and, therefore, dual sourcing is used where possibl... | Why is dual sourcing used where possible? | Availability of raw materials is extremely important to ensure that products are manufactured on schedule |
16 | DIA's negative Trade Working Capital declined by 26.5% to EUR 718.6m, down by 17.6% ex-currency. This EUR259m decrease in the value of negative trade working capital is completely exceptional and attributable to: 1) The declining volume of sales, 2) The shorter payment period to suppliers during the last months of the ... | What are the key drivers of the EUR259m decrease in the value of negative trade working capital? | The declining volume of sales, 2) The shorter payment period to suppliers during the last months of the year linked to the tough financial situation of the company; 3) the strong depreciation of currencies in Argentina and Brazil, and 4) The shorter average payment periods to suppliers in Argentina due to the growing i... |
17 | In particular, the financial results were impacted by weak gross margins in Language Services in the first half and software deal slippage towards the end of the period. As a result, whereas the Group's sales were broadly in line, the profit-based measures were below expectations. | What factor drove the Group's sales being broadly in line with expectations while profit-based measures fell below expectations? | the financial results were impacted by weak gross margins in Language Services in the first half and software deal slippage towards the end of the period |
18 | Total revenue increased by 1.7% to £4,221.7m with the combination of strong remarketing performance and the annual uplift in mobility allowances (increased by 1% from April 2017) more than offsetting the marginal reduction in customer numbers. | What factors contributed to more than offsetting the marginal reduction in customer numbers? | Total revenue increased by 1.7% to £4,221.7m with the combination of strong remarketing performance and the annual uplift in mobility allowances (increased by 1% from April 2017) |
19 | Critically, we do tend to stick to problems that are relatively hard to solve, and that therefore require a relatively high level of intellectual content. There are two reasons for this. First, culturally we prefer the challenge of things that are hard to do. Second, it tends to mean we will be less subject to competit... | What are the implications of sticking to problems that are relatively hard to solve and require a relatively high level of intellectual content? | First, culturally we prefer the challenge of things that are hard to do. Second, it tends to mean we will be less subject to competitive pressures than if we were offering something that is inherently commodity-like in nature |
20 | The controls in place have developed following the increase in the need for community support donations due to the political upheaval of four years ago. Charities which operate independently of Ferrexpo are inherently more difficult to monitor and oversee, than the Group's own charitable funds. | What was the implication of the political upheaval that took place four years ago? | The controls in place have developed following the increase in the need for community support donations |
21 | Current liabilities have increased by £31.37m primarily on account of increase in trade creditors by £15.81m (including an increase in Gujarat of £22.5m offset by decrease in Chennai) and borrowings by £15.52m. Other non-current liabilities Other non-current liabilities have increased by £25.37m primarily on account of... | What effect did the account of forex impact have? | Other non-current liabilities have increased by £25.37m |
22 | This strengthen leads to growing end-user demand which is relatively unaffected by economic cycles, thereby mitigating against the risk of a downturn. | What is the effect of the strengthening? | growing end-user demand which is relatively unaffected by economic cycles |
23 | Many of the new clients transferred their balances into the Wealth Management division of the Private Bank. The Investment Management team saw assets under management increase by a net 13% reaching £1,044m (2016: £920m). The gross client inflow of funds was £166m, which offset natural withdrawals of £135m and the remai... | What was the outcome of the remaining balance? | market increases in clients funds under management |
24 | The Directors have a reasonable expectation that the Company has adequate resources to continue in existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. | Why does the Company continue to adopt the going concern basis in preparing its financial statements? | The Directors have a reasonable expectation that the Company has adequate resources to continue in existence for the foreseeable future |
25 | (11) WAIO – BKM Ore Reserves have increased due to Mineral Resource classification upgrades at Newman JV and Mining Area C. CID Ore Reserves have decreased after a processing capability re-evaluation of lower CID. Reserve Life remains the same due to an increase in nominated production rate | What caused Reserve Life to remain the same? | an increase in nominated production rate |
26 | Due to a delay caused by failure of the renewable energy plant to hand over the processing site on time, we invested, at additional cost, in a short-term mobile processing facility for the Fort Road site. | What was the reason for investing in a short-term mobile processing facility for the Fort Road site? | a delay caused by failure of the renewable energy plant to hand over the processing site on time |
