aveni-ai/aveni-bench-tat-qa huggingface dataset:
Management Discussion and Analysis Associates "nm" denotes not meaningful. Notes: (1) Based on Singapore Financial Reporting Standards (International). (2) Assuming constant exchange rates for the regional currencies (Indian Rupee, Indonesian Rupiah, Philippine Peso and Thai Baht) from FY 2018. (3) Share of results excluded the Group’s share of the associates’ significant one-off items which have been classified as exceptional items of the Group. (4) Singtel holds an equity interest of 21.0% in Intouch which has an equity interest of 40.5% in AIS. (5) Bharti Telecom Limited (BTL) holds an equity interest of 50.1% in Airtel as at 31 March 2019. In BTL’s standalone books, its loss comprised mainly interest charges on its borrowings. (5) Bharti Telecom Limited (BTL) holds an equity interest of 50.1% in Airtel as at 31 March 2019. In BTL’s standalone books, its loss comprised mainly interest charges on its borrowings. (6) Singtel ceased to own units in NetLink Trust following the sale to NetLink NBN Trust in July 2017 but continues to have an interest of 24.8% in NetLink NBN Trust, the holding company of NetLink Trust. The share of results included Singtel’s amortisation of deferred gain of S$20 million (FY 2018: S$32 million) on assets previously transferred to NetLink Trust, but excluded the fair value adjustments recorded by NetLink NBN Trust in respect of its acquisition of units in NetLink Trust. (7) Include the share of results of Singapore Post Limited.

Financial Year ended 31 March

2019	2018	Change	Change in constant currency (2)

(S$ million)	(S$ million)	(%)	(%)

Group share of associates' pre-tax proﬁts (3)	1,536	2,461	-37.6	-36.2

Share of post-tax proﬁts

Telkomsel	843	1,031	-18.3	-12.4

AIS	286	292	-1.7	-3.9

Globe (3)

- ordinary results	251	180	39.3	45.3

- exceptional items	-	22	nm	nm

251	202	23.9	29.1

Intouch (3) (4)

- operating results	101	106	-4.4	-6.5

- amortisation of acquired intangibles	(22)	(21)	8.3	5.9

79	86	-7.5	-9.5

Airtel (3)	(131)	101	nm	nm

BTL (5)	(40)	(18)	127.8	140.9

(171)	83	nm	nm

Regional associates (3)	1,287	1,694	-24.0	-21.5

NetLink NBN Trust/ NetLink Trust (6)	48	72	-32.9	-32.9

Other associates (3) (7)	47	57	-17.6	-17.6

Group share of associates’ post-tax proﬁts (3)	1,383	1,823	-24.1	-21.8

Question: Was the change in group share of associates' profits from 2018 to 2019 more significant pre-tax or post-tax?
Answer: Pre-tax
Cost of revenues. Cost of revenues increased by 20% to RMB59,659 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly due to greater costs of FinTech services, channel costs and content costs. As a percentage of revenues, cost of revenues decreased to 56% for the fourth quarter of 2019 from 59% for the fourth quarter of 2018. The following table sets forth our cost of revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018: Cost of revenues for VAS increased by 28% to RMB26,120 million for the fourth quarter of 2019 on a year-on-year basis. The increase mainly reflected greater channel costs for smart phone games due to increased revenues, including the channel costs attributable to Supercell, as well as higher content costs for services and products such as live broadcast services, online games and music streaming. Cost of revenues for FinTech and Business Services increased by 32% to RMB21,520 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by scale expansion of our payment-related services and cloud business. Cost of revenues for Online Advertising decreased by 14% to RMB9,241 million for the fourth quarter of 2019 on a year-on-year basis. The decrease was mainly due to lower content costs for video advertising as a result of fewer major content releases, and to cost management.

