Annual Report • Apr 12, 2022
Annual Report
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www.keller.com
Strategic report
1 Highlights
2 At a glance
4 Investment case
6 Chairman’s statement
10 Our market
12 Business model
14 Underlying Member
18 Our strategy
20 North America
22 Europe
26 Asia Pacific
30 Middle East
32 Principal risks and uncertainties
42 ESG and sustainability
44 Our sustainability strategy
46 Our approach to ESG
50 Our ESG performance
54 Our sustainability targets
Governance
68 Chairman’s introduction
70 Board of Directors
72 Executive Committee
74 Board leadership and purpose
76 Section 172 statement
78 Directors’ remuneration report
84 Environment Committee report
86 Social and Community Committee report
88 Nomination and Governance Committee report
90 Audit and Risk Committee report
96 Annual statement from the Chair
98 Remuneration in context
100 Remuneration at a glance
102 Annual remuneration report
112 Directors’ report
115 Statement of Directors’ responsibilities
Financial statements
116 Independent auditor’s report to the members of Keller Group plc
127 Consolidated income statement
128 Consolidated statement of comprehensive income
129 Consolidated balance sheet
130 Consolidated statement of cash flows
131 Consolidated statement of changes in equity
132 Notes to the consolidated financial statements
175 Company balance sheet
176 Notes to the company balance sheet
185 Adjusted performance measures
188 Financial record
189 Contacts
189 Cautionary Statement
keller.com/investors
Our Offices
Head Office
Keller Group plc
2 Kingdom Street
London W2 6BD
Telephone: +44 20 7616 7575
www.keller.com
North America Division
Keller Management Services, LLC
7550 Teague Road
Hanover, Maryland 21076
United States
Telephone: +1 410 551 1938
www.keller-na.com
Europe Division
Keller Holding GmbH
Kaiserleistrasse 8
63067 Offenbach am Main
Germany
Telephone: +49 69 80510
www.kellerholding.com
Asia Pacific, Middle East and Africa (AMEA) Division
Keller Middle East
Umm Al Sheif
Sheikh Zayed Road
PO Box 111323
Dubai, UAE
Telephone: +971 4213 58 00
www.kellerme.com
Secretary and advisers
Group Company Secretary and Legal Advisor
Kerry Porritt
FCG LLB (Hons)
Registered office
2 Kingdom Street
London W2 6BD
Registered number 2442580
Joint brokers
Investec Bank plc
30 Gresham Street
London EC2V 7QP
Peel Hunt LLP
70 London Wall
London EC2Y 5ET
Financial advisers
Rothschild & Co.
1 New Court
London EC4N 8AL
Legal advisers
DLA Piper UK LLP
160 Aldersgate Street
London EC1A 4HT
Financial public relations advisers
FTI Consulting
200 Aldersgate Street
London EC1A 4HD
Registrars
Equiniti Limited
Aspect House
Talbot Road
Stockport, SK1 3GH
Cautionary statement
The directors present their report and accounts.
Forward-looking statements are included in this report and accounts. These statements are based on current expectations and projections about future events and involve risks and uncertainties that could cause actual results and
circumstances to differ materially from those expressed or implied in the forward-looking statements. There are a number of factors that could cause actual results and
circumstances to differ materially from those expressed or implied in these forward-looking statements. These include, but are not limited to, economic and business conditions,
market-related risks, regulatory changes, technological developments, and other factors.
The forward-looking statements contained in this document are made as of the date of this document and the Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or
otherwise. You should not place undue reliance on forward-looking statements.
For a detailed discussion of these risks and uncertainties, please see the risk management approach and principal risks section of the strategic report.
While due diligence has been undertaken to ensure the accuracy of the forward-looking statements, neither the Group nor any other member of the Group or persons acting on their behalf are under any obligation to update the
forward-looking statements contained herein.
This report is not an offer to sell, or a solicitation of an offer to buy, any securities of Keller Group plc or any of its subsidiaries and is not intended as an offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of 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or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any offer or solicitation of any`
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Issued capital | |||
| Underlying Member | 549,300,000 | 549,300,000 | 549,300,000 |
| Non-Underlying Items Member | |||
| Share premium | |||
| Underlying Member | 619,400,000 | 619,400,000 | 619,400,000 |
| Non-Underlying Items Member | |||
| Capital redemption reserve | |||
| Underlying Member | 15,000,000 | 15,000,000 | 15,000,000 |
| Non-Underlying Items Member | |||
| Reserve of exchange differences on translation | |||
| Underlying Member | 44,700,000 | 39,600,000 | 34,500,000 |
| Non-Underlying Items Member | |||
| Other reserves | |||
| Underlying Member | 65,400,000 | 64,500,000 | 55,500,000 |
| Non-Underlying Items Member | |||
| Reserve of cash flow hedges | |||
| Underlying Member | 31,300,000 | 28,800,000 | (21,100,000) |
| Non-Underlying Items Member | |||
| Retained earnings | |||
| Underlying Member | 625,000,000 | 598,000,000 | 610,700,000 |
| Non-Underlying Items Member | |||
| Equity attributable to owners of parent | |||
| Underlying Member | 1,950,700,000 | 1,805,600,000 | 1,744,100,000 |
| Non-Underlying Items Member | |||
| Noncontrolling interests | |||
| Underlying Member | (12,100,000) | (11,900,000) | (10,900,000) |
| Non-Underlying Items Member | |||
| Total equity | 1,938,600,000 | 1,793,700,000 | 1,733,200,000 |
Keller Group plc
2 Kingdom Street
London W2 6BD
+44 20 7616 7575
[email protected]
www.keller.com
Every day, people around the world live, work and play on ground prepared by Keller, the world’s largest geotechnical specialist contractor.# Keller Group plc Annual Report and Accounts 2021
Whatever the size of the project, we have the people, expertise, experience and financial stability to respond quickly with the optimum solution, execute it safely and see it through to a successful conclusion.
Highlights
| 2021 | 2020 | 2021 | 2020 | |
|---|---|---|---|---|
| Revenue | £2,224.4m | £2,062.5m | ||
| Underlying operating profit | £92.8m | £110.1m | 80.5 | 77.0 |
| Statutory profit after tax | £62.1m | £41.1m | ||
| Underlying operating margin | 4.2% | 5.3% | 3.6% | 3.7% |
| Net debt¹ | £119.4m | £120.9m | 193.3² | 192.5² |
| Dividend | 88.4p | 35.9p | ||
| Diluted underlying earnings per share | 35.9p | 96.3p | ||
| Order book | £1.3bn | £1.0bn |
¹ Net debt is calculated including lease liabilities.
² Net debt is calculated excluding lease liabilities.
To align the long-term vision of our customers to deliver a sustainable future.
We have a clear, globally integrated strategy for growth and market leadership in attractive markets and attractive projects generating sustainable profit. Our local businesses will leverage the Group’s engineering expertise and operational excellence to capture market share leadership in our selected segments.
Our values are what we have judged as most important to how we work with colleagues and customers across the globe.
Engineered solutions
Group highlights
| 2021 | 2020 | 2021 | 2020 | |
|---|---|---|---|---|
| Underlying operating profit | 92.8 | 110.1 | 80.5 | 77.0 |
| Operating margin (%) | 4.2 | 5.3 | 3.6 | 3.7 |
| Return on capital employed (%) | 14.4 | 16.4 | 12.5 | 11.5 |
| Statutory profit after tax | 63.8 | 68.6 | 62.1 | 41.1 |
| Net debt (£m) | 119.4¹ | 120.9¹ | 193.3² | 192.5² |
¹ Net debt is calculated including lease liabilities.
² Net debt is calculated excluding lease liabilities.
Our vision
To be the provider of specialist geotechnical solutions.
| Established employees | Acquisitions since 2000 |
|---|---|
| c10,000 | 25 |
Keller Group plc Annual Report and Accounts 2021
Strategic Report
02
For more information See page 18
What we do
Providing a comprehensive range of geotechnical services, we can design the best solutions that reduce materials, cost and time for our clients.
Our organisation
| 19 business units | 6,000 æòñ÷õäæ÷öèûèæø÷èç äüèäõ |
| NWRP typical range in project value | N average project value |
North America
Europe
AMEA
For more information See page 20
For more information See page 22
For more information See page 24
Keller Group plc Annual Report and Accounts 2021
Strategic Report
03
| 2021 | 2012 | |
|---|---|---|
| Operating margin | 4.2% | 5.3% |
| Underlying EBITDA | £260m | £119.4m |
| Cash conversion | 140% | 8% |
| Dividend | 0% | 0% |
| Dividend per share (p) | 88.4p | 35.9p |
CAGR 8%
0
2021
2012
£260m
140%
0%
£0
Inherently strong cash flow characteristics
Operating margin
Keller has a higher margin versus general contractors (10-year average)
Resilient revenues
* Operating globally in a number of sectors gives us the resilience to trade through national cyclicality
* Good access to all markets with no overweight exposure
* Geopolitically secure
Sustainable margins
Cash generative
Firm foundations
2021
Diverse geographies (2021):
* North America
* Europe
* AMEA
Diverse range of contract values (2021):
| Below £250k | £250k to £1m | £1m to £5m | Above £5m | |
|---|---|---|---|---|
| Deep Foundations | 20% | 40% | 20% | 20% |
| Ground improvement | 8% | 16% | 51% | 25% |
| Specialty grouting | 11% | 30% | 51% | 8% |
| Instrumentation and monitoring | 1% | 8% | 11% | 80% |
| Marine | No change | 8% | 11% | 80% |
| Earth Retention | 20% | 40% | 20% | 20% |
| Post-tensioning | 20% | 40% | 20% | 20% |
Diverse market sectors (2021):
| Below £250k | £250k to £1m | £1m to £5m | Above £5m | |
|---|---|---|---|---|
| Deep Foundations | 20% | 40% | 20% | 20% |
| Ground improvement | 8% | 16% | 51% | 25% |
| Specialty grouting | 11% | 30% | 51% | 8% |
| Instrumentation and monitoring | 1% | 8% | 11% | 80% |
| Marine | No change | 8% | 11% | 80% |
| Earth Retention | 20% | 40% | 20% | 20% |
| Post-tensioning | 20% | 40% | 20% | 20% |
Diverse products (2021):
| Below £250k | £250k to £1m | £1m to £5m | Above £5m | |
|---|---|---|---|---|
| Deep Foundations | 20% | 40% | 20% | 20% |
| Ground improvement | 8% | 16% | 51% | 25% |
| Specialty grouting | 11% | 30% | 51% | 8% |
| Instrumentation and monitoring | 1% | 8% | 11% | 80% |
| Marine | No change | 8% | 11% | 80% |
| Earth Retention | 20% | 40% | 20% | 20% |
| Post-tensioning | 20% | 40% | 20% | 20% |
Diverse number of contracts by value (2021):
| Below £250k | £250k to £1m | £1m to £5m | Above £5m | |
|---|---|---|---|---|
| Deep Foundations | 20% | 40% | 20% | 20% |
| Ground improvement | 8% | 16% | 51% | 25% |
| Specialty grouting | 11% | 30% | 51% | 8% |
| Instrumentation and monitoring | 1% | 8% | 11% | 80% |
| Marine | No change | 8% | 11% | 80% |
| Earth Retention | 20% | 40% | 20% | 20% |
| Post-tensioning | 20% | 40% | 20% | 20% |
Market Size – Room to grow
Òñéõäö÷õøæ÷øõè¦Ùøåïìæåøìïçìñêö
Ùòúèõ¦Òñçøö÷õìäï
ØĦæè¦Ìòððèõæìäï
Marine
Residential
Keller
5%
General contractors
0.9%
8%
0
-2%
×è÷æäöëéõòðòóèõä÷ìñêäæ÷ìùì÷ìèö åèéòõèñòñ¡øñçèõïüìñêì÷èðö
Underlying EBITDA Cash conversion Dividend CAGR
\HDUVRIXQLQWHUUXSWHGGLYLGHQG payments since listing
Dividend per share (p)
1994
Robust asset backed balance sheet ZLWKVLJQLƬFDQWIXQGLQJKHDGURRP
Balance sheet strength
* Strong working capital controls aligned to óèõéòõðäñæè÷äõêè÷ö
* Historically strong cash conversion
Comparison to general contractor
* ßìõ÷øäïïüñòäçùäñæè¦óõèóäüðèñ÷öõèæèìùèç éõòðæøö÷òðèõö
* High volume short duration contracts
* Minimal inventory
Client risk management
* Õäõêèäñçêèòêõäóëìæäïïü¦ìñçøö÷õüçìùèõöè client base
* Thorough credit review process and strong customer relationships
* Credit insurance cover
Credit rating
* NAIC 2c rating (equivalent to Investment Grade)
4XDOLW\OHQGHUEDVHDQGVWURQJOLTXLGLW\
* |#'%ðÛÌÏéøñçìñê
* $75m US Private Placement
* |'&ðò÷ëèõåòõõòúìñêéäæìïì÷ìèö
* ! ¡üèäõæäöëæòñùèõöìòñõä÷èòé! ]
* 10-year aggregate underlying EBITDA òé|!&! ð
* ! ¡üèäõäêêõèêä÷èæäöëéõòðòóèõä÷ìòñö åèéòõèñòñ¡øñçèõïüìñêì÷èðöòé|!&!(ð
Keller ground engineering
* Early stage
* Lower cyclicality
* Specialist design capability
* Êðìûòéæòñ÷õäæ÷ö
* Higher margin
* Resource base
* Positive working capital
General construction
* Longer, larger projects
* ×ä÷ìòñäïéòæøö
* Higher cyclicality
* Integration òéðøï÷ìóïè suppliers and subcontractors
* Low asset base
* Low to negative working capital
Keller versus general contractor – business model
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* Geotechnical solutions: niche sub-sector with operating margins of 5%+ (10-year average)
* Typically geotechnical contracting is around 0.5% of the construction market
Proprietary equipment and specialist skills
* àòõïçđöïäõêèö÷èôøìóðèñ÷ĥèè÷úì÷ëĥèûìåìïì÷ü to move between markets to match local demand
* 1,500 geotechnical engineers; over 200 éòæøöèçóøõèïüòñçèöìêñ
* % ]òéóõòíèæ÷öäõèĐçèöìêñäñçåøìïçđúëèõè value engineering can reduce cost by up to 40% and save time
* Öäñøéäæ÷øõìñêäñçöèõùìæìñêòéòøõòúñ equipment where there is competitive advantage to do so
£35bn Global geotechnical contracting market
£2bn Keller today
Keller Group plc Annual Report and Accounts 2021
Strategic Report
04
Urbanisation and renewal demand more sophisticated solutions
* Ùòóøïä÷ìòñêõòú÷ëäñçäêìñêìñéõäö÷õøæ÷øõè – Larger, taller structures requiring ÷èæëñìæäïïüçèðäñçìñêéòøñçä÷ìòñö
* Cramped inner-city construction requiring innovative and sustainability techniques
* Geotechnical solutions key to çèùèïòóðèñ÷óò÷èñ÷ìäïòéåõòúñĤèïçöì÷èö
We have a clear, globally integrated strategy for growth and market leadership in attractive markets and attractive projects generating sustainable profit, kèñèõèçïòñê÷èõðùäïøèéòõ our stakeholders.
Our local businesses will leverage the Ðõòøóđööæäïèäñçèûóèõ÷ìöè÷òçèïìùèõ engineered solutions and operational èûæèïïèñæèçõìùìñêðäõîè÷öëäõè leadership in our selected segments.
Industry leading health and safety performance (See pages 58 to 61)
Sustainability – our definition and focus (See page 42 for our ESG and sustainability report)
Engineered solutions
We àèòģèõ÷ëèåèö÷öòïø÷ìòñö÷òòøõæøö÷òðèõö by providing alternatives and value engineering, and invest in innovation and digitisation.
Operational excellence
We are the operational leader providing öäéèèĦæìèñ÷òñ¡÷ìðèäñçëìêëôøäïì÷ü delivery and relentlessly strive to improve our operational capability.
Expertise and scale
We develop our people, processes and assets äñçïèùèõäêè÷ëèêïòåäïö÷õèñê÷ëòéòøõ technical, operational, commercial and Ĥñäñæìäïõèöòøõæèö
Balanced portfolio
We select sustainable markets (geography, sector and products) in which to set up base businesses, and attractive projects.
We operate in nearly all major metropolitan areas around the world DQGKDYHWKHUHVRXUFHVDQGVNLOOVWR deliver to this scale and complexity.
Our objectives
| 2021 | 2012 | |
|---|---|---|
| Accident frequency rate | 1.2 | 0 |
Strong Board and experienced management
Íìùèõöèäñçèûóèõìèñæèç÷èäðöìñ óïäæèéòõñèû÷óëäöèòéêõòú÷ë
Board
* See pages 70, 71 and 82
* éòõËòäõçèûóèõìèñæè
* Four nationalities
* %']éèðäïèõèóõèöèñ÷ä÷ìòñ
Executive Committee
* See page 70
* Üèèóäêèö'"äñç'#éòõÎûèæø÷ìùè Ìòððì÷÷èèèûóèõìèñæè
* Five nationalities
* !(]éèðäïèõèóõèöèñ÷ä÷ìòñ
Keller Group plc Annual Report and Accounts 2021
Strategic Report
05
Keller undoubtedly proved its resilience in 2021, overcoming the many challenges posed by ÌØßÒÍ¡!)úëìïö÷éøõ÷ëèõõä÷ìòñäïìöìñê÷ëè åøöìñèööóòõ÷éòïìòæòðóïè÷ìñêäñøðåèõòé bolt-on acquisitions, delivering another strong öè÷òéõèöøï÷öúëìæëúèõèäëèäçòéðäõîè÷ èûóèæ÷ä÷ìòñöäñçðäìñ÷äìñìñê÷ëèçìùìçèñç
This time last year, the world was gripped by the æëäïïèñêèöòé÷ëèêïòåäïóäñçèðìæäñçúèúèõè correct when we said that the late cycle nature òéòøõåøöìñèööðäçèøöæäø÷ìòøöäåòø÷÷ëè associated short-term economic impact as we went into 2021. Whilst the pandemic continued to impact the Group during the year, úèöøææèööéøïïüñäùìêä÷èçòøõúäü÷ëõòøêëä ðüõìäçòéæëäïïèñêèöäæõòööòøõêèòêõäóëìèö protecting our employees at the same time as progressing our projects, large and small, while still delivering on our strategy.# Chairman's statement
We made good progress during the year, delivering a challenging but rewarding year for our people and our business. We have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been 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commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering 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delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver 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able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering 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delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments, to have been able to deliver on our responsibilities, to have made good progress delivering on our commitments,# Keller Group plc Annual Report and Accounts 2021 Strategic Report
Even through very challenging times we have consistently increased or maintained the dividend payout ratio over the past seven years, in line with our policy to return cash to shareholders. In the interim, it is on track to achieve over 25% of the total dividend in 2022. The Board will review recommencing a progressive dividend. The Directors are pleased to propose a final dividend of 7.0p per share (2021: 6.8p per share) to be paid on 1 July 2022 to shareholders registered at the close of business on 6 June 2022.
Peter Hill CBE
Chairman
The team has also reduced cement usage on its contracts with HS2, where thinner and stronger cement grout to reduce permeability, they used a cement bentonite grout and only dispensed the cement grout where it was most needed for the structure. This meant much less cement was used overall. Where Keller is installing large-diameter bored piles, the team also dispenses and reuse waste bentonite, drastically reducing the amount of disposal and the associated carbon emissions. All the detailed plans have been captured in a carbon reduction guide. This will be shared with the wider organisation to help everyone at Balfour Beatty reduce their carbon footprint.
As a large-scale, long-term project, with a sustainability-focused client, HS2 provides the perfect opportunity to explore various carbon-reduction methods. Sharing the lessons learnt will help inform our colleagues on other projects around the world what is possible.”
David De Sousa Neto
Deputy UK Managing Director
Keller is trialling carbon reduction measures on HS2, the next phase of the UK’s high-speed rail network and Europe’s largest infrastructure project. Improvements include running static plant with electricity where possible rather than diesel, and replacing diesel with hydrotreated vegetable oil (HVO) in several drilling rigs. HVO can be used in regular diesel engines and reduces CO₂ by a massive 90%.
Cost savings are driven by our ability to offer more efficient and more sustainable solutions to clients. This also had the benefit of saving time and money.
Our purpose is to build the foundations for a sustainable future. While we are the world’s largest geotechnical specialist contractor, we still have potential to grow our market share in our chosen regions. Our business units are designed to understand their local markets while leveraging the Group’s scale and expertise. This combination delivers the engineered solutions and operational excellence that drive market leadership.
Our projects are spread across all construction sectors and vary in scale, location, end use and geotechnical technique. Project value is typically between £25k and £10m, usually short duration and with an average value of £350k.
A strong position but potential to grow
| £35bn | £22bn | £16bn | £2bn | |
|---|---|---|---|---|
| 1. Global geotechnical contracting market | ||||
| 2. Addressable markets | ||||
| 3. Core markets where we choose to operate | ||||
| 4. Keller today |
Non-addressable markets are mainly China, North and South Korea, Japan and Russia.
1 USD = 0.75 GBP
Ongoing investment in infrastructure and across the construction sectors, the business benefits from the resilience to trade through national cyclicality. The geotechnical market is estimated 1 to be around £35bn worldwide, which includes China, USA, Canada and other countries in the world where we are not present. In the countries where we choose to operate our core markets are around £16bn. We choose to operate in sustainable markets that utilise the speed of the products and services Keller provides, have a rewarding and extensive service, and an acceptable level of risk. Whilst an ongoing workforces of 15,000, we have a 13% share of those core markets today, and plenty of opportunity to achieve higher workforce figures.
| £22bn addressable markets | |
|---|---|
| Fragmented competition | Niche sub-sector |
| 4.2% Keller’s underlying operating margin (2020: 5.3%) |
Despite the immediate impact of the COVID-19, the long-term trends in the global construction market remain positive. Our Group strategy is designed to capitalise on these trends.
As populations grow and urbanise, there is an imperative to invest in new and greater capacity. Geotechnical solutions are required for everything and large-scale and cramped metropolitan environments can present additional technical challenges. We have the resources and skills to deliver to this scale and require, a cost-effective from delivery and the proven ability to team alongside other contractors and partners.
Geotechnical solutions increasingly require multiple products. Our broad capabilities provide all the necessary products. We are able to organise and deliver a cohesive solution while our project management capabilities mean we can integrate other subcontractors and deliver completed projects. This translates to the increase in outsourced and project management provided by the firm to customers to manage and reduces risk.
The construction market is becoming more digital and sites are increasing in size and complexity. This requires a strong technical understanding. We leverage our in-house equipment development and specialist engineering capabilities and market-leading data acquisition systems to control and record our subcontractors, and deliver on time to customers and the clients of the supply chain. We can integrate instrumentation and monitoring solutions and are BIM capable.
Despite all challenges, there is a need for sophisticated solutions. Larger, taller structures need more technically advanced solutions to bear the building loads and provide resilience against climate change and other risks in natural disaster zones. We have a proven ability to deliver on high-risk and challenging areas. This local presence keeps us close to our customers and the opportunities.
There is a desire to convert more brownfield and industrial premises. Innovative solutions have arisen to the need in releasing the development potential of otherwise unusable sites. Our world-leading geotechnical engineering, capability and near shore marine capability, mean we are able to overcome the challenges when working on brownfield or industrial sites.
We have a large client spread which means we’re not overly reliant on a single customer. We have developed strong customer relationships and, consistent with the prior year, in 2021 our largest customer generated 12% of the Group’s revenue. We mostly serve as a subcontractor; however, sometimes we also contract directly with ultimate client organisations.
We have three types of competitors: Type one is the global geotechnical contractor, of which there are few, but not all are present in all markets. Type two is general contracting-owned. Type three is local competition with low overheads operating in a small region. Geotechnical specialist contracting is an important but niche sub-sector that commands higher margins than general construction. Typically geotechnical contracting is around 10% of the construction market.
We have a large client spread which means we’re not overly reliant on a single customer. We have developed strong customer relationships and, consistent with the prior year, in 2021 our largest customer generated 12% of the Group’s revenue. We mostly serve as a subcontractor; however, sometimes we also contract directly with ultimate client organisations.
During its lifespan the workforce of the company is made up of all the employees of the workforce, providing training, comfort and protection, and and providing a strong support for employees, and and providing a strong support for employees. We at once achieve our objectives and our objectives and our objectives and our objectives and our objectives. Our subcontractors and suppliers have arisen to meet the needs of other applications including earth retention, urban redevelopment and near shore marine structures. We are at the beginning of the construction cycle and often one of the first contractors on site.# Keller Group plc - Annual Report and Accounts 2021
In a year that has seen COVID-19 continue to challenge our business in so many ways, I am proud of how the Keller team have worked together, demonstrating resilience and agility in safeguarding our people, while supporting the continuing performance and development of our business. Keller Group plc Annual Report and Accounts 2021 Strategic Report 14
Group revenue was £2,224.4m, 13% up on the prior year on a constant currency basis, driven by increased activity as markets began to reopen, although this was offset by the timing of the increase in our UK business, where the first half was impacted by the construction holiday in 2020.
Strong operational focus delivered to £717.4m of Underlying Operating Profit, a 10% increase on a constant currency basis, impacted primarily by the COVID-19 adverse pressure on market pricing and operational disruption across our businesses. Although the Group has seen higher than anticipated operating costs and inflation, our businesses have been able to pass on increased costs to our customers, with the exception of the underlying pricing in the Suncoast High-Rise business. Notwithstanding the tougher market conditions, the Group has delivered a consistent operating margin and strong cash generation in the year, achieving sustainable operational efficiencies and margin enhancement. We expect to see further benefits from our investments in 2022. Our order book, now standing at £1.3bn, also gives us confidence for the future.
Michael Speakman
In a year that has seen COVID-19 continue to challenge our business in so many ways, I am proud of how the Keller team have worked together, demonstrating resilience and agility in safeguarding our people, while supporting the continuing performance and development of our business. Keller Group plc Annual Report and Accounts 2021 Strategic Report 13
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Our strong balance sheet and cash generation allow us to maintain key resources through the market cycle, reinvest éòõêõòú÷ëäñçðäìñ÷äìñöëäõèëòïçèõçìö÷÷ìåø÷ìòñö
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Keller Group plc Annual Report and Accounts 2021 Strategic Report 12
#### 6DIHW\DQGVXVWDLQDELOLW\
| Employees (Global) | Contracts | Underlying Operating Profit (£m) | CDP Score |
|---|---|---|---|
| c10,000 | 6,000 | 25.9 | B |
Keller Group plc Annual Report and Accounts 2021 Strategic Report 13
Group revenue was £2,224.4m, 13% up on the prior year on a constant currency basis, driven by increased activity as markets began to reopen, although this was offset by the timing of the increase in our UK business, where the first half was impacted by the construction holiday in 2020.
Strong operational focus delivered to £717.4m of Underlying Operating Profit, a 10% increase on a constant currency basis, impacted primarily by the COVID-19 adverse pressure on market pricing and operational disruption across our businesses. Although the Group has seen higher than anticipated operating costs and inflation, our businesses have been able to pass on increased costs to our customers, with the exception of the underlying pricing in the Suncoast High-Rise business. Notwithstanding the tougher market conditions, the Group has delivered a consistent operating margin and strong cash generation in the year, achieving sustainable operational efficiencies and margin enhancement. We expect to see further benefits from our investments in 2022. Our order book, now standing at £1.3bn, also gives us confidence for the future.
In a year that has seen COVID-19 continue to challenge our business in so many ways, I am proud of how the Keller team have worked together, demonstrating resilience and agility in safeguarding our people, while supporting the continuing performance and development of our business.
Keller Group plc Annual Report and Accounts 2021 Strategic Report 14
Group revenue was £2,224.4m, 13% up on the prior year on a constant currency basis, driven by increased activity as markets began to reopen, although this was offset by the timing of the increase in our UK business, where the first half was impacted by the construction holiday in 2020.
Strong operational focus delivered to £717.4m of Underlying Operating Profit, a 10% increase on a constant currency basis, impacted primarily by the COVID-19 adverse pressure on market pricing and operational disruption across our businesses. Although the Group has seen higher than anticipated operating costs and inflation, our businesses have been able to pass on increased costs to our customers, with the exception of the underlying pricing in the Suncoast High-Rise business. Notwithstanding the tougher market conditions, the Group has delivered a consistent operating margin and strong cash generation in the year, achieving sustainable operational efficiencies and margin enhancement. We expect to see further benefits from our investments in 2022. Our order book, now standing at £1.3bn, also gives us confidence for the future.# In North America, disruption, supply chain issues and labour availability caused adverse pressure on earnings and revenue in the year, and drove the need for increased working capital. Throughout the year, the Group has delivered strong cash generation and significantly reduced the Group’s net debt (on a bank covenant IAS 17 basis) to £119.4m (2020: |!" )ð¥Ýëìöõèöøï÷èçìñäñè÷çèå÷¦ÎËÒÝÍÊïèùèõäêèõä÷ìòòé (û¤" " 'û¥¤òñäåäñî æòùèñäñ÷ÒÊÜ!'åäöìö¥æòðéòõ÷äåïüúì÷ëìñòøõ ÷äõêè÷õäñêèòé %û¡!%ûäñçæòðóäõèç÷òòøõ æòùèñäñ÷ïìðì÷òé# û 2SHUDWLRQDOSHUIRUPDQFH Ýëèðäõîè÷èģèæ÷öòéÌØßÒÍ¡!)ëäçä öìêñìĤæäñ÷ìðóäæ÷òñ÷ëèåøöìñèööóäõ÷ìæøïäõïü early on in the year, with the macro uncertainty driving customer behaviour to halt or delay a ïäõêèñøðåèõòéóõòíèæ÷öàèäñ÷ìæìóä÷èç æòõõèæ÷ïü÷ëè÷ìðìñêòé÷ëèìñĥèæ÷ìòñóòìñ÷ marking the upturn in demand at around the ëäïéúäüóòìñ÷ìñ÷ëèüèäõÝëìöúäöõèĥèæ÷èçìñ òøõõèæòõçòõçèõåòòîä÷÷ëèüèäõèñçòé|!#åñ Whilst we delivered a stronger volume growth ÷ëäñäñ÷ìæìóä÷èçóäõ÷ìæøïäõïüìñ÷ëèöèæòñçëäïé òøõòóèõä÷ìñêóõòĤ÷úäöñèêä÷ìùèïüìðóäæ÷èçåü adverse pressure on market pricing and operational disruption. Although the business ëäööøģèõèçëìêëèõ÷ëäñèûóèæ÷èçðä÷èõìäïäñç úäêèìñĥä÷ìòñòøõåøöìñèööèöëäùèåèèñïäõêèïü öøææèööéøïìñóäööìñê÷ëèðäíòõì÷üòé÷ëèöè increased costs to our customers, with the èûæèó÷ìòñòéö÷èèïö÷õäñçìñ÷ëèÜøñæòäö÷ High-Rise business. Òñ×òõ÷ëÊðèõìæäïèçåüÎõìæÍõòòģÙõèöìçèñ÷ North America, revenue increased by 15% (at constant currency) to £1,323.1m and underlying òóèõä÷ìñêóõòĤ÷çèæõèäöèçåü%&]¤ä÷æòñö÷äñ÷ æøõõèñæü¥÷ò|'# ðÝëèĤõö÷ëäïéóèõéòõðäñæè åèñèĤ÷÷èçö÷õòñêïüéõòð÷ëèõèöòïø÷ìòñòéä historical claim, whilst trading activity generally was impacted by the COVID-19 slowdown in the construction market. Business activity increased äö÷ëèüèäõóõòêõèööèçéòïïòúìñê÷ëèöøææèööòé vaccination and lockdown containment programmes. This led to increased business æòñĤçèñæèäñçìðóõòùèçðäõîè÷çèðäñç Suncoast was impacted by the continued higher æòö÷òéö÷èèïö÷õäñçóäõ÷ìäïïüðì÷ìêä÷èçåüö÷õòñê çèðäñçéõòð÷ëèõèöìçèñ÷ìäïöìñêïèéäðìïüëòðè ðäõîè÷Ýëèëìêëèõæòö÷òéö÷èèïö÷õäñçëäöåèèñ unprecedented and directly impacted the óõòĤ÷äåìïì÷üòé÷ëèÑìêë¡Ûìöèöèêðèñ÷çøõìñê ÷ëèüèäõêìùèñ÷ëèðäõîè÷óõäæ÷ìæèòéĤûèçóõìæè æòñ÷õäæ÷öàèèûóèæ÷÷ëèäçùèõöèìðóäæ÷òñ óõòĤ÷äåìïì÷ü÷òøñúìñççøõìñê" ""×òõ÷ë ÊðèõìæäñóèõéòõðäñæèåèñèĤ÷÷èçéõòð÷ëè ìñæïøöìòñòéöèùèõäïäæôøìöì÷ìòñöìñ÷ëèöèæòñç ëäïéòé÷ëèüèäõ÷ëèïäõêèö÷åèìñêÛÎÌØ× Services, Inc (RECON), a geotechnical and industrial services company headquartered in Ñòøö÷òñÝèûäöÜìðìïäõ÷òÔèïïèõđöèûìö÷ìñê Florida-based Moretrench Industrial business, ÛÎÌØ×ìöéòæøöèçòñèñùìõòñðèñ÷äï remediation activities. In Europe, led by Jim De Waele, President Europe, revenue increased by 5% (at constant currency) ÷ò|%$)"ðäñçòóèõä÷ìñêóõòĤ÷ìñæõèäöèç#(] (at constant currency) to £24.3m. Its markets õèæòùèõèççøõìñê÷ëèæòøõöèòé÷ëèüèäõúì÷ë÷ëè èäöìñêòéÌØßÒÍ¡!)õèïä÷èçöëø÷çòúñöäñç ÷õäùèïõèö÷õìæ÷ìòñöõèöøï÷ìñêìñëìêëèõïèùèïöòé äæ÷ìùì÷üäñçæòñ÷õäæ÷óèõéòõðäñæèÙèõéòõðäñæè äïöòåèñèĤ÷÷èçéõòðìðóõòùèçèĦæìèñæìèöòñ öì÷èæòö÷öäùìñêöéòïïòúìñê÷ëèõèö÷õøæ÷øõìñê activity in the previous year, as well as the äçùäñæèðèñ÷òé÷ëèïäõêèÑìêëÜóèèç"¤ÑÜ"¥õäìï project in the UK and Sandbukta-Moss-Sastad (SMS2) rail project in Norway. We completed éøõ÷ëèõõèö÷õøæ÷øõìñêúì÷ë÷ëèéòõðä÷ìòñòé÷ëè ñèúÜòø÷ëàèö÷ÎøõòóèËøöìñèööÞñì÷éøõ÷ëèõ streamlining the Europe Division. In line with our strategy, our joint venture in Finland, KFS Finland Oy, acquired NordPile, a driven and drilling óìïìñêæòñ÷õäæ÷òõ ÒñÊÖÎʤÊöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä¥ led by Peter Wyton, President AMEA, revenue increased by 20% (at constant currency) to |#%"!ðúëìïèòóèõä÷ìñêóõòĤ÷çèæõèäöèç''] (at constant currency) to £3.4m. The division úäö÷ëèðòö÷ìðóäæ÷èçåüÌØßÒÍ¡!)òéäïïòøõ businesses during the year with countries and regions, particularly Australia and the Middle Îäö÷äñçÊéõìæäöøģèõìñêïòæîçòúñõèö÷õìæ÷ìòñö ìñäçùäñæèòéùäææìñä÷ìòñóõòêõäððèö Operational challenges caused by border õèö÷õìæ÷ìòñöìñÔèïïèõÊøö÷õäïìääñçäçìĦæøï÷ trading environment in the Middle East and Êéõìæäõèöøï÷èçìñåò÷ëåøöìñèööøñì÷öõèóòõ÷ìñê äïòööéòõ÷ëèüèäõ×ò÷úì÷ëö÷äñçìñê÷ëèúìçèõ issues in Australia, Austral had a strong óèõéòõðäñæèçõìùèñåüðìñìñêäñçóòõ÷¡õèïä÷èç óõòíèæ÷öìñ÷ëèÙìïåäõäõèêìòñÒñ÷ëèöèæòñçëäïé òé÷ëèüèäõäöøåö÷äñ÷ìäïöè÷÷ïèðèñ÷äêõèèðèñ÷ úäööìêñèçúì÷ëòøõæïìèñ÷ìñÖòýäðåìôøèìñ õèïä÷ìòñ÷ò÷ëèöøöóèñçèçïìôøèĤèçñä÷øõäïêäö (LNG) project. This largely reversed the contract loss incurred to date and protects the Group in the event that the contract does not resume ìñ÷ëèöëòõ÷÷òðèçìøð÷èõðíøö÷ìéüìñê÷ëè approach we took to this contract and the risk assessment undertaken. Strategy ÝëèÐõòøóđöæòõóòõä÷èóøõóòöèõèĥèæ÷öåò÷ë ÷ëèèùòïø÷ìòñòéòøõö÷õä÷èêüäñç÷ëèæëäñêìñê environment in which we operate and ‘building WKHIRXQGDWLRQVIRUDVXVWDLQDEOHIXWXUHp will åèä÷÷ëèëèäõ÷òéèùèõü÷ëìñêúèçòìñ÷ëèéø÷øõè Our vision WREHWKHOHDGLQJSURYLGHURI specialist geotechnical solutions is øñæëäñêèçäñççèöóì÷è÷ëèçìöõøó÷ìùèìðóäæ÷òé the pandemic on change management activities, we have made good progress with our objective éòõÔèïïèõ÷òåèæòðèäðòõèéòæøöèçëìêëèõ¡ quality business achieving both sustainable operational delivery and cash generation whilst building on our industry-leading margins. Keller Group plc Annual Report and Accounts 2021 Strategic Report 15 ÒñÎøõòóèäöúèïïäöõìêë÷öìýìñê÷ëèçìùìöìòñäï ëèäçòĦæèúèöìðóïìĤèç÷ëèö÷õøæ÷øõèòé÷ëè çìùìöìòñåüõèçøæìñê÷ëèñøðåèõòéåøöìñèööøñì÷ö éòïïòúìñê÷ëèðèõêèõòéÏõèñæëÜóèäîìñê Countries with Iberia and Latin America, by éòõðìñêòñèñèúÜòø÷ëàèö÷ÎøõòóèËøöìñèöö Þñì÷÷ëìöåèæäðèèģèæ÷ìùèòñ!Óøïü" "!Îäõïü úìñöéõòð÷ëìöö÷õä÷èêìæäæ÷ìòñìñæïøçèöèæøõìñê work as a combined business unit that Keller would not have won previously, and a reduction ìñæòö÷ö Our joint venture in Finland, KFS Finland Oy, acquired NordPile, a driven and drilling piling contractor, in September. This acquisition õèìñéòõæèöÔÏÜđöóòöì÷ìòñäö÷ëèïäõêèö÷ geotechnical specialist contractor in the õèêìòñòģèõìñê÷ëèúìçèö÷õäñêèòéöòïø÷ìòñö 6WUDWHJLFSULRULWLHVIRU Öäõîè÷¡ïèäçìñêòóèõä÷ìòñäïèûèæø÷ìòñìö imperative in order to remain competitive and ÷ëèõèéòõèèñëäñæìñêòóèõä÷ìòñäïèûæèïïèñæèìöä îèüéòæøöéòõ÷ëèÐõòøóÍøõìñê" "!úè èö÷äåïìöëèçäðøï÷ì¡éøñæ÷ìòñäï÷èäðòéèûóèõ÷ö çõäúñéõòðäæõòöö÷ëèÐõòøó÷òìçèñ÷ìéüäñç develop best practice in project management and site support business processes that are æøõõèñ÷ïüçèóïòüèçúì÷ëìñÔèïïèõÝëìöåäñîòé knowledge will be leveraged by implementing best practice standard templates across the Group using a proven, cloud-based enterprise resource planning (ERP) system. In doing so the ìñì÷ìä÷ìùèúìïïèðåèçòóèõä÷ìòñäïèûæèïïèñæèìñ óõòíèæ÷èûèæø÷ìòñäæõòöö÷ëèúëòïèÐõòøó ÷òêè÷ëèõúì÷ë÷ëèäööòæìä÷èçĤñäñæìäïåèñèĤ÷ö Ò÷úìïïäïïòú÷ëèéøïïìñ÷èêõä÷ìòñòéóõòíèæ÷ management, supply chain, human resources, equipment, operations which will all seamlessly éèèç÷ëõòøêë÷òĤñäñæìäïöäñçóõòùìçèäöìñêïè ö÷äñçäõçìöèçóïä÷éòõðéòõõòåøö÷öüö÷èðìæ pre-emptive management controls, and a convenient solution to the emerging requirement éòõÞÔÜØáÝëèìñì÷ìä÷ìùèúìïïåèìðóïèðèñ÷èç óõòêõèööìùèïüòùèõĤùèüèäõöåüäóõòíèæ÷÷èäð ÷ëä÷æòñöìö÷öòéöèäöòñèçåøöìñèööïèäçèõö öøåíèæ÷ðä÷÷èõèûóèõ÷öäñçèûóèõìèñæèçÎÛÙ global system implementers. We will leverage our risk management processes to help control the challenges associated with implementing the óõòêõäððèòéúòõî Êöúèèûèæø÷èòøõö÷õä÷èêüäñçéøõ÷ëèõóèñè÷õä÷è our chosen local markets, we will continue to pursue suitable bolt-on acquisition opportunities and integrate them into the Group. RECON is integrating well and during 2022 will, together with Moretrench Industrial, be developed as we establish and build our new environmental, geotechnical and industrial services business that will leverage our position in this large and growing öèæ÷òõàèúìïïæòñ÷ìñøè÷òåèéòæøöèçäñç disciplined in our acquisition process. Environmental, Social and Governance (ESG) àèçèĤñèÎÜÐäñçöøö÷äìñäåìïì÷üäææòõçìñê÷òòøõéòøõÙöÙïäñè÷ÙèòóïèÙõìñæìóïèöäñç ÙõòĤ÷äåïèóõòíèæ÷öËèñèä÷ëèäæëÙúèëäùèä ñøðåèõòéêïòåäïäñçïòæäïìñì÷ìä÷ìùèöäïìêñèç÷ò the UN Sustainable Development Goals (SDGs).