27 | Jan Åstrand also served on the Audit Committee until 31 March 2017. He had joined the Audit Committee due to the size of the Board in 2015. He was considered independent on appointment as Chairman, and his skills and experience enhanced the Audit Committee. | What was the reason for Jan Åstrand joining the Audit Committee? | the size of the Board in 2015 |
28 | Shareholders will be aware that the Fund's portfolio contains stocks which the Manager considers to be high-quality and feels are priced attractively. Consequently, during times when emerging stock markets appreciate very rapidly and are driven by a narrow sector of the market, the Fund's performance is likely to lag t... | What causes emerging stock markets to appreciate very rapidly? | a narrow sector of the market |
29 | The Group is still utilising brought forward tax losses but as a result of categorising sites from investment to development, Harworth has started to pay tax on development property sales. In the current period, in terms of cash tax paid or received, Harworth received cash in respect of the land | What does Harworths's start to pay tax on development property sales result from? | categorising sites from investment to development |
30 | At the start of the year, we also reduced the size of our transport fleet by 10% in light of network changes. At this point, we decided against further reducing the size of the fleet due to the future demand from new contracts. As a result, the business carried significant excess costs of under-utilised trucks during t... | What accounts for the business carrying significant excess costs derived from under-utilized trucks during the current financial year? | At the start of the year, we also reduced the size of our transport fleet by 10% in light of network changes. At this point, we decided against further reducing the size of the fleet due to the future demand from new contracts |
31 | Our business model is focused on clients' needs and desired investment outcomes, rather than a product-led approach to engagement. This approach results in higher client satisfaction and therefore low redemption rates. We measure this by RIA. | What is the result of higher client satisfaction? | low redemption rates |
32 | I am pleased to announce that the Company's dividend target will now be raised by 20% to 1.20p per share per annum. Consequently, we declare a first dividend of 0.6p per share to be paid on 30 April 2018 to shareholders. | What was the outcome of raising the Company's dividend target by 20% to 1.20p per share per annum? | we declare a first dividend of 0.6p per share to be paid on 30 April 2018 to shareholders |
33 | Based on the statutory results for the year ended 31st December 2017, sales in this division (net of intercompany sales) increased by 28.4% to £59.7m (2016: £46.5m), which now accounts for 71.4% of total revenues. The £13.2m year-on-year increase is attributable to an additional £7.6m of sales derived from new product ... | What does the £13.2m year-on-year increase owe to? | an additional £7.6m of sales derived from new product lines and £5.6m from increased demand in existing products |
34 | The tax charge was low both in relative and absolute terms in 2016 and 2017 due to a combination of factors, including tax-free operations in Dubai, no corporation tax in the US due to deductions for fixed asset purchases, and high bank interest charges. | What did the deductions for fixed asset purchases lead to? | no corporation tax in the US |
35 | Taxable benefits paid to Ben Magara include costs of £58,880 incurred as a result of the provision of security resulting in a year on year increase of 208% in taxable benefits. Excluding the security related costs shows a decrease of 5.7% in the taxable benefits. | What caused the year on year increase of 208% in taxable benefits? | Taxable benefits paid to Ben Magara include costs of £58,880 incurred as a result of the provision of security |
36 | In June 2017, following Philippe Hamers' recommendations to the Board, we decided to reorganise our UK production and logistics due to rapid growth and continued significant demand for our products, to drive further incremental margin uplift by improving production efficiency and customer service. | What factors led the Board to decide to reorganize the UK production and logistics following Philippe Hamers' recommendations? | rapid growth and continued significant demand for our products |
37 | As a Jersey-registered company, the Company is not subject to UK legislation. However, in light of the Company's listing on the London Stock Exchange, the Remuneration Committee reviewed its remuneration practices and reporting to reflect the UK Government's remuneration reporting reforms contained in the Enterprise an... | What were the implications of the Company's listing on the London Stock Exchange? | the Remuneration Committee reviewed its remuneration practices and reporting to reflect the UK Government's remuneration reporting reforms contained in the Enterprise and Regulatory Reform Act |
38 | As part of the evaluation process, the performance and effectiveness of the Remuneration Committee was considered and it was agreed that the Committee continued to work effectively. In light of the Company's growth during 2017 the Committee will ensure that regular reviews of the controls framework are carried out to e... | What does the company's growth during 2017 entail? | the Committee will ensure that regular reviews of the controls framework are carried out to ensure it expands in line with the Company |