Unaudited

Three months ended

31 December 2019	31 December 2018

% of	% of

segment	segment

Amount	revenues	Amount	revenues

(Restated)	(Restated)

(RMB in millions, unless specified)

VAS	26,120	50%	20,330	47%

FinTech and Business Services	21,520	72%	16,310	76%

Online Advertising	9,241	46%	10,800	63%

Others	2,778	84%	2,304	88%

Total cost of revenues	59,659	49,744

Question: What was the percentage increase in cost of VAS revenues between the fourth quarter of 2018 and 2019?
Answer: 28%
Cost of revenues. Cost of revenues increased by 20% to RMB59,659 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly due to greater costs of FinTech services, channel costs and content costs. As a percentage of revenues, cost of revenues decreased to 56% for the fourth quarter of 2019 from 59% for the fourth quarter of 2018. The following table sets forth our cost of revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018: Cost of revenues for VAS increased by 28% to RMB26,120 million for the fourth quarter of 2019 on a year-on-year basis. The increase mainly reflected greater channel costs for smart phone games due to increased revenues, including the channel costs attributable to Supercell, as well as higher content costs for services and products such as live broadcast services, online games and music streaming. Cost of revenues for FinTech and Business Services increased by 32% to RMB21,520 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by scale expansion of our payment-related services and cloud business. Cost of revenues for Online Advertising decreased by 14% to RMB9,241 million for the fourth quarter of 2019 on a year-on-year basis. The decrease was mainly due to lower content costs for video advertising as a result of fewer major content releases, and to cost management.

Unaudited

Three months ended

31 December 2019	31 December 2018

% of	% of

segment	segment

Amount	revenues	Amount	revenues

(Restated)	(Restated)

(RMB in millions, unless specified)

VAS	26,120	50%	20,330	47%

FinTech and Business Services	21,520	72%	16,310	76%

Online Advertising	9,241	46%	10,800	63%

Others	2,778	84%	2,304	88%

Total cost of revenues	59,659	49,744

Question: What was the percentage increase in cost of FinTech and Business Services revenue between the fourth quarter of 2018 and 2019?
Answer: 32%
Cost of revenues. Cost of revenues increased by 20% to RMB59,659 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly due to greater costs of FinTech services, channel costs and content costs. As a percentage of revenues, cost of revenues decreased to 56% for the fourth quarter of 2019 from 59% for the fourth quarter of 2018. The following table sets forth our cost of revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018: Cost of revenues for VAS increased by 28% to RMB26,120 million for the fourth quarter of 2019 on a year-on-year basis. The increase mainly reflected greater channel costs for smart phone games due to increased revenues, including the channel costs attributable to Supercell, as well as higher content costs for services and products such as live broadcast services, online games and music streaming. Cost of revenues for FinTech and Business Services increased by 32% to RMB21,520 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by scale expansion of our payment-related services and cloud business. Cost of revenues for Online Advertising decreased by 14% to RMB9,241 million for the fourth quarter of 2019 on a year-on-year basis. The decrease was mainly due to lower content costs for video advertising as a result of fewer major content releases, and to cost management.

Unaudited

Three months ended

31 December 2019	31 December 2018

% of	% of

segment	segment

Amount	revenues	Amount	revenues

(Restated)	(Restated)

(RMB in millions, unless specified)

VAS	26,120	50%	20,330	47%

FinTech and Business Services	21,520	72%	16,310	76%

Online Advertising	9,241	46%	10,800	63%

Others	2,778	84%	2,304	88%

Total cost of revenues	59,659	49,744

Question: What was the percentage change in cost of Online Advertising revenue between the fourth quarter of 2018 and 2019?
Answer: 14%
Cost of revenues. Cost of revenues increased by 20% to RMB59,659 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly due to greater costs of FinTech services, channel costs and content costs. As a percentage of revenues, cost of revenues decreased to 56% for the fourth quarter of 2019 from 59% for the fourth quarter of 2018. The following table sets forth our cost of revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018: Cost of revenues for VAS increased by 28% to RMB26,120 million for the fourth quarter of 2019 on a year-on-year basis. The increase mainly reflected greater channel costs for smart phone games due to increased revenues, including the channel costs attributable to Supercell, as well as higher content costs for services and products such as live broadcast services, online games and music streaming. Cost of revenues for FinTech and Business Services increased by 32% to RMB21,520 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by scale expansion of our payment-related services and cloud business. Cost of revenues for Online Advertising decreased by 14% to RMB9,241 million for the fourth quarter of 2019 on a year-on-year basis. The decrease was mainly due to lower content costs for video advertising as a result of fewer major content releases, and to cost management.

