hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
Free Cash Flow. We define free cash flow ("FCF"), a non-GAAP financial measure, as cash flow provided by operations less capital expenditures. FCF was$ 24.7 million for fiscal 2019 compared to $4.0 million for fiscal 2018, an increase of $20.7 million.
Non-GAAP financial measures, including FCF, are used for internal management assessments because such measures provide additional insight to investors into ongoing financial performance. In particular, we provide FCF because we believe it offers insight into the metrics that are driving management decisions. We view FCF as an important financial metric as it demonstrates our ability to generate cash and can allow us to pursue opportunities that enhance shareholder value. FCF is a non-GAAP financial measure that should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with GAAP.
A reconciliation of FCF to our financial statements that were prepared using GAAP follows (in millions):
Table:
 | 2019 | 2018
Cash flows provided by operating activities | $115.3 | $66.8
Payments for property, plant and equipment | (90.6) | (62.8)
Free cash flow | 24.7 | 4.0


Question: What was the percentage change in the free cash flow between 2018 and 2019?
Answer: 517.5
Calculation: (24.7-4.0)/4.0
TREASURY SHARES
On December 31, 2019, we had 48,866,220 outstanding common shares excluding 2,431,174 treasury shares. This compared to 49,318,898 outstanding common shares and 6,978,496 treasury shares at year-end 2018. Besides the cancellation of 5 million treasury shares in July 2019, the change in the number of treasury shares in 2019 was the result of approximately 950,000 repurchased shares and approximately 498,000 treasury shares that were used as part of share based payments.
Table:
 | 2018 | 2019
As per January 1: |  | 
Issued shares | 62,297,394 | 56,297,394
Treasury shares | 6,157,241 | 6,978,496
Outstanding shares | 56,140,153 | 49,318,898
Changes during the year: |  | 
Cancellation of treasury shares | 6,000,000 | 5,000,000
Share buybacks | 7,242,734 | 950,902
Treasury shares used for share based performance programs | 421,479 | 498,224
As per December 31: |  | 
Issued shares | 56,297,394 | 51,297,394
Treasury shares | 6,978,496 | 2,431,174
Outstanding shares | 49,318,898 | 48,866,220


Question: What is the number of outstanding common shares on December 31, 2019?
Answer: 48,866,220
Presentation of Derivative Gains (Losses) for Economic Hedges of Forecasted Cash Flows in Segment Results
Derivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately.
The following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology:
As of May 26, 2019, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $1.4 million. This amount reflected net gains of $1.0 million incurred during the fiscal year ended May 26, 2019, as well as net gains of $0.4 million incurred prior to fiscal 2019. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $0.9 million in fiscal 2020 and $0.5 million in fiscal 2021 and thereafter.
Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)
Table:
 | 2019 | 2018 | 2017
Net derivative gains (losses) incurred | $(3.6) | $(0.9) | $0.6
Less: Net derivative gains (losses) allocated to reporting segments | (1.8) | (7.1) | 5.7
Net derivative gains (losses) recognized in general corporate expenses | $(1.8) | $6.2 | $(5.1)
Net derivative gains (losses) allocated to Grocery & Snacks | $(2.1) | $0.2 | $3.4
Net derivative gains (losses) allocated to Refrigerated & Frozen | (1.1) | (0.3) | 0.8
Net derivative gains (losses) allocated to International | 2.8 | (6.9) | 1.6
Net derivative losses allocated to Foodservice | (0.6) | (0.1) | —
Net derivative losses allocated to Pinnacle Foods | (0.8) | — | —
Net derivative losses allocated to Commercial | — | — | (0.1)
Net derivative gains (losses) included in segment operating profit | $(1.8) | $(7.1) | $5.7


Question: What is the percentage change in net derivative gains (losses) included in segment operating profit in 2019 compared to 2017?
Answer: -131.58
Calculation: (-1.8-5.7)/5.7
Net debt including IFRS 16 lease liabilities
A reconciliation between net debt and net debt including IFRS 16 lease liabilities is given below. A breakdown of the balances that are included within net debt is given within Note 24. Net debt excludes IFRS 16 lease liabilities to enable comparability with prior years.
Table:
 | 2019 | 2018
 | £m | £m
Net debt | 295.2 | 235.8
IFRS 16 lease liabilities | 38.9 | –
Net debt and IFRS 16 lease liabilities | 334.1 | 235.8