The operational outputs of IFRS 15 caused a significant impact on the earnings and revenue, despite the early resolution of the macro uncertainty driving customer behaviour to halt or delay a previously agreed works. There has been successful revenue progression of the revenue in the revenue marking the upturn in demand at around the March month mark in the year. This has been reflected in the current year revenues to over £1.3bn. Whilst we delivered a stronger volume growth versus underlying, underlying diluted earnings were significantly impacted by adverse pressure on market pricing and operational disruption. Although the business delivered resilience following the previous year’s challenging trading environment, year-end revenues declined by 8% and represented increased costs to our customers, with the ultimate impact on the US High-Rise business.
In Australia, reported by IFRS 15, revenue increased by 15% (at constant currency) to £1,323.1m and underlying diluted earnings decreased by 6.7% (at constant currency) to £76.7m. The earnings decline reflected a significant one-off event, whilst trading activity generally was impacted by the COVID-19 slowdown in the construction market. Business activity increased over the year following the implementation of vaccination and lockdown containment programmes. This led to increased business certainty and underpinned revenues. Suncoast was impacted by the continued higher costs of building materials, significantly impacted by the strong dollar in contrast to the dollar of the market. The cost of building materials have been unprecedented and directly impacted the earnings management of the US High-Rise division.
We believe that integrating sustainability into our business is not only the right thing to do, but it also drives value for our stakeholders. Our sustainability initiatives are focused on the UN Sustainable Development Goals (SDGs) that are most relevant and appropriate to our business. We believe in treating all our employees with respect and dignity, and that our sustainability programmes are strong, but we are not yet where we need to be. Making sure every employee has the opportunity to fulfil their potential every day drives our thinking and behaviours across the Group. It is with this approach that we have reduced our Lost Time Injury Frequency Rate (LTIFR) by 42% compared with 2020, and our AMEA Division had an outstanding year achieving zero fatalities. Furthermore, our Total Recordable Injury Rate (TRIR) also improved by 32%. Led by John Raine, Group HSEQ Director, we have delivered a programme of safety improvement initiatives to prevent and reduce incidents and improve safety culture across the Group. Whilst overall incidents decreases, it is more important than ever to proactively identify and address all potential safety risks and near misses to deliver sustained improvement. Employees are encouraged to report near misses, and this year’s near miss reports are increasing as a reflection of our embedment of learning and safety leadership site interaction is strong, even with the site access challenges created by COVID-19.
Our safety culture continues to improve, and is clearly evidenced in recent employee engagement surveys. We have had to implement significant safety improvements following a fatality in one of our businesses and were devastated to lose a long-serving and dedicated employee in an accident on a site in Austria. Whilst it has been confirmed the incident was a series of highly unfortunate circumstances beyond the company’s control, the incident has caused us to re-double our efforts and we have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. We have redoubled our safety improvement programmes to prevent further fatalities. 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Even through very challenging times we have consistently increased or maintained the underlying operating profit of our divisions. In all our regions, we have continued to invest in our people and operational capabilities to drive our business. As we advance through 2022 the outlook for our divisions will continue to be influenced by our operational momentum and the ongoing geopolitical and macroeconomic uncertainty. The year developed largely as we anticipated at the outset of 2021, and whilst the pace of recovery has been uneven, we have seen strong performance from our most resilient divisions. The recovery in demand for our services has been strong, and the significant impact of the pandemic on our North American operations was significantly reduced. We have implemented strategic actions to shape Keller’s future and have continued to refine our approach to portfolio, acquisition and operational excellence initiatives. Our strategy is clear and increasing operational momentum with a record order book at the end of the year, has positioned us well to navigate the challenges ahead, and enhance our shareholder returns in the medium term. Whilst our divisions will continue to face macroeconomic uncertainty and ongoing supply chain disruptions, our outlook for 2022 is unchanged. We remain strategically well positioned to benefit from the anticipated economic recovery and increasing levels of infrastructure spending in the emerging markets, although this recovery will naturally vary by geography as countries progressively manage COVID-19 as an endemic rather than pandemic challenge. Our leading market positions and the strategic actions we have taken to improve the Group’s operational capabilities, continue to position us to benefit from the significant opportunities that exist in private and public sector markets, and over the coming years. We have the ability to deliver increasing shareholder returns through continued investment in our capabilities and progressive dividend policy.
Michael Speakman
Chief Executive Officer
Keller Group plc Annual Report and Accounts 2021
Strategic Report
17
Keller’s strategy is to be the preferred international geotechnical specialist contractor focused on sustainable markets and attractive projects. Our local businesses will leverage the Group’s scale and expertise to deliver engineered solutions and operational excellence, driving market share leadership in our selected segments. In 2021, we continued to make progress in generating sustainable long-term value for our stakeholders.
Sustainable markets are those markets that appreciate the value of the products and services Keller provides, have a consistent, material demand for those services, and an acceptable level of geopolitical risk.
We select sustainable markets (geography, sector and products) in which to set up base businesses and attractive projects.
We offer our customers the best solutions to our customers by providing alternatives and value engineering, and invest in innovation and digitisation.
We are the operational leader providing safe, efficient, on-time and high-quality delivery, and relentlessly strive to improve our operational capability.
We develop our people, processes and assets and leverage the global strength of our technical, operational, commercial and financial capabilities.
Keller Group plc Annual Report and Accounts 2021
Strategic Report
18
We will
2.9%
21%
12%
42%
| 2021 | 2020 | |
|---|---|---|
| Revenue (£m) | 1,323.1 | 1,227.5 |
| Underlying operating profit (£m) | 73.0 | 83.2 |
| Underlying operating margin (%) | 5.5% | 6.8% |
| Accident frequency rate | 0.07 | 0.12 |
| Order book (£m) | 787.0 | 593.9 |
¹ Comparative order book stated at constant currency.
¹ Underlying operating profit before amortisation and exceptional items.
² Underlying operating profit calculated as the sum of divisional operating profits, excluding exceptional items.
Accident frequency rate is calculated as any incident over one day lost in a million hours worked.
³ Underlying operating profit includes exceptional items and significant impairments to enable a like-for-like comparison of the Group’s underlying performance.
Keller Group plc Annual Report and Accounts 2021
Strategic Report
19
| 2021 | 2021 | 2021 | 2021 | 2021 | 2020 | 2020 | 2020 | 2020 | 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|
| KPIs | North America | Europe | AMERICAS | Asia | Australia | North America | Europe | AMERICAS | Asia | Australia |
| Revenue (£m) | 1,323.1 | 787.0 | 6.8 | 5.5 | 0.03 | 1,227.5 | 593.9 | 83.2 | 0.08 | 5.5 |
| Underlying operating margin (%) | 5.5% | 13.3% | 4.2% | 6.8% | 14.4% | (2020: 5.3%) | ||||
| Accident frequency rate | 0.07 | 0.12 | ||||||||
| Underlying operating profit (£m) | 73.0 | 83.2 | ||||||||
| Order book (£m) | 787.0 | 593.9 |
North America
2021
£m
2020
£m
Constant currency
Revenue
1,323.1
1,227.5
+15.4%
Underlying operating profit
73.0
83.2
-5.6%
Underlying operating margin
5.5%
6.8%
Order book¹
787.0
593.9
+32.5%
¹ Comparative order book stated at constant currency.
North-East
Florida
Central West
Canada
Specialty Services
Moretrench Industrial
Suncoast
Industrial
In North America, revenue increased by 15.4%, on a constant currency basis, with improved divisional performance and the acquisition of the recently acquired RECON Services, Inc. offsetting divisional performance, and strong growth at Moretrench Industrial. Underlying operating profit decreased by 5.6% on a constant currency basis to £73.0m, driven by market pricing pressures and the impact of higher input costs and higher volumes of driven piles and foundation engineering. The division has outperformed expectations for the full year, driven by the execution of a large hydrogeological work order in NSW and strong growth at Moretrench Industrial. The underlying operating margin decreased to 5.5% from 6.8% in the prior year due to the impact of the increased volumes of piling, construction and the associated operational disruptions. Our revenue conversion to EBIT target is 20% in 2022 to 25% by 2025, and we aim to deliver £1.3bn of revenue by 2025, a 35% increase.
On a constant currency basis, revenue for the business units excluding divisional disposals on a constant currency basis, revenue declined by 11% and underlying operating profit declined by 14%.
In 2021 the construction industry in the US grew 8%, driven by a 12% increase in residential construction. Non-residential construction grew 2%. As anticipated, we had a slow start to the year following the impact of the COVID-19 pandemic which curtailed sentiment and activity in the fourth quarter of 2020 leading to the first quarter of 2021. In March, trading accelerated and we began to operate more normally given the combination of increased sentiment towards the New American population and reduced restrictions and lockdowns. The increased trading conditions outweighed by the cost of implementing new working practices and the enhanced recovery in the North America division. Underlying operating profit was strong, reflecting a significant uplift in our North America operations as a result of our market leading capability which continues to deliver strong growth. Our Canadian business delivered a strong performance in terms of revenue and profit, achieving growth from a number of new initiatives, including the acquisition of a small, market-leading business in Saskatchewan (Manitoba) Ltd, a local market-leading business in construction services, and a strong performance in the mining sector. Suncoast, the Group’s post-tension business serving mostly the residential construction market, achieved lower volumes through a reduction in revenue despite the strong performance of the second half.# Keller Group plc Annual Report and Accounts 2021 Strategic Report
The high-rise sector continued to be exceptionally demanding as well as domestic, steel strand, Suncoast’s main raw material, which negatively impacted operating profits. The revenue remaining areas, in turn, have seen an uplift in activities to meet demand in order to re-balance the market. The high-rise market has remained strong, with the business performing well with continued strong demand for our products. We have seen significant increase in the cost of construction materials, such as concrete, rebar and also in fuel costs which has seen a detrimental impact on our operating profits.
Keller’s Canadian business has seen a remarkable turnaround over the last 18 months, moving from a struggling business to a profitable one, with strong growth. We acquired our Canadian business in 2013 with the intention of building the market with an integrated offering. Over recent years, the performance of our Canadian business has been poor, with Keller experiencing a significant impairment of goodwill. However, through a significant restructuring of the business, the performance has improved significantly.
The Prairie, Vancouver and Toronto businesses were restructured and merged with our Geo Foundations business. And, with the continued performance of the North West, the business gained significant market share. Moreno Canada oversaw Hayward Baker operations in Florida and the UK, too.
“A united team pulling together and all rowing in the same direction was key,” says Curtis. “We aligned key processes and developed a national team that shares resources and collaborates on key issues. This included streamlining our training programmes and consolidating our under-used, unreliable equipment.
“And then a clear plan for operating and growing, we drive to raise to the challenge and then all the operating costs have seen the benefit of the recent market changes. That means projects where we can play to our strengths: more early-contract involvement and value engineering to build strong client partnerships. Building collaboration Keller Canada is also increasing collaboration with other business units in North America and looking at acquisitions where they make sense. In October, it acquired Subterranean (Manitoba) Ltd, another highly respected geotechnical contractor with more than 50% of its turnover generated from the public sector.
Moretrench Industrial, which operates in the highly regulated industrial and power segments, experienced significant growth and continues to deliver on the Australian Government's Infrastructure Investment Program. The Barangaroo South Project in Virginia, USA, a cUS$120m two-year contract is c65% complete. Work on the South Island has concluded and the team has commenced work on the North Island.
In October 2021, the division acquired RECON, an environmental, geotechnical and industrial services company headquartered in Houston, USA. RECON is a vertically integrated geotechnical environmental remediation and industrial services contractor working principally in the infrastructure market, markets in the US and Canada, providing a variety of specialist services. Utilising the combined capabilities of the two businesses, RECON is a preferred partner for undertaking complex remediation activities and the geographic diversification of the Group’s service offering provides opportunities, both between the two businesses and also the Group’s service offerings.
The additional revenue synergies provide the opportunity to increase the Group’s overall financial results alongside the US Foundations business where Keller has historically been relatively under-penetrated and where a commercial framework for operating at scale has been developed, and this has provided a significant opportunity for the petrochemical sector. Cost synergies will also be achieved through this acquisition. The cash consideration on an enterprise value basis was US$65m, and an additional deferred consideration of US$25m has been established to align management. To date, in December 2021 RECON was awarded a contract worth US$20m in revenue over a two years, in connection with the commencement of a major infrastructure improvement in the US Foundations business of the EPA. RECON is operating well and, during 2022, will together with Moretrench Industrial, be developed as we establish and build our new environmental, geotechnical and industrial services business that will leverage our position in this large and growing sector.
On 1 November 2021, the division acquired Bertoletti Contracting, a leading commercial services provider based in Australia, for an enterprise value of A$15m and a deferred consideration of A$6m is expected to be paid over three years.
The outcome of the asset base is at £787.0m, up 32.5% (on a constant currency basis) from the previous year’s asset base at the end of 2020. The increase is predominantly driven by the newly signed RECON contract worth £120m ($160m) over two years. We have a great team who are proud to work for Keller and that’s made it easier to move the business forward. Combined with lower overheads, a clear strategy that everyone works to, and a larger footprint in our target markets, we believe this offers a unique opportunity to increase Keller’s operating profit.
Curtis Cook
Senior Vice President Canada
Keller Group plc Annual Report and Accounts 2021 Strategic Report 21
| 2021 | 2020 | £m | % |
|---|---|---|---|
| Revenue | 549.2 | 538.5 | +5.2% |
| Underlying operating profit | 24.3 | 18.4 | +38.2% |
| Underlying operating margin | 4.4% | 3.4% | |
| Order book² | 332.7 | 220.3 | +51.0% |
¹ In October 2021, the Group completed the acquisition of RECON and all its subsidiaries, including the KFS Finland Oy, Mante, GDM and Cole surveys, and the acquisition of the remaining 50% of GDM. The acquisitions of Cole surveys and Mante have been recognised as part of the KFS Finland Oy. The Group has accounted for the acquisitions using the acquisition method of accounting.
² Comparative order book stated at constant currency.
| KPIs | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (£m) | 549.2 | 538.5 | ||||||||
| Underlying operating margin (%) | 4.4 | 3.4 | ||||||||
| Accident frequency rate | 0.24 | 0.18 | ||||||||
| Underlying operating profit (£m) | 24.3 | 18.4 | ||||||||
| Order book (£m) | 332.7 | 220.3 |
| Central Europe | North-East Europe | South-East Europe AND Nordics | South-West Europe | UK |
|---|---|---|---|---|
In Europe, revenue increased by 5.2% on a constant currency basis as markets recovered with the COVID-19 related shutdowns and travel restrictions easing as the year progressed.
Underlying operating profit increased to £13.0m, over 14% on 2020. This reflects the impact of the pandemic, increasing operational efficiencies and also the completion of a number of large, complex projects. As a result, the underlying operating margin increased to 4.4% (2020: 3.4%).
In early 2021, an accident on a site in Austria in which we lost a long-serving employee. Whilst a thorough investigation has determined Keller was not at fault for the accident, we have taken steps to address our duty of care procedures. The accident rate increased from 0.18 to 0.24 in 2020. Following a relatively slow start to the year due to some harsh winter weather in some parts of Nordics and the operational challenges of the pandemic, momentum built as markets opened up with people and equipment permitted to travel overseas and the revenue growing more strongly. Whilst the division was impacted by both material and labour shortages, which were operationally challenging, and the unprecedented supply chain issues impacting raw materials, the order book continued to grow with significant new contracts.
South-East Europe and Nordics delivered record revenue throughout periods of increased demand and strong order books in Austria and Italy. The Scandinavian business also saw growth, and we secured the contract for the Svardal Bridge project (SMS2) in Norway. In September 2021, our joint venture in Finland, KFS Finland Oy, acquired NordPile, a driven and drilling piling contractor.
The order book increased to the largest geotechnical specialist contractor in the Nordic countries and is well-positioned to secure work with government and private clients in the regions that play to our strengths. The UK business, which was adversely impacted in 2020 by the hesitant investment climate preceding the COVID-19 pandemic and office closures, has seen record revenue, increasing the share with several contract awards on the High Speed 2 rail project (HS2). Particularly noteworthy are the £20m award on a piling contract for the new railway line, successfully awarded in October 2021, and the two piling awards totalling £25m which were secured in April.
Keller brings RemediaClay® to Europe
Our businesses in Central Europe and North East Europe were impacted by lower volumes at the start of the year due to the then prevailing government restrictions and also operational delays related to COVID-19. However, both divisions have seen increased activity levels and strong order books. At the end of 2021 Keller Nordics’ revenue increased by a ~£8m order book with its’s largest provider in Denmark, as the company has been able to pass on these challenging market conditions to its customers. The asset base has also benefited from the new infrastructure investment in the UK.
In July 2021, the new South West Europe Business Unit was formed bringing together the Iberia and Latin America businesses. South West Europe was our largest business unit as assessed by the Group during the year, with successful lockdowns and delays to contract starts. In contrast, the revenue in Ireland in 2021 of a sustained order book has seen significant new contracts and profits ahead of the outlook.
The combined business unit is now being managed and is being driven towards the delivery of growth with work secured in its core and overseas markets.# ÝëèÎøõòóèäñóòõ÷éòïìòìöðòõèéòæøöèçéòïïòúìñê ÷ëèèûì÷éõòðÜòø÷ëÊðèõìæääñç÷ëèçìöóòöäïòé ñòñ¡æòõèåøöìñèööèöçøõìñê" "
Êöäõèöøï÷òéthese actions, we were also able to reduce the çìùìöìòñäïòùèõëèäçÖòùìñêéòõúäõçúèúìïï continue to review our various European markets ÷òèñöøõè÷ëä÷úèéòæøöòñïüòñöøö÷äìñäåïè markets and attractive projects that generate long-term returns. The European core business continues to õèæòùèõö÷èäçìïüäñçúèëäùèåèñèĤ÷÷èçéõòð äñøðåèõòéïäõêèõóõòíèæ÷öäæõòöö÷ëèõèêìòñ óäõ÷ìæøïäõïüìñìñéõäö÷õøæ÷øõèÕòòîìñêéòõúäõç our success in the region will require those larger projects to be replaced. However, our strong regional approach coupled with our divisional support will ensure we are well placed to pursue new contract opportunities.
ÝëèÎøõòóèòõçèõåòòîä÷÷ëèèñçòé÷ëèóèõìòç was £332.7m, up 51% (on a constant currency basis) on the prior year, largely due to the HS2 contracts. As climate change increasingly äģèæ÷öæïäüöæäøöìñêðòõè problems in roads and structures, its remediation is becoming more important. RemediaClay ® could åèöìêñìĤæäñ÷éòõøöìñäðäõîè÷ dominated by micropiling and öòìïöøåö÷ì÷ø÷ìòñ
A treatment developed by Keller in the US to improve the stability of swelling clay soils has been trialled in France. If successful, it could open up a major new market in the country – and tackle a growing problem. Clay soils that swell and shrink due to moisture äõèäðäíòõæäøöèòéö÷õøæ÷øõäïéòøñçä÷ìòñ damage. Although watertight membranes, çõäìñäêèäñç÷ëèõèðòùäïòéñèäõåüùèêè÷ä÷ìòñ can provide initial protection, more drastic øñçèõóìññìñêðè÷ëòçöäõèòé÷èññèèçèç
One common answer to the problem is micropiling, but a less well-known and potentially cheaper alternative involves injecting soils with a potassium and ammonium ion solution. This reacts with the æïäüðòçìéüìñêì÷öåèëäùìòøõäñçðäîìñêì÷ïèöö sensitive to swelling and has passed rigorous öäéè÷üäñçèñùìõòñðèñ÷äï÷èö÷ö÷òöä÷ìöéü European regulators.
Ôèïïèõëäöõèæèñ÷ïüæòðóïè÷èç÷ëèĤõö÷÷õìäïòé its newly patented RemediaClay ® technology in Ïõäñæèòñ÷úò! ðö÷õè÷æëèöòéäsmall road.
| KPIs | 2021 £m | 2021 £m | 2021 £m | 2021 £m | 2021 £m | 2020 £m | 2020 £m | 2020 £m | 2020 £m | 2020 £m |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 352.1 | 296.5 | ||||||||
| Underlying operating margin (%) | 3.4 | 5.2 | ||||||||
| Accident frequency rate | 177. | 0.05 | ||||||||
| Underlying operating profit (£m) | 31.0 | 15.5 | ||||||||
| Order book (£m) | 182.2 | 177.3 |
¹ In AMEA, revenues increased by 20.4% on a constant currency basis, driven predominantly by Êøö÷õäïìñÊøö÷õäïìääñçÒñçìäóäõ÷ïüòģöè÷åüä çèæïìñèìñ÷ëèÖìççïèÎäö÷äñçÊéõìæäåøöìñèöö úëìæëúäö÷õäñöéèõõèçìñ÷ò÷ëèçìùìöìòñä÷÷ëè åèêìññìñêòé" "!Øóèõä÷ìñêóõòĤ÷ìñ÷ëè division as a whole decreased by 77.1% on a constant currency basis to £3.4m, driven by òóèõä÷ìòñäïçìöõøó÷ìòñäöäõèöøï÷òéÌØßÒÍ¡!) óäõ÷ìæøïäõïüìñÔèïïèõÊøö÷õäïìääñçäñèû÷õèðèïü challenging trading environment in the Middle Îäö÷äñçÊéõìæäÝëèçìùìöìòñëäçäñò÷äåïè äæëìèùèðèñ÷ìñì÷ööäéè÷üõèæòõçúì÷ëñò öìêñìĤæäñ÷äææìçèñ÷öõèóòõ÷èçìñ÷ëèóèõìòç õèöøï÷ìñêìñäýèõòäææìçèñ÷éõèôøèñæüõä÷è
Ýëèèģèæ÷öòé÷ëèÌØßÒÍ¡!)óäñçèðìæúèõèéèï÷ across all our markets in the division to varying çèêõèèöÝëèÊÜÎÊ×åøöìñèööæòñ÷ìñøèç÷òéèèï ÷ëèìðóäæ÷òéÌØßÒÍ¡!)÷ëõòøêë÷ëè óòö÷óòñèðèñ÷òéæòñ÷õäæ÷öäñçåòõçèõæïòöøõèö However, trading levels improved in the second ëäïéäñç÷ëèåøöìñèööçèïìùèõèçõèùèñøèêõòú÷ë éòõ÷ëèüèäõÝëèåøöìñèööæòñ÷ìñøèç÷òåèñèĤ÷ éõòð÷ëèõèö÷õøæ÷øõìñêäæ÷ìùì÷üìñ" !)äñçìöúèïï óïäæèçéòõ÷ëèéø÷øõèúì÷ëäö÷õòñêéòæøöòñ ground improvement projects across the region. Austral in Australia had another strong óèõéòõðèìñ÷èõðöòéõèùèñøèäñçóõòĤ÷ êõòú÷ëäöì÷ñèäõöæòðóïè÷ìòñòéÛìòÝìñ÷òđö Cape Lambert Port in the Pilbara, Australia.
Ýëèåøöìñèööëäööèæøõèçäö÷õòñêóìóèïìñèòé óõòíèæ÷öìñæïøçìñêäñøðåèõòéò÷ëèõðìñìñêäñç port-related projects in the Pilbara region, and æòñ÷ìñøèöì÷öçìùèõöìĤæä÷ìòñö÷õä÷èêüúì÷ëîèü selected projects on Australia’s east coast. Our Keller Australia business had a particularly çìĦæøï÷üèäõðäîìñêäïòööìñ÷ëèóèõìòçÝëè challenges posed by the COVID-19 travel restrictions and state border restrictions in Êøö÷õäïìäëäçäùèõüöìêñìĤæäñ÷ìðóäæ÷òñ òóèõä÷ìòñöäñçóõòĤ÷öäðìçäæòñ÷ìñøèç öòé÷ñèööìñöòðèðäõîè÷öÝëèúòõîéòõæèðòçèï õèïìèöòñ÷ëèĥøìçðòùèðèñ÷òéèðóïòüèèöäñç equipment around the country and the travel õèö÷õìæ÷ìòñöðäçèðòùèðèñ÷ìðóòööìåïèéòõïòñê óèõìòçöòé÷ìðèÖäñüèðóïòüèèöðäçèëøêè óèõöòñäïöäæõìĤæèöìñæïøçìñêïòñêóèõìòçöäúäü éõòðëòðèçøè÷ò÷ëèö÷õìæ÷ïòæîçòúñõøïèö Tendering activity has substantially improved, the management team has been strengthened and the outlook is more positive as border restrictions ease.
| 2021 £m | 2020 £m | Constant currency | |
|---|---|---|---|
| Revenue | 352.1 | 296.5 | +20.4% |
| Underlying operating profit | 3.4 | 15.5 | -77.1% |
| Underlying operating margin | 1.0% | 5.2% | |
| Order book² | 177.3 | 182.2 | -2.7% |
! Òñ×òùèðåèõ" " ì÷úäöäññòøñæèç÷ëä÷òøõñèúïüéòõðèçÖìççïèÎäö÷äñçÊéõìæäËøöìñèööÞñì÷úòøïçæòðåìñèúì÷ëÊÙÊÌúì÷ë èģèæ÷éõòð!Óäñøäõü" "!÷òæõèä÷èäñÊöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä¤ÊÖÎÊ¥çìùìöìòñÝëìöåõìñêö÷òêè÷ëèõøñçèõòñè ðäñäêèðèñ÷÷èäðäïïòéòøõåøöìñèööèöìñçèùèïòóìñêêèòêõäóëìèö÷ëä÷ëäùèöìðìïäõðäõîè÷æëäõäæ÷èõìö÷ìæöäñçæøö÷òðèõöúì÷ëä êõèä÷èõéòæøöòñïäõêèæòñ÷õäæ÷öóäõ÷ìæøïäõïüìñ÷ëèõèöòøõæèööèæ÷òõÝëèæòðóäõä÷ìùèĤñäñæìäïöéòõ" " äõèòñäóõòéòõðäåäöìö aligned with our new structure.
² Comparative order book stated at constant currency.
ÝëèÖìççïèÎäö÷äñçÊéõìæäåøöìñèööëäöåèèñ ÷ëèðòö÷æëäïïèñêèçõèêìòñìñ÷èõðöòéðäõîè÷ æïäõì÷üäñçõèæòùèõüéõòð÷ëèìðóäæ÷öòé COVID-19, with many countries relying on ïòæîçòúñöäñçõèö÷õìæ÷ìòñöìñäçùäñæèòé ùäææìñä÷ìòñóõòêõäððèöÊ÷÷ëèèñçòé÷ëèüèäõ we signed a substantial agreement with our æïìèñ÷ìñÖòýäðåìôøèìñõèïä÷ìòñ÷ò÷ëè suspended LNG project. This largely reversed the contract loss incurred to date and protects the Group in the event that the contract does ñò÷õèöøðèÍèöóì÷è÷ëèöøææèööéøïÖòýäðåìôøè õèöòïø÷ìòñ÷ëèÖìççïèÎäö÷äñçÊéõìæäåøöìñèööäö äúëòïèõèæòõçèçäïòööìñ÷ëèüèäõÝëèéòæøöìö now on turning this business around post COVID-19 and actions are being taken to deliver this. Tendering activity in the region continues to strengthen, though with more variability than ò÷ëèõäõèäöòéÊÖÎÊ
The AMEA order book strengthened strongly ÷ëõòøêë÷ëèöèæòñçëäïéäñçä÷÷ëèèñçòé÷ëè period was £177.3m, down 2.7% (on a constant currency basis) on the prior year. Every day across the world, Keller helps construct major infrastructure projects that drive economies and improve millions of lives. One region where Keller is bringing its expertise to power plants, highways, rail lines and more is ASEAN. In Indonesia, Keller already has huge èûóèõìèñæèòéëìêë¡óõòĤïèìñéõäö÷õøæ÷øõè projects, having contributed to the 1,000km- long main Java highway and Jakarta airport upgrade in recent years.
Ê÷÷ëèö÷äõ÷òé" "!úèĤñìöëèçäëèäùü éòøñçä÷ìòñóõòíèæ÷éòõäðäíòõëìêë¡öóèèç railway, and more recently, secured a öìêñìĤæäñ÷æòñ÷õäæ÷éòõäóòúèõóïäñ÷ìñÓäùä
“Ýëìöìöäëøêèïüìðóòõ÷äñ÷äñçæòðóïèû óõòíèæ÷òéñä÷ìòñäïìðóòõ÷äñæèĔöäüöâèõìîëò Purba, Deputy Project Manager. “Originally the óõòíèæ÷úäöçèöìêñèçéòõóìïìñêåø÷åüòģèõìñê stone columns as an alternative, we were able to reduce the cost by a quarter and provide greater earthquake mitigation.”
Êïöòìñ" "!òñòñèòéòøõåìêêèö÷¡èùèõ óõòíèæ÷öìñÒñçòñèöìäúèìñö÷äïïèçéòøñçä÷ìòñö éòõäïìôøìçñä÷øõäïêäöóïäñ÷ìñäõèðò÷èäõèäòé West Papua, using 6,000 bored piles and 700 corrugated sheet piles. In neighbouring Malaysia, Keller worked on äêõòøñç¡ìðóõòùèðèñ÷óõòíèæ÷éòõäïäõêè petrochemical plant in the northwestern ö÷ä÷èòéÜäõäúäîìñö÷äïïìñê& ðòé ö÷òñèæòïøðñöäñç$% ðòéëüåõìç concrete columns. Another huge project involved providing êõòøñçìðóõòùèðèñ÷éòõäðäööõäóìç ÷õäñöóòõ÷öüö÷èð÷ëä÷úìïïöìêñìĤæäñ÷ïüøóêõäçè Malaysia’s public transport and generate huge èæòñòðìæåèñèĤ÷Ýëè÷èäðúòõîèçòñ÷ëè Ĥõö÷ïìñèåè÷úèèñ" !"äñç" !$äñçëäöåèèñ ìñùòïùèçìñ÷ëèöèæòñçéòõ÷ëèóäö÷Ĥùèüèäõö We also helped support the embankments éòõäñò÷ëèõõäóìç÷õäñöì÷öüö÷èðóõòíèæ÷ìñ Üìñêäóòõè÷ëìöüèäõøöìñêçèèóöòìïðìûìñê éòõ÷ëèĤõö÷÷ìðè
We are very proud to be participating in projects that make so many people’s lives better…
Ò÷đöêòòç÷òðäîèäçìģèõèñæè ìñ÷ëèúòõïçĔ KJ Tan Business Development Manager ASEAN
Ûèùèñøèòé|"""$$ð¤" " |" &"%ð¥úäö 7.8% up on 2020, driven by increased activity as markets began to recover, particularly in ÷ëèöèæòñçëäïéúì÷ëöìêñìĤæäñ÷æòñ÷õäæ÷úìñö ÷òêè÷ëèõúì÷ë÷ëèåèñèĤ÷òéöèùèõäïåòï÷¡òñ acquisitions. At constant currency, revenue increased by 13.4% and increased across all three divisions.# Keller Group plc Annual Report and Accounts 2021 Strategic Report
North America reported an increase in revenue of 10.2% (at constant currency) as a result of increased trading activity across all markets and the addition of acquisitions. Europe reported an increase in revenue of 2.0% (at constant currency) and AMEA revenue increased by 20.4% (at constant currency) driven predominantly by organic growth in MEA and the addition of acquisitions in Australia and South Africa. The Group delivered a strong acquisition integration performance, closing three bolt-on acquisitions during the year.
The Group’s strategy is to actively manage and maintain relationships with its customers. Revenue breakdown by customer is detailed below:
The underlying operating profit of £92.8m is 15.7% down on prior year (2020: £110.1m), which on a constant currency basis was 9.7% down, impacted primarily by the COVID-19 adverse pressure on market pricing and operational disruption across our businesses. North America underlying constant currency operating profit decreased by 13.8% to £73.0m driven by market pricing pressures and the impact of the economic slowdown on our domestic business.
On a constant currency basis, operating profit in Europe was reduced by £15.3m, largely due to the increased cost of the procurement of materials in KFS. Underlying operating profit in AMEA increased by 13.3%, improving the underlying operating profit margin to 1.0%, helping to offset the losses and operational disruption in KFS, the in-house equipment business, and an investment in business development in MEA.
David Burke
| 2021 | 2020 | % | % | |
|---|---|---|---|---|
| £m | 2021 | 2020 | ||
| Revenue | 2,224.4 | 2,062.5 | ||
| Underlying operating profit | 92.8 | 110.1 | ||
| Underlying operating profit | 4.2% | 5.3% | ||
| Non-underlying items | (12.3) | (33.1) | ||
| Statutory operating profit | 80.5 | 77.0 | ||
| Statutory operating profit | 3.6% | 3.7% |
1 Note: The movement in operating items does not necessarily reflect the movement in revenue as a consequence of the accounting standards applied. Share of post-tax results from joint ventures, which are recognised in revenue, are analysed below.
The Group’s share of post-tax results of joint ventures in the year of £15.6m (2020: £10.9m) reflects the contribution from the various joint ventures, offset by the unrealised profit of £6.1m arising from the unrealised profit on our joint venture KFS Oy is included as a non-underlying item. No dividends (2020: £0.4m) were received from joint ventures in the year.
Statutory operating profit, excluding non-underlying items, in 2021 of £80.5m (2020: £77.0m), increased by 4.5% to £80.5m (2020: £77.0m).
Finance costs decreased by £1.0m to £12.4m (2020: £13.2m). The reduction has been driven by the decrease in US LIBOR, which reduces the cost of the Group’s floating rate debt, and a decrease in the average net debt levels through the year. The amortisation of IFRS 16 lease liabilities, during the year were £147.6m (2020: £183.5m).
The Group’s underlying effective tax rate decreased to 24% (2020: 29%), largely due to a one-off tax credit in Australia and reflecting underlying tax rates.
The items of non-underlying items in the year decreased to £12.3m (2020: £33.1m), due to the reduction in restructuring activity during the year.
The Board has resolved to pay an interim dividend of 23.3p per share (2020: 23.3p per share) which, together with the final dividend proposed of 12.6p (2020: 12.6p), takes the total dividend for the year to 35.9p (2020: 35.9p). The 2021 dividend includes the dividend, due to 3.7p (2020: 3.7p).
The Group’s dividend policy is to increase the dividend sustainably whilst allowing the Group to be able to grow, or as a minimum, maintain, the dividend over time. The strategy of investing in dividends whilst utilising the Group’s retained earnings will continue to provide flexibility to support the Group’s capital and financial resilience in the of the Group. If the Board can demonstrate that the Group is in a strong financial position, the Board will review recommencing the progressive dividend.
