hellotayssir/FinQA_TAT-QA_financial_finetuning_dataset huggingface dataset:
8.1 CAPITAL STRUCTURE
The table below summarizes debt-related financial ratios over the last two fiscal years and the fiscal 2020 guidelines:
(1) Based on mid-range guidelines. (2) Excludes amortization of deferred transaction costs and commitment fees but includes the impact of interest rate swaps. Potential variations in the US LIBOR rates in fiscal 2020 have not been considered. (3) Taking into consideration the interest rate swaps in effect at the end of each fiscal year. (4) Net indebtedness is defined as the aggregate of bank indebtedness, balance due on business combinations and principal on long-term debt, less cash and cash equivalents. (5) Adjusted EBITDA and financial expense for fiscal year 2018 include only eight months of MetroCast operations. (6) Specific guidance on interest coverage cannot be provided given that financial expense guidance is not provided.
In fiscal 2019, the financial leverage ratio relating to net indebtedness over adjusted EBITDA has declined as a result of the sale of Cogeco Peer 1 on April 30, 2019 for a net cash consideration of $720 million and to a lesser extent growing adjusted EBITDA and a reduction in net indebtedness from generated free cash flow. In fiscal 2020, prior to the adoption of IFRS 16 Leases, the financial leverage ratio relating to net indebtedness over adjusted EBITDA should continue to decline as a result of growing adjusted EBITDA and a projected reduction in net indebtedness from generated free cash flow.
Table:
Years ended August 31, | 2020 Guidelines(1) | 2019 | 2018
Average cost of indebtedness(2) | 4.4% | 4.4% | 4.4%
Fixed rate indebtedness(3) | 78% | 78% | 72%
Average term: long-term debt (in years) | 3.9 | 4.9 | 5.7
Net indebtedness(4) / adjusted EBITDA(5) | 2.3 | 2.6 | 3.8
Adjusted EBITDA / financial expense(5) | N/A (6) | 6.3 | 5.4


Question: What is the company's projection for EBITDA?
Answer: EBITDA should continue to decline as a result of growing adjusted EBITDA and a projected reduction in net indebtedness from generated free cash flow.
5.2 Key Management Personnel Compensation
Notes: (1) Comprise base salary, bonus, contributions to defined contribution plans and other benefits, but exclude performance share and share option expenses disclosed below.
(2) The Group Chief Executive Officer, an executive director of Singtel, was awarded up to 1,030,168 (2018: 1,712,538) ordinary shares of Singtel pursuant to Singtel performance share plans, subject to certain performance criteria including other terms and conditions being met. The performance share award in the previous financial year included a one-off Special Share Award (“SSA”). The performance share expense computed in accordance with SFRS(I) 2, Share-based Payment, was S$1.5 million (2018: S$3.3 million).
(3) The other key management personnel of the Group comprise the Chief Executive Officers of Consumer Singapore, Consumer Australia, Group Enterprise, Group Digital Life and International Group, as well as the Group Chief Corporate Officer, Group Chief Financial Officer, Group Chief Human Resources Officer, Group Chief Information Officer and Group Chief Technology Officer. The other key management personnel were awarded up to 3,537,119 (2018: 4,391,498) ordinary shares of Singtel pursuant to Singtel performance share plans, subject to certain performance criteria including other terms and conditions being met. The performance share award in the previous financial year included a one-off SSA. The performance share expense computed in accordance with SFRS(I) 2 was S$6.1 million (2018: S$8.5 million).
(4) Directors’ remuneration comprises the following: (i) Directors’ fees of S$2.7 million (2018: S$2.5 million), including fees paid to certain directors in their capacities as members of the Optus Advisory Committee and the Technology Advisory Panel, and as director of Singtel Innov8 Pte. Ltd. (ii) Car-related benefits of the Chairman of S$24,557 (2018: S$20,446). In addition to the Directors’ remuneration, Venkataraman Vishnampet Ganesan, a non-executive director of Singtel, was awarded 831,087 (2018: Nil) of share options pursuant to the Amobee Long-Term Incentive Plan during the financial year, subject to certain terms and conditions being met. The share option expense computed in accordance with SFRS(I) 2 was S$104,278 (2018: S$21,607).
Table:
 |  | Group
 | 2019 | 2018
 | S$ Mil | S$ Mil
Key management personnel compensation (1) |  | 
Executive director (2) | 3.5 | 6.1
Other key management personnel (3) | 15.9 | 22.4
 | 19.4 | 28.5
Directors' remuneration (4) | 2.7 | 2.5
 | 22.1 | 31.0