Question: What does net debt exclude?
Answer: IFRS 16 lease liabilities to enable comparability with prior years
Share-Based Payment Expense
The expense recognised for employee services received during the year is as follows:
The cash-settled expense comprises cash-based awards together with certain social security taxes. The carrying value of the liability as at 31 March 2019 was $1.6M (2018: $3.1M).
Table:
 | Year-ended 31 March 2019 | Year-ended 31 March 2018
 | $M | $M
Cash-settled transactions | 1.9 | 2.7
Equity-settled transactions | 35.0 | 39.6
Total share-based payment expense | 36.9 | 42.3


Question: In which year was the Cash-settled transactions larger?
Answer: 2018
Calculation: 2.7>1.9
EBITDA: TORM defines EBITDA as earnings before financial income and expenses, depreciation, impairment, amortization and taxes. The computation of EBITDA refers to financial income and expenses which the Company deems to be equivalent to “interest” for purposes of presenting EBITDA. Financial expenses consist of interest on borrowings, losses on foreign exchange transactions and bank charges. Financial income consists of interest income and gains on foreign exchange transactions.
EBITDA is used as a supplemental financial measure by Management and external users of financial statements, such as lenders, to assess TORM's operating performance as well as compliance with the financial covenants and restrictions contained in the Company's financing agreements. TORM believes that EBITDA assists Management and investors by increasing comparability of the Company's performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods and capital structure and which may significantly affect profit/(loss) between periods. Including EBITDA as a measure benefits investors in selecting between investment alternatives.
EBITDA excludes some, but not all, items that affect profit/(loss), and these measures may vary among other companies and not be directly comparable. The following table reconciles EBITDA to net profit/ (loss), the most directly comparable IFRS financial measure, for the periods presented:
Table:
USDm | 2019 | 2018 | 2017
Reconciliation to net profit/(loss) |  |  | 
Net profit/(loss) for the year | 166.0 | -34.8 | 2.4
Tax | 0.8 | 1.6 | 0.8
Financial expenses | 41.9 | 39.3 | 40.6
Financial income | -2.8 | -3.3 | -4.3
Depreciation | 110.1 | 114.5 | 114.5
Impairment (reversal)/losses on tangible assets | -114.0 | 3.2 | 3.6
EBITDA | 202.0 | 120.5 | 157.6


Question: How does TORM define EBITDA?
Answer: as earnings before financial income and expenses, depreciation, impairment, amortization and taxes.
Restatement – changes to the presentation of financial income and expenses
Due to the significant variations in SEK exchange rates during the year, the Company has considered the change in reporting of foreign exchange effect to reflect how foreign exchange transaction risk is managed on a net basis in the Company. Previously foreign exchange effects were reported within both financial income and financial expenses depending on whether they relate to assets or liabilities.
In note F2, “Financial income and expenses,” the foreign exchange effect is now presented as a net amount, reported separately from other financial income and expenses items. The comparative years 2018 and 2017 have been
restated to reflect the new presentation of Financial income and expenses, net. The restatement does not impact the total net financial income and expenses reported in prior years.
The following table shows the impact of the restatement:
In line with this change the Company also elected to present all financial income and expenses, including the foreign exchange effect, on the income statement as a single line item Financial income and expenses, net. Previously,
financial income and financial expenses were presented as separate line items on the income statement. The income statement for all comparative years 2018 and 2017 have been restated to reflect the new presentation of Financial
income and expenses, net.
Table:
Financial income and expenses |  | 
SEK million | 2018 | 2017
Reported in prior years |  | 
Reported in prior years | –316  | –372 
Financial expenses | –2,389  | –843 
Total | –2,705  | –1,215 
SEK million | 2018 | 2017
Restated |  | 
Financial income | 151 | –50 
Financial expenses | –2,032  | –1,570 
Net foreign exchange gains and losses | –824  | 405
Total | -2,705 | –1,215


Question: What is the restated total of financial income, expenses and net foreign exchange gains and losses in 2018?
Answer: -2,705
NOTE 23. EXPENSES BY NATURE
Research and development consists of the following:
The impairment expenses in 2018 and 2019 are related to customer specific projects.
The Company’s operations in the Netherlands, Belgium and the United States receive research and development grants and credits from various sources.
Table:
 | Year ended December 31, | 
 | 2018 | 2019
Research and development expenses | 125,280 | 150,745
Capitalization of development expenses | (49,688) | (60,202)
Amortization of capitalized development expenses | 12,039 | 15,597
Research and development grants and credits | (321) | (49)
Total research and development expenses | 87,310 | 106,091
Impairment of research and development related assets | 1,278 | 4,755
Total | 88,588 | 110,846