Property, plant and equipment of £122.9m at 31 December 2021 that are available to support the dividend payments, although they may be utilised over the lifetime of dividend payments over 3.2m. Property, plant and equipment is a reflection of the impact of IFRS 16 lease accounting on the Group’s principal risks and uncertainties as well as the outlook of management’s dividend policy and investment plans. The £10.9m charge for amortisation of intangible assets relates to the RECON, Moretrench and Austral acquisitions. Amortisation of intangible assets in respect of equity accounted for by our joint venture investment KFS Finland Oy during the year. Operating amortisation of £7.2m is used to amortise customer relationships.
The Group’s non-underlying tax charge of £1.7m (2020: £5.6m) included the £1.5m (2020: £3.7m) tax impact of the non-underlying items. The £1.4m tax charge arose from the tax non-underlying items in the year that was recognised through the non-underlying tax charge in the prior years.
Underlying diluted earnings per share decreased by 8.2% to 88.4p (2020: 96.3p) driven by lower underlying operating profit offset by the finance costs and the effective tax rate reduction. Statutory diluted earnings per share of 45.1p (2020: 37.8p) reflects the reduction in non-underlying items in comparison to the prior year.
Staff costs of £17.3m have been incurred in AMEA and Europe as the prior costs on the acquisition of KFS, the in-house equipment business, and the incurrence of a write-off of obsolete stock. The provision on operating costs of £7.5m relates to the provision on the charge of the in-house equipment business in Australia and the prior year impact of the write-off of the KFS overhead in Europe and the amortisation of the write-off. Operating amortisation of £5.7m relates to the amortisation of intangible assets including goodwill and deferred acquisition costs incurred within the acquisitions of KFS and AFS. Additional contingent consideration payable of £13.3m relates to the Koto Group KFS in 2019, along with amortisation of items recognised in the purchase agreement.
Non-underlying items
2021
£m
2020
£m
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33.1# Keller Group plc Annual Report and Accounts 2021 Strategic Report
On 13 July 2021, the Group acquired RECON Umwelttechnik GmbH, a German environmental remediation and industrial services company, for €33.9m (49.7% or €16.8m of which was for goodwill) and 50.1% of the issued share capital of RECON Umwelttechnik GmbH for €22.4m. The environmental remediation and industrial services company is based in Germany and is part of the South Europe Division.
On 29 September 2021, the Group acquired the entirety of the issued share capital of Geo-Drill Inc., for $4.6m (€3.9m), a geotechnical contractor in Manitoba, Canada.
On 1 November 2021, the Group acquired the entirety of the issued share capital of Northern Foundation Engineering, a UK-based geotechnical contractor, for £12.8m. Subsequent contingent consideration of €5.7m is payable over a three-year period.
As noted in the Audit and Risk Committee report, during 2021, the Financial Reporting Council (FRC) undertook a review of the Group’s 2020 annual report and accounts and deep dives and assessments of the year ended 31 December 2020 in their assessment of Kroll’s statutory audit of the Group, which resulted in the FRC concluding that the contingent consideration liabilities should be separately presented gross on the face of the income statement, rather than netted against the insurance and legal provision. The Group has restated the relevant sections of its 2020 financial statements to reflect this. The restatement impacted the balance sheet reported in the 2020 annual report and accounts as detailed in the accounting policies note on page 133. The restatement did not result in any adjustments to profit, revenues, or the Group’s net assets and therefore had no impact on the balance sheet historically reported in the 2020 Annual Report.
Net working capital increased by £3.1m to £118.4m, driven by the increase in the closing trade receivables in 2021 due to the impact on business activity and cash collections. The increase was driven by a £104.4m increase in inventories and a £104.4m increase in trade and other receivables, offset by an increase in debtors and other payables of £122.6m. A movement in provisions and deferred earnings increased the closing trade receivables in of £17.5m, an increase of £10.5m. This movement in provisions does not impact the closing EBITDA. The £17.5m trade receivables movement impacts the closing trade receivables in respect of deferred income provisions which is presented within non-underlying items in the income statement.
| 2021 £m | 2020 £m | |
|---|---|---|
| Underlying EBITDA | 190.2 | 205.0 |
| Non-cash items | 0.0 | 1.9 |
| Share-based payments | 0.0 | 0.4 |
| Increase/(decrease) in trade and other receivables | (3.1) | 38.2 |
| Increase/(decrease) in provisions and deferred earnings items | (7.8) | 13.9 |
| Trade receivables | (74.6) | (65.6) |
| Provisions for other employee benefits | (23.4) | (22.7) |
| Free cash flow before interest and tax | 81.3 | 171.1 |
| Free cash flow before interest and tax to underlying operating profit | 88% | 155% |
| Net interest paid | (5.3) | (12.0) |
| Other | (15.9) | (24.9) |
| Free cash flow | 60.1 | 134.2 |
| Dividends paid to shareholders | (25.9) | (25.9) |
| Movement in other reserves | (3.7) | 0.0 |
| Acquisitions | (31.3) | 0.0 |
| Business disposals | 7.1 | 2.2 |
| Non-underlying items | (2.0) | (11.0) |
| Other non-underlying items/(prior period adjustments) | (4.0) | (1.1) |
| Movement in net debt | (1.1) | (1.1) |
| Opening net debt | (192.5) | (289.8) |
| Closing net debt | (193.3) | (192.5) |
The Group's capital expenditure was significantly higher than that in 2020, whilst investing in the upgrade and replacement of infrastructure assets. Trade receivables, attributable to asset replacement, of £33.6m (2020: £25.9m) includes those for new build of £13.7m (2020: £7.5m) and those capitalised under IFRS 16, was 127% (2020: 109%).
The Group's free cash flow of £60.1m (2020: £134.2m) is lower due to the change, in the Group's significant increase in the dividend in 2021 of £25.9m (2020: £25.9m). This outflow in decreasing free cash flow is set out on page 29.
The Group's net debt of £193.3m (2020: £192.5m) comprises loans and borrowings and other finance leases of £11.4m (2020: £15.1m), other payables of £14.7m (2020: £15.1m) and other financial assets of £45.7m (2020: £66.3m). The Group’s term debt and committed facilities are with the Bank of Scotland plc expiring in 2024 and a £375m multi-currency syndicated revolving credit facility, expiring in November 2025. During the year, $50m of the Bank of Scotland plc facility was repaid and in March 2021 the Group’s unused £300m Covid Corporate Financing Facility (CCFF) was withdrawn. At the year end, the Group had undrawn committed and uncommitted borrowing facilities totaling £311.2m (2020: £672.6m).
The Group’s financial covenants are in relation to the net debt to underlying EBITDA, underlying EBITDA interest cover and the Group’s net worth. The covenants are tested at the year end and the year end. The Group operates with an appropriate level of covenant headroom, using multiple covenants. Trade debt to underlying EBITDA leverage, calculated on a pro forma basis, was 3.4x (2020: 3.0x) and above the covenant limit of 3.5x and at the upper limit of the target range of 2.5x. Calculated on a statutory basis, including the impact of IFRS 16, this fell to 3.2x at 31 December 2021 (2020: 2.9x). Underlying EBITDA, excluding the impact of IFRS 16, was £4.3x (2020: £4.0x), this did not change the target limit of 3.5x.
On an IFRS 16 basis, year-end gearing was 44% (2020: 47%). The average month-end net debt during 2021, excluding IFRS 16 liabilities, was £185.4m (2020: £183.5m) and the minimum headroom during the year on the Group’s main banking facility was £14.3m (2020: £80.8m). The Group had no material discounting to debt expiring during the year. Prior to the impact of IFRS 16 and other payables in the Group’s borrowings, the impact of de-leveraging was substantially maintained.
At 31 December 2021 the Group had drawn outstanding borrowing facilities of £11.5m and has £16.1m of available loan facilities (2020: £100.9m).
The Group maintains pension arrangements in the UK, Germany and Austria. The Group's UK defined benefit pension arrangements are externally administered. The Group’s actuarial valuation of the UK defined benefit pension scheme was 96% (2020: 95%), based on the scheme’s assets at £49.7m and the scheme liabilities of 5% maturing to an increase in an increase in cash contribution. Contributions will be reviewed by the actuary to be prepared as at 5 April 2023. The 2021 financial statements Kroll Actuarial valuation of the UK defined benefit pension scheme totalled £36.7m, comprising £15.1m and a £21.6m deficit in the current IAS 19 accounting to reflect the amortised accounting to reflect the amortised amount to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the amortised value to reflect the amortised impact to reflect the 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amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the amortised value to reflect the# As the Group reports in sterling and conducts its operations in various currencies, foreign exchange rate fluctuations are a key consideration in the financial reporting. The Group manages its exposure to currency fluctuations by hedging, as appropriate, and these are recognised in the period in which they arise. The Group’s hedging policies are:
Closing | Average | Closing | Average
USD | 1.35 | 1.38 | 1.37 | 1.28
CAD | 1.71 | 1.72 | 1.74 | 1.72
EUR | 1.19 | 1.16 | 1.12 | 1.12
SGD | 1.82 | 1.85 | 1.81 | 1.77
AUD | 1.86 | 1.83 | 1.78 | 1.86
The Group’s foreign exchange exposure arises from transactions and net assets and liabilities denominated in currencies other than sterling. The Group aims to reduce the impact that these currency fluctuations might have on the consolidated balance sheet, by matching the currency of its assets and liabilities. The Group’s foreign exchange policies are held in sterling, US dollar, Canadian dollar, euro, Australian dollar and Singapore dollar. The Group provides forward exchange rate options to appropriately forecast and manage foreign exchange exposures. For instance, forward purchase and sale transactions are entered into to hedge specific anticipated foreign currency transactions. The Group has policies to translate all foreign currency denominated monetary items at the year-end rate. The Group does not hold foreign currency liabilities for trading purposes, nor does it engage in speculative derivative transactions.
Transactions and their subsequent re-translation at year-end exchange rates impact the consolidated income statement and the revaluation of net assets.
Turnover on an average capital employed basis was 14.4% (2020: 16.4%).
David Burke
Foreign Exchange
Executive
Keller Group plc Annual Report and Accounts 2021 Strategic Report 31
The Group has continued to strengthen its approach to risk management, by embracing the new Task Force on Climate-related Financial Disclosures (TCFD) risk reporting requirements. During the year we undertook several initiatives to achieve this:
Continued to strengthen our internal control environment, measured against a Group Risk Management framework and a comprehensive programme of internal audits, including assurance over financial reporting, risk management, and compliance. This has been independently validated through the internal audit programme.
Executive Committee
Audit and Risk Committee (ARC)
Internal Audit (IA)
Divisions, business units and functions
Risk and Internal Audit
The Group is subject to the inherent operational and financial risks and uncertainties. These will encompass the ongoing need to improve the effectiveness of risk management and implement robust disclosures of Group financial risk exposures, including climate-related risks and opportunities, as per TCFD recommendations.
The reporting of Group risk management evolved into a new approach by embracing the new Task Force on Climate-related Financial Disclosures (TCFD) risk reporting requirements. During the year we undertook several initiatives to achieve this:
Continued to strengthen our internal control environment, measured against a Group Risk Management framework and a comprehensive programme of internal audits, including assurance over financial reporting, risk management, and compliance. This has been independently validated through the internal audit programme. Top-down Oversight, assessment and management of risks at Group level Bottom-up Oversight, assessment and management of risks at operational and business unit level Board Sets tone on risk management culture
Executive Committee
Audit and Risk Committee (ARC)
Internal Audit (IA)
Divisions, Business units and Functions
Group Head of Risk and Internal Audit
Risk and Internal Audit
The Group’s risk appetite drives high standards of leadership, integrity and risk management, and a proactive approach to risks and opportunities. This approach is understood across the organisation, allowing us to identify a proactive and prudent approach to the Group’s risk exposures to and as a detailed outline. This outline of risk is actively managed and driven to achieve proactive and detailed outline strategic objectives.
The Group’s principal risks are analysed on an inherent (pre-mitigation) and residual (post- mitigation) basis.
The Group’s operational risks evolve as to the risks identified and of a number of risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which 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emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and 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the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and 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assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading 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under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, 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which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading 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under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, 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the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and 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emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and 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requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, 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Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, 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which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, 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which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, 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under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, 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which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading 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under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, 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assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and 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assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading 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under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, 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which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, 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assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, 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under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, 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the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and 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emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, 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Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, 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which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading 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emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and 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under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, 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which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading 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under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, 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which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and 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risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and 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requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, 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the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and 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risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, 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assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading 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under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading 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under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging risks, which under TCFD requirements we assess and update, leading to enhanced, and updated, reporting to the Group, including, detailed and emerging# Viability Statement
It was determined that none of the specified "specified" risks and sensitivities "sensitive" would materially impact the Group’s viability, and so a range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "and" Sensitivities "Sensitivities" that "that" would "would" impact "impact" the "the" Group's "Group's" viability, "viability," and "and" a "a" range "range" of "of" stress "stress" and "and" scenario "scenario" testing "testing" were "were" considered. A downside "downside" sensitivity "sensitivity" analysis "analysis" was "was" undertaken "undertaken" to "to" assess "assess" the "the" impact "impact" of "of" any "any" mitigating "mitigating" actions "actions" available "available" to "to" the "the" Group, "Group," and "and" to "to" assess "assess" the "the" impact "impact" on "on" the "the" Principal "Principal" Risks "Risks" and "# Keller Group plc Annual Report and Accounts 2021
| Risk | Potential impact | Demonstrable mitigation | Risk movement (since 2020) |
|---|---|---|---|
| Failure to procure new contracts on VDWLVIDFWRU\WHUPV Increasing competition, changing customer õèôøìõèðèñ÷öòõäïòööòé technological advantage õèöøï÷öìñäéäìïøõè÷ò continue to win and retain æòñ÷õäæ÷öòñöä÷ìöéäæ÷òõü terms and conditions in òøõèûìö÷ìñêäñçñèú target markets. Link to strategic lever: Failure to negotiate öä÷ìöéäæ÷òõüäñç appropriate contractual terms may result in delays and disputes during project delivery, negatively impacting our relationships with our customers and the Ðõòøóđöõèóø÷ä÷ìòñéòõ delivering quality products and solutions. Inability to enter into commercially viable contracts may have a ñèêä÷ìùèèģèæ÷òñ÷ëè óõòĤ÷äåìïì÷üòéòøõ projects and prevent ÷ëèÐõòøóéõòðäæëìèùìñê its targets. Êéòæøöòñøñçèõö÷äñçìñêæøö÷òðèõöđõèôøìõèðèñ÷ö and competitors’ capabilities. Structured bid review processes in operation ÷ëõòøêëòø÷÷ëèÐõòøóúì÷ëúèïï¡çèĤñèçöèïèæ÷ìòñ criteria that are designed to ensure we take on contracts only where we understand and can manage the risks involved. ÝëèÙõòíèæ÷ÕìéèæüæïèÖäñäêèðèñ÷¤ÙÕÖ¥Ü÷äñçäõçëäö introduced more rigour into how risks are considered during the opportunity, contract approval and project èûèæø÷ìòñóëäöèö Üäïèö÷õäìñìñêúëìæëìñæïøçèöäéòæøöòñæòñ÷õäæ÷øäï and commercial terms. | Increased risk | ||
| Our business depends on purchasing materials èĦæìèñ÷ïüäñçìñä÷ìðèïü manner, linked to project èûèæø÷ìòñÌØßÒÍ¡!) continues to disrupt supply chains, putting pressure åò÷ëòñ÷ëèæòñ÷ìñøì÷üòé supply and also on pricing. Fluctuations in these costs cannot always be passed on ìñéøïï÷ò÷ëèæøö÷òðèõ especially with increased æòðóè÷ì÷ì÷ìòñéòõäõèçøæèç ñøðåèõòéæòñ÷õäæ÷öúëìæë puts pressure on bid pricing. | Øøõéòæøöòñðäìñ÷äìñìñê our supply chain and managing material price risk éòõòøõæõì÷ìæäïðä÷èõìäïöìö actively managed through our business unit procurement teams. | Constant risk | |
| Losing our market share | Inability to achieve sustainable growth, whether through acquisition, new products, new geographies or ìñçøö÷õü¡öóèæìĤæöòïø÷ìòñö may jeopardise our position äö÷ëèóõèéèõõèç international geotechnical specialist contractor. Link to strategic lever: Delivering sustainable growth is a key æòðóòñèñ÷òéòøõ strategy. Failure to deliver on our key strategic objective may result in the loss òéæòñĤçèñæèäñç÷õøö÷ òéòøõîèüö÷äîèëòïçèõö including investors, Ĥñäñæìäïìñö÷ì÷ø÷ìòñö and customers. | Êæïèäõåøöìñèööö÷õä÷èêüúì÷ëçèĤñèçöëòõ÷ðèçìøð and long-term objectives, which is monitored at local, divisional and Group level. Ìòñ÷ìñøèçäñäïüöìöòéèûìö÷ìñêäñç÷äõêè÷ðäõîè÷ö÷ò èñöøõèòóóòõ÷øñì÷ìèö÷ëä÷÷ëèüòģèõäõèøñçèõö÷òòç Êñòóóòõ÷øñì÷ìèöóìóèïìñèæòùèõìñêäïïöèæ÷òõöòé÷ëè construction market. Êúìçè¡õäñêìñêïòæäïåõäñæëñè÷úòõîúëìæëéäæìïì÷ä÷èö customer relationships and helps secure repeat work. Ìòñ÷ìñøäïïüöèèîìñê÷òçìģèõèñ÷ìä÷èòøõòģèõìñê ÷ëõòøêëöèõùìæèôøäïì÷üùäïøèéòõðòñèüäñç innovation. | Increased risk |
| North American businesses reorganisation delivering on cross-selling opportunities. However, due to ÌØßÒÍ¡!)÷ëèõèìöäñòñêòìñêèæòñòðìæöôøèèýè êïòåäïïüìñæõèäöìñêóõèööøõèòñùòïøðè¦ðäõîè÷öëäõè Öìñìðìöìñê÷ëèõìöîòéäæôøìöì÷ìòñöìñæïøçìñêêè÷÷ìñê÷ò îñòúä÷äõêè÷æòðóäñüìñäçùäñæèòé÷èñúòõîìñêìñä joint venture, to understand the operational and æøï÷øõäïçìģèõèñæèöäñçóò÷èñ÷ìäïöüñèõêìèöäöúèïïäö undertaking these through due diligence and ö÷õøæ÷øõèçäñçæäõèéøïïüðäñäêèçìñ÷èêõä÷ìòñóïäñö While we are seeing improvement across the US, selling a whole range òéöèõùìæèöñò÷óõèùìòøöïü òģèõèçìñõèêìòñöåèéòõè One Keller was implemented, due to COVID-19 there is an èæòñòðìæöôøèèýèêïòåäïïü increasing pressure on ùòïøðè¦ðäõîè÷öëäõèÝëìö ìöåèìñêöòðèúëä÷òģöè÷åü éòæøöèç÷äõêè÷èçÖÊ activity. Ýëèéòæøöòñöøö÷äìñäåìïì÷ü æòñ÷ìñøèö÷òìñæõèäöèéõòð both government and private clients and we are well placed to take äçùäñ÷äêèòéòóóòõ÷øñì÷ìèö supported by our wide óõòçøæ÷òģèõìñê | Constant risk |
| Risk | Potential impact | Demonstrable mitigation | Risk movement (since 2020) |
|---|---|---|---|
| Ethical misconduct and non-compliance with regulations | Keller operates in many çìģèõèñ÷íøõìöçìæ÷ìòñöäñç is subject to various rules, regulations and other legal requirements including those related to anti- bribery and anti-corruption. There is a risk that the Ðõòøóéäìïö÷òðäìñ÷äìñ ÷ëèõèôøìõèçïèùèïòé compliance. Link to strategic lever: Non-compliance with relevant laws and regulations could lead to substantial damage to Ôèïïèõđöõèóø÷ä÷ìòñäñç¦ òõïäõêèĤñäñæìäï penalties. Õòöìñê÷ëè÷õøö÷òéòøõ customers, suppliers and other stakeholders would have an adverse èģèæ÷òñòøõäåìïì÷ü÷ò deliver against our strategy and business objectives. | ÊÌòçèòéËøöìñèööÌòñçøæ÷÷ëä÷öè÷öòø÷ðìñìðøð èûóèæ÷ä÷ìòñöéòõäïïæòïïèäêøèöìñõèöóèæ÷òéè÷ëìæö integrity and regulatory requirements and is backed åüä÷õäìñìñêóõòêõäððè÷òèñöøõè÷ëä÷ì÷ìöéøïïü embedded across the Group. ÊæïèäõäñçæòñĤçèñ÷ìäïèû÷èõñäïïüõøñĐúëìö÷ïèåïòúìñêđ éäæìïì÷üèñæòøõäêìñêèðóïòüèèö÷òõèóòõ÷äñü suspected misconduct. ÊñÎ÷ëìæöäñçÌòðóïìäñæèØĦæèõä÷èùèõüåøöìñèöö unit who supports the ethics and compliance culture and ensures best practice developed by the Group is communicated and embedded into local business practices. Regular workshops across the Group to ensure æòðóïìäñæèõìöîöäõèìçèñ÷ìĤèçäñçäççõèööèç Strengthened æòððøñìæä÷ìòñòéÔèïïèõđö tone at the top and a õèñèúèçéòæøöòñõìöî management and internal control have maintained the èûóòöøõèòé÷ëìöõìöî Ûèéõèöëèõ÷õäìñìñêòñæòçè òéæòñçøæ÷÷äîìñêóïäæè across the Group. | Constant risk |
| Inability to maintain our technological product advantage | Ôèïïèõëäöäëìö÷òõüòé innovation that has given us a technological advantage which is recognised by our clients and competitors. Inability to maintain this advantage through the continued technological advancements in our equipment, products and solutions may impact our position in the market. Link to strategic lever: Without a structured innovation approach, ìñæïøçìñêöøĦæìèñ÷ investment, Keller may lose its competitive advantage. | Innovation initiatives developed at both Group and divisional level to ensure a structured approach to innovation is in place across the Group. Ôèïïèõđöæòñ÷ìñøèçìñùèö÷ðèñ÷ìñåò÷ëèû÷èõñäïäñç ìñ÷èõñäïèôøìóðèñ÷ðäñøéäæ÷øõè Global product teams set standards, provide guidance and disseminate best practice across the Group. Íìêì÷ìöä÷ìòñìñì÷ìä÷ìùèöéòæøöìñêòñö÷äêèüòé éäæìïì÷ä÷ìñêèôøìóðèñ÷äñçòóèõä÷ìòñäïçä÷äæäó÷øõè åõìñêìñêìñéòõðä÷ìòñ÷òêè÷ëèõäñçðäîìñêì÷äææèööìåïè òñäöìñêïèóïä÷éòõðÒ÷úìïïìñæïøçèäïï÷èæëñìæäï ìñéòõðä÷ìòñéõòðÔèïïèõäñç÷ëìõç¡óäõ÷üöòøõæèöä÷ èäæëö÷äêèòéçèïìùèõüìñæïøçìñêçä÷ääñäïüöìöäñç visualisations where possible, and it will also be BIM-compatible. | Increased risk |
Key: Strategic lever | Key: Risk movement | Increased risk | Ëäïäñæèçóòõ÷éòïìò | Øóèõä÷ìòñäïèûæèïïèñæè | Engineered solutions | Reduced risk | Link to viability | Constant risk | Îûóèõ÷ìöèäñçöæäïè
| Risk | Potential impact | Demonstrable mitigation | Risk movement (since 2020) |
|---|---|---|---|
| Changing environmental IDFWRUV | Changes in environmental legislation and relevant standards that impact our product and service òģèõìñêöäñçäñ increasingly active public response to environmental concerns in the sectors in which we operate. Link to strategic lever: Inability to achieve Keller’s commitment to deliver solutions in an environmentally conscious manner may have a negative impact on our õèóø÷ä÷ìòñäģèæ÷ employee morale äñçïèäç÷òïòööòé æòñĤçèñæèéõòðòøõ customers, suppliers and investors. Ùõòçøæ÷òģèõìñêö become obsolete because they are no longer compliant with environmental standards. We may be required to remediate at our own cost to maintain compliance. | Ìòïïäåòõä÷ìòñúì÷ë÷ëèÞñìùèõöì÷üòéÜøõõèüđö Ìèñ÷õèéòõÎñùìõòñðèñ÷äñçÜøö÷äìñäåìïì÷ü÷ò apply sustainability best practice to all åøöìñèööéøñæ÷ìòñö The Sustainability Steering Committee ìöõèöóòñöìåïèéòõìñ÷èêõä÷ìñêöøö÷äìñäåìïì÷ü targets and measures into the Group business óïäñ÷òöøææèööéøïïüçõìùèæëäñêèöìðóòõ÷äñ÷ to the company. Üæòóè!äñç"æäõåòñèðìööìòñöùèõìĤèç åüäææõèçì÷èçèû÷èõñäï÷ëìõçóäõ÷ü (Carbon Intelligence). Ìäõåòñæäïæøïä÷òõ÷òòïøöèç÷òìçèñ÷ìéü¦ ìðóõòùèæäõåòñèĦæìèñæü Project team created to develop processes to meet Task Force on Climate-related Financial Disclosures (TCFD) requirements. Ïøõ÷ëèõçè÷äìïöæäñåèéòøñçìñ÷ëèÎÜÐäñç sustainability section on pages 42 to 67. àëìïè÷ëèéòæøöäõòøñçèñùìõòñðèñ÷äï legislation is increasing, we believe this will also present opportunities to us ÷ëä÷úèäõèúèïïóïäæèç÷òèûóïòì÷ Our increasing activity to improve sustainability will put us in a good position to compete with our peers as opportunities arise. àèëäùèñòúóø÷ìñóïäæè÷äõêè÷öéòõ Scopes 1, 2 and 3. For Scope 3, the ÷äõêè÷æòùèõö÷õäñöóòõ÷ä÷ìòñòé materials, business travel and waste disposal. We have also developed a process to capture climate-related risks and opportunities in line with TCFD reporting requirements and now have a climate-related risk and opportunity register. | Increased risk# Climate-related risks and opportunities |
Climate change is a global threat and, as such, will continue to have many impacts across our business over the short (1 year), medium (2–5 years) and long-term (5+ years) horizons. These impacts will be felt across the supply chain, including in our procurement and the delivery of our services. In the short term, we have experienced extreme weather events impacting our business. For example, severe flooding in Australia and Western North America business, directly delaying projects in this area, which could lead to lost revenue. Flooding in Europe also delayed projects in that region. These events may also cause harm to our employees as well as damage to our buildings, yards and equipment. Our management and project teams take a view on the potential for these physical impacts on the business and have developed robust business continuity plans to mitigate the effects of such events. These are reviewed within the Group-wide PLM Standard. Future events may cause a significant number of Keller’s projects to be delayed or cancelled.
In 2020, severe floods in Australia and Western North America business, directly delaying projects in this area, which could lead to lost revenue. Flooding in Europe also delayed projects in that region. These events may also cause harm to our employees as well as damage to our buildings, yards and equipment. Our management and project teams take a view on the potential for these physical impacts on the business and have developed robust business continuity plans to mitigate the effects of such events. These are reviewed within the Group-wide PLM Standard.
Future events may cause a significant number of Keller’s projects to be delayed or cancelled.
We will look at these impacts, alongside chronic physical impacts, in more detail with scenario analysis modelling in our strategy.
Current and emerging legislation could impact our business in the medium term. As governments introduce climate change policies and legislation, operating costs and the cost of raw materials may increase. Keller is committed to reducing the carbon footprint of its operations, which will aid mitigation of the impacts of any new regulations. For more details on what Keller is doing to reduce its carbon footprint, please turn to page 47.
There is a risk that our customer base contracts and switches to our competitors over the medium or long term due to a focus on price rather than the quality of a sustainable engineering solution. These impacts will be a significant driver for the development of the Keller value proposition, therefore, all Keller projects will be benchmarked against their carbon footprint.
Carbon calculation methodologies: To manage the environmental impacts of our alternative solutions, we use the European standardised EFFC-DFI carbon calculator to quantify the carbon footprint of our solutions.
Market and Customer Expectations:
Technological Advancements:
Supply Chain Resilience:
| Risk | Potential impact # Keller Group plc Annual Report and Accounts 2021 Strategic Report
| Risk | Potential impact | Demonstrable mitigation # Keller Group plc Annual Report and Accounts 2021 Strategic Report
Sustainable Development Goals (SDGs)
The United Nations (UN) Sustainable Development Goals (SDGs) provide us to communicate sustainability initiatives and their benefits to us, our stakeholders, and our customers. As we have highlighted, we embed UN SDG initiatives, with the whole Keller Group being committed to them, reinforcing our ESG strategy and our purpose. As we have highlighted, we embed a strong ESG framework, with the whole Keller Group being committed to them, reinforcing our ESG strategy and our purpose. As we have highlighted, we embed a strong ESG framework, with the whole Keller Group being committed to them, reinforcing our ESG strategy and our purpose. The integration of our global approach with other local initiatives, where our business units are expected to engage in wholeheartedly to our local markets. To measure our SDG performance, we use GRI and the SDG compass.
Thought Leadership
Board members are responsible for ESG and sustainability on the Board, including leading discussions on ESG topics. These high-level discussions reinforce the importance of these issues to the company, ensuring sustainability-related risks and opportunities are viewed at the highest level. The executive management team is also responsible for ESG and sustainability in the Governance report.
Both the Chief Executive Officer and Divisional Presidents are represented on the Sustainability Steering Committee. This Management Committee aspires to tackle sustainability challenges, including leading ESG strategies, to the executive management and ultimately to the Board. It also acts as a place to share sustainability best practices between divisions and discuss sustainability strategy. Meetings are held quarterly and are structured to address a specific SDG, including focusing on UN SDGs, our ESG targets, our ESG targets and ESG targets.
Our Framework
| Profitatable Projects | Planet | People | Principles |
|---|---|---|---|
| See pages 45 to 52 | See pages 45 to 48 | See pages 53 to 63 | See pages 64 and 65 |
| Global initiatives | Local initiatives |
|---|---|
| Carbon reduction | See pages 45 to 48 |
| Safety | See page 58 |
| Race DEI | See pages 54 and 55 |
| Good governance | See page 64 |
| Gender DEI | See pages 53 to 57 |
| Improvement imperative | Environment |
Keller Group plc Annual Report and Accounts 2021 Strategic Report
45
| Stretch target | Scope | Can control net emissions | Some clients already | Projects | Acceleration |
|---|---|---|---|---|---|
| Scope 1 | Diesel – Other equipment | By 2040 | Projects | Clients | Dependent on supplier innovation and active partnerships |
| Scope 2 | On-site diesel – rigs | By 2030 | Operational | 2020 | 2030 |
| Scope 3 | Operational | Client | Projects | Likely to increase |
Scope 3
Figure 2 shows all of the emissions arising from our extensive activities. This figure shows the full range of Keller’s emissions. 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given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward, you have given us an option to take this forward# ESG and sustainability continued
Similarly, multiple branches, such as Germany and the UK, have implemented emissions reduction initiatives. Both Keller’s Scope 1 and Scope 2 emissions are independently verified, which is an important step that we take to properly monitor progress on our carbon targets and mitigate key climate-related risks. In 2021, we started proactively monitoring our Scope 3 emissions on key projects, training over 100 employees on the EFFC – DFI embodied carbon calculator. This also is in line with our commitment to deliver lower-carbon solutions to our clients, as well as to highlight the carbon reduction initiatives.
As we highlight in our journey to net zero, Keller will drive increasing the carbon intensity of our work and in wider carbon reporting. Throughout 2021, we continued to measure our CO2 equivalent emissions, and wider climate change governance, in a more comprehensive and transparent way.
Kimberly Martin joined Keller in December 2020. As Senior Engineer for Innovation and Technical, she is an engineer focused on sustainability. Kimberly is a leading light in the geotechnical sector’s sustainability journey. She is an active member of the Institution of Civil Engineers and the Foundations Institute sustainability committees. She has also been selected to edit the technical paper for the Institution of Civil Engineers’ Engineering Sustainability journal.
“As part of our initiative to roll out the sector’s standard carbon calculator in Keller North America, we’ve connected the calculator to our estimation spreadsheet,” says Kimberly. “This allows us to quickly compare techniques and highlight low-carbon options to our clients, putting us in a stronger position to win work.”
Focusing engineering on sustainability: Case study
As well as being the right thing to do, sustainability is becoming more important for clients, particularly those who want support in reducing their own carbon footprint.
Kimberly Martin
Engineering and Sustainability, Keller North America
Kimberly is also looking at how we can reduce the carbon footprint of our products. As an example of recent innovations, Kimberly is working with the Keller North America team to implement the use of low-carbon concrete and to reduce diesel use. The trial specifications have been to decrease Portland cement consumption and, in other cases, to implement wider use of supplementary cementitious materials, leading to a reduction in diesel use.
Keller Group plc Annual Report and Accounts 2021
Strategic Report 47
| 2021 | 2020 | |
|---|---|---|
| North America (‘000s) | 90 | 60 |
| Europe (‘000s) | 60 | 0 |
| AMEA (‘000s) | 15 | 15 |
| Equipment | 15 | 15 |
| diesel | 30 | 30 |
| Petrol | 30 | 30 |
| Natural gas | 45 | 45 |
| Diesel | 60 | 75 |
| Electricity | 45 | 45 |
Scope and measurement assurance in accordance with ISO 14064-3 Standard on the Scope 1 and Scope 2 GHG accounts has been provided by Carbon Intelligence. Their full report on the GHG assertion and recommendations are available on request.
Based on the data and measurement assurance provided by Keller and the processes and procedures conducted, Carbon Intelligence concludes with limited assurance that the GHG assertion:
* is materially correct;
* is a fair representation of the GHG disclosure and measurement criteria, and
is prepared in accordance with the criteria listed above.
It is our opinion that Keller has established appropriate policies and procedures for the measurement, reporting and disclosure of their GHG emissions for the stated period and boundaries.
Keller’s 2021 Scope 1 emissions increased since 2020. The extent of these emissions are dependent on the projects completed annually. For example, more tunnel boring machines were mobilised this year than during the COVID-19 restrictions of 2020, when our emissions were reduced. Overall, the carbon intensity of our revenue has remained level. Ongoing COVID-19 pressures on market pricing and operational disruption across our business meant this relative metric remained unchanged, despite a reduction in carbon emitted in 2021.
2021 and 2020 Scope 1 emissions are the result of plant and vehicle fuel and site usage. Whilst the measured decrease in Scope 2 location-based emissions this year, even as some businesses returned to office working, reflects the increased use of renewable electricity in our operations, the impact of switching to cleaner energy sources is often offset by other carbon-intensive activities. The increase in scope 2 location-based emissions is also influenced by the increased use of renewable electricity for our sites.
Since we work with local suppliers on each of our projects, these tend to be different for each job. We have therefore introduced emissions of business travel in key markets. Scope 3 business travel has increased since 2020 as our international travel restrictions were lifted. We continue to develop our Scope 3 reporting to improve the scope of our Indirect Category Emissions.
| Keller Group 2021 and 2020 greenhouse gas emissions (tCO2e) | |
|---|---|
| Group | |
| 2021 | |
| Energy use | MWh |
| Scope 1 | tonnes CO2e |
| Scope 2 (market-based) | tonnes CO2e |
| Scope 2 (location-based) | tonnes CO2e |
| Total Scope 1 & 2 | tonnes CO2e |
| Total Scope 1 & 2 (market-based) | tonnes CO2e |
| Carbon intensity | tonnes CO2e per £m revenue |
| Keller UK | |
|---|---|
| 2021 | |
| Energy use | MWh |
| Scope 1 | tonnes CO2e |
| Scope 2 (market-based) | tonnes CO2e |
| Scope 2 (location-based) | tonnes CO2e |
| Total Scope 1 & 2 | tonnes CO2e |
| Total Scope 1 & 2 (market-based) | tonnes CO2e |
| Carbon intensity | tonnes CO2e per £m revenue |
| Scope 3 business travel | tonnes CO2e |
The environmental impact of our projects are heavily influenced by the material choices and their associated embodied carbon. We have therefore started a programme of innovation to reduce these.
We routinely promote ground improvement solutions as a way to reduce raw material use on site. Ground improvement uses natural or recycled materials to improve ground load carrying capacity. This reduces or completely eliminates the need for imported fill material. On site, this demonstrates the reduction in site works and transport, saving primary resource use, and consequently generating a lower carbon footprint for the project. The demonstrated savings in import and transport have resulted in reduced carbon intensity of the construction process.
If we fail to adapt to new methods of working, we are already looking to replace current practices. Whilst all the engineering methods we offer now are now very low water and process intensive, we have been trialling ways to monitor and reduce these impacts. Working with a range of clients, we are starting to demonstrate the benefits of using alternative materials and processes. Whilst the trial specifications have been to use less water, less concrete and less diesel, we have also found these benefits extend to the reduction of water and concrete produced on jet grouting sites. As well as reducing the amount of water, this also has the benefits of improving the onsite logistics of materials that is crucial for our clients. This reduces congestion around our sites, improving air quality and reducing our impact on the environment.
We also look at new projects looking to use alternative materials to those used in current methods. Following on from the widespread success of our Halocrete ® and Neutrogel ® innovations announced in the 2020 annual report, we are proud to announce, SiltLock™ – low-carbon solutions for those methods.
Keller is increasing the contribution Keller can make towards the circular economy. In particular, we look to reduce raw material use, increase our use of recycled materials, reduce diesel to landfill and reuse what we can.
Keller Group plc Annual Report and Accounts 2021
Strategic Report 49
As with our ESG, we aim to improve our impact on the local communities in which we operate. We also aim to improve our output of knowledge from case studies and process improvements to enable local communities.
Working with our clients we develop offsite prefabrication systems and, in addition, our NES team deliver excellent community construction projects. As subcontractors and contractors on site in various regions, we deliver excellence in site management and adhere to the requirements of the environment and noise on the local environment. We also typically use local material suppliers to support local businesses, reduce transport distances and reduce congestion around our sites.
We recognise that every community and city that we operate in has their own local sustainability priorities. We take this into consideration and apply this to our operations. For instance, as part of our environmental impact of residential developments, Keller also looks for opportunities and opportunities to enhance local communities. We are seeking to maximise our output of community benefit and opportunities to enhance the local environment. We are seeking to maximise our output of community benefit and opportunities to enhance the local environment. We market these products both internally to our teams and externally to our clients through our sustainability brochure.# Sustainable solution sets Keller apart
We are committed to improving our environmental performance and delivering more environmentally sustainable solutions wherever possible. Strengthening weak soils with columns of compacted crushed concrete, recycled from other construction projects, is one example. Tudor Park is an upscale housing development in Worcester, and the Environment Agency required a permeable paving solution for a 5-storey, 31-unit apartment block as the best technical, economical and sustainable ground improvement solution. The technique involves penetrating the ground with a hollow flight auger and then filling the hollow stem with crushed recycled concrete and then compacting it with the vibrator. Each column is formed in stages and is vibrated to ensure the soils in between meet the required density. The use of recycled concrete is beneficial, as it doesn’t require any additives such as cement. The solution is economical, as it doesn’t create any spoil that would otherwise have to be disposed of. Solutions like this demonstrate our commitment to a more sustainable future. We hope to bring many more clients quality, low-carbon solutions for both infrastructure and residential developments.