39 | The proposed target levels for the year have been set to be challenging relative to the business plan. The Committee feels that specific targets relating to the 2017/18 bonus scheme are currently commercially sensitive and as such will not be disclosed. | What is the reason for the Committee's decision not to disclose specific targets relating to 2017/2018 bonus scheme? | The Committee feels that specific targets relating to the 2017/18 bonus scheme are currently commercially sensitive |
40 | The Committee ensures that targets set are the relevant drivers of required annual performance. Consequently, some of the targets are too commercially sensitive to disclose as they are not disclosed elsewhere in the report. | Why some of the ragers are not disclosed elsewhere in the report? | some of the targets are too commercially sensitive to disclose |
41 | This US$46.9 million decrease was due to the US$51.3 million impairment charge against the Southern Blocks and US$3.0 million of farm-in proceeds in Rabat Deep, Morocco. | What factors drove the US$46.9 million decrease? | the US$51.3 million impairment charge against the Southern Blocks and US$3.0 million of farm-in proceeds in Rabat Deep, Morocco |
42 | The Board carried out a performance evaluation of the Board, committees and individual Directors during the year. Due to the size of the Company, the fact that the majority of the Directors are independent non-executive Directors and the costs involved, external facilitators are not used in the evaluation of the Board. | What factors contributed to the decision not to use external facilitators in the evaluation of the Board? | the size of the Company, the fact that the majority of the Directors are independent non-executive Directors and the costs involved |
43 | The Society's charity partnership is with Alzheimer's Society and Alzheimer Scotland and the society-wide drive to support our charity partners has resulted in many of our colleagues becoming 'dementia friends', attending sessions to improve their understanding of dementia and, as a result, they're better equipped to s... | What is the reason for many of our colleagues becoming 'dementia friends' and attending sessions to improve their understanding of dementia? | The Society's charity partnership is with Alzheimer's Society and Alzheimer Scotland and the society-wide drive to support our charity partners |
44 | EY have been the auditors of Sabre Insurance Company Ltd and of the previous parent companies of Sabre Insurance Company Ltd since 2001. Given that Sabre Insurance Company Ltd, the principal subsidiary of the Group, is now considered a Public Interest Entity ("PIE"), the transitional rules under the EU legislation will... | What is the reason for considering the transitional rules under EU legislation to ensure compliance with the new regulatory requirements for auditor rotation and audit practices? | Sabre Insurance Company Ltd, the principal subsidiary of the Group, is now considered a Public Interest Entity ("PIE") |
45 | John Crabtree OBE Chairman 23 January 2018 Outlook It is early days. Our year-end came just six weeks after our IPO and as such we cannot say much other than that we are where we expected to be at IPO and that 2017 continued a string of successful years. | Why can they only say that they are where they expected to be at IPO and that 2017 continued a string of successful years? | Our year-end came just six weeks after our IPO |
46 | Underlying Group EBITDA declined by 10.1% to £10.0m (2016: £11.2m). This decline has been driven by an increase in UK overheads of £1.0m (5.6%), due to investment in support of our strategic initiatives and well-publicised cost headwinds. | What has motivated the increase in UK overheads by £1.0 million, or 5.6%? | investment in support of our strategic initiatives and well-publicised cost headwinds |
47 | The Group faces an uncertain macro-economic and regulatory environment. Due to the nature of such risks and their relative unpredictability, it must be tolerant of certain inherent exposure. | What is the reason behind the Group needing to be tolerant of certain inherent exposure? | the nature of such risks and their relative unpredictability |
48 | No change in risk: The risk has not changed during the year. Improved fryer technology may reduce/resolve deterioration of the oil and therefore require less frequent filtering and replacement. | Why does improved fryer technology require less frequent filtering and replacement? | Improved fryer technology may reduce/resolve deterioration of the oil |
49 | However, it is not just future changes that have been part of the Committee's considerations. As of 3 January 2018, the Company will be subject to MiFID II regulation due to the Manager being a MIFID firm. | What is the implication of the Manager being a MIFID firm? | As of 3 January 2018, the Company will be subject to MiFID II regulation |
50 | Santander Río continued to be the leading privately owned bank in Argentina by banking business. The focus was on digital transformation, customer experience and key segments (Select and Pymes Advance), resulting in more loyal and digital customers and greater digital penetration. | What did the the focus on digital transformation, customer experience and key segments achieve? | more loyal and digital customers and greater digital penetration |