Question: What does key management personnel compensation comprise?
Answer: Comprise base salary, bonus, contributions to defined contribution plans and other benefits, but exclude performance share and share option expenses disclosed below.
This section provides a summary of the capital management activity of the Group during the period, including the Group’s borrowings. The Group manages its liquidity requirements with a range of short-term money market loans, bank loans, and flexible debt instruments with varying maturities.
The Group manages its capital structure with the objective of enhancing long-term shareholder value through funding its business at an optimised weighted average cost of capital.
The Group returns capital to shareholders when consistent with its long-term capital structure objectives and where it will enhance shareholder value. In May 2019, the Group returned $1.7 billion of capital to shareholders through an off-market share buy-back. This resulted in the purchase of 58.7 million shares which were subsequently cancelled. The share buy-back complements dividends of $1.4 billion paid to shareholders this reporting period through the 2018 final and special dividends, and the 2019 interim dividend, with a total of $3.1 billion returned to shareholders, excluding franking credits.
The Group remains committed to solid investment grade credit ratings and a number of actions can be undertaken to support the credit profile including the sale of non-core assets, further working capital initiatives, and adjusting growth capital expenditure and the property leasing profile. The Group’s credit ratings (1) are BBB (stable outlook) according to S&P and Baa2 (stable outlook) according to Moody’s.
In March 2019, the $500 million domestic Medium Term Notes matured. It was refinanced in April 2019 with $400 million of Medium Term Notes issued to meet the Group’s new Green Bond Framework (Green Bonds). The Green Bonds have been issued for a five-year tenor, maturing in April 2024.
In November 2019, $320 million of undrawn syndicated bank loan facilities are due to mature. The Group intends to refinance this facility at maturity.
(1) These credit ratings have been issued by a credit rating agency which holds an Australian Financial Services Licence with an authorisation to issue credit ratings to wholesale clients only and are for the benefit of the Group’s debt providers.
Table:
 | OPENING | NON‑CASH | NET CASH | CLOSING
 | BALANCE | MOVEMENTS | MOVEMENTS | BALANCE
2019 | $M | $M | $M | $M
Current, unsecured |  |  |  | 
Short-term money market loans | 16 | 2 | 21 | 39
Bank loans | 88 | 5 | 142 | 235
Securities | 500 | – | (500) | –
Total current borrowings | 604 | 7 | (337) | 274
Non‑current, unsecured |  |  |  | 
Bank loans | 540 | 36 | 102 | 678
Securities | 1,668 | 110 | 400 | 2,178
Unamortised borrowing costs | (9) | 5 | – | (4)
Finance leases | – | 6 | (3) | 3
Total non‑current borrowings | 2,199 | 157 | 499 | 2,855
Total | 2,803 | 164 | 162 | 3,129


Question: How does the Group manage its liquidity requirements?
Answer: The Group manages its liquidity requirements with a range of short-term money market loans, bank loans, and flexible debt instruments with varying maturities.
Other Intangible Assets, Net
Other intangible assets include developed technologies, customer relationships, trade names, patents, user lists and the related accumulated amortization. These assets are shown as “Developed technologies, net” and as part of “Other assets” in the Consolidated Balance Sheet. The majority of Autodesk’s other intangible assets are amortized to expense over the estimated economic life of the product, which ranges from two to ten years. Amortization expense for developed technologies, customer relationships, trade names, patents, and user lists was $33.5 million in fiscal 2019, $36.6 million in fiscal 2018 and $72.2 million in fiscal 2017.
Other intangible assets and related accumulated amortization at January 31 were as follows:
(1) Included in “Other assets” in the accompanying Consolidated Balance Sheets. (2) Includes the effects of foreign currency translation.
Table:
 | 2019 | 2018
Developed technologies, at cost | $670.2 | $578.5
Customer relationships, trade names, patents, and user lists, at cost (1) | 533.1 | 372.5
Other intangible assets, at cost (2) | 1,203.3 | 951.0
Less: accumulated amortization | (922.5) | (895.8)
Other intangible assets, net | $280.8 | $55.2


Question: What was the 2017 expense for developed technologies, customer relationships, trade names, patents, and user lists?
Answer: $72.2 million
13. INCOME TAXES
The Company files income tax returns in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2015.
Deferred income taxes have been provided by temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. To the extent allowed by GAAP, the Company provides valuation allowances against the deferred tax assets for amounts when the realization is uncertain. Included in the balances at December 31, 2019 and 2018, are no tax positions for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period.
The Company’s policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the periods ended December 31, 2019 and 2018, the Company did not recognize interest and penalties.
The income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the year ended December 31, 2019 and 2018 due to the following:
Table:
 | 2019 | 2018
Net taxable (loss) at effective tax rates | $(2,508) | $(1,567)
Stock compensation expense | 119 | 358
Amortization of debt discount | 94 | 10
Impairment of goodwill | - | 519
Other | (223) | (153)
Valuation allowance | 2,518 | 833
Income tax expense | $- | $-