Richard Looij
Project Manager Central Europe
We estimate that using stone columns on this development, instead of cement and steel, saved around 260 tonnes of CO2e. This is equivalent to saving 56 cars from being on the road. Replacing virgin materials also saved some 2,500 tonnes of excavated material.
Keller is committed to delivering its solutions in a socially and environmentally conscious manner. Over recent years reporting processes have improved and is generally encouraging. We did not have any environmental prosecutions in 2021. The total number of environmental incidents remained in line with those reported the previous year, with most incidents being minor or low impact. To further improve, we have been implementing an updated equipment inspection regime to control the number of leaks and environmental incidents. In addition, we continue to work on our preventative maintenance programmes to ensure that we minimise any equipment failure. In addition, we ensure that secondary containment is in place for all stages and processing. We continually seek to improve our processes to, consequently, enhance regulatory compliance, reduce environmental impact and minimise our environmental impact. Whilst as subcontractors we have minimal control on biodiversity on site, multiple business units are making an effort to promote local biodiversity.
Combining a range of geotechnical products and environmental innovation, Keller is helping create a new future for Norway’s leading cancer hospital. The Radiumhospitalet in Oslo is undergoing a £300 million redevelopment, creating an advanced, modern and efficient outpatient centre. Vibration piles with a jet grout seal, and anchors. A new outpatient centre is being built to serve patients in the region, and they need to be able to continue to operate. The piles used in the project are manufactured from spoil, which can then be reused, reducing the amount of waste generated by the works. As well as a focus on the patient environment, the hospital’s existing campus, the piles can also mobilise groundwater in-situ. Noise reduction was a priority on the live hospital site. Keller mitigated this through reverse circulation drilling. This involved water-powered, rather than air-powered, machinery, which is quieter, and also reduces spoil and the need for wheeling.
The government was looking for a quality solution, but also one that considered the environment. We were able to design a complete solution that reduced risk, noise and spoil, and also increased in situ and passive load bearing capacity.
Dominik Gächter
Regional Manager South East Europe and Nordics
In referring to the TCFD framework 9.8.6.R we have concluded that:
In the strategy area we have taken the view that the disclosures are not yet sufficiently developed for full compliance. On assessing compliance we took into consideration the guidance and explanatory notes to the Listing Rules.
| TCFD elements | Cross-reference | Status | Next steps and other comments |
|---|---|---|---|
| Governance | |||
| Oversight of risks and opportunities by the board. | See pages 44, 77, and 78 | A quarterly report on all ESG initiatives and deliverables by the Group Company Secretary and Legal Advisor, to the Board, assures a clear reporting line on all ESG matters, including climate change, to the Chairman and the Board. | |
| Management’s role in assessing and managing climate-related risks and opportunities | See pages 44, 77, and 78 | The Sustainability Steering Committee oversees environmental matters and climate-related risks and opportunities. | |
| Strategy | |||
| Climate-related risks and opportunities have been identified over the medium and long term. | See pages 32 and 38 | As our maturity grows and we embark on scenario analysis, we will implement in greater depth the disclosures and deeper assessment of climate-related risks and opportunities. | |
| The actual and potential financial impacts of climate-related risks and opportunities on Keller’s businesses, strategy and financial planning. | See pages 32 and 38 | The impact of the risks identified can be reflected in the financial statements of the respective reporting periods, which will be disclosed in future financial statements, provided that disclosure is required. The prospect/director statement, in light of the director’s statements, will have to disclose in the future. | |
| The resilience of an organisation’s strategy, taking into consideration different climate-related scenarios, including a 2°C or lower scenario. | See page 32 | As above. In addition, some qualitative assessment has been conducted to support our CDP disclosures. This is to provide a greater understanding of the resilience of our strategy to climate-related risks and opportunities. | |
| Risk management | |||
| The processes and controls used to identify, assess, and manage climate-related risks. | See pages 32 and 38 | We continually assess our overall risk management processes to identify risks and use new opportunities and will ensure that we update the internal reporting to the Board to keep it informed of all ESG matters, including climate change, through harmonising our risk management processes. We will continue to update the Board on all ESG matters, assessing and managing all risks and opportunities. | |
| The processes and controls used for identifying, assessing, and managing climate-related risks. | See pages 32 and 38 | ||
| Integration of climate-related risks and opportunities into the organisation’s overall risk management. | See pages 32 and 38 | ||
| Metrics and targets | |||
| Metrics used by Keller to assess climate-related risks and opportunities in line with strategy and risk management process. | See pages 46 and 48 | These metrics will continue to develop as we grow our scenario analysis. | |
| Scope 1, Scope 2 and Scope 3 greenhouse gas (GHG) emissions and related risks. | See page 48 | We will share TCO2e at year end, share TCO2e at year end, and share TCO2e at year end. We have already started to implement the actions required to measure progress and achieve these goals. | |
| Targets used by Keller to manage climate-related risks and opportunities and demonstrate progress. | See pages 45 and 46 | We continue to develop internal leading targets to mitigate climate risks and realise opportunities. |
Keller introduced a reverse mentoring programme this year to enable senior executives to have in-depth conversations with colleagues from diverse backgrounds and life experiences to them.
José Martinez, Branch Manager, Keller North America mentored Kerry Porritt, Group Company Secretary and Legal Advisor. Jose says: “It was a little intimidating because José is on the Board, but I have been in the industry for years and experienced the challenges and the opportunities. I have had to work hard to get to where I am today. What José has taught me is to challenge your own perceptions and to be more open to new ideas. It is a process that will help me to grow as a leader and to be more effective in my role.”
José added: "I have had to learn and develop my leadership skills and to be able to communicate with a wider range of people. I have had to work hard to get to where I am today. What José has taught me is to challenge your own perceptions and to be more open to new ideas. It is a process that will help me to grow as a leader and to be more effective in my role.”
José Martinez
Branch Manager
“I have had to learn and develop my leadership skills and to be able to communicate with a wider range of people. I have had to work hard to get to where I am today. What José has taught me is to challenge your own perceptions and to be more open to new ideas. It is a process that will help me to grow as a leader and to be more effective in my role.”
Kerry Porritt
Group Company Secretary and Legal Advisor
Our Inclusion Commitments bring together what we are doing to build a more diverse, equitable and inclusive workplace.# Keller Group plc Annual Report and Accounts 2021 Strategic Report 53
While gender equality and empowerment are core to our values, we also recognise and embrace the diversity of our people. This is important because our employees represent the diverse customer base we serve. Their experiences, perspectives and insights. We will foster this by creating an inclusive environment to drive our business strategy and to best serve our customers around the world.
Improve accountability through inclusive and conscious leadership. By empowering and supporting our leaders to excel in this space.
Continue to evolve as the employer of choice in our industry. To attract, inspire and retain a more diverse group of talent.
Listen and engage with our workforce. Through employee-led affinity groups and workforce engagement opportunities.
Partner with like-minded organisations through inclusivity. To drive necessary change in the industry.
Empower and invest in our workforce. By creating an environment of continuous learning and development to support our people in reaching their full potential.
Celebrate our differences and all that unite us. Through earmarking key global events that represent the breadth of our workforce.
The approach of Keller is to embed our diversity and inclusion strategy into our core values and to embed this into our culture and performance management processes.
January
Established a Race Advisory Committee. Keller’s ESG Committee has been established to drive ESG considerations across the organisation and the team will work on initiatives to ensure we deliver on our ESG strategy.
April
Held listening sessions to understand the experiences and challenges of working on site as an underrepresented minority. The outcomes were shared with local management to consider appropriate actions to retain and attract diverse talent.
July
Mandated diverse candidate slates for leadership vacancies and introduced an internal recruitment process that advertises vacancies globally to encourage mobility and provider broader opportunities across the business.
Delivered an extensive DEI communications campaign across the Group based on our Inclusion Commitments to raise awareness.
Launched the Pitcairn Geotechnical Engineering Scholarship to attract the best of the emerging talent in the construction engineering sector and encourage ethnic diversity.
Established Keller Women in Construction (‘KWIC’) in Europe and AMEA and celebrated the one-year anniversary of KWIC in Australia.
Partnered with the 30% Club, a global campaign committed to improving gender and ethnicity representation at board and senior management levels.
Partnered with conscious and inclusive resourcing firms such as FDM Group, who upskill individuals, returners to work and graduates. Keller UK continued to partner with SCS, Women in Construction and Tideway on a joint initiative to develop their approach to gender diversity and DEI.
Developed and launched our Foundations of Wellbeing, an inclusive, people-led approach to wellbeing (see page 57).
Developed a best practice toolkit which provided our global leadership teams with tools and resources to implement and champion initiatives that will help us deliver on our strategy and drive change in the longer term.
September
Roll out of our new Inclusion workshops to our global leadership team and executive teams. Keller believes that the workshops will be instrumental in ensuring that we build an inclusive and diverse business that connects with our business, and to provide them with the tools to effectively lead the talent of becoming a diverse, equitable and inclusive workplace.
December
Continued to celebrate and recognise key global events to reflect the diversity of our workforce. Including Lunar New Year, International Women’s Day, Ramadan, Eid ul-Fitr, Earth Day, Pride month, Hispanic Heritage Month, Indian Engineering Day, World Suicide Prevention Day, Global Diversity Month, World Mental Health Day, Diwali, International Men’s Day, Hanukkah and Christmas.
Took part in Construction Inclusion Week which unites the industry in celebrating diversity and building inclusivity. Keller crew volunteered their time to showcase commitment and accountability, unconscious bias, supplier diversity, jobsite culture and community engagement.
Keller India partnered with Bhumi to educate disadvantaged children, including educational sessions at their centres.
Held diverse hiring webinars to share best practice across the Group and some regions adjusted their interview guides to provide candidates with an equitable experience.
The National Centre for Diversity awarded Keller UK Senior Leadership Team of the Year. This celebrates achievements in respectful, equality, diversity, inclusion and engagement.
Keller UK was also shortlisted for five awards at the Ground Engineering Awards including DEI Manager of the Year.
Started a reverse mentoring programme to our under-represented talent. Following the rollout, we will engage our senior leadership to develop inclusive leadership skills.
Built visibility of our female talent pipeline through our Emerging Potential talent development programme and are looking at targeted interventions to improve representation.
Developed/enhanced inclusive workforce policies in some regions including improved parental leave, flexible working, health and wellbeing to support those who need to balance work and family life, UK GDPR requirements and arranging designated working hours, accommodation and emergency accommodation.
Conscious leadership
Improve accountability through inclusive and conscious leadership
Evolve
Continue to evolve as the employer of choice in our industry
Key
Listen
Listen and engage with our workforce
Partner
Partner with like-minded organisations through inclusivity
Empower
Upskill and invest in our workforce
Celebrate
Celebrate our differences and all that unite us
Setting an engaging agenda is essential to drive improvement and monitor progress. At Keller, inclusion is primarily measured via employee engagement surveys and people manager surveys and we will continue to monitor our progress with our colleagues to understand whether our working environment is one where people feel heard, respected, valued and safe. The employee manager survey provides insights into how our people feel about their work experience.
We acknowledge that representation matters and are committed to measuring and monitoring gender diversity throughout the organisation. Building Balanced Teams, a new robust reporting methodology, will allow us to monitor and report on gender diversity across all levels of the organisation and will hopefully shine a light on talent acquisition and retention.
This methodology will provide insights relating to the talent cycle such as hiring, promotion and turnover rates which will highlight under-represented talent that may need addressing. On completion, the divisional and regional DEI dashboards will provide quarterly updates on their divisional and regional DEI metrics and progress are shared with the Social and Community Committee (see page 86).
o Keller respects individual differences.
‘I can voice a contrary opinion without fear of negative consequences.’ (Score above global construction and utility sector engagement scores of 78%)
Current Keller score: 81%
‘I feel able to be myself at work.’ (Score above global construction and utility sector engagement scores of 69%)
Current Keller score: 73%
KWIC are committed to improving gender representation and equality and continued to drive progress across the organisation. KWIC Australia celebrated its first anniversary in February and this was an opportunity to celebrate diversity in STEM where employees were encouraged to engage with girls and younger women in engineering. The team also held workshops on the importance of women in the construction industry, hosted a women’s health webinar at Keller, and organised a group lunch with a guest speaker on women’s health with the support of the HR team. For their work in the field, KWIC organised inspirational upskilling sessions to provide women with career development and coaching.
KWIC (Europe), established in April, are committed to attracting, inspiring, supporting and developing women in Keller. They have held numerous events, webinars to share experiences of progression within the organisation. They are currently undertaking a gender pay gap analysis to understand and address any underlying causes that may need addressing.# In addition, they are collaborating with KWIC (North America) to understand best practice and lessons learnt in developing a mentoring program. KWIC (AMEA), established earlier this year, focuses on the empowerment of women through development, recruitment and retention and driving gender balance in all levels of leadership. They have launched a programme of work to support the ongoing journey and have established local action plans with clear objectives and measures of success. The local teams involved have been empowered to drive the agenda to understand where to foster inclusion. The inclusion and diversity data, which took longer to collect, will give local management clear visibility of their people metrics.
| As at 31 December 2021 | As at 31 December 2020 |
|---|---|
| No | % |
| HQGHUIHPDOHUHSUHVHQWDWLRQ | |
| Board members | 457% |
| Îûèæø÷ìùèÌòððì÷÷èè | 218% |
| Global leadership team | 59% |
| Engineers | 200* |
| Engineering graduates and apprentices | 20 |
| Ýò÷äïúòõîéòõæè | 1,061 |
×ò÷èöÊïïçä÷ääöä÷#!Íèæèðåèõ" "!Ðïòåäïïèäçèõöëìó÷èäðèûæïøçèöÎûèæø÷ìùèÌòððì÷÷èèðèðåèõö×Û×ò÷õèóòõ÷èç
ÎñêìñèèõöìñæïøçèöÎñêìñèèõìñêÙõòíèæ÷Öäñäêèðèñ÷ËøöìñèööÍèùèïòóðèñ÷äñçÎö÷ìðä÷ìñêúòõîéòõæè
Øøõêèñçèõçìùèõöì÷üö÷ä÷ìö÷ìæööëòúäñìñæõèäöèìñéèðäïèõèóõèöèñ÷ä÷ìòñä÷Îûèæø÷ìùèÌòððì÷÷èè¤#]¥èñêìñèèõìñêõòïèö¤&]¥äñç÷ò÷äïúòõîéòõæè¤!]¥àëìïö÷êïòåäïïèäçèõöëìó÷èäðõèðäìñöunchanged, we are committed to improving representation in this population.
KWIC (Europe) are committed to attracting, inspiring, supporting and developing women in Keller.
Case study
All leading companies want to get better – no matter how good they already are. One of the best ways to do this is to ask employees for their opinions and this is something we’re now doing more of at Keller. Our culture and engagement programme encourages employees to share their thoughts in an anonymous survey, and then discuss the results and decide actions to improve. One of the first of the Ĥõö÷åøöìñèöö units to be involved was Moretrench Industrial.
“We want to understand what our people are thinking – why they stay, why they don’t, and what’s on their mind. This helps to address issues as they arise and keep people happy,” says John Carpenter, President Moretrench Industrial. “The new Keller culture and engagement programme allows us to actively listen to our people.
Results across the board were broadly very positive, with the majority saying they were happy with the company and their position in it. People felt engaged and also said they believe the company is heading in the right direction.
A recent survey of the culture programme allowed us to get direct feedback on the results. John and his management team reviewed the Ĥñçìñêöúëìæëìñ÷øõñúèõèæòððøñìæä÷èç÷òöì÷è÷èäðöäöóäõ÷òéðòõñìñêåõìèĤñêöèööìòñö
“This culture programme is indeed a discussion; once you have that mechanism you can dig deeper and people are much more likely to open up,” he says.
The survey made Justin Schuman, Equipment Öäñäêèõõèäïìöè÷ëèùäïøèòé÷äïîìñê÷òëìö÷èäð more. “I have all these analytics telling me what my equipment is doing, but you sometimes lose sight of the bigger picture when you do not actively engage with your people and find out what they want and what they need to be successful,” he says.
| RIHPSOR\HHVDUHSURXGWRZRUNfor Moretrench Industrial | Would recommend Moretrench | DVDJUHDWSODFHWRZRUN |
|---|---|---|
| 93% | 91% |
àäñ÷ìñê÷òåè÷÷èõïèùèõäêè÷ëä÷èûóèõìèñæè Moretrench is now implementing a mentor program. Further to the Ĥõö÷ìðóõòùèðèñ÷ö÷òæòðèòø÷òé the survey are a new employee-recognition program, and the implementation of robust performance management systems for all.
“This is the start of the journey,” says Óøö÷ìñēì÷đöour employees who are getting the work done, we want to ensure them that we will do what we can to support them and grow as a company.”
Øøõöäéè÷üóèõéòõðäñæèæòñ÷ìñøèö÷òìðóõòùèÝëèÐõòøóđöòùèõèäææìçèñ÷éõèôøèñæüõä÷è¤ÊÏÛ¥éòõ" "!ìðóõòùèçåü$"]÷ò'óèõ100,000 hours worked, and our AMEA Division has an engaged workforce, an ÊÏÛòéýèõòOur total recordable incident rate also improved by 32% in 2021 to 0.63 per 100,000 hours worked, reducing úèëäç#'éèúèõĐõèæòõçäåïèđ injuries.
àèäõèùèõüóõòøçòéòøõìñçøö÷õü¡ïèäçìñê óèõéòõðäñæèäñçìðóõòùìñê÷õäæîõèæòõçÊñç ëòïçìñêöäéè÷üäöóäõäðòøñ÷úèæòñ÷ìñøè÷ò óøöëéòõéøõ÷ëèõìðóõòùèðèñ÷ìñóøõöøì÷òéòøõêòäïòéýèõòëäõð
Êöòøõñøðåèõòéõèæòõçäåïèìñæìçèñ÷ö çèæõèäöèöì÷ìöèùèõðòõèìðóòõ÷äñ÷÷òìçèñ÷ìéü and address near miss events that could have caused damage or harm. Year-on-year near miss reports are up and leadership site interaction is strong, even with the site access challenges created by COVID-19.
Our AVA incident reporting and analysis system helps us understand incidents and root causes and use the lessons learned to improve our safety performance.
This system is supplemented by our Incident Review process that is jointly owned between òøõéøñæ÷ìòñöäñçòóèõä÷ìòñöÝëìöóõòùìçèöøö úì÷ëäùèõüëèäï÷ëüõèùìèúòéòøõìñæìçèñ÷öäñ òóóòõ÷øñì÷üéòõòøõïèäçèõöëìó÷èäðö÷òõòïè ðòçèïèûóèæ÷ä÷ìòñöäñç÷òöëäõèïèäõñäñç grow our culture collectively.
A key factor has been the education on our key health and safety initiatives, oñòúñäöòøõàòõîÜäéè&äñç÷ëè subsequent Group standards relating to these. àèëèïçäÙïä÷éòõðÜäéè÷üçäüìñÖäü÷òîèèó attention on the risks related to large plant and equipment. Collective progress on this topic has ëèïóèçõèçøæèçõìê÷òóóïèöéõòðèìêë÷ìñ" !(÷ò òñèìñ" "!¤ñò÷óïä÷éòõðõèïä÷èç¥
Ê÷÷ëèåèêìññìñêòé÷ëèüèäõä÷õäêìæéä÷äïì÷ü òææøõõèçéòïïòúìñêäñäææìçèñ÷òñäöì÷èìñÊøö÷õìä in which we lost a long-serving and valued employee. Whilst it has been determined Keller úäöñò÷ä÷éäøï÷éòõ÷ëèäææìçèñ÷÷ëèìñæìçèñ÷ëäö æäøöèçøö÷òõèçòøåïèòøõèģòõ÷öäñçúèëäùè æòñ÷ìñøèç÷òäçùäñæèòøõöäéè÷üóõòêõäððèö
Ýëèïòæäïèååöäñçĥòúöòé÷ëèêïòåäïÌØßÒÍ¡!) pandemic created additional operational challenges in 2021. We continued to provide guidance and support to our employees in line úì÷ëàòõïçÑèäï÷ëØõêäñìýä÷ìòñêøìçèïìñèö supplemented by local authority guidance in the regions in which we operate. This approach èñäåïèçøö÷òúòõîìñäöäéèäñçóõòçøæ÷ìùè manner on sites wherever the local regulatory regime allowed, using applicable personal protective equipment and social distancing. The Group has actively encouraged and supported employees to become vaccinated against COVID-19 wherever possible. In õèæòêñì÷ìòñòé÷ëèåèñèĤ÷òééõèèùäææìñä÷ìòñ ÷ëä÷ðäñüòé÷ëèÐõòøóđöèðóïòüèèöäñç÷ëèìõ éäðìïìèöëäùèõèæèìùèçéõòð÷ëèìõñä÷ìòñäï governments, we donated £300,000 to UNICEF’s COVID-19 Vaccines Appeal. This äðòøñ÷äóóõòûìðä÷èïüèôøä÷èö÷ò÷ëèæòö÷òé ùäææìñä÷ìñê÷ëèÔèïïèõúòõîéòõæèäñç÷ëèìõ ìððèçìä÷èéäðìïìèöäñçúìïïëèïóÞ×ÒÌÎÏ÷ò çèïìùèõ!)åìïïìòñçòöèöòéùäææìñèö÷ëìöüèäõ éòõ éõòñ÷ïìñèëèäï÷ëúòõîèõööòæìäïúòõîèõö teachers and those at highest risk.
We want every person who úòõîöéòõøöòõúì÷ëøö÷òêò ëòðèöäéèïüä÷÷ëèèñçòéèäæë day. To achieve this, we are æòððì÷÷èç÷òèģèæ÷ìùèÑÜÎ leadership and management, continually developing a positive öäéè÷üè÷ëòöòéøñçèõö÷äñçìñê transparency and learning, and ÷ëèóõòðò÷ìòñòéëèäï÷ëü behaviours to help avoid illness òõìñíøõüäõìöìñêéõòðóèòóïèđö úòõîòõïìéèö÷üïè
At Keller, we already have a ö÷õòñêèö÷äåïìöëèçæøï÷øõèòé keeping our people physically öäéèÝòåøìïçòñ÷ëèöèö÷õòñê éòøñçä÷ìòñöúèëäùèìñæõèäöèç òøõéòæøöòñäïïäöóèæ÷öòéòøõ people’s wellbeing. We believe that prioritising wellbeing not only enhances our employees’ health and happiness, it makes good business sense, improving resilience, productivity and óèõéòõðäñæè
This year we launched Our Foundations of Wellbeingäêïòåäïéõäðèúòõîúëìæëèûóïäìñö our overall approach to wellbeing at Keller. To equip our leaders with the tools to carry out wellbeing in a strategic way, we also created a àèïïåèìñê÷òòïîì÷åäöèçòñåèö÷óõäæ÷ìæèöóèæìĤæ in our industry. Driving wellbeing means supporting our people’s øñìôøèäñçìñçìùìçøäïñèèçöØøõÏòøñçä÷ìòñöòé Wellbeing underpin everything we do and ensure úèêìùèèôøäïéòæøö÷òèäæëòé÷ëèð
At Keller we define wellbeing as:
Body
Ëèìñêëèäï÷ëüäñçéøïĤïïèç¢ä÷úòõîäñçä÷ëòðèñòúäñçìñ÷ëèéø÷øõè
Our goal – To encourage balanced äñçëèäï÷ëüïìéèö÷üïèöäñç÷ëèäåìïì÷ü ÷ò÷ëõìùèìñïìéè
Community
“Being connected – building positive relationships with each other and our communities”
Our goal¢Ýòåøìïçäöèñöèòé belonging in the workplace and æõèä÷èòóóòõ÷øñì÷ìèöéòõöëäõèç óòöì÷ìùèèûóèõìèñæèö
Financial security
ËèìñêĤñäñæìäïïüĤ÷¢ðäñäêìñêüòøõ ðòñèüúèïïéòõêõèä÷èõöèæøõì÷ü
Our goal – To provide educational tools and resources to help everyone ðäñäêè÷ëèìõçäü¡÷ò¡çäüĤñäñæèö äñçóõèóäõèéòõ÷ëèéø÷øõè
Mind
“Being emotionally healthy and resilient ¢óòöì÷ìùèä÷÷ì÷øçèö÷òïìéèäñçì÷ö challenges”
Our goal – To create an environment to support everyone’s mental health and# Keller Group plc Annual Report and Accounts 2021
Engagement
Leadership
"Being empowered and supported in our lives and careers is key to our success and happiness"
Our goal – To encourage career conversations and growth opportunities that help our people live fulfilling lives.
Measurement
We will continue to listen to our people via local engagement and pulse surveys and independent third-party engagement to understand whether we are making an impact and adapt our approach to support our people in the best possible way.
| Level | Engagement | Wellbeing | Leadership |
|---|---|---|---|
| Level 1 | Limited engagement with our purpose and values. | Wellbeing rarely considered in our purpose and values. | Data collection on wellbeing and its impact on the business. |
| Level 2 | Dedicated people managers who champion engagement. Dedicated engagement framework and toolkit to empower local people managers. Dedicated employee assistance programme in place. Active leadership sponsorship with clear ownership globally under People and HSEQ. Leadership commitments agreed and communicated. Guidance, tools and resources available. | Mental health and wellbeing is a focus for the organisation. Policies and practices increasingly consider and promote wellbeing. Active engagement and input by leaders and data collected. Localised strategy and action plans developed. Visible role modelling on wellbeing by Global Leadership Team. Global engagement with our purpose and values. Employee engagement in working and work environment. Clear wellbeing maturity model. | Measurement of engagement via local engagement groups and engagement surveys. Wellbeing activity integrated into business as usual activities and budgeting in same way as other core business functions. Leaders trained and skilled at managing wellbeing. Clear sight and collaboration on wellbeing globally. A focus on progress, and empowerment where conversations about mental health are commonplace. Wellbeing integrated into people processes and procedures including induction, onboarding and development, career development, recognition and reward. Structured measurement and regular, transparent reporting on wellbeing. |
'Generally, I believe my workload is RESPONSIBLE FOR MY ROLE'
'My immediate manager(s) genuinely cares about my wellbeing'
Target: Score above global construction and heavy industry average
Target: Score above global construction and heavy industry average
Current Keller score: 80%
Current Keller score: 78%
Earlier in the year, we also delivered on our commitment to deliver the key initiative of employee assistance programmes across Keller. This was a key and timely milestone that enables us to offer additional support during COVID. Wellbeing requires long-term commitment, consistency and regular engagement to be effective. To drive progress, we developed a wellbeing maturity model. This enables us to understand what actions improve and how to progress us. We believe we are at a Level 2 today, with an ambition to reach Level 4 by 2025. Local business units will use the maturity model to assess and plan to ensure collective improvement over time.
Keller’s response to the COVID-19 pandemic in 2020 – was a focus on protecting our people and protecting our business. Our operations had become used to the protocols we had established during 2020 and the increase of cases so in all in preceding year. Our attention soon began to establishing vaccination guidance which was developed by the Government of UK, Ireland and US.
One person dies from suicide every 40 seconds
Potential warning signs
Six steps to respond
Employee assistance programmes go global
We have extended our employee assistance programmes so employees and their dependents in every country now have access that is where that is available. Provide guidance to support the employee assistance programmes.
dealing with COVID-19 over the last year or so has been unprecedented times for our people. This came through in Keller’s COVID-19 employee survey, as well as its employee pulse surveys.
As a consequence, you implemented our wellbeing assistance programmes to ensure global support for them. This support has improved and given us to and us help and help you and you help the help.
These programmes provide more support to our people. They help them take the very best care of themselves and their families and to be more successful at meeting their responsibilities at home and at work.
Wellbeing is a leadership priority and we support our employees to help them and empower at work and at home, today and in the future.
Sandy-lee Connolly
Director of People and Wellbeing
Due to the multiple jurisdictions within the Keller organisation, and the debate around whether to be vaccinated or not, the company determined that its approach would be to prioritise and support everyone in becoming vaccinated. Our approach to encouraging and supporting vaccination has been led by management at all levels of the operation and delivered properly accordingly. In some countries we have been able to achieve a high level of those employees who have been able to book them. While you have communicated the clear offer of wellbeing, the support process of those who have been able to book them has been highly successful due to the employee assistance programme. The support of the Hygiene programme in Onsite has been such that those who have been offered them, and has been an example. Keller worked closed with government medical authorities to ensure ! of all Hygiene and contract employees were able to book them. In recognition of Hygiene and its programme Council (CIDC ) awarded the team a special category Corona Warriors award.
Case study
We are partnering with Bhumi, one of India’s largest charities, to support and educate disadvantaged children and encourage future generations to protect the environment. Bhumi has over 30,000 mainly youth volunteers and has helped educate more than 25,000 children across India since its inception in 2009. This scheme will provide support and empower young people through NGO and childhood education, and provide support and promoting eco workshops. COVID has had a devastating impact on parents for children in India, so Bhumi will have given support to and those who have lost a breadwinner to the coronavirus or terminal illness over the past two years. This will increase support for and from employees, subcontractors and others with links to Keller. The selected children will then receive a scholarship. We will also be sponsoring Bhumi educational programmes and children through school and providing school equipment. And employees will be encouraged to get involved in the charity’s Eco-Champs programme, where children plant trees, learn about recycling and take part in art workshops through and inspiring programme.
We really hope to be able to make a positive impact to our employees and children.
‘Subbu’ Subramanian
Director of HR, Bhumi
AMEA have prioritised leadership development and introduced a new Conscious Leadership Programme, developed an Emerging Leaders Programme and delivered on an intensive Inclusive Leadership workshop during the year. Europe continued to adapt their approach to deliver proper leadership support while they assess due to mobility restrictions related to COVID.# Leadership on Site training as well as Leading Teams Remotely were delivered during the æòøõöèòé" "!ÝëèÜäïèöÌòøñöèïïòõ Programme is well established and seeks to increase the company’s capabilities in winning ëìêëèõôøäïì÷üúòõîéõòðòøõæïìèñ÷ö àèäõèæòððì÷÷èç÷òçèùèïòóìñêòøõéø÷øõè÷äïèñ÷ óìóèïìñèòéïèäçèõöäñçìñùèö÷ìñêìñòøõóèòóïè÷ò ensure they are equipped with the skills to drive ÷ëèòõêäñìöä÷ìòñéòõúäõçúì÷ëìñäñèùèõæëäñêìñê äñçæòðóïèûðäõîè÷ØøõÞñèäõ÷ëìñêÙò÷èñ÷ìäï talent development programme enables us to åøìïç÷ëìöæäóäåìïì÷üäñç÷òõèöóòñç÷ò÷ëèéø÷øõè ñèèçöòé÷ëèåøöìñèööÒ÷äïöòäïïòúöøö÷òäæ÷ìùèïü èñêäêèäçìùèõöèõäñêèòé÷äïèñ÷äöúèïïäöçèùèïòó éø÷øõèïèäõñìñêïèäõñìñêéòõäïïàèåèïìèùè÷ëä÷èùèõü èðóïòüèèöëòøïçëäùè÷ëèòóóòõ÷øñì÷üéòõõèêøïäõ career conversations and development plans, and during the year, included an additional module to éäæìïì÷ä÷èçìöæøööìòñö÷ëä÷éòõðóäõ÷òé÷ëè÷äïèñ÷ development programme.
Keller’s ability to deliver its business strategy depends on employees with relevant skills, îñòúïèçêèäñçèûóèõìèñæèØøõêõòøó¡úìçè learning and development programmes promote a culture that empowers our people to drive ìññòùä÷ìòñäñçéòæøöòñÔèïïèõđöóõìñæìóäïäæ÷ìùì÷ìèö òéúìññìñêäñçèûèæø÷ìñêúòõîòñåèëäïéòéæïìèñ÷ö From mid-2021, the North America division was able to reactivate its learning and development óõòêõäððèöúì÷ë÷ëèúòõîéòõæèÝëèöèö÷äõ÷èç úì÷ëöòðèòñïìñèõèéõèöëèõ÷õäìñìñêéòõ÷ëòöè÷ëä÷ had previously attended the Project Manager academy prior to the pandemic to ensure that the previous learning outcomes realised remained relevant and current. In person äæäçèðìèö÷ëèñéòïïòúèçéòõÙõòíèæ÷Öäñäêèõö and Field Superintendents; as well as a cohort òéöäïèö÷õäìñìñê
Êðäíòõéòæøöéòõ×òõ÷ëÊðèõìæäéòïïòúìñê÷ëè One Keller reorganisation has been cross- ÷õäìñìñêòøõ÷èäðöìññèúóõòçøæ÷öòģèõìñêöéòõ æïìèñ÷öÊñòñïìñèòģèõìñêëäöåèèñçèùèïòóèç that supports our sales, engineering and project ðäñäêèðèñ÷÷èäðöçèùèïòóäúäõèñèööòé÷ëè éøïïæä÷äïòêøèòé÷èæëñìæäïæäóäåìïì÷ìèö÷ëä÷Ôèïïèõ has. This has been a valuable tool in upskilling our ÷èäðö÷òåèäåïè÷òòģèõðøï÷ìóïèöòïø÷ìòñöéòõ our clients projects.
We invest in our people’s óõòéèööìòñäïäñçóèõöòñäï development and provide a æëäïïèñêìñê èñùìõòñðèñ÷ éòõ ÷ëèð÷òèûèõæìöè÷ëèìõöîìïïö We also take a leadership role in our industry and the communities in which we operate to encourage personal and economic growth.
Keller Group plc Annual Report and Accounts 2021 Strategic Report62
Case study Keller has set up an annual scholarship to attract the best geotechnical engineers and strengthen ties with leading universities. The Pitcairn Geotechnical Engineering Scholarship commemorates Colin Pitcairn, ÷ëèäõæëì÷èæ÷òéÔèïïèõđöêïòåäïïèäõñìñêäñç development programmes, who sadly died in 2020.
Îäæëüèäõ÷ëèöæëèðèòģèõöäêõäñ÷òéøó÷ò £10,000 each to three promising engineering undergraduates looking to take a master’s degree in geotechnical engineering.
ÓòõêèÖäïäùèìöòñèòé÷ëèĤõö÷õèæìóìèñ÷ö òé÷ëèöæëòïäõöëìóäñçõèæèñ÷ïüåèêäñëìö master’s programme in Structural and Geotechnical Engineering at the University òéÌèñ÷õäïÏïòõìçä
ēÒĤñçö÷õøæ÷øõäïäñçêèò÷èæëñìæäïèñêìñèèõìñê projects more interesting than any other area òéæìùìïèñêìñèèõìñêäñçõèæèìùìñê÷ëìö scholarship means the world to me.”
ÝòéøïĤïòøõäðåì÷ìòñ÷òåè÷ëèïèäçìñê provider of specialist geotechnical solutions, we have to attract the best engineers with potential to become our future leaders. Partnership is one of our Inclusion Commitments. It recognises the importance of collaborating and partnering with like-minded organisations through inclusivity ÷òçõìùèæëäñêèìñ÷ëèìñçøö÷õü
Graeme Cook
Group People Director
In November 2021, we held our Project ÖäñäêèõöđæòñéèõèñæèìñÝèûäöÝëìöåõòøêë÷ ÷òêè÷ëèõöòðè#( óèòóïèéõòðäæõòöö×òõ÷ë America Division to learn, network and share ideas and best practice. Attendees were able to ïèäõñäñçêõòú÷ëèìõèûóèõ÷ìöè÷ëõòøêë÷èæëñìæäï and leadership presentations, workshops, èûëìåì÷ìòñöäñçêõòøóäæ÷ìùì÷ìèö
We are committed to investing in our emerging ÷äïèñ÷äñçåøìïçìñêçìùèõöèæäóäåìïì÷üéòõ÷ëè éø÷øõèÝëìöüèäõúè÷òòîòñòùèõ! $ engineering graduates and provided 53 apprenticeship and 81 intern and co-op opportunities across the group. Øùèõ÷ëèïäö÷éèúüèäõöúèđùèöèèñóõòêõèöö úì÷ëäçìùèõöèìñ÷äîèéòõèñ÷õü¡ïèùèïèñêìñèèõìñê roles and cultivating relationships with key øñìùèõöì÷ìèö÷ëä÷ëäùèäëìêëèõóõòóòõ÷ìòñòé øñçèõõèóõèöèñ÷èçðìñòõì÷ìèöÏòõèûäðóïè×òõ÷ë Êðèõìæääöóäõ÷òéäóìïò÷óø÷ðòõèéòæøöòñ balanced representation with early career õèæõøì÷ðèñ÷çøõìñê" "!¤%]ìñæõèäöèòééèðäïè ìñ÷èõñöäñçæò¡òóöäñçä! ]ìñæõèäöèòéåïäæî èñêìñèèõö¥Ýëèåìêêèö÷æòñ÷õìåø÷ìñêéäæ÷òõöòé success have been leader sponsorship, targeted õèæõøì÷ðèñ÷éòæøööèçòñÍÎÒìñì÷ìä÷ìùèöäñç÷ëè äçòó÷ìòñöòéìñæïøöìùèúòõîéòõæèóòïìæìèööøæë äöèñëäñæèçóäõèñ÷äïïèäùè The progress achieved in North America will öèõùèäöäåïøèóõìñ÷éòõò÷ëèõçìùìöìòñö÷òæòñöìçèõ The Pitcairn Geotechnical Engineering Scholarship was launched during the year which is designed to attract the best geotechnical engineers and strengthen our ties with leading øñìùèõöì÷ìèöÎäæëüèäõ÷ëèöæëèðèúìïïòģèõ äêõäñ÷òéøó÷ò|! ÷òèäæëòé÷ëõèèæìùìï engineering graduates considering a masters’ degree in geotechnical engineering. An òóóòõ÷øñì÷ü÷òñò÷òñïüö÷õèñê÷ëèñòøõéø÷øõè talent pipeline, but to improve diversity at Keller by attracting more women and other individuals éõòðøñçèõ¡õèóõèöèñ÷èçðìñòõì÷üêõòøóö
We pride ourselves on creating a company culture that values learning and development and giving our colleagues the opportunity to grow and thrive. During the year, a workplace mentoring programme was launched in North Êðèõìæäéòõ÷ëèóøõóòöèöòéäææèïèõä÷ìñê óèõöòñäïäñçóõòéèööìòñäïçèùèïòóðèñ÷ encourage and empower employees to realise their potential and to strengthen ïèäçèõöëìóæäóäåìïì÷ü
Ôèïïèõđöêïòåäïóõòçøæ÷÷èäðöéòæøöòñöëäõìñê óõòçøæ÷¡öóèæìĤæîñòúïèçêèäõòøñç÷ëèúòõïç ðäîìñêöøõèúèäõèåèö÷èôøìóóèç÷òòģèõöäéè productive, market-leading technologies to our æøö÷òðèõöàèëäùèä÷èäðéòõèäæëòéòøõèìêë÷ major product lines. This year, we continued monthly educational webcasts, each attended åüöèùèõäïëøñçõèçóèòóïèéõòðòøõêïòåäï engineering and operations communities.