51 | After taking account of these factors, underlying revenue increased in our business channel. Wholesale revenues have declined slightly during the year as a result of lower voice revenues and, as anticipated, our non-core contact centre and publishing revenues have continued to decline. | What has the decrease in voice revenues brought about? | Wholesale revenues have declined slightly during the year |
52 | Cost per tonne increased 29.3% to US$47.6, mainly due to: i) lower volume of ore processed from development works ii) increases in the use of consumables, services and maintenance and iii) cost inflation (7.7%). | What factors drove the 29.3% increase in cost per tonne to US$47.6? | i) lower volume of ore processed from development works ii) increases in the use of consumables, services and maintenance and iii) cost inflation (7.7%) |
53 | As a consequence of the Disposal, the Company became a Rule 15 Cash Shell and, as such, the Company is required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 on or before the date falling six months from completion of the Disposal. | What were the implications of the Disposal? | the Company became a Rule 15 Cash Shell and, as such, the Company is required to make an acquisition or acquisitions which constitute a reverse takeover under AIM Rule 14 on or before the date falling six months from completion of the Disposal |
54 | Delivering the science-based carbon reduction and climate resilience targets set out in the Paris Agreement will have significant structural implications for the economy and the businesses and communities we serve. That is why we are evolving our Group-wide sustainability strategy. | What factor accounts for the evolution of the Group-wide sustainability strategy? | Delivering the science-based carbon reduction and climate resilience targets set out in the Paris Agreement will have significant structural implications for the economy and the businesses and communities we serve |
55 | This is the risk that underwritten business is less profitable than planned due to insufficient pricing and setting of claims case reserves. Key exposures arise from large portfolios where claims trends are slow to emerge such as UK Commercial and Marine. | In underwriting and claims risk, what factor causes underwritten business to be less profitable than planned? | insufficient pricing and setting of claims case reserves |
56 | PwC is a member of the Remuneration Consultants' Group and, as such, voluntarily operates under the code of conduct in relation to executive remuneration consulting in the UK. During the year, the Committee reviewed the advice provided by PwC and confirmed that it was objective and independent. | Why does PwC voluntarily operate under the code of conduct for executive remuneration consulting in the UK? | PwC is a member of the Remuneration Consultants' Group |
57 | Cash flow performed well with adjusted free cash flow growth of over 20% due to the increase in operating profit, lower interest and tax cash-payments balancing the increase in working capital that arose from the revenue growth in the final quarter of the year in the Energy & Industry Division. | What factors contributed to cash flow performing well with an adjusted free cash flow growth of over 20%? | the increase in operating profit, lower interest and tax cash-payments balancing the increase in working capital that arose from the revenue growth in the final quarter of the year in the Energy & Industry Division |
58 | The workforce bonuses are calculated and agreed in May 2018 for the year ended 31 December 2017 and the figure is therefore not available. Therefore, the information produced is for the bonus comparisons paid in May 2017 for the year ended 31 December 2016. The workforce comparison is every member of staff who received... | What explains the unavailability of the figure? | The workforce bonuses are calculated and agreed in May 2018 for the year ended 31 December 2017 |
59 | Net debt improved on the prior year and our Net debt/EBITDA ratio of 1.2x, (down from FY16 1.7x) improved year on year as a result of disposal proceeds from the sale of Education & Care, and free cash flow generation from trading, even after Adjusted items. | What are the reasons for the year-on-year improvement in their net debt/EBITDA ratio? | disposal proceeds from the sale of Education & Care, and free cash flow generation from trading, even after Adjusted items |
60 | NOx gases are significant atmospheric pollutants that contribute to the formation of smog. NOx reacts with ammonia, moisture, and other compounds to form nitric acid vapour and related particles. Inhalation of these particles can cause respiratory disease and lung damage. Stringent targets therefore need to be met from... | Why do stringent targets need to be met by the utility? | Inhalation of these particles can cause respiratory disease and lung damage |
61 | Pessimism spread among investors because of internal conflicts in the United States and the sense that the bullish cycle was coming to an end. The share price performance in the last quarter of the year was marked by a strong recession episode, originating in the United States. The general sense of pessimism also sprea... | What happened due to the internal conflicts in the USA and the sense that the bullish cycle was coming to an end? | Pessimism spread among investors |