Question: What is the valuation allowance in 2019?
Answer: 2,518
GasLog Ltd. and its Subsidiaries
Notes to the consolidated financial statements (Continued)
For the years ended December 31, 2017, 2018 and 2019
(All amounts expressed in thousands of U.S. Dollars, except share and per share data)
14. Other Payables and Accruals
An analysis of other payables and accruals is as follows:
The unearned revenue represents charter hires received in advance in December 2019 relating to the hire period of January 2020 for 22 vessels (December 2018: 17 vessels).
Table:
 | As of December 31, | 
 | 2018 | 2019
Unearned revenue | 38,680 | 48,183
Accrued off-hire | 7,376 | 6,968
Accrued purchases | 18,578 | 9,759
Accrued interest | 38,107 | 36,746
Other accruals | 24,709 | 34,586
Total | 127,450 | 136,242


Question: What does unearned revenue represent for 2019?
Answer: The unearned revenue represents charter hires received in advance in December 2019 relating to the hire period of January 2020 for 22 vessels
Selected Current Liabilities
Current liabilities reflected in our consolidated balance sheets include accounts payable and other current liabilities as follows:
Included in accounts payable at December 31, 2019 and 2018, were (i) $106 million and $86 million, respectively, representing book overdrafts and (ii) $469 million and $434 million, respectively, associated with capital expenditures.
Table:
 | As of December 31, | 
 | 2019 | 2018
 | (Dollars in millions) | 
Accounts payable | $1,724 | 1,933
Other current liabilities: |  | 
Accrued rent | $75 | 45
Legal contingencies | 88 | 30
Other | 223 | 282
Total other current liabilities | $386 | 357


Question: What are the items included in accounts payable?
Answer: book overdrafts, capital expenditures
The valuation allowance activity for the years ended September 30, 2019, 2018, and 2017 is as follows:
The Company completed an Internal Revenue Code Section 382 analysis of the loss carry forwards in 2009 and determined then that all of the Company’s loss carry forwards are utilizable and not restricted under Section 382. The Company has not updated its Section 382 analysis subsequent to 2009 and does not believe there have been any events subsequent to 2009 that would impact the analysis.
The Company is required to recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies the interpretation to all tax positions for which the statute of limitations remained open. The Company had no liability for unrecognized tax benefits and did not recognize any interest or penalties during the years ended September 30, 2019, 2018, or 2017.
The Company is subject to income taxes in the U.S. federal jurisdiction, and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local, income tax examinations by tax authorities for fiscal years ending prior to 2004. We are generally subject to U.S. federal and state tax examinations for all tax years since 2003 due to our net operating loss carryforwards and the utilization of the carryforwards in years still open under statute. During the year ended September 30, 2018, the Company was examined by the U.S. Internal Revenue Service for fiscal year 2016. This examination resulted in no adjustments. The Company changed its fiscal year end in 2007 from March 31 to September 30.
Table:
Year Ended | Balance at Beginning of Year | Income Tax Expense (Benefit) | Reversal for State NOL Expiration and Utilization | Balance at End of Year
September 30, 2019 | $104,858 | $10,448 | $(68,292) | $47,014
September 30, 2018 | 159,154 | 79,377 | (133,673) | 104,858
September 30, 2017 | 322,404 | (32,154) | (131,096) | 159,154


Question: What is the balance at the beginning of 2019 and 2018 respectively?
Answer: $104,858, 159,154
Our number of employees is as follows:
On August 3, 2018, we implemented a plan to restructure our organization, which included a reduction in workforce of approximately 40 employees, representing approximately 30% of the Company’s total pre-restructuring workforce. We recorded a charge of $381,000 in the third quarter of 2018 relating to this reduction in force, consisting primarily of one-time severance payments and termination benefits. The Company’s goal in the restructuring is to better focus our workforce on retaining current clients, gaining incremental business from current clients, and winning new business in the market segments where we can leverage our expertise and long history as an EFT pioneer.
Employees
Table:
 | March 1, | 
Department | 2020 | 2019
Sales and Marketing | 41 | 38
Engineering | 13 | 9
Professional Services | 6 | 6
Customer Support | 22 | 22
Management and Administration | 18 | 17
Total | 100 | 92


Question: Why did the company restructure their organisation?
Answer: The Company’s goal in the restructuring is to better focus our workforce on retaining current clients, gaining incremental business from current clients, and winning new business in the market segments where we can leverage our expertise and long history as an EFT pioneer.
at december 31 , 2012 and 2011 , we had a working capital surplus . this reflects a strong cash position , which provides enhanced liquidity in an uncertain economic environment . in addition , we believe we have adequate access to capital markets to meet any foreseeable cash requirements , and we have sufficient financial capacity to satisfy our current liabilities . cash flows millions 2012 2011 2010 .