Our businesses take a leadership role within their industry by providing employees, customers, suppliers and potential employees with technical óäóèõööèðìñäõöĤèïç÷õìóöäñçöì÷èùìöì÷öÜ÷äģ éõòðæòðóäñìèöëëõòøêëòø÷÷ëèÐõòøóðäìñ÷äìñ close contact with partner universities to share åèö÷óõäæ÷ìæèäñçóõòùìçèèûäðóïèöòé÷ëèìõ leading-edge engineering.
Keller Group plc Annual Report and Accounts 2021 Strategic Report 63
Ôèïïèõèûóèæ÷öäïïèðóïòüèèöäñçöøóóïìèõö÷ò adhere to international standards on human õìêë÷öìñæïøçìñêúì÷ëõèöóèæ÷÷òæëìïçäñçéòõæèç ïäåòøõïäñçõìêë÷öäñçéõèèçòðòéäööòæìä÷ìòñ äðòñêò÷ëèõèïèðèñ÷öàè÷äîèäýèõò¡÷òïèõäñæè äóóõòäæë÷òöïäùèõüäñçëøðäñ÷õäĦæîìñêäñç are strongly committed to ensuring that all employees, as well as the people who work on òøõåèëäïéäõèóõò÷èæ÷èçØøõéøïïèûóèæ÷ä÷ìòñö äõèìñæïøçèçìñòøõÜøóóïüÌëäìñÌòçèòé Business Conduct and modern slavery and ëøðäñ÷õäĦæîìñêö÷ä÷èðèñ÷úëìæëäõèäùäìïäåïè on our website. We conduct appropriate due çìïìêèñæèòñòøõóäõ÷ñèõöäñçäïïòéòøõöøóóïìèõö are obliged to adhere to the principles set out in the Code, including on human rights.
Keller’s Anti-Bribery and Anti-Fraud Policy and whistleblowing procedures are designed to ensure that employees and other parties including contractors and third parties are able ÷òõèóòõ÷äñüìñö÷äñæèöòéóòòõóõäæ÷ìæèöäéèïü through an independent organisation. All reports received via this or any other reporting mechanism are thoroughly investigated and reported to the Audit and Risk Committee, which õèùìèúöèäæëæäöèäñçì÷öòø÷æòðèö×òñèòé òøõìñùèö÷ìêä÷ìòñöçøõìñê" "!ìçèñ÷ìĤèçäñü öüö÷èðìæìööøèöòõåõèäæëèöòéòøõòåïìêä÷ìòñö under the Bribery Act 2010. The Anti-Bribery and Anti-Fraud Policy is supported by periodic audits and reminders.
We recognise that assurance over our business äæ÷ìùì÷ìèöäñç÷ëòöèòéòøõóäõ÷ñèõöäñçöøóóïìèõö is essential. In 2021 our employees completed mandatory training on competition compliance and data privacy and in 2022 will complete ðäñçä÷òõüÌòçèòéËøöìñèööÌòñçøæ÷÷õäìñìñê You can read more about our risk management äñçóõìñæìóäïõìöîöéõòðóäêè#"òñúäõçö
## 7D[VWUDWHJ\
àèóøåïìöëòøõ÷äûö÷õä÷èêüòñòøõúèåöì÷è äñçäõèæòððì÷÷èç÷òðäñäêìñêòøõ÷äûäģäìõö responsibly and in compliance with relevant ïèêìöïä÷ìòñØøõ÷äûö÷õä÷èêüìöäïìêñèç÷òòøõ ÌòçèòéËøöìñèööÌòñçøæ÷äñçÔèïïèõđöùäïøèö and culture and is owned and approved by ÷ëèÊøçì÷äñçÛìöîÌòððì÷÷èèäñç÷ëè Ëòäõçäññøäïïü
Ýòõèĥèæ÷÷ëèêõòúìñêìðóòõ÷äñæèòé Environmental, Social and Governance (ESG) ðä÷÷èõöäñçóõòùìçèêõèä÷èõéòæøöäñçòùèõöìêë÷ on these issues, we announced on 30 July 2021 that the Board had established two new Board Committees: the Environment Committee and the Social and Community Committee. In addition, the Audit and the Nomination Committees were renamed the Audit and Risk Committee and the Nomination and Governance Ìòððì÷÷èèõèöóèæ÷ìùèïü÷òåè÷÷èõõèĥèæ÷÷ëèìõ remits. Further detail on the membership and ÷èõðöòéõèéèõèñæèéòõ÷ëèöèÌòððì÷÷èèöæäñåè éòøñçòñòøõúèåöì÷èäñçòñóäêèö'(äñç')òé this report.# ESG Matters
In addition to the new Committee structure, the Board oversees a framework that ensures a clear reporting line on all ESG matters. The Group Company Secretary and Legal Advisor to the Board is responsible for ESG matters, reporting through the Group Company Secretary and Legal Advisor to the Board. The Board receives quarterly reports which summarise the activities, initiatives and challenges on ESG during the period and track progress against targets. This oversight function ensures a clear reporting line on all ESG matters to the Chairman.
The overarching targets include governance, gender DEI and carbon reduction as the drivers for all decision-making and action-based opportunities that form our ESG strategy, which we have committed to following diligently. The targets aim to align with the UN Sustainable Development Goals 3, 5, 13 and 17. On achievement of overarching targets, the UK Chief Executive is tasked with setting more granular, cascaded targets for individual business units and teams to aim for – these will be measured by our current ESG data management system. The company will have zero unmitigated environmental targets where by 2023, the company aims to have all relevant statutory, regulatory and customer requirements met. The company aims to have zero lost time injuries to zero by 2024, and zero lost time injuries to zero by 2025 and zero lost time injuries by 2025, and zero lost time injuries by 2025 (the latter referring to client-originated Scope 3). We have started to implement the short, medium and long-term actions required to achieve these targets. Over the next five years, we will be undertaking significant steps to measure and improve our ESG performance.
Good governance is about helping to run the company well. Our system of internal controls is in place to ensure that management operates effectively and efficiently in the pursuit of the company’s objectives. This system of controls is designed to provide reasonable assurance of achieving the company’s objectives and in particular, to safeguard its assets, ensure the accuracy and reliability of its financial reporting and ensure compliance with applicable laws and regulations. It also ensures a positive culture where employees feel empowered to speak up and report concerns without fear of reprisal, and it is a valuable tool that helps our employees to conduct themselves with integrity, and provides a framework for ethical conduct. It also ensures a positive culture where employees feel empowered to speak up and report concerns without fear of reprisal, and it is a valuable tool that helps our employees to conduct themselves with integrity, and provides a framework for ethical conduct. It also ensures a positive culture where employees feel empowered to speak up and report concerns without fear of reprisal, and it is a valuable tool that helps our employees to conduct themselves with integrity, and provides a framework for ethical conduct. It also ensures a positive culture where employees feel empowered to speak up and report concerns without fear of reprisal, and it is a valuable tool that helps our employees to conduct themselves with integrity, and provides a framework for ethical conduct.
Our Ways of Working framework and Code of Conduct sets out the principles and behaviours expected of everyone at Keller, and the standards by which we operate. It also ensures a positive culture where employees feel empowered to speak up and report concerns without fear of reprisal, and it is a valuable tool that helps our employees to conduct themselves with integrity, and provides a framework for ethical conduct. It also ensures a positive culture where employees feel empowered to speak up and report concerns without fear of reprisal, and it is a valuable tool that helps our employees to conduct themselves with integrity, and provides a framework for ethical conduct. It also ensures a positive culture where employees feel empowered to speak up and report concerns without fear of reprisal, and it is a valuable tool that helps our employees to conduct themselves with integrity, and provides a framework for ethical conduct. It also ensures a positive culture where employees feel empowered to speak up and report concerns without fear of reprisal, and it is a valuable tool that helps our employees to conduct themselves with integrity, and provides a framework for ethical conduct. The Code is supported by our Group policies, our modern slavery and human trafficking statement and our new Supply Chain Code of Conduct. Our Ways of Working framework and Code of Conduct sets out the principles and behaviours expected of everyone at Keller, and the standards by which we operate. Our compliance programme, which comprises regular training on our Ways of Working, is designed to ensure that our employees have the knowledge and understanding to do the right thing – maintaining ethical and honest behaviour, respecting employees’ rights and dignity, and preventing fraud and corruption.
The Code of Conduct and Group Decision-Making guidelines help us to make sound, ethical decisions when situations aren’t clear-cut. It also ensures a positive culture where employees feel empowered to speak up and report concerns without fear of reprisal, and it is a valuable tool that helps our employees to conduct themselves with integrity, and provides a framework for ethical conduct.
We can be found at www.keller.com under ‘How we work’
We encourage our employees to embrace the Global Reporting Initiative (GRI) standards and the latest sustainability guide. We are also helping to compile sustainability best practice guides with the European and American trade associations.
Our employees are encouraged to support a range of groups and charities, depending on what is most important to them locally. This may involve fundraising, donating time or making financial contributions. In recognition of the contribution of employees to our social impact, the Group has invested and our employees have invested £20,000,000 in a range of ESG initiatives and our employees have collectively donated £3 million to the WHO’s COVAX Vaccines Appeal. The Group has actively supported and encouraged our employees to become vaccinated against COVID-19, as this is crucial to protect our employees, their families and the communities in which we operate.
We have actively encouraged and supported our employees to become vaccinated against COVID-19, as this is crucial to protect our employees, their families and the communities in which we operate.
We have actively encouraged and supported our employees to become vaccinated against COVID-19. This has helped UNICEF deliver more than two billion doses of vaccines for frontline health workers, social workers, teachers and those at highest risk. The initiative has encouraged and supported our employees to become vaccinated against COVID-19, as this is crucial to protect our employees, their families and the communities in which we operate.
Keller Group plc Annual Report and Accounts 2021 Strategic Report 65
Throughout the Corporate Social Responsibility section, we will be clear with the Group, the business model by which we operate and the underlying principles that guide us. Furthermore, when referring to the Group’s statutory, regulatory and customer requirements, we have been guided by our internal ESG policies.
To the attention of Keller Group plc, the attention of the Directors and officers of the subsidiaries and associated companies of Keller Group plc.
Kerry Porritt
Group Company Secretary and Legal Advisor
7 March 2022
The attention of the Directors of Keller Group plc, and the directors of its group undertakings.
Keller Group plc
Annual Report and Accounts 2021
Strategic Report
67
We have met or exceeded the diversity targets we set ourselves in the Board’s Diversity Policy approved in January last year.
Peter Hill CBE
Chairman
Chairman’s introduction
Board succession and diversity
When I arrived in 2016, I set out an ambition to have a Board from multiple industries and geographies that had varied and valuable experiences as well as gender and ethnic diversity. A diverse and inclusive board will ensure that varied and valuable experiences are brought to bear, and that all employees feel that they can belong and thrive within Keller. It is my view that diverse boards are more effective and that better, more informed decisions are made when applying judgements in challenging business-related circumstances. We have met or exceeded the diversity targets we set ourselves in the Board’s Diversity Policy approved in January last year and as recommended by the Hampton-Alexander and Parker Reviews, which set targets of a 33% female share of Board Directors by 2020 and a minimum of one Board Director from an ethnic minority background by 2022.
On 1 February 2022, we announced the appointment of Juan G. Hernández Abrams, who has joined the Board as an independent Non-executive Director and will be Chair of the Environment Committee. Our Nomination and Governance Committee, led by me, with support from the whole Board and the Group Company Secretary and Legal Advisor, oversaw the appointment process. Juan’s biography is set out on page 70. Juan brings rich and diverse experience to the Board and I warmly welcome him to Keller.
On behalf of the Board I would like to pay tribute to Nancy Doyle, who has made a significant contribution since joining the Board as a Non-executive Director in 2014 and her valuable input at various Committees – the Audit and Risk, Nomination and Governance, Remuneration and Social and Community - and as Chair of the Environment Committee. The Board and the Nomination and Governance Committee will miss her extensive knowledge and experience, particularly of the US engineering and construction sector. Nancy will retire from the Board following this year’s AGM, and we wish her well.
The Board and the Nomination and Governance Committee will continue to drive the agenda of diversity, equity and inclusion across the Group.
Planet, People and Principles
To help the Board focus on ESG matters and to provide greater focus and oversight, we announced in July 2021 that the Board had established two new Board Committees: the Environment Committee and the Social and Community Committee. In addition, the Audit and the Nomination Committees were renamed the Audit and Risk Committee and the Nomination and Governance Committee respectively, to better reflect their remit. Full details as to the membership and terms of reference for these Committees can be found on pages 78 and 79. This new Committee structure allows for greater depth of engagement and conversation and clear focus in driving forward our ESG agenda; a quarterly report on all ESG initiatives and deliverables by the Group Company Secretary and Legal Advisor, to the Board, assures a clear reporting line on all ESG matters to me.
In 2022 we have put in place a roadmap of initiatives and milestones to help us achieve our ESG priorities and meet increased reporting and compliance obligations in this area and I am proud that we have set ambitious and achievable net zero carbon targets by 2050. We believe that carbon targets are essential to mitigate global climate-related risks while we pursue climate-related opportunities in our operations and contracts. We will be net zero across all three emission scopes by 2050; net zero on Scope 2 by 2030, net zero on Scope 1 by 2040 and net zero by 2050 on operational Scope 3. More information can be found in the ESG and sustainability report on pages 42 to 67.
Company purpose and culture
The Board is cognisant that it has the ultimate responsibility for ensuring an appropriate company culture to act as a backdrop to the way in which Keller behaves towards all its stakeholders. Our culture provides the foundation to drive our purpose and delivery of our strategy. As a Board, we continue to spend time focused on ensuring that our culture enables us to build the organisational capability required to deliver on our promises to our stakeholders, customers, employees, society and shareholders. More information on our purpose and culture can be found on page 2.
Dear shareholder
On behalf of the Board, I am pleased to introduce our Governance report for the year ended 31 December 2021. This report outlines our approach to corporate governance and outlines key areas of focus of the Board and its activities undertaken during the year as we continue to drive long-term value creation for all our stakeholders.
Keller Group plc
Annual Report and Accounts 2021
Governance
68
Engagement with our stakeholders
Balancing stakeholders’ needs and views is a key part of Board decision-making. The Board recognises the importance of two-way communications with our employees. The role of our designated workforce engagement director has been in place since 2017 and, supported by the Social and Community Committee, continues to be a successful way of ensuring that the Board appropriately considers the interests of employees in its deliberations and, in doing so, makes better decisions.
Towards the end of 2021 we commissioned a third party to undertake an independent perception audit of a number of investment managers. The outcome has not only enabled the Board to obtain a deeper level of understanding of the views of our shareholders and potential investors, but also gives the executive management additional input as they formulate the strategy for the years ahead.
Whilst for much of the year it has not been possible to meet physically with employees and other stakeholders, the Board has recently resumed face-to-face Board meetings and activities, and all Board members are looking forward to meeting and connecting more personally with stakeholders in a COVID-19 safe environment over the next year.
Board evaluation
It is extremely important that the Board, its Committees and individual Directors rigorously review their performance and embrace the opportunity to develop, where necessary. The Board has undertaken an independent, external evaluation of its performance with support from the Group Company Secretary and Legal Advisor. Progress on last year’s areas of focus as well as the outcome of the Board’s external evaluation can be found on pages 82 and 83.
Looking forward
We continued to make good strides as a business in 2021, with our performance exceeding market expectations. As a Board we are focused on further driving the delivery of our strategy over 2022 and beyond, whilst maintaining the highest standards of corporate governance expected by our stakeholders. The outcome of the BEIS consultation on audit and corporate reform, and its impact on the way we work, will be a key theme on our agenda as well.
I encourage all our stakeholders to take every opportunity presented to engage with the company and, subject to any COVID-19 restrictions in place at the time, I would welcome you to attend, and in any case vote at, the forthcoming AGM.
The company was subject to the Code in respect of the year ended 31 December 2021 (the full text of which can be found at www.frc.org.uk). The Board is pleased to confirm that the Group applied the principles and complied with the provisions of the Code. The remainder of this report contains the narrative reporting variously required by the Code, the Listing Rules and the Disclosure, Guidance and Transparency Rules, setting out in greater detail the framework and processes that Keller has in place to ensure the highest levels of corporate governance.
Compliance with the Code | Board leadership and company purpose | Audit, risk and internal control | Division of responsibilities | Remuneration | Composition, succession and evaluation
Read more on page 74 | Read more on page 83 | Read more on page 80 | Read more on page 96 | Read more on page 82
Needless to say that if we cannot meet in person in May, if you wish to ask a question of the Board relating to this report or the business of the AGM, please feel free to do so by emailing the Group Company Secretary and Legal Advisor at [email protected]. We will consider and respond to all questions received and, to the extent practicable, publish the answers on our website.
Yours faithfully,
Peter Hill CBE
Chairman
Approved by the Board of Directors and authorised for issue on 7 March 2022.# Keller Group plc Annual Report and Accounts 2021
Non-executive Chairman
Non-executive Director
Non-executive Director
ÌëìèéÏìñäñæìäïØĦæèõ
Group Company Secretary and Legal Advisor
Non-executive Director
ÌëìèéÎûèæø÷ìùèØĦæèõ
Non-executive Director
Senior Independent Director and designated Non-executive Director with responsibility for workforce engagement
Group People Director
President, Europe
President, North America
The Board comprises six Non-executive Directors (NEDs) and two Executive Directors. The names of the Directors at the date of this report, together with their biographical details, are set out on pages 70 and 71. The NEDs constructively challenge and help to develop proposals on strategy and bring strong independent judgement, knowledge and experience to the Board’s deliberations. Periodically, the Chairman meets with the NEDs without the Executive Directors present. Apart from formal contact at Board meetings, there is regular informal contact between the Directors. Paula Bell, Eva Lindqvist, Baroness Kate Rock, Nancy Tuor Moore and Juan G. Hernández Abrams are all considered to be independent NEDs. Their other professional commitments are as detailed on pages 70 and 71. Peter Hill was independent at the time of his appointment as Chairman on 26 July 2016. Peter’s other professional commitments are as detailed on page 70.
All Directors are subject to re-appointment at the annual general meeting following their appointment and to annual re-election thereafter, in accordance with the Code.
All Directors are expected to attend each Board meeting and each Committee meeting for which they are members, unless there are exceptional circumstances preventing them from participating. The table below shows that during the year the Directors attended all of the meetings they were eligible to attend, with the exception of Eva Lindqvist, who was unable to attend the Audit and Risk Committee and the Nomination and Governance Committee meetings as a result of the Omicron variant of COVID-19 outbreak in the UK. On that occasion, she reviewed the supporting papers and provided comments to the Chairman and the Committee Chair.
| Board Audit and Risk Committee | HSEQ Committee | Environment Committee | Nomination and Governance Committee | Remuneration Committee | Workforce Engagement Committee | Social and Community Committee | |
|---|---|---|---|---|---|---|---|
| Paula Bell | 9/9 | 4/4 | 1/1 | 1/1 | 2/2 | 3/3 | – |
| David Burke | 9/9 | – | – | – | – | – | – |
| Peter Hill | 9/9 | – | – | – | 2/2 | – | – |
| Eva Lindqvist | 9/9 | 4/4 | 1/1 | 1/1 | 2/2 | 3/3 | – |
| Nancy Tuor Moore | 9/9 | 3/4 | 1/1 | 1/1 | 2/2 | 3/3 | 1/1 |
| Kate Rock | 9/9 | 4/4 | 1/1 | 1/1 | 2/2 | 3/3 | 1/1 |
| Michael Speakman | 9/9 | – | – | 1/1 | – | – | 1/1 |
| Graeme Cook | – | – | – | – | – | – | 1/1 |
| Kerry Porritt | – | – | – | – | – | – | 1/1 |
The Environment and Social and Community Committees were established in July 2021 and assumed, where relevant, the responsibilities of the former Health, Safety, Environment and Quality (HSEQ) and Workforce Engagement Committees respectively.
Under the Companies Act 2006 (the ‘2006 Act’), a Director must avoid a situation where they have, or could have, a direct or indirect interest that could create a conflict with the interests of the Company. The Board has approved a Directors’ policy on the avoidance and management of conflicts of interest, and to comply with the requirements of the 2006 Act, the Board has approved the specific provisions of Keller’s Articles of Association that permit the Directors to authorise such situations and to include other provisions to avoid conflicts of interest, provided that the Directors do not stand to gain improperly from the situation. The Board meets to consider its register of interests and gives, when appropriate, any necessary approvals. There are safeguards which will apply when Directors decide whether to authorise a conflict of interest. Firstly, no Director who has an interest in the matter being considered will be able to take the relevant decision and, secondly, in taking the decision, the Directors must act in a way that they consider, in good faith, will be most likely to promote Keller’s success. The Directors are able to impose limits or conditions when giving authorisation if they think this is appropriate. These procedures on conflicts of interest have been implemented to ensure the Board and the Directors exercise their duties to always act in the best interests of the Company.
The table below summarises the activities carried out and initiatives promoted by the Main Board Committees following the restructuring put in place in 2021.
| What | Status | When | Further information | What’s next |
|---|---|---|---|---|
| ESG reporting framework formalised, with terms of reference in place for all new and rebranded Committees. | Stock Exchange announcement issued, along with website disclosures | July 2021 | Page 64 | ESG website disclosures to be reviewed with an aim to improve transparency. |
| Charitable Giving Policy approved | July 2021 | Page 87 | The Charitable Giving Policy will be communicated across the Group and implemented fully during 2022. To complement the policy, a standard setting out the protocols and rules for applying and granting charitable donations will be created and communicated. | |
| TCFD reporting framework agreed | July 2021 | Page 52 | The final TCFD report will be issued in Q1 2022. | |
| UK MAR refresher training for Executive Committee members | June 2021 | n/a | Session on the treatment of inside information scheduled for later in 2022. | |
| Reinforcement of subsidiary governance standard and training of directors of the three divisions | November 2021 and February 2022 | n/a | A new induction programme has been developed, to be delivered during 2022 along with a refresher on the Group’s Code of Conduct and Ethical Standards. | |
| Review, relaunch and refreshed training – Code of Business Conduct (Keller Ways of Working) | December 2021 | Page 64 | German, Spanish, French, Polish and Czech versions of the training will be launched in March 2022. | |
| Board Diversity Policy implementation | February 2022 | Page 82 | Work by the Nomination and Governance Committee will continue throughout the year. |
Keller Group plc Annual Report and Accounts 2021 Governance 75
As a Board, we have always taken decisions for the long term. Collectively and individually, our aim is always to uphold the highest standards of conduct. We understand that our business can only grow and be successful over the long term if we understand and respect the views and needs of our employees, customers and the communities in which we operate, as well as our suppliers, the environment and the shareholders to whom we are accountable.
In summary, as required by section 172 of the 2006 Act, a director of a company must act in the way they consider, in good faith, would most likely promote the success of the company for the benefit of its shareholders. In doing this, the director must have regard, amongst other matters, to the:
The Directors of Keller – and those of all UK companies – must act in accordance with a set of general duties. These duties are detailed in the 2006 Act and include a duty to promote the success of the company, which is summarised above. As part of their induction, the Directors are briefed on their duties and they can access professional advice on these – either through the company or, if they judge it necessary, from an independent adviser.
The Board is responsible for the overall governance framework that delegates day-to-day decision-making to employees of the company. The Board recognises that such delegation needs to be underpinned by a strong ethical culture and robust internal controls. In this section of the report, we have summarised our governance structure. This covers: the values and behaviours expected of our employees; the standards they must adhere to; how we engage with stakeholders; and how the Board looks to ensure that we have a robust system of control and assurance processes. For more detail on our governance framework, see pages 78 and 79. Details about the principal decisions the Board made during the year and the activities of the Committees can be found on page 75.
The Audit and Risk Committee and the Remuneration Committee reported to shareholders following the preliminary announcement of the Group’s 2020 results to discuss a number of matters, including progress against the Group’s strategy. The Audit and Risk Committee and the Remuneration Committee also provided shareholder updates following the Group’s 2021 interim results. Following these announcements, analysts’ notes were circulated to the Board.
Performance
The Board initiated an investor perception audit and received feedback. The Audit and Risk Committee and the Remuneration Committee also met major shareholders following the Group’s trading update announcement in November 2021. The Chairman and the Senior Independent Director had calls with shareholders to discuss Group performance and risk management throughout the year.
Website
The investor relations section of our website provides information on the Group’s strategy, financial performance, ESG and other disclosures to shareholders. Copies of annual reports and investor presentations are available to view and download. Shareholders can also register to receive ‘news alerts’ relating to the Group’s activities.
AGM
The Board uses the AGM as an opportunity to communicate with shareholders, who are invited to attend, ask questions and meet Directors prior to, and after, the formal proceedings. The Chairs of the Main Board Committees are present at the AGM to answer questions on the work of their Committees. The results of the voting at the 2021 AGM can be found on our website.
Dividend
We have consistently either grown or maintained our dividend in the 2021 financial year. A robust balance sheet, which together support our ability to continue to increase the dividend to shareholders sustainably through the market cycle.
Outcomes for our shareholders:
Shareholders
Delivering for our shareholders ensures that the business continues to be successful in the long term and can therefore continue to deliver for all our stakeholders.
Keller Group plc Annual Report and Accounts 2021 Governance 76
Employees
Our people are our most valuable asset. We want them to be inspired and motivated, equipped with the right skills, tools and standards to be successful.
Workforce engagement
During 2021, the Board continued its approach to engagement with the workforce led by Baroness Kate Rock, Keller’s designated Non-executive Director for employee engagement matters. Our Non-executive Directors each led engagement focus groups on topics ranging from safety to innovation. Also in 2021 we introduced our Diversity, Equity and Inclusion commitments and implemented our Wellbeing Foundations.
Communications
We communicate regularly with our employees through face-to-face meetings, webcasts, our company intranet and newsletter and site and office briefings.
Outcomes for our employees:
Customers
Our customers are central to our business – without them we would not exist. We want to deliver a consistently high performance in all our activities and across all our strategic levers so as to meet our customers’ needs.
Contact
The Audit and Risk Committee and the Nomination and Governance Presidents are in regular contact with our customers, and they regularly brief the Board on our performance in delivering on our commitments to customers and the quality of these critical relationships.
Research
We conduct a wide range of customer research to better understand their expectations of us. During the year, our local teams engaged with our customer network to better understand their requirements throughout the pandemic.
Outcomes for our customers:
Communities
What we do is an integral part of the community and the community is ultimately our customer. Poor relationships can damage and even destroy our reputation. Good relationships win us goodwill.
Contributing to the community
The Board recognises the importance of leading a company that not only generates value for shareholders but also contributes to wider society. The Board adopted a Charitable Giving Policy in 2021 and approved a donation of £300,000 to UNICEF in support of COVAX.
Our environmental impact
As a geotechnical engineering specialist, we understand that environmental and climate risks could impact us directly. We are committed to protecting the environment, and aim to have a positive impact on it – so we safeguard the future.
Outcomes for our communities:
Suppliers
Building strong relationships with our suppliers enables us to obtain the best value, service and quality. We want to work with suppliers who understand us and adhere to our ways of working.
Procurement
Established in 2016, our procurement function continued to work hard to understand our supply chain and how to develop deeper and more strategic relationships with key suppliers.# Keller Group plc Annual Report and Accounts 2021
Working together to do the right thing Keller’s Supply Chain Code of Business Conduct sets out our expectations that our supply chain should respect the human rights of their employees and contractors and treat them fairly, in accordance with all applicable laws. Increased communications with our suppliers during the year has assisted us in managing our resources and materials on site. Outcomes for our suppliers:
* Increased communications with our supply chain partners in a global company.
* Support in meeting global supply chain standards.
The Board is appointed by shareholders, who are the owners of the company. The Board’s principal responsibility is to act in the best interests of shareholders as a whole, within the legal framework of the 2006 Act and taking into account the interests of all stakeholders, including employees, customers, suppliers and communities. Ultimate responsibility for the management and long-term success of the Group rests always with the Board, notwithstanding the delegated authorities framework detailed below.
The Board delegates certain responsibilities to its committees and to management as appropriate. The Board has formally adopted a schedule of matters reserved to it for its decision, which is available on our website.
The Board has delegated responsibility for the day-to-day management of the Group to the CEO, who chairs the Executive Committee for day to day management matters and delegates other matters to various Management Committees.
| Main Board Committees | Committees | Remit | Membership | Quorum |
|---|---|---|---|---|
| Audit and Risk Committee | Oversight of the Group’s financial, reporting, risk management (including TCFD) and internal control procedures and the work of its internal and external auditor. | Independent Non-executive Directors (NEDs) | Two | |
| Nomination and Governance Committee | Review of the composition of the Board and senior management, and plans for its progressive refreshing with regard to balance and structure as well as succession planning, taking account of evolving legal and regulatory requirements as well as stakeholders’ expectations. Responsibility for governance matters. | Chairman and independent NEDs | Two | |
| Remuneration Committee | Framework, policy and levels of remuneration of the Executive Directors and senior executives. | Independent NEDs | Two | |
| Disclosure Committee | Inside information determination and advice on scope and content of disclosures to the market. | Any two Directors (incl. CEO or Chief Financial Officer) and the Group Company Secretary and Legal Advisor | Two | |
| Environment Committee | Oversight of the Board’s responsibilities in relation to environmental matters, incl. climate-related matters and TCFD. | Independent NEDs and CEO | Two | |
| Social and Community Committee | Understanding of the key concerns of the workforce and wider stakeholders, apart from shareholders. | Independent NEDs and CEO | Two |
The terms of reference for each of the Main Board Committees are reviewed on an annual basis and can be found on our website.
| Other Board Committees | Committees | Summary | Membership | Quorum |
|---|---|---|---|---|
| Share Plans Committee | Consideration of administrative matters related to the long-term incentive share plans of the company and its subsidiaries. | All Directors and the Group Company Secretary and Legal Advisor | Two | |
| Bank Guarantees and Facilities Committee | Consideration of matters related to the provision of bank guarantees and facilities for the company and its subsidiaries. | All Directors and the Group Company Secretary and Legal Advisor | Two |
The terms of reference for each of these Other Board Committees can be found on our website.
| Main Management Committees | Committees | Remit | Membership | Chair | Quorum |
|---|---|---|---|---|---|
| Executive Committee | Day-to-day management | CEO, CFO, Group Company Secretary and other Group Heads and other Executive Directors as agreed by the CEO. | Minimum of six. | CEO or Chief Financial Officer (CFO) | Four (incl. CEO or CFO) |
| Safety Leadership Committee | Safety culture | CEO, Divisional Presidents of Europe, North America and AMEA, Group HSEQ Director, Group Company Secretary and Legal Advisor and any other direct reports as required by the CEO. | Minimum of six. | CEO | Four (incl. CEO or Group HSEQ Director) |
| Sustainability Steering Committee | Mostly climate-related and environmental matters but also people, community, governance and reputational matters. | A minimum of six representatives of each division and Group’s relevant functions. | Group Engineering and Operations Director | Four (incl. Group Engineering and Operations Director) |
| Other Management Committees | Committees | Remit | Membership | Chair | Quorum |
|---|---|---|---|---|---|
| Treasury Committee | Management of the Group’s financial exposures in accordance with the objectives and policies approved by the Board. | CFO, Group Financial Controller, Group Head of Treasury, Group Head of Tax | Group Head of Treasury | Two (incl. CFO) | |
| Data Protection Steering Committee | Implementation of Keller’s strategy for compliance with data protection laws. | Legal representatives from each division (Europe, North America, AMEA) and Group | n/a | n/a |
The roles of the Chairman and the CEO are quite distinct from each other and are clearly defined in written terms of reference. They do collaborate and have a close working relationship.
The Keller Group Charter of Expectations and Role Profiles details the roles and expectations that are demanded of each of the Directors. It is available on our website so that there is complete transparency of the standards we set ourselves for all our stakeholders. The performance of the Board and Board Committees and of each of the Directors individually is measured against these expectations.
• Advises on evolving standards and supports the Chairman on the continuing development of the Board. • Their appointment and resignation is a matter for consideration by the Board as a whole. Committee Chairs Ûèöóòñöìåïèéòõ÷ëèèģèæ÷ìùèñèööòéèäæëÌòððì÷÷èèäñçìñçìùìçøäïðèðåèõ Directors.
At the beginning of 2021, the structure of the Board Committees and their operation were considered by the Board and, in recognition of the increased focus on Environmental, Social and Governance (ESG) matters, were realigned and reconstituted from May 2021 to allow more focus on Keller’s ESG priorities. More information can be found in the ESG and sustainability section of this report.
Building on the work of our Group-wide Inclusion Commitments, our Board Diversity Policy has been in place since January 2021. In 2021, Keller’s Board of Directors had a 57% female share (2020: 44%), meeting the Hampton-Alexander Review target of 33% female share of Board Directors by 2020. With the appointment of Juan G. Hernández Abrams to the Board from 1 February 2022, we also meet the Parker Review target with one Board Director from an ethnic minority background by 2022. The selection of candidates to join the Board continues to be made based on merit and the individual appointee’s ability to contribute to the èģèæ÷ìùèñèööòé÷ëèËòäõçúëìæëìñ÷øõñìö dependent on the pool of candidates available. All appointments and succession plans will seek to promote diversity of gender, ethnicity, skills, background, knowledge, international and industry experience and other qualities. Our commitment to equality, diversity and inclusion aligns with our values of integrity, collaboration and excellence and is underpinned by our Inclusion Commitments. The Board is committed to promoting equality, diversity and inclusion in the boardroom, to ensure all are able to contribute to Board discussions, and aims to meet industry targets and recommendations wherever possible. This includes our objective of meeting the diversity targets recommended by the Hampton-Alexander Review and Parker Review. The Board, supported by the Nomination and Governance Committee, is also committed to:
Ýëèäññøäïèùäïøä÷ìòñòé÷ëèËòäõçèģèæ÷ìùèñèöö considers the composition and diversity of the Board. We also aim to develop a strong pipeline of diverse candidates for executive Board roles and for the Executive Committee with a goal of ensuring that it is made up of an appropriate balance of skills, experience and knowledge õèôøìõèç÷òèģèæ÷ìùèïüòùèõöèè÷ëèðäñäêèðèñ÷ of the company in the delivery of its strategy. Our gender diversity statistics across the Group are shown on page 56.
The 2021 Board evaluation was conducted by Donata Denny, Leadership Coach and Professional Development Advisor. Building on the 2020 Board evaluation, feedback of the performance of the Board as a whole and its Committees, the Board’s 2021 Strategy Day, and the Chairman and individual Directors was sought from the Board and, in the case of the Chairman, also from key external advisers. Feedback on the Board and its Committees and the Board’s 2021 Strategy Day was reviewed at the Board’s meeting in January 2022. Individual feedback sessions for the Directors with the Chairman, and feedback on the Chairman, will be æäõõìèçòø÷ìñ÷ëèĤõö÷ôøäõ÷èõòé" "" The evaluation of the Chairman and his performance in 2021 will be led by Baroness Kate Rock, the Senior Independent Director. Participants provided full and frank feedback and reported that the dynamics of the Board continued to improve and progress over the year with recognition that this was an ongoing process. The new Board Committees’ structure, membership and operation were felt to be working well and, in particular, the Chair of each Committee received praise from the members éòõ÷ëèìõõòïèäñçèģèæ÷ìùèñèöö Whilst the 2021 Board Strategy Day was felt to be the best for a number of years, suggestions for further improvement of the event were fed back to the Executive Directors and the Group Company Secretary and Legal Advisor.
| Nationality (%) | British | Oil and Gas | Americas | Construction | Middle East | Female | Other | Technology | Europe | Africa | Engineering | Male |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 57% | 3 | 6 | 5 | 4 | 5 | 57% | ||||||
| 5 | 7 | 3 | 5 | 4 | 43% | 57% | 29% | 14% | 43% |
Data as at 31 December 2021
Keller Group plc Annual Report and Accounts 2021 Governance 82
The Company expects to update shareholders on the progress made in relation to the matters ìçèñ÷ìĤèçäåòùèìñì÷ö" ""äññøäïõèóòõ÷ ÝëèÌëäìõðäñëäöæòñĤõðèç÷ëä÷÷ëèÍìõèæ÷òõö standing for election and re-election at this üèäõđöÊÐÖæòñ÷ìñøè÷òóèõéòõðèģèæ÷ìùèïüäñç to demonstrate commitment to their roles.
On appointment, Directors are provided with induction training and information about the Group, the role of the Board and the matters reserved for its decision, the terms of reference and membership of the Board Committees and ÷ëèïä÷èö÷Ĥñäñæìäïìñéòõðä÷ìòñäåòø÷÷ëèÐõòøó This is supplemented by meetings with the company’s legal and other professional advisers, and, where appropriate, visits to key locations and meetings with certain senior executives to develop the Directors’ understanding of the business.
Ýëõòøêëòø÷÷ëèìõóèõìòçòéòĦæè×òñ¡èûèæø÷ìùè Directors are continually updated on our business, markets, social responsibility matters äñçò÷ëèõæëäñêèöäģèæ÷ìñê÷ëèÐõòøóäñç÷ëè industry in which we operate, including changes to the legal and governance environment and the òåïìêä÷ìòñöòñ÷ëèðöèïùèöäöÍìõèæ÷òõöÜóèæìĤæ updates this year revolved around ESG and TCFD and were provided by the Keller Sustainability, Risk and Company Secretariat teams.