62 | The average balance of interest-bearing liabilities was EUR 1,193,108 million in 2018, an increase of 4% year-on-year (EUR 1,147,616 million). As with the interest-earning assets, the increase was largely due to domestic activities, heavily impacted by the acquisition of Banco Popular and the mature markets. On the oth... | What caused the increase of the average balance of interest-bearing liabilities? | domestic activities, heavily impacted by the acquisition of Banco Popular and the mature markets |
63 | Trust in a company provides the licence to operate. Our reputation and the associated trust is driven by how we engage with all our stakeholders and this is vital to building a sustainable business. | What contributes to their reputation and its associated trust? | how we engage with all our stakeholders |
64 | The increase in overall emissions has been due to the continued expansion of easyJet's operations. In this financial year easyJet's passenger numbers increased by 9.7% compared to the 2016 financial year. | What led to the increase in overall emissions? | the continued expansion of easyJet's operations |
65 | Throughout the year, Naturgy undertook relevant changes in its corporate governance based on a leaner structure and simpler corporate regulations, leading to a more agile decision-making process. | What contributed to a more flexible decision-making structure? | Naturgy undertook relevant changes in its corporate governance based on a leaner structure and simpler corporate regulations |
66 | Like-for-like RevPAR increased by 11.5%, with reported RevPAR increasing by 10.0%, due to a rate-led increase in room revenue. | What was the reason for like-for-like RevPAR increasing by 11.5% and reported RevPAR increasing by 10.0%? | a rate-led increase in room revenue |
67 | The significant revenue base in the MA division is due to Biodose Services and the inherent characteristics of its homecare business model. The business model requires high-value medicines to be dispensed and delivered to patients at home, which results in high levels of revenue and costs. | What is the cause of the high levels of revenue and costs? | The business model requires high-value medicines to be dispensed and delivered to patients at home |
68 | Rents cannot decrease as a result of the review. The Board is required to estimate how much, if any, additional revenue should be recognised in these financial statements as a result of that review. Given the uncertainty of estimating what the uplift might be, the Committee has reviewed calculations | What is the effect of the review? | The Board is required to estimate how much, if any, additional revenue should be recognised in these financial statements |
69 | Heavy delays to new buildings under construction mean that tankers scheduled for delivery in 2016 slipped into 2017 and beyond and resulted in lower overall fleet growth in 2016 than expected. | What do the heavy delays to new buildings under construction imply? | tankers scheduled for delivery in 2016 slipped into 2017 and beyond |
70 | Feedback received from our employees suggested there was an even greater appetite to support charities. Therefore, as part of a wider range of key enhancements to our employee benefits this year we have created a new programme. | What did the feedback from their employees, suggesting there was an even greater appetite to support charities, lead to? | as part of a wider range of key enhancements to our employee benefits this year we have created a new programme |
71 | Failure to deliver tests and assessments and other related contractual requirements because of operational or technology issues, resulting in negative publicity impacting our brand and reputation. | What drives negative publicity impacting their brand and reputation? | Failure to deliver tests and assessments and other related contractual requirements because of operational or technology issues |
72 | ■ ■ Barclays UK: Reduction was driven by UK cards portfolio, where balances on forbearance plans were lower due to an asset sale and application of tighter entry criteria. | What factors drove the lower balances on forbearance plans? | an asset sale and application of tighter entry criteria |
73 | Targeted at digital customers, ‘Conecta con tu Experto’ has become an established part of Bankia’s distribution system, thanks to benefits that include access to a personal account manager (always the same person), the possibility of carrying out the full range of transactions (except cash) and extended opening hours. | What prompted ‘Conecta con tu Experto’ becoming an established part of Bankia’s distribution system? | benefits that include access to a personal account manager (always the same person), the possibility of carrying out the full range of transactions (except cash) and extended opening hours |
74 | Revenue Recognition Management judgement is required for recognition of revenue due to the evolving nature of the business and new services that are being provided. The accounting for new Ocado Solutions contracts with a range of deliverables and fees is complex. | What two factors contribute to the need for Revenue Recognition Management judgement in the recognition of revenue? | the evolving nature of the business and new services that are being provided |
75 | There is a risk of reputational damage as a result of employee misconduct, failure to manage inside information or conflicts of interest, fraud, improper practice, poor client service or advice. | What factors led to the risk of reputational damage? | employee misconduct, failure to manage inside information or conflicts of interest, fraud, improper practice, poor client service or advice |