Unaudited

Three months ended

31 December 2019	31 December 2018

% of	% of

segment	segment

Amount	revenues	Amount	revenues

(Restated)	(Restated)

(RMB in millions, unless specified)

VAS	26,120	50%	20,330	47%

FinTech and Business Services	21,520	72%	16,310	76%

Online Advertising	9,241	46%	10,800	63%

Others	2,778	84%	2,304	88%

Total cost of revenues	59,659	49,744

Question: What is the change in costs of VAS revenue between the fourth quarter of 2018 and 2019?
Answer: 5790
Cost of revenues. Cost of revenues increased by 20% to RMB59,659 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly due to greater costs of FinTech services, channel costs and content costs. As a percentage of revenues, cost of revenues decreased to 56% for the fourth quarter of 2019 from 59% for the fourth quarter of 2018. The following table sets forth our cost of revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018: Cost of revenues for VAS increased by 28% to RMB26,120 million for the fourth quarter of 2019 on a year-on-year basis. The increase mainly reflected greater channel costs for smart phone games due to increased revenues, including the channel costs attributable to Supercell, as well as higher content costs for services and products such as live broadcast services, online games and music streaming. Cost of revenues for FinTech and Business Services increased by 32% to RMB21,520 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by scale expansion of our payment-related services and cloud business. Cost of revenues for Online Advertising decreased by 14% to RMB9,241 million for the fourth quarter of 2019 on a year-on-year basis. The decrease was mainly due to lower content costs for video advertising as a result of fewer major content releases, and to cost management.

Unaudited

Three months ended

31 December 2019	31 December 2018

% of	% of

segment	segment

Amount	revenues	Amount	revenues

(Restated)	(Restated)

(RMB in millions, unless specified)

VAS	26,120	50%	20,330	47%

FinTech and Business Services	21,520	72%	16,310	76%

Online Advertising	9,241	46%	10,800	63%

Others	2,778	84%	2,304	88%

Total cost of revenues	59,659	49,744

Question: What is the change in costs of FinTech and Business Services revenue between the fourth quarter of 2018 and 2019?
Answer: 5210
Cost of revenues. Cost of revenues increased by 20% to RMB59,659 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly due to greater costs of FinTech services, channel costs and content costs. As a percentage of revenues, cost of revenues decreased to 56% for the fourth quarter of 2019 from 59% for the fourth quarter of 2018. The following table sets forth our cost of revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018: Cost of revenues for VAS increased by 28% to RMB26,120 million for the fourth quarter of 2019 on a year-on-year basis. The increase mainly reflected greater channel costs for smart phone games due to increased revenues, including the channel costs attributable to Supercell, as well as higher content costs for services and products such as live broadcast services, online games and music streaming. Cost of revenues for FinTech and Business Services increased by 32% to RMB21,520 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by scale expansion of our payment-related services and cloud business. Cost of revenues for Online Advertising decreased by 14% to RMB9,241 million for the fourth quarter of 2019 on a year-on-year basis. The decrease was mainly due to lower content costs for video advertising as a result of fewer major content releases, and to cost management.

Unaudited

Three months ended

31 December 2019	31 December 2018

% of	% of

segment	segment

Amount	revenues	Amount	revenues

(Restated)	(Restated)

(RMB in millions, unless specified)

VAS	26,120	50%	20,330	47%

FinTech and Business Services	21,520	72%	16,310	76%

Online Advertising	9,241	46%	10,800	63%

Others	2,778	84%	2,304	88%

Total cost of revenues	59,659	49,744

Question: What is the change in costs of Online Advertising revenue between the fourth quarter of 2018 and 2019?
Answer: 1559
3. Accrued and other liabilities: Accrued and other current liabilities consist of the following (in thousands):

December 31,

2019	2018

Operating accruals	$23,695	$24,020

Deferred revenue—current portion	4,316	4,504

Payroll and benefits	6,613	7,695

Taxes—non-income based	6,053	4,212

Interest	10,624	11,000

Total	$51,301	$51,431

Question: What are the respective operating accruals in 2018 and 2019?
Answer: $24,020; $23,695
3. Accrued and other liabilities: Accrued and other current liabilities consist of the following (in thousands):