In October 2021, the Board visited the site of one of the ventilation shafts that services the main tunnels running under London to and from Euston Station. Ôèïïèõìöæäõõüìñêòø÷êõòø÷ìñê÷òöèäïòģ Ĥööøõèöìñ÷ëèæëäïîäñçíè÷êõòø÷ìñê÷ò stabilise the ground, working for the Principal Contractor SCS (Skanska Costain Strabag Joint Venture) as part of the S1/S2 section of HS2. GEO-Instruments is also on the site monitoring the adjacent infrastructure. The picture below shows the Chairman, the Non-executive Directors and the Chief Îûèæø÷ìùèØĦæèõäææòðóäñìèçåü÷ëè President, Europe and Contracts Engineer Kanan Garayev and Contracts Manager Sam Cawthorne.
ÝëèËòäõçäñçÌòððì÷÷èèöäõèöä÷ìöĤèç÷ëä÷ ÷ëèüõèæèìùèöøĦæìèñ÷õèïìäåïèäñç÷ìðèïü information in advance of meetings and are provided with all necessary resources and èûóèõ÷ìöè÷òèñäåïè÷ëèð÷òéøïĤï÷ëèìõ responsibilities and undertake their duties in äñèģèæ÷ìùèðäññèõ
The Chairman and the Group Company Secretary and Legal Advisor keep under review the forward agendas for the Board and the content and construct of management papers to allow for greater focus by the Board as a whole on strategic matters and avoiding unnecessary operation detail. For each Board and Committee meeting, Directors are provided with a tailored Board pack in advance of the meeting. To improve the delivery and security of meeting papers, we use an electronic system that allows the Board to easily access information, irrespective of geographic location. Directors regularly receive additional information between Board meetings, including a monthly Group performance update which from 2022 will include carbon reduction, gender DEI and good governance performance. If a Director is unable to attend a meeting, they are provided with all the papers and information relating to that meeting and have the opportunity to discuss issues arising directly with the ÌëäìõðäñäñçÌëìèéÎûèæø÷ìùèØĦæèõ
The Board is ultimately responsible for the Group’s system of internal control and for õèùìèúìñêì÷öèģèæ÷ìùèñèööÑòúèùèõöøæëä system is designed to manage, rather than eliminate, the risk of failure to achieve business objectives, and can provide only reasonable, not absolute, assurance against material misstatement or loss.
ÝëèËòäõçæòñĤõðö÷ëä÷÷ëèõèìöäñòñêòìñê process for identifying, evaluating and managing the principal risks faced by the Group, which has been in place for the year under review and up to the date of approval of the Annual Report and Accounts. This process is regularly reviewed by the Board and accords with the guidance of the Financial Reporting Council.
Íè÷äìïöòñ÷ëèìçèñ÷ìĤæä÷ìòñäñçèùäïøä÷ìòñòé risk, as well as on the management of project risk, can be found in the section headed Principal risks and uncertainties on pages 32 to 41. The key elements of the Group’s system of internal controls are explained in the Audit and Risk Committee report on page 94.
Ýëèðäñäêèðèñ÷òéĤñäñæìäïõìöîöìöçèöæõìåèç ìñ÷ëèÌëìèéÏìñäñæìäïØĦæèõđöõèùìèúòñóäêèö 26 to 31.# Information included in the Directors’ report
Information is contained in the Directors’ report in the sections headed ‘Substantial shareholdings’, ‘Repurchase of shares’, ‘Amendment of the company’s Articles of Association’, ‘Appointment and replacement of Directors’ and ‘Powers of the Directors’ and is incorporated into this Corporate governance section by reference.
Keller Group plc Annual Report and Accounts 2021
Governance 83
The Committee will work with management to oversee ways of improving the environmental performance of the Group, and to agree priorities that consider the needs of our stakeholders and drive the right behaviour.
Nancy Tuor Moore
Chair of the Environment Committee
Nancy Tuor Moore, Paula Bell, Eva Lindqvist, Baroness Kate Rock, Michael Speakman, Juan G. Hernández Abrams (from 1 February 2022)
For full biographies See pages 70 and 71
The role of the Committee is to help the Board of Directors fulfil its oversight responsibilities in relation to environmental and related sustainability matters arising out of the activities of the Group.
Dear shareholder
On behalf of the Board, I am pleased to present the report of the Environment Committee for the year ended 31 December 2021.
The Committee was established in July 2021 and assumed, where relevant, the responsibilities of the former Health, Safety, Environment and Quality Committee. Since then, the Board has continued to oversee Safety and Quality via the Health and Safety Executive and the Audit Committee. Further information can be found in the ESG and sustainability section of this report. The role of the Committee is to help the growing emergence of Environmental, Social and Governance matters and to provide greater focus and oversight on these issues which the Board considers of key importance.
The Committee also oversaw the development of the carbon reduction targets which are set out below with recommendation to the Board. These targets, covering Scopes 1 to 3, set out Keller’s ambition to build the foundations for a sustainable future. For more information on the carbon targets and emissions reporting, please see the ESG and sustainability section of this report. The Committee also oversaw the strengthening of Keller’s climate-related risks and opportunities process, in line with TCFD guidance, to ensure Keller is better equipped to manage and mitigate/ realise these key risks and opportunities. The Committee is ideally placed to provide Board-level governance and scrutiny of strategic, climate-related topics.
For more information on the climate-related risks and opportunities, please see page 38 in the Principal risks and uncertainties section of this report.
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Governance 84
We were pleased to see that our CDP score went up this year, from a C to a B, putting us in line with the construction sector average and above the global average.
The Committee is to:
* Planned to set net zero targets.
* Could account for a small proportion of our Scope 3 emissions.
* Could explain more about our change in emissions over 2020.
The remit of the Committee is set out in its new terms of reference which were approved during the year and are available on the Group’s website (www.keller.com) and on request, from the Board Secretary. Since its establishment, we met once, with attendance at this meeting shown on page 74. We had another meeting scheduled for December but this had to be rescheduled to January due to the Omicron variant of COVID-19 outbreak in the UK. The Committee is comprised of the independent Non-executive Directors of the company and the CEO. The Committee may invite members of the senior management team to attend meetings where it is felt appropriate and the Board Chairman, the CFO, the Group Company Secretary and Legal Advisor and the Engineering and Operations Director regularly attend meetings of the Committee.
The Committee also undertook an effectiveness review of the business covered during the year against its terms of reference. In addition, the Committee’s performance, and that of its members, was evaluated in an exercise facilitated by Donata Denny, a highly respected Leadership Coach and Professional Development Advisor. The Committee and its members agreed to undertake an annual evaluation going forward. The outcome of this exercise can be found on pages 82 and 83. The new Board Committees’ structure, membership and operation, to respond to ever-increasing ESG demands, were felt to be working well and, in particular, the Chair of each Committee received praise from the members for their leadership and effectiveness.
We are a new Committee and we are still developing our programme of work. Our priorities for 2022 will revolve around:
* Horizon scanning on climate-related and environmental matters, in particular the implications of the Task Force on Nature- related Financial Disclosures.
* Supporting the company in its progress towards net zero.
* Assisting the Remuneration Committee in monitoring the impact of ESG targets on remuneration.
* Supporting the company in developing its disclosures under TCFD, in line with the framework we agreed this year, and working closely with the Audit and Risk Committee on the development of the Group’s ESG strategy.
Public health and safety legal requirements permitting, I look forward to meeting shareholders who attend our AGM this year to answer any questions on this report or on the Committee’s activities. Shareholders are also encouraged to email their questions to the Committee Secretary at [email protected]. This will be my last AGM and at that time Juan G. Hernández Abrams will replace me as Chair of this Committee. It has been a privilege to serve at the Keller Board and to chair the HSEQ and the Environment Committees.
Nancy Tuor Moore
Chair of the Environment Committee
Approved by the Board of Directors and authorised for issue on 7 March 2022.
Keller Group plc Annual Report and Accounts 2021
Governance 85
The Committee will continue to ensure that our workforce and wider stakeholders are represented appropriately in the Board’s decision-making process.
Baroness Kate Rock
Chair of the Social and Community Committee
Baroness Kate Rock, Paula Bell, Michael Speakman, Nancy Tuor Moore, Juan G. Hernández Abrams (from 1 February 2022)
The role of the Committee is to understand key concerns of the workforce and wider stakeholders, define the term ‘workforce’ in the context of Keller, and review relevant people, social and community policies and practices. We are also responsible, along with the Audit and Risk Committee, for ensuring that the company has policies in place to encourage, understand and address employee concerns and feedback. Finally, we work closely with the Remuneration Committee, making recommendations to the Board on whether Keller’s policies and practices are in line with the purpose and values, and support the desired culture.
Dear shareholder
It is my duty as Chair to set out the report of the Social and Community Committee, for the year ended 31 December 2021 on behalf of the Board.
The Committee was established in July 2021 and assumed, where relevant, the responsibilities of the former Workforce Engagement Committee.
On behalf of the Board, I am also pleased to report that as Chair of the Social and Community Committee, I have been delegated responsibility by the Senior Independent Director and designated Non-executive Director for workforce engagement, with responsibility to ensure the ‘voice of the employee’ is represented within the boardroom and understand and learns from the views of all our stakeholders. The role of the Committee is to help the growing emergence of environmental, social and governance matters and provide greater focus and oversight on these issues which the Board considers of key importance in support of delivering the Group’s long-term strategic objectives and is committed to understanding and learning from the views of all our stakeholders. Our obligations are delivered by:
* Ensuring that the ‘voice of the employee’ is considered within the boardroom.
* Reviewing formal data and informal feedback that has been obtained from the workforce with management.
* Regularly reviewing Keller’s HR strategy as to its appropriateness in delivering the strategy and supporting our values and desired culture.
* Identifying consistent themes received via feedback from employees.
* Ensuring that they are incorporated within Keller’s updated HR strategy, along with the implementation of any new HR initiatives designed to support the company’s business strategy and desired culture.
For full biographies See pages 70 and 71
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Our Committee met once this year since its establishment and I reported on the Committee’s activities at the Board meeting the following day.# Social and Community Committee report
We had another meeting scheduled for December but this had to be rescheduled to January due to the Omicron variant of COVID-19 outbreak in the UK. The Committee’s new terms of reference can be found on our Group website (www.keller.com) and on request from the Committee Secretary.
Further detail on the Committee’s activities can be found in the ESG and sustainability section of this report, but I would like to highlight the following topics considered during the year. The Committee reviewed and challenged management on the delivery of the employee engagement programme, which comprised focus groups led by each of the Non-executive Directors. The themes were health, safety and wellbeing; systems, processes and ways of working; communications; and diversity, equity and inclusion.
During 2021, management introduced Keller’s Wellbeing Foundations, which focused on equipping our workforce to be healthy and productive whilst supporting their mental health and wellbeing. The Committee reviewed this framework prior to launch.
We also designed and agreed a Charitable Giving Policy for recommendation to the Board. Under such policy we were proud to make a funding contribution of £300,000 to UNICEF’s COVID-19 Vaccines Appeal. This helped UNICEF to deliver two billion doses of vaccines by the start of 2022 for frontline health workers, social workers, teachers and those at highest risk.
The Committee was kept abreast of the implementation of our Diversity, Equity and Inclusion Commitments, which continued at pace, with a clear plan to support the delivery of our commitments and embed DEI across the organisation, driving cultural change.
In line with best practice, the Committee reviewed its performance and the business covered during the year against its terms of reference. In addition, the Committee’s performance, and that of its members, was evaluated in an exercise facilitated by Donata Denny, a highly respected Leadership Coach and Professional Development Advisor. The Committee and its external advisers, felt that they had achieved their objectives in 2021. The outcome of this exercise can be found on pages 82 and 83.
The new Board Committees’ structure, membership and operation, to respond to ever-increasing ESG demands, were felt to be working well and, in particular, the Chair of each Committee received praise from the members for the delivery of the committee’s objectives.
We are a new Committee and we are still developing our programme of work. As we evolve towards becoming a company that is representative of the local communities in which we operate, it’s essential to ensure that our talent programmes and promotion practices continue to be based on merit and are inclusive. As such, one of our priorities for next year will be talent and skills development. I will continue to give the Board feedback on the thoughts and ideas of our employees, ensuring that our workforce and wider stakeholders are represented appropriately in the Board’s decision-making process.
Baroness Kate Rock
Chair of the Social and Community Committee
Approved by the Board of Directors and authorised for issue on 7 March 2022.
Keller supported The Brilliant Breakfast with a donation of £5,000. Working with The Prince’s Trust, this UK initiative aims to change the lives of young women by helping them gain the skills needed to live, learn and earn. The Julia and Hans Rausing Trust has pledged to match fund all 2021 donations of £5,000 or over to The Brilliant Breakfast, meaning that Keller’s donation will allow an incredible £10,000 of support for young women in the UK.”
Kerry Porritt
Group Company Secretary and Legal Advisor
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The Board is committed to promoting equality, diversity and inclusion in the boardroom, to ensure all are able to contribute to Board discussions.
Peter Hill CBE
Chairman of the Nomination and Governance Committee
Peter Hill CBE, Paula Bell, Eva Lindqvist, Nancy Tuor Moore, Baroness Kate Rock, Juan G. Hernández Abrams (from 1 February 2022)
For full biographies See pages 70 and 71
The role of the Nomination and Governance Committee is to recommend the structure, size and composition of the Board and its Committees. It is also responsible for succession planning of the Board and executive management, for promoting the overall effectiveness of the Board and its Committees, and for governance matters in general.
Dear shareholder
Welcome to the report of the Nomination and Governance Committee for the year ended 31 December 2021.
The Committee has continued to review the balance of skills on the Board as well as the knowledge, experience, length of service and performance of the Directors. During the year, we held two meetings. The attendance at the meetings is shown on page 74.
Particular areas of focus this year included the recruitment of a new Non-executive Director, Juan G. Hernández Abrams, who joined the Board from 1 February 2022. Nancy Tuor Moore, who has been on the Board since 2014, will retire after the Annual General Meeting in May 2022.
The 2021 Board evaluation was conducted by Donata Denny, Leadership Coach and Professional Development Advisor. Building on the 2020 Board evaluation, feedback of the performance of the Board as a whole and its Committees, the Board’s 2021 Strategy Day, and the Chairman and individual Directors was sought from the Board and, in the case of the Chairman, also from key external advisers.
Feedback on the Board and its Committees and the Board’s 2021 Strategy Day was reviewed at the Board’s meeting in January 2022. Individual feedback sessions for the Directors with the Chairman, and feedback on the Chairman, will be conducted in Q1 2022.
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We welcomed the full and frank feedback received from all participants, who reported that Board dynamics continued to improve and progress over the year with recognition that this was an ongoing process. The Board Committees’ structure, membership and operation were felt to be working well and, in particular, the Chair of each Committee received praise from the Directors for the delivery of the committee’s objectives.
Although the 2021 Board Strategy Day was felt to be the best for a number of years, suggestions for further improvement of the event were fed back to the Executive Directors and the Group Company Secretary and Legal Advisor.
As part of our work regarding Board effectiveness, the Committee considers:
The Directors have always been, and continue to be, committed to their role. In our view, the Board possesses an appropriate and diverse mix of skills and industry knowledge. Collectively, the Directors bring a wealth of experience and a breadth of diverse business sectors to Board deliberations, and this encourages constructive and challenging debate around the boardroom table. Our Committee continues to work to balance the skills and experience of the Board members to meet the changing needs of the business. Having a good mix of skills plays an important role in keeping the Board relevant and up to date with the market.
In January 2021 the Board and the Nomination Committee approved a Board Diversity Policy. Keller’s Board Diversity Policy sets out the approach to diversity both on the Board of Directors of Keller Group plc and more widely across the organisation. Our commitment to equality, diversity and inclusion aligns with our values of integrity, collaboration and excellence and is underpinned by our Inclusion Commitments.
The Board is committed to promoting equality, diversity and inclusion in the boardroom, to ensure all are able to contribute to Board discussions, and aim to meet industry targets and recommendations wherever possible. This includes our objective of meeting the diversity targets recommended by the Hampton-Alexander and the Parker Reviews.
In 2021, Keller’s Board of Directors had a 57% female share (2020: 44%) meeting the Hampton-Alexander Review target of 33% female share of Board Directors by 2020. With the appointment of Juan G. Hernández Abrams to the Board from 1 February 2022, we also meet the Parker Review target with one Board Director from an ethnic minority background by 2022. For further information on diversity at Board level, as well as more generally at Keller, please see the ESG and sustainability section of this report.
When we make recommendations to the Board regarding Non-executive Director appointments, we will consider the expected time commitment of the proposed candidate, and any other existing commitments, to ensure that they have the time and capacity to fulfil their duties and contribute to the company.# Governance
Before accepting any additional commitments, Non-executive Directors will discuss them with the Chairman of the Board, or in the case of the Chairman, with the Senior Independent Director and the CEO. Board agreement is required for all additional commitments and for the appointment of individuals as directors, and for the appointment of individuals to the roles of Chairman and Deputy Chairman.
Corporate governance
The Committee’s terms of reference are available on the Group’s website (www.keller. com) and on request from the Group Company Secretary and Legal Advisor. The terms of reference were amended this year and the name of the Committee changed to better reflect its role and focus. Only the Chairman and Non-executive Directors are members of the Committee, and no other person is entitled to be present at Committee meetings. We may invite members of senior management to attend meetings where we feel it is appropriate, and the CEO and Group People Director both attended certain meetings during the year. Our 2021 evaluation of the Committee concluded that, consistent with the Code and our own terms of reference, the Committee is effective and provides a valuable service to the Group.
In accordance with the requirements of the Code, all members of the Board will seek election/re-election at the AGM in May 2022, with the exception of Nancy Tuor Moore, who will retire after the AGM.
Peter Hill CBE
Chairman of the Nomination and Governance Committee
Approved by the Board of Directors and authorised for issue on 7 March 2022.
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Dear shareholder
On behalf of the Audit and Risk Committee, I am pleased to report on the Committee’s activities during the year ended 31 December 2021. The Group operates within a large, global and fast-changing environment, which requires an adaptive approach to assurance. The COVID-19 pandemic continued to pose challenges to the Group so it was important to ensure that the Group’s risk management and internal control systems were robust. We were pleased with the actions delivered by management, in particular the focus on working capital and cash management. The Committee retained its focus on the development of the risk management and internal control systems. Being mindful of the increasing depth of review and reporting required of audit committees, we continued to follow a detailed programme of work which ensured the personnel and systems were in place to enable the Board to perform a robust assessment of principal and emerging risks and the Group’s responses to them. The continued focus on risk management activity, following the appointment of the Group Head of Risk and Internal Audit in 2020, resulted in a more integrated and consistent approach to risk and control management across the organisation. Throughout the year the Committee received regular updates from management on the financial and business performance environment and systems of internal control. The Committee remains fully committed to ensuring the effectiveness of the Group’s risk management and internal control framework. The internal and external assurance programmes operated effectively.
The Committee ensured that the internal audit programme delivered appropriate coverage of all areas of business risk and reviewed an assessment of the internal auditor to ensure that the services provided continued to provide required assurance. The Committee reviewed the output of a detailed assessment of the external auditor. The audit plan and key development points were noted that ensured a robust external audit delivery for the year-end accounts. In addition, during the year we devoted a lot of time to consider the BEIS consultation, ‘Restoring Trust in Audit and Corporate Governance’, and reviewed the company’s response and preparation plans. We also supported management in addressing the requirements of TCFD. This has been another busy year for the Committee and management has worked hard to drive improvements in the areas of risk, internal control, financial reporting and audit. We are confident that progress has been made and expect the momentum gained will carry this progress forward into 2022, when our priorities will revolve around assessing the impact of the audit and corporate governance reform and ensuring the company is prepared and compliant.
Public health and safety legal requirements permitting, I look forward to meeting shareholders who attend our AGM this year to answer any questions on this report or on the Committee’s activities. Shareholders are encouraged to email their questions to the Committee Secretary at [email protected]
Paula Bell
Chair of the Audit and Risk Committee
Approved by the Board of Directors and authorised for issue on 7 March 2022.
This has been another busy year and we expect the momentum gained will carry the progress forward into 2022.
Paula Bell
Chair of the Audit and Risk Committee
Paula Bell, Eva Lindqvist, Nancy Tuor Moore, Baroness Kate Rock, Juan G. Hernández Abrams (from 1 February 2022)
For full biographies See pages 70 and 71
The Committee is responsible for overseeing the internal risk management framework, ensuring effective internal controls are in place, financial and non-financial reporting and appropriate external and internal audit arrangements.
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| Item of business | When |
|---|---|
| Agreed by the Board | At every meeting |
| Updates on the Group’s system of internal controls and its effectiveness | At every meeting |
| Impact of audit and corporate governance reform and plan of action, including review of response to consultation, alignment with work under way under the Platform for Success programme, ERP implementation and impact on principal risks | July, September and December |
| Updates on the Group’s system of internal controls and its effectiveness across the Group | At every meeting |
| Review and challenge of the output of management’s assurance map to assess controls maturity | At every meeting |
| Reporting of internal audit findings | At every meeting |
| Responses and key themes arising from the Group’s annual Electronic Internal Control Questionnaire | At every meeting |
| Review of the Board delegated authorities | February |
| Oversight of the Group’s financial and accounting policies and Group’s risk appetite | December and February |
| Updates on the risk management framework including oversight of work to develop a solution to ensure compliance with TCFD | At every meeting |
| Cyber risk review aligned with Platform for Success | February and September |
| Effectiveness and challenge of the internal audit function | December and July |
| Updates on the 2021 internal audit programme | At every meeting |
| Review and approval of the programme of internal audit reviews of the Group’s operational and financial controls, reporting on the 2021 audit completion, and planning for the 2022 audit programme, which will then focus on a more operationally focused programme for the year | December |
| Update and approval of internal control assessments of entities | December and February |
| Management report on the process for assessing the Group’s going concern and viability | December and February |
| Basis of provisioning within the Group’s captive insurance vehicle | February |
| Review and approval of the EY engagement letter, audit fee and their audit plan | December and February |
| Scope and results review of the external audit, its quality and effectiveness, and the interim and full-year results of EY | December and July |
| Group’s tax strategy review and approval for recommendation to the Board | February |
| External audit fees for non-audit services | As necessary |
| Oversight of financial reporting and disclosure September | |
| Updates on matters relating to ethics, fraud and compliance | At every meeting |
| Review and approval of the Whistleblowing Policy | February |
| Review of the Executive Directors’ expenses | February |
| Oversight of the Remuneration Committee | December |
| Review and recommendation for changes to the Committee’s terms of reference | July |
| Interaction with the regulator | December |
| Non-audit services policy review and amendment | September |
The Committee has an extensive agenda of matters of interest, during which the financial reporting cycle, focusing on the audit, assurance and risk processes within the business which it deals with in conjunction with senior management, the external auditor, the internal audit function and the remuneration# Keller Group plc Annual Report and Accounts 2021
The Committee’s primary role is to ensure that the financial information presented to shareholders is accurate and reliable, and is provided to the Committee or challenge them to explain and justify their interpretation and, if necessary, re-present the information. The Committee reports its findings and recommendations to the Board accordingly. The Committee is supported in this role by using the expertise of EY. In doing so it ensures that the Group’s accounting and reporting processes are robust and effective, and are in line with the regulatory framework as well as market practice for audit committees going forward, are maintained. Furthermore, PwC in their role as internal auditors contribute to the assurance process by reviewing compliance with internal processes. The Committee met four times during the year, with attendance at these meetings shown in the table on page 74, and considered the items of business shown on the table on the right. The Committee also reviewed the information presented in the Group’s preliminary announcement, the company’s processes for the preparation of the Annual Report and Accounts and the outcomes of those processes to ensure that we were able to recommend to the Board that the 2021 Annual Report and Accounts are fair, balanced and understandable.
The following processes are in place to provide this assurance:
| How the Committee addressed these issues |
|---|
| Accounting for construction contracts |
| The Group has eight construction contracts that are accounted for using the percentage of completion method of accounting under IFRS 15 and are material to the Group’s financial statements. The judgements involved include the estimation of total contract costs and revenues, and the stage of completion of each contract. The Group has estimated revenue and profit recognised in the year based on the stage of completion of the contracts. The Committee has reviewed the Group’s accounting policies and the judgements made by management, and the external auditor’s work in relation to these significant areas of judgement. The Committee satisfied itself that the accounting for construction contracts is appropriate and in accordance with IFRS 15. |
| Carrying value of goodwill |
| The Group’s cash generating units (CGUs) have performed positively, meaning that no impairment indicators were identified. The Group has tested its indefinite-lived intangible assets, and where appropriate, carried out impairment testing on its CGUs based on their recoverable amount, which is determined by reference to their value in use. The Group’s cash flow forecasts were reviewed by the Committee and challenged where appropriate. The Group’s cash flow forecasts have been determined using a number of key assumptions, including future revenue growth, gross margins and capital expenditure. The Committee reviewed the information presented in the impairment reviews and obtained assurance from the external auditor regarding the audit of these areas. The Committee satisfied itself that the carrying value of goodwill is appropriate. |
| Provisioning |
| Where appropriate, the Group has reviewed its onerous contract provisions, for which the Board has overseen the provisioning process. The Committee reviewed the Group’s provisioning for onerous contracts and obtained assurance from the external auditor, and met with management in the absence of the external auditor. The Committee satisfied itself that the provisioning for onerous contracts is appropriate. |
| Non-Underlying items |
| The committee’s primary role is to ensure that non-underlying items are appropriately disclosed, are in line with the regulatory framework as well as market practice for audit committees going forward. The Committee scrutinised the non-underlying items in accordance with the Group’s policy on disclosure of such items and met with management and the external auditor. The Committee satisfied itself that the non-underlying items are appropriate. |
The Keller internal audit programme is risk- based, ensuring appropriate coverage dependent upon the size of the entity and the perceived risks associated with that operation. It also includes theme-based audits to review adherence to Group policies across the organisation. The programme carried out by PwC during the year consisted of 18 operational entity audits and themed audits across 16 countries, which together represented approximately 16% of the Group’s revenue for the year. The Committee received and considered reports from PwC which detailed the progress against the audits and the control failings. In the majority of reviews, following the successful update and deployment of the Group Finance Policies, audits were met by formalising maintenance of evidence of controls. Where there were failings, the Committee reviewed the remediation plans with management and received updates on the progress of remediation of the control failings.
Where there were failures in the control environment, audits were key to formalising improved control. The Committee received assurance on the control environment in the 2021 Annual Report and Accounts. The audits carried out during 2021 have been performed against updated control standards wherever they have been issued and any improvement actions aligned to them. The majority of control standards are now in place and embedded across the Group, helping to improve the control environment and enable a more effective delivery of control assurance. Overall progress has been made across business units and we have observed a demonstrably stronger control environment. During the year, the Committee completed an internal audit to the internal audit function, which measured its performance against the quality assessment criteria provided by the Institute of Internal Auditors. The work of the internal audit function was rated as fully conforming.
The Committee places great importance on ensuring there are high standards of quality and
effectiveness. EY was appointed by shareholders at the AGM held in May 2019. The lead EY partner during the 2021 audit was Kevin Harkin, who had no previous involvement with the Group in any capacity prior to appointment.
The Committee scrutinised the effectiveness of the external audit process and of EY as external auditor. This review included consideration of comprehensive papers from both management and the external auditor, and meetings with management in the absence of the external auditor.It considered matters including: the competence of the key senior members of the team and their understanding of the business and its environment; the planning process; the auditor’s understanding of the business and its environment and the expertise displayed by the auditor over complex accounting matters; communicating and resolving audit issues; timeliness of the audit process; cost; and communication of issues and risks to management and the Committee. There are a number of checks and controls in place for safeguarding the objectivity and independence of EY. These include open lines of communication and reporting between EY and the Committee and, when presenting their ‘independence letter’, EY discuss with the Committee their internal process for ensuring independence. The Committee actively monitors the audit process on an ongoing basis, paying particular attention to the mindset and culture, skills, character and knowledge, quality control and oversight of the audit process, with a focus on the auditor’s understanding of the business and their effective handling of key judgements, responsiveness to the Committee and in their commentary where appropriate on the systems of internal control. We hold regular private meetings with the external auditor, during which we discuss:
A detailed assessment of the amounts and relationship of audit and non-audit fees and services is carried out each year and we have developed and implemented a policy regulating the placing of non-audit services to EY. This should prevent any impairment of independence and ensure compliance with the updates to the Code and revised Auditing and Ethical Standards with regard to non-audit fees. The approval thresholds were amended in 2021 and now any work awarded to EY, other than audit, with a value in excess of £50,000, requires the approval of the Audit Committee. In 2021, non-audit related fees paid to EY were less than 5% of the total audit fee. These relate to the half-year report review and are considered to be permitted services. The external audit contract is put out to tender at least every 10 years. As part of the review of the audit process and the performance of the external auditor, we recommend the reappointment of EY for the year ending December 31, 2022. The auditor has complied with the requirements of the Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014.
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The Committee has a key role, as delegated by the Board, in ensuring appropriate governance and challenge around risk management. We also set the tone and culture within the organisation regarding risk management and internal control. The Committee’s name and terms of reference were updated in 2021 to align with the UK Corporate Governance Code and its requirements relating to risk. Further information on the Group’s risks can be found on pages 32 to 41.
The system of internal control is designed both to safeguard shareholders’ investment and the Group’s assets; and to manage, rather than eliminate, the risk of failure to achieve the Group’s objectives, including the Group’s strategic, operational, financial and compliance risks facing the Group.
Key elements of the Group’s system of internal control include:
The Group aims to continuously strengthen its processes, with the involvement of the Committee, to ensure these processes are embedded throughout the organisation. In 2021, we worked with management to continue to strengthen the internal control processes, with a focus on the following priorities and receiving updates on their progress:
Although we review the Group’s system of internal controls, any such system can only provide reasonable and not absolute assurance against any material misstatement or loss.
The impact of early and significant initiatives during the COVID-19 pandemic were reported regularly, along with scenario analysis, to ensure that management had near real-time understanding of the impact.
Management continued to deliver on the Group’s enterprise risk management framework, despite the continuing restrictions placed on us due to COVID-19. This has included developing a process to identify, manage, review and report on climate- related risks and opportunities in line with TCFD risk reporting requirements. These risks and opportunities were then incorporated into the existing emerging risk register as, by their nature, the vast majority of them are emerging risks and opportunities. This allowed the business to review all emerging risks and opportunities together. More information about this work can be found in the Principal risks and uncertainties (pages 32 to 41) and the ESG and sustainability (pages 42 to 67) sections of this report.
In addition, the Committee reviewed and challenged the output of management’s assurance map to assess controls maturity in the context of the forthcoming audit and corporate governance reform. This will be an area of considerable focus for the Committee next year, along with the implementation of the new ERP system and its impact on principal risks.
During the year, the FRC included the company’s Annual Report and Accounts for the year ended 31 December 2020 in their thematic review of IAS 37, ‘Provisions, Contingent Liabilities and Contingent Assets’ which resulted principally in requesting further information in respect of provisions for insurance and legal claims, as well as minor observations on other areas of the accounts. The Group responded fully to the matters raised in the correspondence and has restated the relevant sections of this year’s accounts to reflect this. This has impacted the balance sheet reported in the 2020 Annual Report and Accounts as detailed in the accounting policies note on page 133. The FRC’s enquiry did not result in any changes to reported profits, as the restated items relate to the balance sheet items that affect the deferred tax asset.
The Chair of the Committee has been involved in reviewing the Group’s response to the points raised and its controls have been strengthened through amended disclosure adopted in this year’s Annual Report and Accounts. In addition, during the year the FRC’s Audit Quality Review team selected for review the audit of the Group’s financial statements for the year ended 31 December 2020. At the conclusion of the review, the Committee considered the findings and the management actions to address the matters raised.
Audit and Risk Committee report continued
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The Committee’s terms of reference, which were reviewed and updated during the year, are available on our website (www.keller.com) and on request from the Committee Secretary. It is intended that the Committee is comprised of at least three members, all of whom are independent Non-executive Directors of the Company with sufficient financial and commercial expertise to challenge management. The Code requires the inclusion of independent non-executive directors with recent and relevant financial experience, as recommended by the Consultative Committee of Accountancy Bodies. Consequently, the Committee includes a director with recent financial experience. In accordance with the UK Corporate Governance Code, the Committee comprises of: Head of Risk and Internal Audit, Group Company Secretary and Legal Advisor, the company’s external auditor, EY, and PwC, in their role as internal auditor, to all meetings. On three occasions, the Committee met privately with EY without management being present and we also met with PwC and the Group Head of Risk and Internal Audit without management present. In line with best practice, the Committee reviewed its effectiveness and the business covered during the year against its terms of reference.
In 2022 our priorities will be:
Keller delivered another set of results in 2021 which were above market expectations. Eva Lindqvist Chair of the Remuneration Committee
Composition of the Committee
Eva Lindqvist, Paula Bell, Baroness Kate Rock, Nancy Tuor Moore, Juan G. Hernández Abrams (from 1 February 2022)
For full biographies See pages 70 and 71
The role of the Committee is to determine and agree with the Board the framework or broad policy for the remuneration of the Chairman, the Executive Directors, their direct reports and such other members of the executive management as it is designated to consider. In addition, the Committee is responsible for determining the total individual remuneration packages of the Chairman, the Executive Directors, the Group Company Secretary and Legal Advisor and other senior executives. The Committee also:
* determines the measures and targets for annual bonus plan objectives and outcomes for the Executive Directors, Executive Committee and other senior executives;
* exercises the powers of the Board in relation to share plans;
* sets and oversees the selection and appointment process of its remuneration advisers;
* monitors developments in corporate governance and, particularly, any impacts on remuneration practices; and
* reports on its activities to shareholders on an annual basis.
The Chair of the Committee reports on the Committee’s activities at the Board meeting immediately following each meeting.
Dear shareholder
On behalf of the Committee, I am pleased to provide an overview of Executive Director remuneration for the year ended 31 December 2021.
Keller delivered another strong set of results in 2021 which were above market expectations. Revenue increased to £2,224.4m, up 13% (at constant currency) as a result of increased trading activity, particularly during the second half, and several bolt-on acquisitions (up 9.7% on an organic basis). Underlying operating profit decreased to £92.8m, a reduction of 10% at constant currency, impacted primarily by the COVID-19 adverse pressure on market pricing and operational disruption across our businesses, whilst underlying diluted earnings per share decreased by 8% to 88.4p per share. This resulted in a reduced bonus payout, as shown in the table below, which reflects the bonus scheme targets set for 2021. The adjusted operating profit figure excludes £28m relating to the amortisation of acquired intangibles and a £12.6m research and development tax credit in North America. After funding acquisitions, net debt (on a bank covenant IAS 17 basis) was down marginally to £119.4m, equating to net debt/EBITDA leverage ratio of 0.8x (2020: 0.7).
The targets for the 2021 annual bonus for executive management were set by the Committee in February of last year and remained unchanged throughout the year. The strong and resilient performance in terms of revenue and underlying operating profit in 2021 resulted in the 2021 annual bonus targets for revenue and operating profit, having paid out at maximum. The Executive Directors made progress against their corporate objectives, achieving 15% out of a possible 30% maximum. Project performance diluted the other good work in the year and will be a continued focus for the senior management team in 2022. Overall, the annual bonus outturn was 90% of maximum.
When determining the bonus outcome, the Committee considered overall company performance over the period. Considerations included the ongoing impact of COVID-19 on our business and the broader market. Whilst the pandemic has continued to pose challenges for our business and our people, the revenue, operating profit and net debt performance demonstrate the resilience of the business. We did not take any UK furlough monies in 2021 and we have maintained our progressive dividend levels in 2020 and 2021, to the envy of other companies.
During 2021, management introduced Keller’s Wellbeing Foundations, which focused on supporting and engaging our people and also helped to embed and improve our health and safety performance. We continued to train our workforce on the importance of safety and continued to improve our accident frequency and total recordable incident rates. The Group’s accident frequency rate (AFR) reduced by 42% compared with 2020, and our total recordable incident rate (TRIR) also fell by 7.9% in the year, in line with expectations. The Committee fully considered a tragic fatality at the beginning of the year that occurred following an accident on a site in Austria in which we lost a long-serving and valued employee. Whilst it has been determined Keller was not at fault for the accident, management has continued to advance our safety programmes.
Our Social and Community Committee agreed a Charitable Giving Policy, under which we were proud to make a funding contribution of £300,000 to UNICEF’s COVID-19 Vaccines Appeal. This helped UNICEF to deliver two billion doses of vaccines by the start of 2022 for frontline health workers, social workers, teachers and those at highest risk. The implementation of our Diversity, Equity and Inclusion Commitments continued, with a focus on investing in our workforce as well as strengthening and diversifying our talent pipeline. As we evolve towards becoming a company that is representative of the local communities in which we operate, it’s essential to ensure that our talent programmes and promotion practices continue to be based on merit and are inclusive.
After considering all the relevant factors for the 2021 bonus, the Committee’s view was that the outcome was fair and appropriate from both a performance perspective and also taking into account the wider stakeholder experience. Therefore no discretion was exercised.
The performance of the LTIP granted to executives in 2019 and vesting in March 2022 was improved from the previous LTIP cycle. The adverse performance in 2018 on the company’s share price in that year, driven primarily by poorly performing contracts in the APAC Division, meant that the EPS targets were not met during the performance period. However, the TSR element vested at near maximum and there was partial vesting under the ROCE element. Therefore, overall, the 2019 LTIP awards vested at 36.6% of maximum.
Shareholders will recall that, prior to the company’s 2019 AGM, ISS proxy advisers highlighted that the number of shares awarded to Executive Directors were not being scaled back in recognition of the fall in the Company’s share price during 2018. We engaged with a large number of our major shareholders as a result and the Committee undertook that, at the time of vesting of the 2019 award, it would make a determination as to whether to use its discretion to reduce vesting levels as appropriate. Against this background, the Committee carefully considered the vesting levels of the 2019 award, with additional reference to both the shareholder and wider workforce experience.
Our disclosure of the LTIP awards and resultant share awards to the Directors ensures transparency and also ensures that there have been no inappropriate windfall gains over the period. The Committee determined that the LTIP awards paid out at maximum and that the full payout reflected strong performance over the three years and no discretion was exercised.
Salary increases for UK-based employees across the Group were 3%, effective 1 January 2022. Michael Speakman, CEO, and David Burke, CFO, were awarded salary increases of 3%.As additional context, the CEO and CFO are already aligned with the wider workforce pension rate of 7% of salary.
The Committee was grateful to shareholders for the time they gave to the 2021 policy consultation which helped to facilitate a more robust decision- making process. All of our major shareholders were supportive of the proposals put forward with over 90% of votes in favour of the new policy.