76 | Distribution and administrative costs predominantly consist of fulfilment and delivery operation costs for the Morrisons business and the costs of employees developing solutions for, and supporting, our partnership agreements. These costs grew 20.0% year-on-year primarily as a result of an increase in headcount. | What is the primary reason for distribution and administrative costs to grow 20.0% year-on-year? | an increase in headcount |
77 | Absolute emissions have increased due to acquisitions in the period and the inclusion of the full year impact of previous acquisitions. The intensity ratio has decreased as a result of increased focus on electricity and fuel usage coupled with the Group' s increased revenue. | What caused the intensity ratio to decrease? | increased focus on electricity and fuel usage coupled with the Group' s increased revenue |
78 | Our key remuneration outcomes. We are now three years on from the IPO and the Committee has undertaken a full review of Executive Director remuneration in light of the progress made by the Group and the strategic objectives the Board has for the Group over the next three years. | What are the implications of the Group's progress and the strategic objectives set by the Board for the next three years? | We are now three years on from the IPO and the Committee has undertaken a full review of Executive Director remuneration |
79 | A Nomination Committee would oversee the appointment of a new Director. Due to the relatively small size of the Company, the Board does not believe that a Nomination Committee is necessary. | What are the consequences of the Company's size? | the Board does not believe that a Nomination Committee is necessary |
80 | In view of the requirement in the Articles of Association that all Directors retire by rotation, the Board has agreed that each Director, over nine years service, will retire and, if appropriate, seek re-election annually. Outwith this Directors will retire and seek re-election every three years. | What were the implications of the Articles of Association that require all Directors to retire by rotation? | the Board has agreed that each Director, over nine years service, will retire and, if appropriate, seek re-election annually |
81 | Administrative expenses were $39.8 million, increasing 28.4 percent from $31.0 million in FY 2016. The increase in administrative expenses was driven by the continued investment in GBGI's operational platform and associated infrastructure, certain one-off expenses and IPO related expenses. | What factors drove the 28.4% increase in administrative expenses to $39.8 million from $31.0 million in FY 2016? | the continued investment in GBGI's operational platform and associated infrastructure, certain one-off expenses and IPO related expenses |
82 | New technologies such as blockchain are enabling a new way to share, store and use data, leading to more efficient and transparent information exchange processes during the travel journey. | What do recent technologies (e.g. blockchain) bring about? | a new way to share, store and use data, leading to more efficient and transparent information exchange processes during the travel journey |
83 | Currently, the Group has two subsidiaries in Namibia: Novanam and Lalandii. Through these, the Group employs over 2,000 people, offers study scholarships to the employees' children, and has built housing, day care facilities and children playgrounds. Additionally, the Group opened the first seafood store, in order to b... | What does the Group being committed to the worker’s training entail for them? | to access professional growth opportunities in an area that used to have no future |
84 | Due to the significant currency and acquisition impacts the underlying performance is better understood when measured at organic constant currency. The USA grew in the year by 1% at organic constant currency with Infrastructure Safety showing a decline. | What factor leads to the understanding that underlying performance is better measured at organic constant currency? | the significant currency and acquisition impacts |
85 | Finance costs have increased by £2.9 million during the year as a result of increased margins applicable under the revolving credit facility and the full year impact of the interest rate swap taken out in July 2016. Net debt has reduced during the year by £55.9 million to £192.0 million. | Why have finance costs increased by £2.9 million during the year? | increased margins applicable under the revolving credit facility and the full year impact of the interest rate swap taken out in July 2016 |
86 | The awards granted in May 2014 under the 2012 Long-Term Incentive Plan (LTIP) matured as at 31 December 2016 but did not vest in May 2017 as the performance conditions had not been achieved. | What was the effect of not achieving the performance conditions? | The awards granted in May 2014 under the 2012 Long-Term Incentive Plan (LTIP) matured as at 31 December 2016 but did not vest in May 2017 |
87 | The fundamentals of the Healthcare sector are strong, as a result of ageing populations and increasing prevalence of chronic diseases, particularly in the US. This leads to growing end-user demand which is relatively unaffected by economic cycles, thereby mitigating against the risk of a downturn. | What reasons explain why the fundamentals of the Healthcare sector are considered strong? | ageing populations and increasing prevalence of chronic diseases, particularly in the US |