December 31,

2019	2018

Operating accruals	$23,695	$24,020

Deferred revenue—current portion	4,316	4,504

Payroll and benefits	6,613	7,695

Taxes—non-income based	6,053	4,212

Interest	10,624	11,000

Total	$51,301	$51,431

Question: What are the respective current portion of deferred revenue in 2018 and 2019?
Answer: 4,504; 4,316
3. Accrued and other liabilities: Accrued and other current liabilities consist of the following (in thousands):

December 31,

2019	2018

Operating accruals	$23,695	$24,020

Deferred revenue—current portion	4,316	4,504

Payroll and benefits	6,613	7,695

Taxes—non-income based	6,053	4,212

Interest	10,624	11,000

Total	$51,301	$51,431

Question: What are the respective payroll and benefits in 2018 and 2019?
Answer: 7,695; 6,613
3. Accrued and other liabilities: Accrued and other current liabilities consist of the following (in thousands):

December 31,

2019	2018

Operating accruals	$23,695	$24,020

Deferred revenue—current portion	4,316	4,504

Payroll and benefits	6,613	7,695

Taxes—non-income based	6,053	4,212

Interest	10,624	11,000

Total	$51,301	$51,431

Question: What is the total operating accruals in 2018 and 2019?
Answer: 47715
3. Accrued and other liabilities: Accrued and other current liabilities consist of the following (in thousands):

December 31,

2019	2018

Operating accruals	$23,695	$24,020

Deferred revenue—current portion	4,316	4,504

Payroll and benefits	6,613	7,695

Taxes—non-income based	6,053	4,212

Interest	10,624	11,000

Total	$51,301	$51,431

Question: What is the average current portion of deferred revenue in 2018 and 2019?
Answer: 4410
3. Accrued and other liabilities: Accrued and other current liabilities consist of the following (in thousands):

December 31,

2019	2018

Operating accruals	$23,695	$24,020

Deferred revenue—current portion	4,316	4,504

Payroll and benefits	6,613	7,695

Taxes—non-income based	6,053	4,212

Interest	10,624	11,000

Total	$51,301	$51,431

Question: What is the percentage change in the payroll and benefits in 2018 and 2019?
Answer: -14.06
8. Directors and Key Management remuneration The remuneration of Directors is disclosed in the Directors’ remuneration report on pages 64 to 74: Key Management compensation During the year to 31 March 2019, Key Management comprised the members of the OLT and the Non-Executive Directors (2018: OLT and the Non-Executive Directors). The remuneration of all Key Management (including Directors) was as follows:

2019	2018

£m	£m

Short-term employee benefits	5.3	4.9

Share-based payments	3.5	2.6

Termination benefits	–	0.1

Pension contributions	0.2	0.2

Total	9.0	7.8

Question: What did Key Management comprise of?
Answer: comprised the members of the OLT and the Non-Executive Directors (2018: OLT and the Non-Executive Directors).
8. Directors and Key Management remuneration The remuneration of Directors is disclosed in the Directors’ remuneration report on pages 64 to 74: Key Management compensation During the year to 31 March 2019, Key Management comprised the members of the OLT and the Non-Executive Directors (2018: OLT and the Non-Executive Directors). The remuneration of all Key Management (including Directors) was as follows:

2019	2018

£m	£m

Short-term employee benefits	5.3	4.9

Share-based payments	3.5	2.6

Termination benefits	–	0.1

Pension contributions	0.2	0.2

Total	9.0	7.8

Question: What was the total amount of key management compensation in 2019?
Answer: 9.0
8. Directors and Key Management remuneration The remuneration of Directors is disclosed in the Directors’ remuneration report on pages 64 to 74: Key Management compensation During the year to 31 March 2019, Key Management comprised the members of the OLT and the Non-Executive Directors (2018: OLT and the Non-Executive Directors). The remuneration of all Key Management (including Directors) was as follows:

2019	2018

£m	£m

Short-term employee benefits	5.3	4.9

Share-based payments	3.5	2.6

Termination benefits	–	0.1

Pension contributions	0.2	0.2

Total	9.0	7.8

Question: What are the types of key management compensation in the table?
Answer: Short-term employee benefits; Share-based payments; Termination benefits; Pension contributions
8. Directors and Key Management remuneration The remuneration of Directors is disclosed in the Directors’ remuneration report on pages 64 to 74: Key Management compensation During the year to 31 March 2019, Key Management comprised the members of the OLT and the Non-Executive Directors (2018: OLT and the Non-Executive Directors). The remuneration of all Key Management (including Directors) was as follows:

2019	2018

£m	£m

Short-term employee benefits	5.3	4.9

Share-based payments	3.5	2.6

Termination benefits	–	0.1

Pension contributions	0.2	0.2

Total	9.0	7.8

Question: In which year was Share-based payments larger?
Answer: 2019
8. Directors and Key Management remuneration The remuneration of Directors is disclosed in the Directors’ remuneration report on pages 64 to 74: Key Management compensation During the year to 31 March 2019, Key Management comprised the members of the OLT and the Non-Executive Directors (2018: OLT and the Non-Executive Directors). The remuneration of all Key Management (including Directors) was as follows:

2019	2018

£m	£m

Short-term employee benefits	5.3	4.9

Share-based payments	3.5	2.6

Termination benefits	–	0.1

Pension contributions	0.2	0.2

Total	9.0	7.8

Question: What was the change in the total compensation in 2019 from 2018?
Answer: 1.2
8. Directors and Key Management remuneration The remuneration of Directors is disclosed in the Directors’ remuneration report on pages 64 to 74: Key Management compensation During the year to 31 March 2019, Key Management comprised the members of the OLT and the Non-Executive Directors (2018: OLT and the Non-Executive Directors). The remuneration of all Key Management (including Directors) was as follows:

2019	2018

£m	£m

Short-term employee benefits	5.3	4.9

Share-based payments	3.5	2.6

Termination benefits	–	0.1

Pension contributions	0.2	0.2

Total	9.0	7.8

Question: What was the percentage change in the total compensation in 2019 from 2018?
Answer: 15.38
13. Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (“Tax Act”) was signed into U.S. Law. As of December 31, 2018, the Company had completed its accounting for the tax effects related to the enactment of the Tax Act. The Tax Act reduced the U.S. federal corporate income tax rate from 35% to 21%, effective January 1, 2018. During the year ended December 31, 2017, the Company remeasured certain deferred tax assets and liabilities and recorded a $15.0 million provisional tax charge. During the year ended December 31, 2018, the Company reduced the initial provisional tax charge by recording a $4.9 million benefit related to accelerated tax deductions claimed on the 2018 U.S. Federal Income Tax Return. The Tax Act required U.S. companies to pay a one-time transition tax on certain unremitted foreign earnings. During the year ended December 31, 2017, the Company recorded a $20.9 million provisional tax charge based on post-1986 earnings and profits of foreign subsidiaries that were previously deferred from U.S. income taxes. Upon further analysis, the Company reduced the initial provisional tax charge by recording an $8.1 million benefit during the year ended December 31, 2018. During the year ended December 31, 2018, the Company recorded a $15.5 million valuation allowance on its deferred tax asset related to U.S. foreign tax credits based upon business conditions and tax laws in effect at that time. During the year ended December 31, 2019, following the acquisition of Speedpay, the Company determined it will more likely than not be able to utilize foreign tax credits in future years due to additional income generated by Speedpay; therefore, the Company released the $15.5 million valuation allowance that had been established on this deferred tax asset. The Tax Act subjects a U.S. shareholder to tax on global intangible low-taxed income ("GILTI") earned by certain foreign subsidiaries. The Company has elected to account for GILTI in the year the tax is incurred. Prior to 2018, the Company considered all earnings in foreign subsidiaries to be indefinitely reinvested, and accordingly, recorded no deferred income taxes related to unremitted earnings. As of December 31, 2019 and 2018, the Company considered only the earnings in its Indian subsidiaries to be indefinitely reinvested. The earnings of all other foreign subsidiaries are no longer considered indefinitely reinvested. The Company is also permanently reinvested for outside book/tax basis differences related to foreign subsidiaries. For financial reporting purposes, income before income taxes includes the following components (in thousands):

Years Ended December 31,

2019	2018	2017

United States	-16,317	$16,312	-42,863

Foreign	88,527	75,487	86,435

Total	$72,210	$91,799	$43,572

Question: How much was the valuation allowance recorded by the company on its deferred tax asset related to U.S. foreign tax credits in 2018?
Answer: $15.5 million