As set out last year, management’s focus will be on driving value by focusing on, and investing in, our key markets and the sustainability of our operations and to maintain a robust balance sheet. In our half-year results for 2021, the company committed to ambitious net zero targets for all three of our emission scopes which will culminate in carbon neutrality by 2050 at the latest. In recognition of the importance of achieving these goals, we have agreed a Scope 2 reduction target as one of management’s corporate objectives for 2022. Further detail on the 2022 corporate objectives will be disclosed in the 2022 Annual remuneration report. Last year we agreed a refreshed set of four measures for the 2021 LTIP that we believe support the delivery of the strategy. These measures have been carried forward into 2022 and, together with the targets for the LTIP for the year ahead, are disclosed in the 2021 Directors’ remuneration report. See page 104 for further details.
We very much hope that you will support our 2021 Annual report on remuneration at the AGM in May. I will be available at the AGM to answer any questions you may have about our work. Please also feel free to email your questions to the Group Company Secretary and Legal Advisor at [email protected] and we will respond to them directly.
Eva Lindqvist
Chair of the Remuneration Committee
Approved by the Board of Directors and authorised for issue on 7 March 2022.
Keller Group plc Annual Report and Accounts 2021 Governance 97
The Committee addresses the need to balance risk and reward. The Committee monitors the variable pay arrangements to take account of risk levels, ensuring an emphasis on long-term and sustainable performance. The Committee believes that the incentive plans are appropriately managed and that the choice of performance measures and targets does not encourage undue risk-taking by the Executives so that the long-term performance of the business is not compromised by the pursuit of short-term value. The plans incorporate a range of internal and external performance metrics, measuring both operational and financial performance to provide a rounded assessment of overall company performance.
The Committee reviews changes in remuneration arrangements in the workforce generally as we recognise that all our people play an important role in the success of the company. Keller is committed to creating an inclusive working environment and to rewarding our employees throughout the organisation in a fair manner. In making decisions on executive pay, the Committee considers wider workforce remuneration and conditions to ensure that they are aligned on an ongoing basis. As part of our commitment to fairness, we have a section in this report (see ESG and sustainability) which sets out more information on our wider workforce and our diversity initiatives. We recognise there is always an opportunity to improve in relation to these issues.
The Committee engages proactively with the Company’s major shareholders and is committed to maintaining an open dialogue. The Committee reviews any feedback received from shareholders as a result of the AGM process. Committee members are available to answer questions at the AGM and throughout the rest of the year. The Committee takes into consideration the latest views of investor bodies and their representatives, including the Investment Association, the Pension and Lifetime Savings Association and proxy advice agencies such as Institutional Shareholder Services.
We strongly believe in fair and transparent reward throughout the organisation and when making decisions on executive remuneration the Committee considers the context of wider workforce remuneration. This section shows how the 2018 Code is embedded in our remuneration principles and how they are cascaded throughout the organisation. The diagram on the following page shows how the policy is aligned with the factors set out in Provision 40, and how our principles and policy are aligned with the “Purpose of the company”.
The Committee sets the Remuneration Policy for Executive Directors and other senior executives, taking into account the company’s strategic objectives over both the short and the long term and the external market.
Keller Group plc Annual Report and Accounts 2021 Governance 98
Our purpose: Building the foundations for a sustainable future
Clarity: The company’s performance remuneration is based on supporting the implementation of the company’s strategy measured through KPIs which are used for the annual bonus and LTIP. This provides clarity to all stakeholders on the relationship between the successful implementation of the company’s strategy, including its sustainability framework, and the remuneration paid.
Simplicity: The policy includes the following:
* Clear definitions of performance conditions and measures.
* Requiring the deferral of a substantial proportion of the incentives in shares for a material period of time, helping to ensure that the performance earning the award was sustainable, and thereby discouraging short-term behaviours;
* Aligning the performance conditions with the agreed strategy of the company as well as our sustainability and net zero carbon ambitions;
* Ensuring a focus on long-term sustainable performance through the LTIP; and
* Ensuring that the Remuneration Committee has the discretion to depart from formulaic outcomes, especially if it appears that the behaviours giving rise to the awards are inappropriate to the company’s strategy in so far as the award was made for services where the individual did not meet expectations and was therefore not in receipt of the full award.
Predictability: Shareholders are given full information on the potential values which can be earned under the annual bonus and LTIP plans on their approval. In addition, all the checks and balances set out above under ‘Risk’ are disclosed at the time of shareholder approval.
Proportionality: The company’s incentive plans clearly reward the successful implementation of the strategy and our environmental ambitions, and through deferral and measurement of performance over a number of years ensure that the Executives have a strong drive to ensure that the performance is sustainable over the long term. Poor performance cannot be rewarded due to the Committee’s overriding discretion to adjust bonus outcomes to reflect company performance. The Committee will not hesitate to adjust bonus outcomes to reflect company performance.
Alignment to culture: The Remuneration Committee considers that a significant portion of reward is equity-based and thereby linked to shareholder return. All executives are required to build personal shareholdings in the Company and this is regularly monitored by the Committee. The focus on long-term sustainable performance is also a key part of the company’s culture. In addition, the measures used for the incentive plans are measures used to determine the success of the implementation of the strategy.
Keller Group plc Annual Report and Accounts 2021 Governance 99
Attract and retain high-calibre individuals needed to execute and deliver on the Group’s strategic objectives.
Rewards achievement of operational and strategic targets.
Performance share plan (PSP)
Focus on delivering value creation for shareholders and operational performance for the company over the long term.# Remuneration at a glance
Shareholders approved a revised policy at the 2021 AGM, full details of which can be found in our 2020 annual report. An overview of our policy and how it is proposed to apply in 2022 is set out below:
The policy approved in 2021 introduced or formalised a number of good governance features in line with evolving best practice.
Includes car allowance, private health care and life assurance and long-term disability insurance
Overall our TSR performance over 2021 was 47%, compared to the FTSE 250 returning 18% and the FTSE All-Share also returning 18%.
| Measures | Weighting | Threshold | Target | Max | Outcome (% of max) |
|---|---|---|---|---|---|
| PBT, £m | 60% | 62.6 | 69.5 | 76.5 | 100% |
| Performance outcome: | 82.8 | ||||
| Net debt (IAS 17 basis), £m | 20% | 123.5 | 112.3 | 101.1 | 100% |
| Performance outcome: | 92.5 | ||||
| Corporate objectives | 20% | 50% | |||
| Summary of objectives on page 103 | Actual: 50% of max | ||||
| Overall | 90% |
| Measures | Weighting | Threshold | Max | Outcome (% of max) |
|---|---|---|---|---|
| EPS | 50% | 300p | 345p | 0% |
| Actual: 270.6p | ||||
| TSR | 25% | Median | Upper quartile | 94% |
| Actual: marginally below upper quartile | ||||
| ROCE | 25% | 14% | 20% | 52.5% |
| Actual: 16.2% | ||||
| Overall | 79.7% |
1 At 2021 actual exchange rates, before non-underlying items, adjusted for acquisitions.
2 Average of the three-year ROCE for 2019–21.
The table below sets out the total remuneration for each Executive Director for the years ended 31 December 2021 and 31 December 2020.
| Michael Speakman | David Burke | |
|---|---|---|
| 2021 £000 | 2020 £000 | 2021 £000 |
| Salary | 571 | 560 |
| Discretionary bonus | 14 | 14 |
| Pension contribution | 40 | 37 |
| Total fixed pay | 625 | 611 |
| Annual bonus | 771 | 784 |
| PSP | 295 | 40 |
| Total variable pay | 1,066 | 824 |
| Total pay | 1,691 | 1,435 |
The 2021 annual bonus has been calculated based on targets set for company performance against key strategic and operational priorities. Overall, the bonus outcome for 2021 was 90% of the maximum payout, for each Executive Director, based on performance as set out below.
| Measures | Bonus as % of salary | Threshold | Target | Maximum | Performance outcome | EXECUTIVE DIRECTORS |
|---|---|---|---|---|---|---|
| 0% | 50% | 100% | Michael Speakman | |||
| Group PBT, £m | 60% | 82.8 | 90% | |||
| Group net debt (IAS 17 basis), £m | 20% | 92.5 | 20% | |||
| Total Group measures | 80% | 110% | ||||
| Corporate objectives assessment | 20% | 15% | 15% | |||
| Total bonus | 100% | 125% | ||||
| Base salary | £571,200 | |||||
| Bonus based on performance outcomes | 135% £771,120 |
1 At 2021 actual exchange rates, before non-underlying items, after adjusting for acquisitions.
Corporate objectives are measurable deliverables that are jointly shared by the Executive Directors and the Executive Committee and are focused on supporting the delivery of Keller’s key strategic activities. The Committee determined that this was an appropriate basis to incentivise management to increase collaboration on strategic activities. Each category of the corporate objectives has a maximum of 9% of base salary that can be attained, with an overall maximum of 30% of base salary available (20% weighting of total annual bonus plan for Executive Directors). The Committee retains the right to apply discretion to the overall evaluation of the attainment of corporate objectives.
The Remuneration Committee determined that the Executive Directors’ remuneration for performance in 2021. The objective scoring by the Committee for performance in 2021 against corporate objectives resulted in an outcome of 15% of salary. Project performance diluted the other good work in the year and will be a continued focus for the senior management team in 2022. As described in the Chair’s letter, the Committee considered all relevant factors when determining the level of bonus payout and concluded that it was appropriate for the Remuneration Committee to adjust the outcome to align the payout with the Company’s performance and the delivery of key strategic objectives.
| Corporate objective | Opportunity (maximum) | Actual performance | Outcome (maximum 30%) |
|---|---|---|---|
| Margin enhancement | 6.0% of base salary | Maintaining the operating margin of the North America Foundations businesses during the course of the pandemic | 4.0% |
| Despite the impact of the pandemic on bidding and execution of work in the North America Foundations business in 2021, margin improved against that of 2020. | |||
| Loss making projects (LMP) | 9.0% of base salary | LMP performance did not meet the target for the year. | 0.0% |
| Portfolio Strategic restructuring of the European Division | 6.0% of base salary | The divisional headquarters were successfully rationalised to meet the requirements of the newly formed division. Further progress on rationalisation of the portfolio was completed with the merger of two business units; however, the full programme wasn’t fully completed in the year. | 4.0% |
| Strengthening the Group’s global governance standards and systems | 9.0% of base salary | A number of activities took place during 2021 to strengthen the Group’s global governance standards and systems as the business develops and prepares to implement a Group-wide operating model and the enhancement of the Group’s policies and standards. The InSite safety system, already deployed successfully across the North America Division, successfully continued its global roll out across Europe and AMEA, marking a cultural and behavioural shift across the business. | 7.0% |
Based on EPS and TSR performance over the three years ended 31 December 2021, the PSP awards made in 2019 will vest as follows:
| Measures | Vesting schedule | 3% of award that will vest | Outcome |
|---|---|---|---|
| 0% | 25% | 100% | |
| Cumulative earnings per share (EPS) over three years¹ | 270.6p | 300p | 345p |
| Outcome | 0% | 25% | 50% weight |
| Keller’s TSR ranking relative to the constituents of the FTSE 250 comparator index² | Below median | Median | Upper quartile or higher |
| 25% weight | |||
| ROCE over three years⁴ | Below 14% | 14% | 20% |
| 13.1% | |||
| Total vesting | 36.6% |
¹ EPS is before non-underlying items on an IAS 17 basis.
"The 2019–21 Performance Share Plan awards are for the three years ended 31 December 2021 and were based on EPS, TSR and ROCE performance over the period. The awards were prepared on the basis of IAS 17, the previous leasing standard.
⁴ Average of the three-year ROCE for 2019–21."
Shareholders will recall that, prior to the company’s 2019 AGM, ISS proxy advisers highlighted that the number of shares awarded to Executive Directors were not being scaled back in recognition of the fall in the Company’s share price during 2018. We engaged with a large number of our major shareholders as a result and the Committee undertook that, at the time of vesting of the 2019 award, it would make a determination as to whether to use its discretion to reduce vesting levels as appropriate. Against this background, the Committee carefully considered the vesting levels of the 2019 award, with additional discretionary adjustments to the Executive Director and Chief Executive Officer remuneration and equity awards. The Committee did not exercise its discretion to reduce the vesting levels, and the resultant vesting levels were directly linked to the performance measures. The Remuneration Committee has reviewed the outstanding 2019 awards and no discretion was exercised. In line with the policy, the Committee has the ability to exercise malus and clawback with regard to incentive awards in certain circumstances as outlined in the policy. Overall, the Committee considers that the policy has operated as it was intended during 2021.
The three-year performance period over which performance will be measured began on 1 January 2021 and will end on 31 December 2023. Awards will vest in March 2024, subject to meeting performance conditions. Awards were made as follows:
| Executive Director | Date of grant | Shares over which awards granted | Market price at award (£) | Face value of the award at grant | Face value at threshold (£) | Face value at maximum (£) | Performance period |
|---|---|---|---|---|---|---|---|
| Michael Speakman | 15 Mar 21 | 102,858 | 8.33 | 150% of salary | 214,202 | 856,807 | 1 Jan 21–31 Dec 23 |
| David Burke | 15 Mar 21 | 56,273 | 8.33 | 125% of salary | 117,189 | 468,754 | 1 Jan 21–31 Dec 23 |
¹ The average of the daily closing price on 10, 11 and 12 March 2021 of the company’s shares on the main market of the London Stock Exchange.
Keller Group plc Annual Report and Accounts 2021 Governance 104
Vesting of the 2021–23 Performance Share Awards is subject to achieving the following performance conditions:
| Measures | Vesting schedule | % of award that will vest |
|---|---|---|
| 0% | 25% | |
| Cumulative EPS over three years¹ | Below 245p | 245p |
| 25% weight | ||
| Keller’s relative TSR performance vs FTSE 250 Index over three years | Below median | Median |
| 25% weight | ||
| Average ROCE over three years | Below 12% | 12% |
| 25% weight | ||
| Operating margin over three years² | Below 5.2% | 5.2% |
¹ EPS and ROCE are before non-underlying items on an IFRS 16 basis.
² Operating margin is before non-underlying items on an IFRS 16 basis.
"The 2021–23 Performance Share Plan awards are for the three years ending 31 December 2023 and are based on EPS, ROCE and operating margin performance over the period. The Committee has the ability to adjust performance targets in exceptional circumstances, ensuring that they are not materially easier or harder to satisfy than the original targets. Any amended targets determined by the Committee will be disclosed to shareholders in the next Directors’ remuneration report.
The date of this report is 7 March 2022. All interests disclosed are beneficial unless otherwise stated. The Ordinary shares held by Directors are those at 31 December 2021 and the date of this report.
| Director | Ordinary shares at 31 December 2021 | Ordinary shares at 31 December 2020 |
|---|---|---|
| Michael Speakman | 44,280 | 40,000 |
| David Burke | 4,872 | – |
| Peter Hill | 53,000 | 53,000 |
| Nancy Tuor Moore | 3,000 | 3,000 |
| Eva Lindqvist | – | – |
| Kate Rock | 2,500 | 2,500 |
| Paula Bell | 1,581 | 1,581 |
The table below shows the shareholding of each Executive Director against their respective shareholding guideline as at 31 December 2021.
| Executive Director | Shares held¹ | Awards held² | Shareholding guideline % salary/fee | Current shareholding % salary/fee |
|---|---|---|---|---|
| Owned outright or vested | Unvested and subject to performance conditions | Unvested without performance conditions | ||
| Michael Speakman | 44,280 | 309,913 | 29,762 | 200% |
| David Burke | 4,872 | 58,621 | 3,669 | 200% |
¹ Dividend accruals are included in these numbers.
² Deferred awards.
Keller Group plc Annual Report and Accounts 2021 Governance 105
Details of current awards outstanding to the Executive Directors are detailed in the table below:
| At 1 January 2021 | Granted during the year | Vested in year² | Lapsed during the year² | Dividend equivalents accrued during the year | At 31 December 2021² | Vesting date | |
|---|---|---|---|---|---|---|---|
| Michael Speakman | |||||||
| 20 August 2018 | 58,258 | – | 6,447 | 52,069 | 258 | – | 20/08/21 |
| 8 March 2019 | 79,163 | – | – | – | 3,304 | 82,467 | 08/03/22 |
| 8 March 2019 (deferred award) | 1,596 | – | 1,596 | – | – | – | 08/03/21 |
| 9 March 2020 | 110,856 | – | – | – | 4,627 | 115,483 | 09/03/23 |
| 9 March 2020³ | 4,619 | – | – | – | 193 | 4,812 | 09/03/23 |
| 9 March 2020 (deferred award) | 5,040 | – | – | – | 210 | 5,250 | 09/03/22 |
| 15 March 2021 | – | 102,858 | – | – | 4,293 | 107,151 | 15/03/24 |
| 15 March 2021 (deferred award) | – | 23,530 | – | – | 982 | 24,512 | 15/03/23 |
| David Burke | |||||||
| 15 March 2021 | – | 56,273 | – | – | 2,348 | 58,621 | 15/03/24 |
| 15 March 2021 (deferred award) | – | 3,522 | – | – | 147 | 3,669 | 15/03/23 |
¹ For awards made before 2021, the first tranche of shares vested on 20 August 2021.
² Includes dividend equivalents added as shares since the date of grant.
³ This award was made in March 2020 to supplement the CEO’s 2019 PSP award. The award conditions are based on EPS over three years of the performance period, 25% on ROCE, and 25% on operating margin in year three. Each performance period ends on 31 December of the third year.
"The Remuneration Committee has discretion to determine the allocation of the £2m allocation in respect of CEO awards of £2m to the CEO of £1.5m and £0.5m to the Chief Operating Officer. The Committee considers it to be remuneration awarded in respect of 2019 and supplements his 2019 PSP award.
The graph below shows the company’s performance, measured by TSR, compared with the performance of the FTSE 250 Index (excluding investment funds and companies with a market capitalisation below £500 million as at the date of the 2011 Index review) and the FTSE All-Share Index over the period.
This graph shows the growth in value of a hypothetical £100 holding in Keller Group plc ordinary shares over 10 years, relative to a hypothetical £100 holding in the FTSE 250 and FTSE All-Share Indices.
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Graph](data:image/png;base64,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Ýëè]æëäñêèìñæòðóäõä÷òõêõòøóõèðøñèõä÷ìòñìöçèõìùèçéõòðäöìêñìĤæäñ÷æëäñêèìñèðóïòüèèðìûìñ÷ëèÞÔåøöìñèöö
Ýëìöæëäñêèìöçøè÷ò÷ëèõèæõøì÷ðèñ÷òéäöìêñìĤæäñ÷äðòøñ÷òéöì÷è¡åäöèçèðóïòüèèöçøõìñê" "!éòõ÷ëèÑìêëÜóèèç"ðèêä¡óõòíèæ÷
Ýëèèģèæ÷òéäñìñæõèäöèìñ÷ëìöæä÷èêòõüòéèðóïòüèèëäöçìïø÷èç÷ëèäùèõäêèæëäñêèìñõèðøñèõä÷ìòñòé÷ëèæòðóäõä÷òõêõòøóåè÷úèèñ 2020 and 2021.
Ýëè÷äåïèåèïòúöëòúö÷ëèæòðóäõìöòñòé÷ëèÌÎØđööìñêïè÷ò÷äïĤêøõèòéõèðøñèõä÷ìòñ¤ÜÝÏÛ¥÷ò÷ëè"%÷ëðèçìäñäñç'%÷ëóèõæèñ÷ìïèÜÝÏÛòééøïï¡÷ìðèequivalent UK employees on a Group-wide basis consistent with The Companies (Miscellaneous Reporting) Regulations 2018.
| Financial year | Method | 25th percentile pay ratio | Median pay ratio | 75th percentile pay ratio |
|---|---|---|---|---|
| 2020 | Option A | 38:1 | 25:1 | 19:1 |
| 2020 (restated with actual bonuses) | Option A | 37:1 | 24:1 | 18:1 |
| 2021 | Option A | 43:1 | 30:1 | 22:1 |
Ýëèèðóïòüèèöøöèçéòõ÷ëèóøõóòöèöòé÷ëè÷äåïèäåòùèúèõèìçèñ÷ìĤèçäöåäöèçìñ÷ëèÞÔäñçòñäéøïï¡÷ìðèèôøìùäïèñ÷åäöìöäöä÷#!Íèæèðåèõ" "!
Option A was chosen as it is considered to be the most accurate way of identifying the relevant employees required by The Companies (Miscellaneous Reporting) Regulations 2018. The CEO pay ratio has been calculated to show the remuneration of the CEO Michael Speakman, who has been CEO on a permanent basis for the full Ĥñäñæìäïüèäõ Due to the timing of bonus payouts for the 2021 performance year, we have used the bonus payout for 2021 for the CEO and the bonus payouts for the æòðóäõìöòñóòóøïä÷ìòñ÷ëä÷úäöóäìçìñ" "!ìñõèöóèæ÷òé÷ëè" " óèõéòõðäñæèüèäõàèúìïïøóçä÷è÷ëèöèĤêøõèöúì÷ë÷ëèäæ÷øäïäðòøñ÷öóäìçìñ" ""in respect of the 2021 performance year, in next year’s Annual report on remuneration.
Keller Group plc Annual Report and Accounts 2021 Governance 107
Annual remuneration report continued
The following table provides salary and total remuneration information in respect of the employees at each quartile.
| Financial year | Element of pay | 25th percentile employee | Median employee | 75th percentile employee |
|---|---|---|---|---|
| 2020 reported | Salary | £32,789 | £37,724 | £63,762 |
| Total remuneration | £37,736 | £57,970 | £74,469 | |
| " " õèö÷ä÷èçúì÷ëäæ÷øäïåòñøöĤêøõèö | Salary | £30,345 | £50,575 | £42,866 |
| Total remuneration | £39,150 | £60,131 | £79,567 | |
| 2021 | Salary | £31,823 | £44,986 | £58,806 |
| Total remuneration | £39,320 | £56,531 | £76,235 |
!Ýëèöäïäõüöëòúñëèõèìöïòúèõ÷ëäñ÷ëèðèçìäñçøè÷ò÷ëèõäñîìñêåèìñêçòñèòñä÷ò÷äïõèðøñèõä÷ìòñåäöìöÝëèèðóïòüèè÷ëä÷õäñîèçä÷÷ëè'%÷ëóèõæèñ÷ìïèëäçöìêñìĤæäñ÷òóèõä÷ìòñäï¡õèïä÷èçremuneration.
ÝëèËòäõçëäöæòñĤõðèç÷ëä÷÷ëèõä÷ìòìöæòñöìö÷èñ÷úì÷ë÷ëèæòðóäñüđöúìçèõóòïìæìèöòñèðóïòüèèóäüõèúäõçäñçóõòêõèööìòñ
Ýëè÷äåïèåèïòúöëòúöëòú÷ëèóèõæèñ÷äêèìñæõèäöèìñèäæëÍìõèæ÷òõđööäïäõü¦éèèö÷äûäåïèåèñèĤ÷öäñçäññøäïåòñøöåè÷úèèñ" " äñç" "!æòðóäõèçwith the average percentage increase in each of those components of pay for the UK-based employees of the Group as a whole. The Committee has óõèùìòøöïüðòñì÷òõèçüèäõ¡òñ¡üèäõæëäñêèöåè÷úèèñ÷ëèðòùèðèñ÷ìñöäïäõüåèñèĤ÷öäñçäññøäïåòñøöéòõ÷ëèÌÎØåè÷úèèñ÷ëèæøõõèñ÷äñçóõèùìòøöĤñäñæìäïüèäõæòðóäõèçúì÷ë÷ëä÷òéèðóïòüèèöÊöõèôøìõèçøñçèõÝëèÌòðóäñìèö¤Íìõèæ÷òõöđÛèðøñèõä÷ìòñÙòïìæüäñçÍìõèæ÷òõöđÛèðøñèõä÷ìòñÛèóòõ÷¥Regulations 2019, the analysis has been expanded to cover each Executive Director and Non-executive Director and this information will build up to çìöóïäüäĤùè¡üèäõëìö÷òõü
| % change 2020/21 | % change 2019/20 |
|---|---|
| % change in salary or fees | % change LQEHQHƬWV |
| Executive Directors | |
| Michael Speakman 1 | |
| David Burke 1 | |
| Chairman and Non-executive Directors 2 | |
| Peter Hill | |
| Kate Rock | |
| Paula Bell | |
| Eva Lindqvist | |
| Nancy Tuor Moore | |
| Paul Withers 3 | n/a |
| Keller Group plc employees 4,5 | |
!Ýëèöøåö÷äñ÷ìäïìñæõèäöèìñäïïðèäöøõèöéòõÍäùìçËøõîèåè÷úèèñ" " äñç" "!õèĥèæ÷öäéøïïüèäõòéèðóïòüðèñ÷éòïïòúìñêëìöö÷äõ÷çä÷èòñ!"Øæ÷òåèõ" " Òñåò÷ë" " äñç" "!÷ëèĤñäñæìäï÷äõêè÷öõèïä÷ìñê÷òóõòĤ÷äåìïì÷üäñçæäöë¡åäöèçóèõéòõðäñæèúèõèäæëìèùèçìñéøïïÝëèÎûèæø÷ìùèÍìõèæ÷òõöäñç÷ëèæòðóäõä÷òõêõòøóòéèðóïòüèèöäõèìñæèñ÷ìùìöèçòñ÷ëèöäðèĤñäñæìäïðè÷õìæö
"Ýëèìñæõèäöèöéòõ×òñ¡èûèæø÷ìùèÍìõèæ÷òõöõèĥèæ÷÷ëèæëäñêèöðäçèçøõìñê" "!Ýëèõèçøæ÷ìòñìñ×äñæüÝøòõÖòòõèđöéèèöõèïä÷è÷òäõèçøæ÷ìòñìñìñ÷èõñä÷ìòñäï÷õäùèïìñ" "!æòðóäõèç÷ò" "
3 Paul Withers retired in June 2020.
$ÔèïïèõđöÐõòøóëèäçòĦæèìöåäöèçìñ÷ëèÞÔäñçéøïï¡÷ìðèèôøìùäïèñ÷èðóïòüèèöòé÷ëìöòõêäñìöä÷ìòñëäùèåèèñæëòöèñäö÷ëèæòðóäõä÷òõêõòøó
%Ýëèæëäñêèìñæòðóòñèñ÷öòé÷ëèæòðóäõä÷òõêõòøóõèðøñèõä÷ìòñìöòñäóèõæäóì÷äåäöìöäñç÷ëèüèäõ¡òñ¡üèäõìñæõèäöèöõèĥèæ÷ö÷ëèéøõ÷ëèõö÷õèñê÷ëèñìñêòé÷ëèÐõòøóëèäçòĦæèïèäçèõöëìóduring 2021 in key areas of strategic capability such as IT and ERP.
Ýëè÷äåïèåèïòúöëòúööëäõèëòïçèõçìö÷õìåø÷ìòñö¤ìèçìùìçèñçö¥äñç÷ò÷äïèðóïòüèèóäüèûóèñçì÷øõèéòõ÷ëèĤñäñæìäïüèäõöèñçèç#!Íèæèðåèõ" " äñç31 December 2021, along with the percentage changes.
| 2021 £m | 2020 £m | % change | |
|---|---|---|---|
| Distribution to shareholders 1 | | 25.9 | 0% |
| Remuneration paid to all employees 2 | | 572.4 | 1.5% |
!ÝëèÍìõèæ÷òõöäõèóõòóòöìñêäĤñäïçìùìçèñçìñõèöóèæ÷òé÷ëèĤñäñæìäïüèäõèñçèç#!Íèæèðåèõ" "!òé"##óóèõòõçìñäõüöëäõè
"Ýò÷äïõèðøñèõä÷ìòñõèĥèæ÷öòùèõäïïèðóïòüèèæòö÷öÜèèñò÷è'÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷öéòõéøõ÷ëèõìñéòõðä÷ìòñ
Keller Group plc Annual Report and Accounts 2021 Governance108
Summary of implementation of the Remuneration Policy during 2021 and 2022
Overall, the Committee considers that the Remuneration Policy has operated as it intended during 2021, with no deviations. A summary of how the Committee intends the policy to be operated during 2022 can be found in the remaining pages of this report.
ÝëèÌòððì÷÷èèñò÷èç÷ëä÷öäïäõüìñæõèäöèöéòõÞÔ¡åäöèçèðóïòüèèöäæõòöö÷ëèÐõòøóúèõèêèñèõäïïüäõòøñç$]èģèæ÷ìùè!Óäñøäõü" ""ÝëèExecutive Directors received salary increases below this amount for 2022.
ËèñèĤ÷öéòõ" ""úìïïõèðäìñåõòäçïüøñæëäñêèçéõòðóõìòõüèäõö
Pension contributions for Michael Speakman and David Burke have been set at 7% of base salary in line with the rate provided to the majority of the workforce in the UK and on a weighted average basis around Keller’s most populous locations.
Ïòõ" ""( ]òéÎûèæø÷ìùèÍìõèæ÷òõöđåòñøöúìïïåèåäöèçòñÐõòøóĤñäñæìäïõèöøï÷öäñç" ]úìïïåèåäöèçòñöëäõèçæòõóòõä÷èòåíèæ÷ìùèöÝëèóèõéòõðäñæèðèäöøõèöúìïïåèóõòĤ÷åèéòõè÷äû¤ÙËÝ¥äñìðóòõ÷äñ÷ìñçìæä÷òõòé÷ëèæòðóäñüđöĤñäñæìäïäñçòóèõä÷ìñêóèõéòõðäñæèäñçäcash-based target, a more operational measure. Targets for each measure are challenging but realistic and have been set in the context of the business plan. Targets will be disclosed retrospectively in the 2022 Annual remuneration report to the extent that they are no longer considered commercially sensitive. 25% of any bonus earned will be deferred into company shares for two years.
The 2022–24 PSP performance conditions will be assessed over three years based on the following measures: relative TSR (25% weight), cumulative EPS ¤"%]úèìêë÷¥õè÷øõñòñæäóì÷äïèðóïòüèç¤ÛØÌÎ¥¤"%]úèìêë÷¥äñçòóèõä÷ìñêóõòĤ÷ðäõêìñ¤"%]úèìêë÷¥Ýëèöèðèäöøõèöö÷õòñêïüäïìêñóò÷èñ÷ìäïóäüòø÷under the PSP with Keller’s strategic priorities.
Ûèïä÷ìùèÝÜÛóèõéòõðäñæèúìïïåèðèäöøõèçåüõäñîìñêäêäìñö÷ÏÝÜÎ"% æòðóäñìèö¤èûæïøçìñêìñùèö÷ðèñ÷÷õøö÷öäñçĤñäñæìäïöèõùìæèö¥Þñçèõäõäñîèçapproach, a threshold vesting (resulting in 25% of that portion of the award vesting) will be for median performance against the comparator group; maximum vesting for upper quartile performance (or above) against the comparator group. Straight-line vesting between these points.
ÎÙÜúìïïåèðèäöøõèçòñäæøðøïä÷ìùèåäöìöèñäåïìñê÷äõêè÷öè÷÷ìñê÷òõèĥèæ÷åøöìñèööóïäñöðäõîè÷æòñöèñöøöäñç÷ëèóòöì÷ìòñìñ÷ëèæòñö÷õøæ÷ìòñæüæïè
Cumulative EPS of 400p over the three-year period will enable full vesting of this performance condition, with a threshold vesting of 25% if 330p is äæëìèùèçæäïæøïä÷èçòģ÷ëè" "!øñçèõïüìñêÎÙܤä÷ÒÏÛÜ!&åäöìö¥òé(($ó
ROCE will be measured on an average basis over the three-year performance period, with a threshold level of performance of 12% (leading to 25% of that portion of the award vesting) and a maximum of 18% straight-line vesting between these points.
Øóèõä÷ìñêóõòĤ÷ðäõêìñúìïïåèðèäöøõèçìñüèäõ÷ëõèè¤úì÷ëä÷ëõèöëòïçùèö÷ìñêòé%%]ïèäçìñê÷ò"%]òé÷ëä÷óòõ÷ìòñòé÷ëèäúäõçùèö÷ìñê¥äñçðäûìðøðof 6.5% straight-line vesting between these points. These targets have been carefully assessed and the Committee considers them to be appropriately stretching, given the company’s business plans, opportunity set and investor expectations.# Keller Group plc Annual Report and Accounts 2021 Governance 109
| Measures | Vesting schedule | % of award that will vest |
|---|---|---|
| Cumulative EPS over three years | Below 330p / 330p / 400p | 25% weight |
| Keller’s relative TSR performance vs FTSE 250 Index | Below median / Median / Upper quartile | 25% weight |
| Average ROCE over three years | Below 12% / 12% / 18% | 25% weight |
| Éòõä÷ìñêóõòĤ÷ðäõêìñìñüèäõ÷ëõèè | Below 5.5% / 5.5% / 6.5% | 25% weight |
**Ýòõèĥèæ÷÷ëèìðóäæ÷òéäñüæëäñêèöìñÒÏÛÜäææòøñ÷ìñêö÷äñçäõçö÷ëèÌòððì÷÷èèúìïïæòñöìçèõäçíøö÷ìñêĤñäñæìäï÷äõêè÷öäóóõòóõìä÷èïüéòõäïïöøåöìö÷ìñêÙÜÙöèñöøõìñê÷ëä÷÷ëèüäõèñò÷ðä÷èõìäïïüèäöìèõòõ harder to satisfy than the original targets. Any amended targets determined by the Committee will be disclosed to shareholders in the next Directors’ remuneration report.
1 EPS is before non-underlying items on an IFRS 16 basis.
**Ïèèöéòõ÷ëè×òñ¡èûèæø÷ìùèÍìõèæ÷òõöúèõèõèùìèúèçúì÷ëèģèæ÷éõòð!Óäñøäõü" ""äñçì÷úäöçèæìçèç÷ëä÷÷ëèüúòøïçåèìñæõèäöèçåü#%]
The Chairman’s fee was increased by 3%.
6LQJOHWRWDOƬJXUHRIUHPXQHUDWLRQIRU1RQH[HFXWLYH'LUHFWRUVDXGLWHGLQIRUPDWLRQ
Ýëè÷äåïèåèïòúöè÷öòø÷äöìñêïèĤêøõèéòõ÷ëè÷ò÷äïõèðøñèõä÷ìòñõèæèìùèçåüèäæë×òñ¡èûèæø÷ìùèÍìõèæ÷òõéòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "!and the prior year:
| Non-executive Director | 2021 £ | 2020 £ |
|---|---|---|
| Peter Hill | 200,000 | 195,000 |
| Eva Lindqvist 1 | 63,000 | 62,000 |
| Nancy Tuor Moore 2 | 65,500 | 71,063 |
| Paula Bell 3 | 63,000 | 62,000 |
| Kate Rock 4 | 73,000 | 72,000 |
| Paul Withers 5 | – | 26,000 |
| Total fees | 464,500 | 488,063 |
1 Eva Lindqvist receives additional fees of £10,000 per annum as Chair of the Remuneration Committee.
2 Nancy Tuor Moore receives additional fees of £10,000 as Chair of the Environment Committee and £10,000 for international travel. The fee for international travel was reinstated in October 2021.
3 Paula Bell receives additional fees of £10,000 as Chair of the Audit and Risk Committee.
4 Kate Rock receives additional fees of £20,000 as Senior Independent Director and Chair of the Social and Community Committee.
5 Paul Withers retired from the Board on 30 June 2020.
The following table sets out the results of the vote on the Remuneration report and the Remuneration Policy at the 2021 AGM:
| Votes for Number | % | Votes against Number | % | Votes cast Number | % | Number Withheld | |
|---|---|---|---|---|---|---|---|
| Remuneration report | 54,820,261 | 91.15% | 5,324,060 | 8.85% | 60,144,321 | 470,165 | |
| Remuneration Policy | 54,665,416 | 90.20% | 5,942,286 | 9.80% | 60,607,702 | 6,784 |
Keller Group plc Annual Report and Accounts 2021 Governance 110
The following Directors were members of the Remuneration Committee when matters relating to the Directors’ remuneration for 2022 were being considered:
During the year, the Committee received assistance from Kerry Porritt (Group Company Secretary and Legal Advisor) and Graeme Cook (Group People **Íìõèæ÷òõ¥òñöäïäõüìñæõèäöèöåòñøöäúäõçööëäõèóïäñäúäõçöäñçùèö÷ìñêäñçóòïìæüäñçêòùèõñäñæèðä÷÷èõöÍäùìçËøõîè¤ÌëìèéÏìñäñæìäïØĦæèõ¥ óõèöèñ÷èçìñéòõðä÷ìòñúì÷ëõèêäõç÷ò" "!Ĥñäñæìäïóèõéòõðäñæèäñç" ""åøçêè÷äñç÷ëè÷ëõèè¡üèäõóïäñéòõ" ""¢"$Òñçè÷èõðìñìñê÷ëèÎûèæø÷ìùè Directors’ remuneration for 2021 and 2022, the Committee has consulted the Chairman and the CEO about its proposals, except (in the case of the CEO) in relation to their own remuneration. No Director is involved in determining their own remuneration.
**×òðèðåèõòé÷ëèÌòððì÷÷èèëäöäñüóèõöòñäïĤñäñæìäïìñ÷èõèö÷¤ò÷ëèõ÷ëäñäöäöëäõèëòïçèõ¥æòñĥìæ÷òéìñ÷èõèö÷äõìöìñêéõòðæõòöö¡çìõèæ÷òõöëìóöòõ çäü¡÷ò¡çäüìñùòïùèðèñ÷ìñõøññìñê÷ëèåøöìñèööÐìùèñ÷ëèìõçìùèõöèåäæîêõòøñçö÷ëèËòäõçåèïìèùèö÷ëä÷÷ëèðèðåèõöòé÷ëèÌòððì÷÷èèäõèäåïè÷òòģèõ an informed and balanced view on executive remuneration issues.
The Committee’s terms of reference, which were reviewed during the year, are available on the Group’s website (www.keller.com) and on request from the Group Company Secretary and Legal Advisor.