88 | These developments have resulted in an increase in the value of the Aurion Shares held by Tertiary. The Company has therefore capitalised on this increase and the shares were sold in November 2017, resulting in a profit of £31,264 on the sale. | What have these developments led to? | an increase in the value of the Aurion Shares held by Tertiary |
89 | The decline in our profit was mainly due to difficult trading conditions in our core US market. | What mainly accounts for the decline in their profit? | difficult trading conditions in our core US market |
90 | B's product offering and advanced functionality has resulted in a market-leading customer experience and, at September 2017, B had a Net Promoter Score (NPS) of over 40. As a result, since its launch in May 2016, B has over 100,000 accounts and deposit balances of c.£1bn. | What led to B having over 100,000 accounts and deposit balances of approximately £1 billion since its launch in May 2016? | a market-leading customer experience and, at September 2017, B had a Net Promoter Score (NPS) of over 40 |
91 | The mean gender pay gap at Ibstock Brick is 7%. This is significantly lower than the UK average of 17 .4% and the average for companies in the construction sector of 18.1%. This is mostly due to demographics within the Company. | What factor led to the mean gender pay gap at Ibstock Brick being 7% and the construction sector average of 18.1%? | demographics within the Company |
92 | In addition, Jackson hedges the guarantees on its variable annuity book on an economic basis (with consideration of the local regulatory position) and, thus, accepts variability in its accounting results in the short term in order to achieve the appropriate result on these bases. | Why does Jackson accept variability in its accounting results in the short term? | Jackson hedges the guarantees on its variable annuity book on an economic basis (with consideration of the local regulatory position) |
93 | easyJet is also completing a retrofit programme to address a particular sound associated with A320 family aircraft of all airlines due to the airflow under the wing. All new aircraft delivered to easyJet since September 2014 are fitted with 'vortex generators'. | What causes a particular sound associated with A320 family aircraft? | the airflow under the wing |
94 | The strong growth in the valuation of the portfolio has seen the loan to value ratio fall to 52.9% (2016: 53.7%) despite the total level of net debt rising by £64.6 million in the year due to the cost of acquisitions and capital expenditure and the conversion of £19.3 million convertible bonds in the year. | What caused the loan-to-value ratio to decrease to 52.9% despite a £64.6 million increase in net debt during the year? | the cost of acquisitions and capital expenditure and the conversion of £19.3 million convertible bonds in the year |
95 | As a result of changes in laws and regulations, certain types of transactions and technologies may become unavailable to the Group or the costs of compliance may be increased. | What are the consequences of the changes in laws and regulations? | certain types of transactions and technologies may become unavailable to the Group or the costs of compliance may be increased |
96 | 2. Due to prior commitments arising before she joined the Board, Tatjana May was unable to attend the ad hoc Board meeting held in May 2017. She received papers for the meeting ahead of the meeting and had the opportunity to provide comments to the Chairman ahead of the meeting. | What caused Tatjana May to be unable to attend the ad hoc Board meeting that took place in May 2017? | prior commitments arising before she joined the Board |
97 | Due to the improving outlook for the industry, the carrying values have been assessed to be adequate. Further, the Committee reviewed year end inventory carrying values and the work undertaken by management in assessing and supporting the carrying values. | What happened as a result of the improving outlook for the industry? | the carrying values have been assessed to be adequate |
98 | This uncertainty is expected to increase volatility in the markets where the Group operates and create the potential for a general downturn in economic activity and for further or prolonged interest rate reductions in some jurisdictions due to monetary easing and investor sentiment. | What factors drove further or prolonged interest rate reductions in some jurisdictions? | monetary easing and investor sentiment |
99 | • NAV per share grew from 98.5p to 104.9p over the year mainly due to operating outperformance, changes in power price forecast, higher RPI inflation expectations and a change in discount rates. | What caused the NAV per share to grow from 98.5p to 104.9p over the year? | operating outperformance, changes in power price forecast, higher RPI inflation expectations and a change in discount rates |
100 | The committee understands that listening to the views of the company's key stakeholders plays a vital role in formulating and implementing a successful remuneration policy over the long term. The committee thus actively seeks the views of shareholders and other key stakeholders | Why does the committee thus seek the views of shareholders and other key stakeholders? | The committee understands that listening to the views of the company's key stakeholders plays a vital role in formulating and implementing a successful remuneration policy over the long term |
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