Question: What is the  Research and development expenses for 2018?
Answer: 125,280
11. Taxation
The taxation charge for the year is lower than (2018: the same as) the effective rate of corporation tax in the UK of 19% (2018: 19%). The differences are explained below:
Taxation on items taken directly to equity was a credit of £0.6m (2018: £0.1m) relating to tax on share-based payments.
The tax charge for the year is based on the standard rate of UK corporation tax for the period of 19% (2018: 19%). Deferred income taxes have been measured at the tax rate expected to be applicable at the date the deferred income tax assets and liabilities are realised. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised, which has resulted in an average deferred income tax rate of 17% being used to measure all deferred tax balances as at 31 March 2019 (2018: 17%).
Table:
 | 2019 | (Restated) 2018
 | £m | £m
Profit before taxation | 242.2 | 210.7
Tax on profit on ordinary activities at the standard UK corporation tax rate of 19% (2018: 19%) | 46.0 | 40.0
Expenses not deductible for taxation purposes | 0.3 | 0.8
Income not taxable | (1.7) | –
Adjustments in respect of foreign tax rates | (0.1) | (0.1)
Adjustments in respect of prior years | – | (1.1)
Total taxation charge | 44.5 | 39.6


Question: What was the change in Total taxation charge in 2019 from 2018?
Answer: 4.9
Calculation: 44.5-39.6
The following is a roll-forward of the Company’s uncertain tax positions, recorded in other long-term liabilities, from January 1, 2017 to December 31, 2019:
The majority of the net increase for positions relates to the potential tax on freight income on changes for positions taken in prior years and an increased number of voyages for the year ended December 31, 2019.
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The interest and penalties on unrecognized tax benefits are included in the roll-forward schedule above, and are increases of approximately $13.2 million, $9.2 million and $6.4 million in 2019, 2018 and 2017, respectively.
Table:
 | Year Ended | Year Ended | Year Ended
 | December 31, | December 31, | December 31,
 | 2019 | 2018 | 2017
 | $ | $ | $
Balance of unrecognized tax benefits as at January 1 | 40,556 | 31,061 | 19,492
Increases for positions related to the current year | 5,829 | 9,297 | 2,631
Changes for positions taken in prior years | 19,119 | 981 | 3,475
Decreases related to statute of limitations | (2,546) | (783) | (1,562)
Increase due to acquisition of TIL | — | — | 8,528
Decrease due to deconsolidation of Altera | — | — | (1,503)
Balance of unrecognized tax benefits as at December 31 | 62,958 | 40,556 | 31,061


Question: What is the increase/ (decrease) in Balance of unrecognized tax benefits as at January 1 from December 31, 2019 to December 31, 2018?
Answer: 9495
Calculation: 40,556-31,061
Interest in associates
*Included within share of profit from associates is $1,917,000 representing NSR’s share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000).
The Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (“APSF”). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade selfstorage centres in select cities around Australia.
During the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m).
As at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia.
Following the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m.
As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018.
The Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (“Spacer”). Spacer operate online peer-to-peer marketplaces for self-storage and parking.
Table:
 | 2019 | 2018
 | $'000 | $'000
Opening balance at 1 July | 10,693 | 8,611
Capital contribution / acquisition of shareholding in associates | - | 2,048
Share of profit from associates* | 1,695 | 1,282
Distributions from associate | - | (1,248)
Closing balance at 30 June | 12,388 | 10,693


Question: What is the change in the Share of profit from associates from 2018 to 2019?
Answer: 413
Calculation: 1,695 - 1,282
Cost of revenues. Cost of revenues increased by 23% year-on-year to RMB209.8 billion. The increase primarily reflected greater content costs, costs of FinTech services and channel costs. As a percentage of revenues, cost of revenues increased to 56% for the year ended 31 December 2019 from 55% for the year ended 31 December 2018. The following table sets forth our cost of revenues by line of business for the years ended 31 December 2019 and 2018:
Cost of revenues for VAS increased by 27% year-on-year to RMB94,086 million. The increase was mainly due to greater content costs for services and products such as live broadcast services, online games and video streaming subscriptions, as well as channel costs for smart phone games.
Cost of revenues for FinTech and Business Services increased by 35% year-on-year to RMB73,831 million. The increase primarily reflected greater costs of payment-related and cloud services due to the enhanced scale of our payment and cloud activities.
Cost of revenues for Online Advertising decreased by 6% year-on-year to RMB34,860 million. The decrease was mainly driven by lower content costs for our advertising-funded long form video service resulting from fewer content releases and improved cost efficiency, partly offset by other cost items.
Table:
 | Year ended 31 December |  |  | 
 | 2019 |  | 2018 | 
 |  | % of |  | % of
 |  | segment |  | segment
 | Amount | revenues | Amount | revenues
 |  |  | (Restated) | (Restated)
 | (RMB in millions, unless specified) |  |  | 
VAS | 94,086 | 47% | 73,961 | 42%
FinTech and Business Services | 73,831 | 73% | 54,598 | 75%
Online Advertising | 34,860 | 51% | 37,273 | 64%
Others | 6,979 | 92% | 4,742 | 98%
Total cost of revenues | 209,756 |  | 170,574 | 