Table:
cash flowsmillions | 2012 | 2011 | 2010
cash provided by operating activities | $ 6161 | $ 5873 | $ 4105
cash used in investing activities | -3633 ( 3633 ) | -3119 ( 3119 ) | -2488 ( 2488 )
cash used in financing activities | -2682 ( 2682 ) | -2623 ( 2623 ) | -2381 ( 2381 )
net change in cash and cashequivalents | $ -154 ( 154 ) | $ 131 | $ -764 ( 764 )
operating activities higher net income in 2012 increased cash provided by operating activities compared to 2011 , partially offset by lower tax benefits from bonus depreciation ( as explained below ) and payments for past wages based on national labor negotiations settled earlier this year .
higher net income and lower cash income tax payments in 2011 increased cash provided by operating activities compared to 2010 .
the tax relief , unemployment insurance reauthorization , and job creation act of 2010 provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 , and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012 .
as a result of the act , the company deferred a substantial portion of its 2011 income tax expense .
this deferral decreased 2011 income tax payments , thereby contributing to the positive operating cash flow .
in future years , however , additional cash will be used to pay income taxes that were previously deferred .
in addition , the adoption of a new accounting standard in january of 2010 changed the accounting treatment for our receivables securitization facility from a sale of undivided interests ( recorded as an operating activity ) to a secured borrowing ( recorded as a financing activity ) , which decreased cash provided by operating activities by $ 400 million in 2010 .
investing activities higher capital investments in 2012 drove the increase in cash used in investing activities compared to 2011 .
included in capital investments in 2012 was $ 75 million for the early buyout of 165 locomotives under long-term operating and capital leases during the first quarter of 2012 , which we exercised due to favorable economic terms and market conditions .
higher capital investments partially offset by higher proceeds from asset sales in 2011 drove the increase in cash used in investing activities compared to 2010. .

Question: what would 2012 capital expenditures have been without the early buyout of locomotives , in millions?
Answer: 3558
Calculation: subtract(3633, 75)
11. Reportable Segments, Geographic Information and Major Customers
Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company’s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment’s performance is evaluated based upon its operating income (loss). A segment’s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses  fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the "one-time employee bonus"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm’s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.
Information about the Company’s three reportable segments for fiscal 2019, 2018 and 2017 is as follows (in thousands):
Table:
 | 2019 | 2018 | 2017
Net sales:       |  |  | 
AMER  | $1,429,308 | $1,218,944 | $1,166,346
APAC  | 1,557,205 | 1,498,010 | 1,279,261
EMEA  | 309,933 | 281,489 | 192,829
Elimination of inter-segment sales  | (132,012) | (124,935) | (110,384)
 | 3,164,434 | 2,873,508 | 2,528,052
Operating income (loss): |  |  | 
AMER | $57,780 | $38,637 | $41,924
APAC | 208,178 | 213,935 | 200,103
EMEA | 4,475 | 1,447 | (6,197)
Corporate and other costs | (128,378) | (135,736) | (105,922)
 | $142,055 | $118,283 | $129,908
Other income (expense): |  |  | 
Interest expense | $(12,853) | $(12,226) | $(13,578)
Interest income | 1,949 | 4,696 | 5,042
Miscellaneous, net | (5,196) | (3,143) | 451
Income before income taxes | $125,955 | $107,610 | $121,823


Question: Which years does the table provide information for its reportable segments?
Answer: 2019, 2018, 2017
3. Operating (loss)/profit
Detailed below are the key amounts recognised in arriving at our operating (loss)/profit
Notes: 1 The year ended 31 March 2019 included €nil (2018: €80 million credit, 2017: €127 million charge) reported in other income and expense in the consolidated income statement
2 Reported in other income and expense in the consolidated income statement.
Table:
 | 2019 | 2018 | 2017
 | €m | €m | €m
Net foreign exchange losses/(gains)1 | 1 | (65) | 133
Depreciation of property, plant and equipment (note 11): |  |  | 
Owned assets | 5,795 | 5,963 | 6,253
Leased assets | 59 | 47 | 12
Amortisation of intangible assets (note 10) | 3,941 | 4,399 | 4,821
Impairment of goodwill in subsidiaries, associates and joint arrangements (note 4) | 3,525 | – | –
Staff costs (note 23) | 5,267 | 5,295 | 5,519
Amounts related to inventory included in cost of sales | 5,886 | 6,045 | 6,464
Operating lease rentals payable | 3,826 | 3,788 | 3,976
Loss on disposal of property, plant and equipment and intangible assets | 33 | 36 | 22
Own costs capitalised attributable to the construction or acquisition of property, plant and equipment | (844) | (829) | (800)
Net gain on formation of VodafoneZiggo (note 26)2 | – | – | (1,275)


Question: What is the last day of Vodafone's 2019 financial year?
Answer: 31 March