Question: What was the year-on-year change in cost of revenues for Online Advertising?
Answer: 6%
For the periods indicated, the weighted-average fair value of options and weighted-average assumptions were as follows:
*Options valued using Monte Carlo Valuation Method
As of June 30, 2019, the total compensation cost related to the unvested stock option awards not yet recognized was approximately $24.1 million, which will be recognized over a weighted-average period of approximately 3.0 years.
No cash was used by us to settle equity instruments granted under share-based compensation arrangements in any of the periods presented.
We have not capitalized any share-based compensation costs as part of the cost of an asset in any of the periods presented.
For the year ended June 30, 2019, cash in the amount of $35.6 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2019 from the exercise of options eligible for a tax deduction was $2.9 million.
For the year ended June 30, 2018, cash in the amount of $54.4 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2018 from the exercise of options eligible for a tax deduction was $1.5 million.
For the year ended June 30, 2017, cash in the amount of $20.8 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2017 from the exercise of options eligible for a tax deduction was $2.2 million.
Table:
 |  | Year Ended June 30, | 
 | 2019 | 2018 | 2017
Weighted–average fair value of options granted | $8.39 | $7.58 | $7.06
Weighted-average assumptions used: |  |  | 
Expected volatility | 25.72% | 26.95% | 28.32%
Risk–free interest rate | 2.57% | 2.18% | 1.46%
Expected dividend yield | 1.54% | 1.50% | 1.43%
Expected life (in years) | 4.44 | 4.38 | 4.51
Forfeiture rate (based on historical rates) | 6% | 6% | 5%
Average exercise share price | $38.81 | $34.60 | $31.75
Derived service period (in years)* | N/A | N/A | 1.79


Question: What does the table show?
Answer: weighted-average fair value of options and weighted-average assumptions
2.6 Taxes (continued)
1 Net deferred tax liabilities include net deferred tax assets of $2,195,000 (2018: $1,937,000) from the iMoney Group.
Recognition and measurement
Our income tax expense is the sum of current and deferred income tax expenses. Current income tax expense is calculated on accounting profit after adjusting for non-taxable and non-deductible items based on rules set by the tax authorities. Deferred income tax expense is calculated at the tax rates that are expected to apply to the period in which the deferred tax asset is realised or the deferred tax liability is settled. Both our current and deferred income tax expenses are calculated using tax rates that have been enacted or substantively enacted at reporting date.
Our current and deferred taxes are recognised as an expense in profit or loss, except when they relate to items that are directly recognised in other comprehensive income or equity. In this case, our current and deferred tax expenses are also recognised directly in other comprehensive income or equity.
We generally recognise deferred tax liabilities for all taxable temporary differences, except to the extent that the deferred tax liability arises from:
• the initial recognition of goodwill; and
• the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither our accounting profit nor our taxable income at the time of the transaction.
For our investments in controlled entities and associated entities, recognition of deferred tax liabilities is required unless we are able to control the timing of our temporary difference reversal and it is probable that the temporary difference will not reverse.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carried forward unused tax losses and tax credits, can be utilised
Deferred tax assets and deferred tax liabilities are offset in the statement of financial position where they relate to income taxes levied by the same taxation authority and to the extent that we intend to settle our current tax assets and liabilities on a net basis.
Table:
 | CONSOLIDATED | 
 | 2019 $’000 | 2018 $’000
Deferred taxes |  | 
Deferred tax assets relate to the following: |  | 
Trade and other payables | 2,312 | 1,558
Provisions | 4,759 | 2,230
Property, Plant and Equipment | - | 1,680
ITAA 97 Section 40-880 business related costs | 92 | 105
Unrealised foreign exchange differences | 58 | 56
Unused tax losses | 4,837 | 4,665
Other | 13 | 114
Total deferred tax assets | 12,071 | 10,408
 |  | 
Deferred tax liabilities relate to following: |  | 
Trail commission asset | (34,168) | (31,253)
Property, Plant and Equipment | (581) | -
Development costs | (2,109) | (2,359)
Total deferred tax liabilities | (36,858) | (33,612)
Net deferred tax liabilities1 | (24,787) | (23,204)


Question: What is the percentage change in the net deferred tax liabilities from 2018 to 2019?
Answer: 6.82
Calculation: (24,787-23,204)/23,204