ÝëèÌòððì÷÷èèæòñçøæ÷èçäñèģèæ÷ìùèñèööõèùìèúòé÷ëèåøöìñèööæòùèõèççøõìñê÷ëèüèäõäêäìñö÷ì÷ö÷èõðöòéõèéèõèñæèÒñäççì÷ìòñ÷ëèÌòððì÷÷èèđö performance, and that of its members, was evaluated in an exercise facilitated by Donata Denny, a highly respected Leadership Coach and Professional Íèùèïòóðèñ÷ÊçùìöòõÝëèÌòððì÷÷èèäñçì÷öðèðåèõöúèõèéòøñç÷òåèòóèõä÷ìñêèģèæ÷ìùèïüÝëèòø÷æòðèòé÷ëìöèûèõæìöèæäñåèéòøñçòñóäêèö("äñç(#
**Íøõìñê÷ëèüèäõ÷ëèÌòððì÷÷èèõèæèìùèçäçùìæèéõòðÍèïòì÷÷èäñìñçèóèñçèñ÷Ĥõðòéõèðøñèõä÷ìòñæòñöøï÷äñ÷öäóóòìñ÷èçåü÷ëèÌòððì÷÷èèäé÷èõ æòñöøï÷ä÷ìòñúì÷ë÷ëèËòäõçÝëèÌòððì÷÷èèìööä÷ìöĤèç÷ëä÷Íèïòì÷÷èìöäñçõèðäìñöìñçèóèñçèñ÷òé÷ëèæòðóäñüäñç÷ëä÷÷ëèäçùìæèóõòùìçèçìöìðóäõ÷ìäï and objective. Deloitte is a founding member and signatory of the Code of Conduct for Remuneration Consultants, details of which can be found at www.remunerationconsultantsgroup.com.
Íøõìñê÷ëèüèäõÍèïòì÷÷èäïöòóõòùìçèçäçùìæèìñõèïä÷ìòñ÷ò÷äûæòðóïìäñæèäñçõìöîäçùìöòõüöèõùìæèöÝëèÌòððì÷÷èèìööä÷ìöĤèç÷ëä÷÷ëèóõòùìöìòñòé these services did not impair Deloitte’s ability to advise the Committee independently. Their total fees for the provision of remuneration services to the Committee for 2021 were £30,250.
ÝëèÌòððì÷÷èèìööä÷ìöĤèç÷ëä÷÷ëèäçùìæè÷ëèüëäùèõèæèìùèçëäöåèèñòåíèæ÷ìùèäñçìñçèóèñçèñ÷
Eva Lindqvist
Chair of the Remuneration Committee
Approved by the Board of Directors and authorised for issue on 7 March 2022.
Keller Group plc Annual Report and Accounts 2021 Governance 111
The results for the year, showing an underlying óõòĤ÷åèéòõè÷äûä÷ìòñòé|(#)ð¤" " |)&)ð¥ äõèöè÷òø÷òñóäêèö!"'÷ò!(%Ü÷ä÷ø÷òõüóõòĤ÷ before tax was £71.6m (2020: £63.8m). The Íìõèæ÷òõöõèæòððèñçäĤñäïçìùìçèñçòé"##ó per share to be paid on 1 July 2022, to members on the register at the close of business on 6 June 2022. An interim dividend of 12.6p per share was paid on 10 September 2021. The total dividend for the year of 35.9p (2020: 35.9p) will amount to £25.9m (2020: £25.9m).**
Information relating to the going concern and viability statements is set out on page 33 of the Strategic report and is incorporated by reference into this report.
Full details can be found in note 25 to the Ĥñäñæìäïö÷ä÷èðèñ÷öäñçìñ÷ëèÌëìèéÏìñäñæìäïØĦæèõđöõèùìèú
Please see page 174 for post balance öëèè÷èùèñ÷ö
The Group’s main banking facilities contain provisions that, upon 15 days’ notice being given to the Group, lenders may exercise their discretion to require immediate repayment of the loans on a change of control and cancel all commitments under the agreement. Certain other commercial agreements, entered into in the normal course of business, include change of control provisions. There are no agreements providing for compensation for the Directors or employees on a change of control.
Apart from transactions between the company, its subsidiaries and joint operations, which are related parties, there have been no related party transactions during the year.
The names of all persons who, at any time during the year, were Directors of the company can be found on pages 70 and 71. The interests of the Íìõèæ÷òõöëòïçìñêòĦæèä÷÷ëèèñçòé÷ëèüèäõìñ the issued ordinary share capital of the company and any interests in its Performance Share Plan are given in the Directors’ remuneration report on pages 105 and 106. No Director had a material interest in any öìêñìĤæäñ÷æòñ÷õäæ÷ò÷ëèõ÷ëäñäöèõùìæè contract or a contract for services, with the company or any of its operating companies during the year. The company’s Articles of Association indemnify the Directors out of the assets of the company in ÷ëèèùèñ÷÷ëä÷÷ëèüöøģèõäñüïòööòõïìäåìïì÷üìñ the execution of their duties as Directors, subject to the provisions of the 2006 Act. The company ðäìñ÷äìñöìñöøõäñæèéòõÍìõèæ÷òõöäñçØĦæèõöìñ respect of liabilities which could arise in the discharge of their duties.
The business of the company is overseen by the Board, which may exercise all the powers of the company subject to the provisions of the company’s Articles of Association, the 2006 Act and any ordinary resolution of the company.
ÜóèæìĤæ÷õèä÷ðèñ÷òéÍìõèæ÷òõöđóòúèõö regarding allotment and repurchase of shares is provided under separate headings in the following pages.
Kerry Porritt
Group Company Secretary and Legal Advisor
The Directors present their report ZLWKWKHDXGLWHGFRQVROLGDWHGƬQDQFLDO statements for the year ended |'HFHPEHU This report is required to be produced by law. 7KH'LVFORVXUH*XLGDQFHDQG7UDQVSDUHQF\ Rules and the Listing Rules also require us to PDNHFHUWDLQGLVFORVXUHV
The Corporate governance statement, LQFOXGLQJWKH$XGLWDQG5LVN&RPPLWWHH report, forms part of this Directors’ report and is incorporated by reference. Disclosures elsewhere in the Annual Report and $FFRXQWVDUHFURVVUHIHUHQFHGZKHUH DSSURSULDWH7DNHQWRJHWKHUWKH6WUDWHJLF report on pages 1 to 67 and this Directors’ UHSRUWIXOƬOWKHUHTXLUHPHQWRI'LVFORVXUH *XLGDQFHDQG7UDQVSDUHQF\5XOH5WR provide a Management report.# Keller Group plc Annual Report and Accounts 2021
112
Any amendments to the company’s Articles of Association may be made in accordance with the provisions of the 2006 Act by way of special resolution. The company’s Articles of Association were last amended in May 2017.
Directors shall be no fewer than two and no more than 12 in number. Subject to applicable law, a Director may be appointed by an ordinary resolution of shareholders in a general meeting following nomination by the Board or a member (or members) entitled to vote at such a meeting, or following retirement by rotation if the Director chooses to seek re-election at a general meeting. In addition, the Directors may appoint a Interim Director, provided that the individual retires at the next AGM. A Director may be removed by the company as provided for by applicable law, in certain circumstances set out in the company’s Articles of Association (for example bankruptcy, or resignation), or by a special resolution of the company. All Directors stand for re-election on an annual basis, in line with the recommendations of the Code.
The Group employed approximately 10,000 people at the end of the year.
The Group gives full and fair consideration to applications for employment made by disabled persons, having regard for their respective aptitudes and abilities. The policy includes, where practicable, the continued employment of those who become disabled during their employment and the provision of training and career development and promotion, where appropriate. Information on the Group’s approach to employee involvement, equal opportunities and health, safety and the environment can be found in the ESG and sustainability section of this report on pages 53 to 63.
The Directors have considered the needs of the company’s stakeholders as part of their decision-making process. Details are set out in our section 172 statement on pages 76 and 77.
No political donations were made during the year. Keller has an established policy of not making donations to any political party, representative or candidate in any part of the world.
Information relating to the greenhouse gas emissions of the company is set out on page 48 and is incorporated by reference into this report.
The Group continues to have in-house design, development and manufacturing facilities, where employees work closely with site engineers to solve problems of ground conditions and behaviour. Most of the specialised ground improvement equipment used in the business is designed and built in-house and, where applicable, the development costs are included in the cost of the equipment.
Details of the share capital, together with details of the movements in the company’s issued share capital during the year, are shown in note 27 to the financial statements. The company has one class of ordinary shares which is listed on the London Stock Exchange (ordinary shares). All ordinary shares rank equally to a gross income and each ordinary share carries the right to one vote at general meetings of the company. There are no restrictions on the shareholding, nor on the transfer of shares, which are both governed by the Articles of Association and the prevailing law. The Directors are not aware of any agreements between shareholders that may result in restrictions on voting rights and the transfer of securities. No person has any special rights of control over the company’s share capital and all issued shares are fully paid. Details of employee share plans are set out in note 31 to the financial statements. Treasury shares and shares held by the Employee Share Trust are not voted.
The company obtained shareholder authority at the last AGM (19 May 2021) to buy back up to 7,221,000 ordinary shares. The authority remains outstanding until the conclusion of the 2022 AGM but could be varied or withdrawn by agreement of shareholders at an intervening general meeting. The minimum price which must be paid for each ordinary share is its nominal value and the maximum price is the higher of an amount equal to not more than 5% above the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange valid for the five day period ending on the date of purchase and an amount equal to the higher of the price of the last independent trade of an ordinary share and the highest current independent bid for an ordinary share on the trading venue where the purchase is carried out. The Directors have not used, and have no current plans to use, this authority.
Shareholder authority was also given at the last AGM for the Directors to allot new shares up to a nominal amount of £2,407,000, equivalent to approximately one-third of the company’s issued share capital (excluding treasury shares) as at 9 March 2021 and to disapply pre-emption rights up to an aggregate nominal amount of £361,050, representing approximately 5% of the company’s issued share capital as at 9 March 2021. The Directors have not used, and have no current plans to use, these authorities.
The Board, upon the recommendation of the Audit and Risk Committee, has decided that Ernst & Young LLP (EY) will be proposed as the Group’s auditors for the year ending 31 December 2022 and a resolution to appoint EY will be put to shareholders at the 2022 AGM.
The full details of the 2022 AGM, which will take place on 18 May 2022, are set out in the Notice of Meeting, together with the full wording of the resolutions to be tabled at the meeting. We continue to closely monitor health and safety guidance and any changes to venue and logistics and will make a further stock exchange announcement.
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The purpose of this Annual Report and Accounts is to provide information to the members of the company, as a body, and no other persons. The company, its Directors and employees, agents or advisers do not accept or assume responsibility to any other person to whom this document is shown or into whose hands it may come and any such responsibility or liability is expressly disclaimed. The Annual Report and Accounts contains certain forward-looking statements with respect to the Group’s future performance and financial condition. By their nature, these statements involve uncertainty since future events and circumstances can cause results and performance to differ materially from those anticipated. The forward-looking statements herein are based on current expectations and assumptions and relate only to events as of the date of preparation of this Annual Report and Accounts. The Directors do not undertake any obligation to update publicly or revise any of the forward-looking statements. Nothing in this Annual Report and Accounts constitutes or is intended to be a recommendation to buy or sell securities.
The Directors undertake to hold the company’s statutory financial statements and accounts, in accordance with the provisions of section 418 of the 2006 Act, so far as they are each aware, there is no relevant audit information of which the company’s auditors are unaware; and each Director has taken all the steps that he or she ought to have taken as a Director to make him or herself aware of any relevant audit information and to establish that the company’s auditors are aware of that information.
Kerry Porritt
Group Company Secretary and Legal Advisor
Approved by the Board of Directors and authorised for issue on 7 March 2022.
The Directors’ report continued
As at 7 March 2022, the Directors have received notifications in accordance with the Transparency Rules of the Financial Conduct Authority of the voting rights of shareholders in the company as per the table below:
| Ordinary shares | Number of ordinary shares | Percentage of the total voting rights |
|---|---|---|
| Schroders plc | 7,264,752 | 10.046% |
| Old Mutual Plc | 4,242,670 | 5.96% |
| FIL Limited | 3,881,863 | 5.37% |
| Aberforth Partners LLP | 3,589,696 | 5% |
| Franklin Templeton Institutional, LLC | 3,557,757 | 4.96% |
| Artemis Investment Management LLP | 3,561,152 | 4.94% |
| Standard Life Aberdeen plc | 3,443,366 | 4.78% |
| Lindsell Train Limited | 3,327,404 | 4.6% |
| Norges Bank | 2,676,017 | 3.71% |
The above shareholdings do not include shares held by other significant shareholders.
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Governance
114
The Directors are responsible for preparing the Annual Report and the Group and company financial statements in accordance with applicable law and regulations. Company law requires the Directors to prepare Group and company financial statements in a true and fair view. Thus the Directors have prepared the Group financial statements in accordance with International Accounting Standards in conformity with the requirements of the Companies Act 2006, and the company financial statements in accordance with UK Accounting Standards, including FRS 101 Reduced Disclosure Framework. Under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, Group financial statements are required to be prepared in accordance with UK-adopted International Accounting Standards.Under company law the Directors must not undertake disclosures and need to provide disclosures on the financial statements. In addition, the Directors are required to:
* select suitable accounting policies and then apply them consistently;
* make judgements and estimates that are reasonable and prudent;
* ensure that the financial statements provide a true and fair view of the Group’s and parent company’s position and performance;
* ensure that the company financial statements have been prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006;
* ensure that the group financial statements state whether the applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the company financial statements;
* assess the Group and company’s ability to continue as a going concern, disclosing, as applicable, matters relating to going concern; and
* use the going concern basis of accounting unless they either intend to liquidate the Group or the company or to cease operations, or have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that its financial statements comply with the requirements of the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the financial statements of the Group to be free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic report, a Directors’ report, a Directors’ remuneration report and a Corporate governance statement that comply with that law and those regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Responsibility statement of the Directors in respect of the Annual Report and the financial statements are as follows:
* the financial statements, provide a true and fair view of the assets, liabilities, financial position and results of the Group and undertakings included in the consolidation as a whole; and
* the Strategic report and the Directors’ report, including content contained by reference, includes a fair review of the development and performance of the business and the position and performance of the company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
The Directors present the Annual Report and the financial statements, dated below, and provide the information necessary for shareholders to assess the Group’s position and performance, business model and strategy. The Strategic report (pages 1 to 67) and the Directors’ report (pages 112 to 114) have been approved by the Board of Directors and authorised for issue on the date shown below.
Kerry Porritt
Group Company Secretary and Legal Advisor
7 March 2022
5 Kingdom Street
London W2 6BD
Registered in England No. 2442580
Statement of Directors’ responsibilities in respect of the Annual Report and the financial statements
Keller Group plc Annual Report and Accounts 2021
Governance 115
Independent auditor’s report to the members of Keller Group plc
Opinion
In our opinion:
* The Group’s and Parent Company’s financial statements and the consolidated financial statements—which comprise the Group statement of financial position as at 31 December 2021, and the Group statement of comprehensive income, Group statement of changes in equity and Group statement of cash flows for the year then ended; and Notes to the financial statements, including a summary of significant accounting policies—give a true and fair view of the Group and the parent company’s financial position as at 31 December 2021 and of the Group’s financial performance and the Group’s cash flows for the year then ended.
* The consolidated financial statements have been prepared in accordance with IFRS Standards as adopted by the UK. Statements of the Parent Company’s financial statements have been prepared in accordance with UK GAAP (United Kingdom Generally Accepted Accounting Practice).
* The financial statements give a true and fair view of the state of affairs of the Parent Company and the Group and of the profit or loss of the Group for the year then ended.
* The financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
* The Directors’ report and the Strategic report have been prepared in accordance with applicable legal requirements.
We also have the responsibility to report in writing if, in our opinion:
* Information given in the Directors’ report and the Strategic report is inconsistent in any material respect with the financial statements.
* Certain sections of the Directors’ report fulfil the requirements of the Companies Act 2006.
* We have identified any material misstatements in the Directors’ report and the Strategic report.
We have been engaged to audit the financial statements and, as required by the Companies Act 2006, we have audited the financial statements of the Parent Company and the Group.
Group
Parent Company
£m
£m
Consolidated statements
31 December
20
20
Statements of financial position
As at 31 December 2021
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11
Statements of cash flows
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Profit/(loss) on sale of subsidiaries
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Statements of cash flows from investing activities
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Statements of cash flows from financing activities
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Statements of cash flows from operating activities
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Statements of cash flows from operating activities
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Statements of cash flows from investing activities
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Statements of cash flows from financing activities
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Statements of cash flows from operating activities
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Statements of cash flows from investing activities
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Statements of cash flows from operating activities
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Statements of cash flows from investing activities
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Statements of cash flows from operating activities
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Statements of cash flows from investing activities
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Statements of cash flows from financing activities
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Statements of cash flows from operating activities
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Statements of cash flows from financing activities
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Statements of cash flows from operating activities
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Statements of cash flows from investing activities
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Statements of cash flows from financing activities
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Statements of cash flows from operating activities
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Statements of cash flows from investing activities
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Statements of cash flows from investing activities
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Statements of cash flows from operating activities
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Statements of cash flows from operating activities
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Statements of cash flows from investing activities
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Statements of cash flows from financing activities
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Statements of cash flows from operating activities
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Statements of cash flows from operating activities
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Statements of cash flows from investing activities
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Statements of cash flows from operating activities
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Statements of cash flows from operating activities
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Statements of cash flows from investing activities
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Statements of cash flows from operating activities
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Statements of cash flows from financing activities
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Statements of cash flows from investing activities
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Statements of cash flows from operating activities
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Statements of cash flows from operating activities
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Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
Statements of cash flows from investing activities
11
11
Statements of cash flows from financing activities
11
11
Statements of cash flows from operating activities
11
11
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Statements of cash flows from operating activities
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Statements of cash# Keller Group plc
| Revenue | Total assets | |
|---|---|---|
| Group | 70% | 69% |
| Parent Company | 21% | 19% |
In determining our approach to audit, we group together audit areas by component. For these audit areas, we have assessed the relevant control environment, assessed the specific risks and designed audit procedures appropriate to the component. Accordingly, our audit of the parent company has been tailored to focus on the Group’s reported results and the Group’s financial statements. The audit of the parent company specifically addresses the acquisition of subsidiaries and the related disclosures, and the Group’s reporting of segment information.
In response to the findings in the prior year regarding the audit of the Group, we have placed increased focus on the effectiveness of controls operated by the Group, and our external specialist provided assurance over the valuation of the Keller Group Plc’s acquisition debt.
In order to provide the necessary coverage of the Group’s financial statements, and in response to the findings of the prior year’s audit, our audit procedures have been designed to provide assurance over the Group’s financial reporting, and our valuation specialist provided assurance over the valuation of Keller Group Plc’s intercompany debt.
We have performed the following Group audits: 25% of revenue, 70% of total assets and 19% of profit before tax.
Our audit scope has been tailored to focus on the Group’s reported results and the Group’s financial statements. The audit of the parent company specifically addresses the acquisition of subsidiaries and the related disclosures, and the Group’s reporting of segment information.
We have performed the following Group audits: 25% of revenue, 70% of total assets and 19% of profit before tax.
Our audit scope has been tailored to focus on the Group’s reported results and the Group’s financial statements. The audit of the parent company specifically addresses the acquisition of subsidiaries and the related disclosures, and the Group’s reporting of segment information.
Our audit is intended to provide members with a reasonable assurance that the financial statements have been prepared in accordance with the applicable accounting standards, and as a result, the Group and parent company have a complete and accurate picture of the financial position of the Group as at 31 December 2017 and of its profit for the year ended on that date.
We have also audited the Directors’ remuneration report and the statement of corporate governance. We have no other comments to make on the Directors’ remuneration report and the statement of corporate governance.
117
| Revenue | Total assets | |
|---|---|---|
| Group | 70% | 69% |
| Parent Company | 21% | 19% |
In determining our approach to audit, we group together audit areas by component. For these audit areas, we have assessed the relevant control environment, assessed the specific risks and designed audit procedures appropriate to the component. Accordingly, our audit of the parent company has been tailored to focus on the Group’s reported results and the Group’s financial statements. The audit of the parent company specifically addresses the acquisition of subsidiaries and the related disclosures, and the Group’s reporting of segment information.
In response to the findings in the prior year regarding the audit of the Group, we have placed increased focus on the effectiveness of controls operated by the Group, and our external specialist provided assurance over the valuation of the Keller Group Plc’s acquisition debt.
In order to provide the necessary coverage of the Group’s financial statements, and in response to the findings of the prior year’s audit, our audit procedures have been designed to provide assurance over the Group’s financial reporting, and our valuation specialist provided assurance over the valuation of Keller Group Plc’s intercompany debt.
We have performed the following Group audits: 25% of revenue, 70% of total assets and 19% of profit before tax.
Our audit scope has been tailored to focus on the Group’s reported results and the Group’s financial statements. The audit of the parent company specifically addresses the acquisition of subsidiaries and the related disclosures, and the Group’s reporting of segment information.
We have performed the following Group audits: 25% of revenue, 70% of total assets and 19% of profit before tax.
Our audit scope has been tailored to focus on the Group’s reported results and the Group’s financial statements. The audit of the parent company specifically addresses the acquisition of subsidiaries and the related disclosures, and the Group’s reporting of segment information.
In order to provide robust assurance over the Group’s financial reporting, we have involved component audit teams, assessing the effectiveness of the Group’s controls over financial reporting. We are satisfied that the component audit teams have performed their work in accordance with the Group’s instructions. Accordingly, our audit of the parent company has been tailored to focus on the Group’s reported results and the Group’s financial statements.
We have performed the following Group audits: 25% of revenue and 16% of profit before tax.
In response to the findings in the prior year regarding the audit of the Group, we have placed increased focus on the effectiveness of controls operated by the Group, and our external specialist provided assurance over the valuation of the Keller Group Plc’s acquisition debt.
Our Group audit scope included a focus on the Group’s financial reporting and the Group’s financial statements. We have assessed the Group’s audit and risk management processes, our audit focused on the Group’s internal control environment and the effectiveness of its controls over financial reporting. We have assessed the Group’s reporting of segment information and other disclosures.
We have performed the following Group audits: 25% of revenue and 16% of profit before tax.
In response to the findings in the prior year regarding the audit of the Group, we have placed increased focus on the effectiveness of controls operated by the Group, and our external specialist provided assurance over the valuation of the Keller Group Plc’s acquisition debt.
Our Group audit scope included a focus on the Group’s financial reporting and the Group’s financial statements. We have assessed the Group’s audit and risk management processes, our audit focused on the Group’s internal control environment and the effectiveness of its controls over financial reporting. We have assessed the Group’s reporting of segment information and other disclosures.
The impairment of goodwill was focused on the Group’s reporting and the Group’s financial statements. We have assessed the Group’s audit and risk management processes, our audit focused on the Group’s internal control environment and the effectiveness of its controls over financial reporting. We have assessed the Group’s reporting of segment information and other disclosures.
The impairment of goodwill was focused on the Group’s reporting and the Group’s financial statements. We have assessed the Group’s audit and risk management processes, our audit focused on the Group’s internal control environment and the effectiveness of its controls over financial reporting. We have assessed the Group’s reporting of segment information and other disclosures.
In response to the findings in the prior year, we have placed increased focus on the effectiveness of controls operated by the Group, and our external specialist provided assurance over the valuation of the Keller Group Plc’s acquisition debt.
Our Group audit scope included a focus on the Group’s financial reporting and the Group’s financial statements. We have assessed the Group’s audit and risk management processes, our audit focused on the Group’s internal control environment and the effectiveness of its controls over financial reporting. We have assessed the Group’s reporting of segment information and other disclosures.
The impairment of goodwill was focused on the Group’s reporting and the Group’s financial statements. We have assessed the Group’s audit and risk management processes, our audit focused on the Group’s internal control environment and the effectiveness of its controls over financial reporting. We have assessed the Group’s reporting of segment information and other disclosures.
The impairment of goodwill was focused on the Group’s reporting and the Group’s financial statements. We have assessed the Group’s audit and risk management processes, our audit focused on the Group’s internal control environment and the effectiveness of its controls over financial reporting. We have assessed the Group’s reporting of segment information and other disclosures.# Keller Group plc
The Group’s revenue recognition policies are central to the Group’s Financial Statements. The revenue in question relates to revenue from construction services and revenue from homebuilding operations and is recognised in the income statement. The Group’s revenue recognition policies for construction services revenue are considered to be a key audit matter. The Group has detailed policies for recognising revenue for construction services revenue, which are detailed in Note 3 of the consolidated financial statements (pages 142 and 143). The Group’s policies for recognising revenue for homebuilding operations are detailed in Note 3 of the consolidated financial statements, which are shown in the table below:
| 2021 | 2020 | |
|---|---|---|
| Homebuilding revenue | % | % |
| Revenue from sales of properties | ||
| Revenue from sale of land | ||
| Revenue from house sales | ||
| Revenue from land sales |
The Group’s revenue recognition policies have been applied to the revenue of the Group and the recognised revenue is detailed in the income statement.
The Group has significant estimates and judgements in relation to the accounting for construction contracts. The Group has detailed policies for accounting for construction contracts, which are detailed in Note 3 of the consolidated financial statements, which are shown in the table below:
| 2021 | 2020 | |
|---|---|---|
| Construction revenue | % | % |
| Revenue from construction contracts | ||
| Revenue from hire of plant | ||
| Revenue from hire of plant |
The Group’s activities have been impacted by climate change and these impacts are assessed in the interim reports of the Group’s subsidiaries and are set out in the Group’s sustainability reports. The Group has assessed the impacts of climate change on its activities and these impacts are detailed in the Group’s climate change report. The Group has also assessed the impacts of climate change on its employees and these impacts are detailed in the Group’s employee impact report.
The Group has responded to the challenges of climate change by implementing a range of initiatives to reduce its carbon footprint. These initiatives include investing in renewable energy sources, improving energy efficiency in its operations, and developing sustainable construction practices. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group is committed to playing its part in tackling climate change and will continue to invest in initiatives to reduce its carbon footprint and to promote sustainable construction practices. The Group’s commitment to tackling climate change is set out in its sustainability policy.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been to implement a range of initiatives to reduce its carbon footprint, to promote sustainable construction practices, and to ensure that its operations are resilient to the impacts of climate change. The Group’s efforts to reduce its carbon footprint have been recognised by a number of organisations, including the Carbon Trust and the UK Green Building Council.
The Group has also been impacted by the increasing focus on climate change by investors and regulators. The Group’s shareholders have expressed a strong interest in the Group’s approach to climate change and have called for greater transparency and accountability in the Group’s reporting on climate change. The Group’s board of directors has responded to these concerns by strengthening its governance arrangements and by increasing its disclosure of information on climate change. The Group has also engaged with its investors to discuss its approach to climate change and to address any concerns that they may have.
The Group’s response to climate change has been# Keller Group plc
To the members of Keller Group plc
Keller Group plc
Consolidated Income Statement
For the year ended 31 December 2021
| Note | 2021 | 2020 | |
|---|---|---|---|
| Revenue | £3,295.8m | £2,427.7m | |
| Cost of sales | (2,896.2) | (2,132.3) | |
| Gross profit | 399.6 | 295.4 | |
| Administrative expenses | (192.6) | (177.2) | |
| Other operating income | 11.5 | 7.6 | |
| Operating profit | 218.5 | 125.8 | |
| Finance costs | (36.3) | (36.1) | |
| Profit before taxation | 182.2 | 89.7 | |
| Income tax expense | (37.8) | (21.1) | |
| Profit for the year | 144.4 | 68.6 | |
| Other comprehensive income | |||
| Items that may be reclassified subsequently to profit or loss: | |||
| Foreign currency translation differences | 26.5 | (15.7) | |
| Other comprehensive income for the year, net of tax | 26.5 | (15.7) | |
| Total comprehensive income for the year | 170.9 | 52.9 |
| 2021 | 2020 | |
|---|---|---|
| Earnings per share | ||
| Basic | £0.63 | £0.30 |
| Diluted | £0.62 | £0.30 |
| Weighted average number of shares in issue (millions) | ||
| Basic | 229.3 | 228.3 |
| Diluted | 232.5 | 229.6 |
Keller Group plc
Consolidated Balance Sheet
As at 31 December 2021
| Note | 31 December 2021 | 31 December 2020 | |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 10 | 374.6 | 360.9 |
| Right-of-use assets | 11 | 333.8 | 313.2 |
| Goodwill | 14 | 121.3 | 115.2 |
| Intangible assets | 15 | 117.7 | 117.0 |
| Investments | 16 | 0.5 | 0.5 |
| Other non-current assets | 17 | 10.4 | 10.4 |
| Total non-current assets | 958.3 | 917.2 | |
| Current assets | |||
| Inventories | 18 | 130.2 | 133.1 |
| Trade and other receivables | 19 | 1,191.3 | 882.6 |
| Contract assets | 20 | 180.0 | 166.0 |
| Cash and cash equivalents | 21 | 394.3 | 334.2 |
| Total current assets | 1,895.8 | 1,515.9 | |
| Total assets | 2,854.1 | 2,433.1 | |
| Liabilities and equity | |||
| Current liabilities | |||
| Trade and other payables | 22 | 1,085.1 | 854.3 |
| Contract liabilities | 23 | 351.6 | 314.6 |
| Current tax liabilities | 13.2 | 14.1 | |
| Provisions | 24 | 44.2 | 46.9 |
| Current borrowings | 25 | 7.9 | 8.0 |
| Total current liabilities | 1,402.0 | 1,237.9 | |
| Non-current liabilities | |||
| Trade and other payables | 22 | 35.7 | 34.5 |
| Provisions | 24 | 22.3 | 23.0 |
| Retirement benefit obligations | 26 | 12.1 | 11.3 |
| Deferred tax liabilities | 68.1 | 62.6 | |
| Non-current borrowings | 25 | 424.0 | 408.7 |
| Lease liabilities | 11 | 279.9 | 274.7 |
| Total non-current liabilities | 842.1 | 814.8 | |
| Total liabilities | 2,244.1 | 2,052.7 | |
| Equity | |||
| Share capital | 27 | 24.5 | 24.5 |
| Share premium | 84.1 | 84.1 | |
| Retained earnings | 481.8 | 269.6 | |
| Other reserves | 24.0 | 3.4 | |
| Total equity | 614.4 | 381.6 | |
| Total liabilities and equity | 2,858.5 | 2,434.3 |
Keller Group plc (the "Company") is incorporated in England and Wales. The registered office of the Company is referred to in the Corporate Governance Statement (pages 82-91). The Company's shares are listed on the London Stock Exchange.
The consolidated financial statements of the Company for the year ended 31 December 2021 comprise the Company and its subsidiaries (collectively referred to as the "Group"). The Group provides specialist engineering services.
The consolidated financial statements were authorised for issue by the Directors on 2 March 2022.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No 1606/2002 as they apply to the financial statements in the European Union and in accordance with UK company law. They have been prepared on a going concern basis under the historical cost convention, as modified by the revaluation of certain financial assets and liabilities and investment property, where applicable.
The principal accounting policies are set out below.
Going concern
The Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The consolidated financial statements have therefore been prepared on a going concern basis. Further details are provided in the Audit and Risk Committee report (page 92).
New and amended IFRS Standards and Interpretations adopted
The following new and amended IFRS Standards and Interpretations have been adopted in these financial statements:
New IFRS Standards and Interpretations not yet adopted
The following IFRS Standards and Interpretations have been issued but are not yet effective for the year ending 31 December 2021 and have not been early adopted:
Key judgement and estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The areas involving a significant degree of judgement and estimation uncertainty are disclosed in the relevant notes to the financial statements.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and all of its subsidiaries.
Subsidiaries are entities over which the Group has control. Control is achieved when the Group has exposure, or rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
Profit or loss and other comprehensive income of subsidiaries are recognised from the date that control commences until the date that control ceases.
When necessary, adjustments are made to the financial statements of subsidiaries to align their accounting policies with the Group's accounting policies.
All intercompany transactions, balances, income and expenses are eliminated in full on consolidation.
Foreign currency translation
The consolidated financial statements are presented in Sterling (£), the functional currency of the Company.
Transactions in foreign currencies are translated into Sterling at the rates of exchange prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into Sterling at the foreign exchange rate prevailing at that date. Foreign exchange gains and losses arising from retranslation are recognised in profit or loss. Non-monetary items that are measured at fair value in foreign currency are translated using the exchange rates at the date on which the fair value is determined. Non-monetary items measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.
For the purpose of the consolidated financial statements, the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into Sterling at the exchange rates prevailing at the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising from the translation of the net investment in foreign operations are recognised in other comprehensive income and accumulated in the foreign currency translation reserve (FCTR) within equity.
When a foreign operation is disposed of, the cumulative amount in the FCTR in respect of that operation is reclassified to profit or loss.
Revenue recognition
Revenue is recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.
When it is probable that a contract will result in a loss, the expected loss is recognised immediately as an expense.
Significant accounting policies
a) Earnings per share
Basic earnings per share are calculated by dividing the profit for the year attributable to ordinary shareholders by the weighted average number of ordinary shares in issue during the year. Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares in issue to assume the conversion of all dilutive potential ordinary shares.
b) Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets over their estimated useful lives using the straight-line method.
The estimated useful lives are as follows:
* Buildings: 25-50 years
* Plant and machinery: 5-15 years
* Vehicles: 3-5 years
* Fixtures and fittings: 5-10 years
Assets in the course of construction are not depreciated until they are available for use.
Where the carrying amount of an asset is greater than its recoverable amount, it is written down to its recoverable amount.
c) Right-of-use assets and lease liabilities
The Group leases various offices, land and equipment. Right-of-use assets are presented as property, plant and equipment and lease liabilities are presented as borrowings.
Right-of-use assets
Each lease payment is allocated between the lease liability and finance charge. The finance charge is recognised in profit or loss over the lease term.
d) Goodwill
Goodwill arising on the acquisition of subsidiaries is recognised as an intangible asset. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is not amortised but is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.
An impairment loss is recognised in profit or loss for any impairment of goodwill.
e) Intangible assets
Intangible assets, including licences and software, are stated at cost less accumulated amortisation and any impairment losses.
Amortisation is recognised so as to write off the cost of intangible assets over their estimated useful lives using the straight-line method. The estimated useful lives are between 3 and 10 years.
Where the carrying amount of an asset is greater than its recoverable amount, it is written down to its recoverable amount.
f) Investments
Investments in subsidiaries are stated at cost less any impairment losses.
g) Other non-current assets
Other non-current assets include deferred insurance premiums and other long-term assets.
h) Inventories
Inventories are stated at the lower of cost and net realisable value. Costs include direct materials and labour. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.
i) Trade and other receivables
Trade and other receivables are stated at amortised cost less any allowance for impairment.
j) Contract assets
Contract assets represent the Group's right to consideration in exchange for goods or services that have been transferred to a customer. Contract assets are recognised when the Group has performed its obligations under the contract but has not yet satisfied the criteria for billing.
k) Cash and cash equivalents
Cash and cash equivalents include cash on hand, deposits held with banks and short-term, highly liquid investments with a maturity of three months or less from the date of acquisition.
l) Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
Provisions are measured at the Directors' best estimate of the expenditure required to settle the present obligation at the balance sheet date.
m) Retirement benefit obligations
The Group operates defined contribution and defined benefit pension schemes.
n) Trade and other payables
Trade and other payables are stated at amortised cost.
o) Contract liabilities
Contract liabilities represent the Group's obligation to transfer goods or services to a customer in exchange for consideration. Contract liabilities are recognised when the Group has received consideration from the customer but has not yet satisfied the performance obligation.
p) Current tax liabilities
Current tax liabilities are recognised for the tax payable on the current year's taxable profit. The tax is calculated using tax rates enacted or substantively enacted at the balance sheet date.
q) Deferred tax liabilities
Deferred tax liabilities are recognised in respect of all taxable temporary differences arising from differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised at the tax rates that are expected to apply to the period when the asset is recovered or the liability is settled.
r) Share capital
Share capital represents the nominal value of the Company's ordinary shares.
s) Share premium
Share premium represents the amount received on the issue of shares in excess of their nominal value.
t) Retained earnings
Retained earnings represent the cumulative profits or losses of the Group that have not been distributed to shareholders.
u) Other reserves
Other reserves include the foreign currency translation reserve, the revaluation reserve and the merger reserve.
3. Significant accounting policies (continued)
v) Operating segments
The Group is organised into two operating segments: Regional and International. These segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker, who is responsible for allocating resources to the operating segments and assessing their performance. The chief operating decision maker has been identified as the executive directors.
The Group's reportable segments are:
Segment profit or loss is reported on a basis that is consistent with the Group's profit before tax. Segment assets and liabilities are not reported separately as they are not regularly reviewed by the chief operating decision maker.
4. Critical accounting estimates and judgements
In applying the Group's accounting policies, management has made the following judgements and estimates which have the most significant effect on the amounts recognised in the financial statements.
a) Revenue recognition
The Group recognises revenue from construction contracts over time based on the stage of completion. The stage of completion is determined by the proportion of costs incurred to date to the estimated total costs of the contract. The estimation of total costs involves significant judgement and can be affected by unforeseen events such as changes in project scope, material costs, labour costs and site conditions.
b) Impairment of goodwill
Goodwill is tested for impairment annually. The impairment test involves comparing the carrying amount of the cash-generating unit (CGU) to which goodwill is allocated with its recoverable amount. The recoverable amount is determined based on a value in use calculation, which requires management to make estimates of future cash flows, discount rates and other assumptions. Changes in these estimates could lead to an impairment charge.
c) Provisions
Provisions are recognised for liabilities of uncertain timing or amount. The determination of the amount of provisions requires estimation and judgement, particularly for onerous contracts and litigation.
d) Net realisable value of inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is determined by reference to management's estimates of selling prices, less the costs to complete and sell.
e) Fair value of financial instruments
The Group uses valuation techniques to determine the fair value of certain financial instruments where observable market prices are not available. These techniques involve the use of assumptions about market conditions and the behaviour of financial instruments.
5. Other operating income
| 2021 | 2020 | |
|---|---|---|
| Gain on disposal | 11.5 | 7.6 |
6. Finance costs
| 2021 | 2020 | |
|---|---|---|
| Interest on bank loans and overdrafts | 18.9 | 19.3 |
| Interest on lease liabilities | 12.7 | 12.7 |
| Other finance costs | 4.7 | 4.1 |
| Total finance costs | 36.3 | 36.1 |
7. Income tax expense
| 2021 | 2020 | |
|---|---|---|
| Current tax: | ||
| UK corporation tax | 27.9 | 14.4 |
| Foreign tax | 8.0 | 5.5 |
| Adjustments in respect of prior periods | 1.9 | 1.2 |
| Total current tax | 37.8 | 21.1 |
| Deferred tax: | ||
| Origination and reversal of temporary diff | 5.5 | (3.1) |
| Total deferred tax | 5.5 | (3.1) |
| Total income tax expense | 43.3 | 18.0 |
The effective rate of tax for the year ended 31 December 2021 was 23.8% (2020: 20.1%). The difference between the statutory rate of UK corporation tax and the effective rate is due to the impact of non-deductible expenses and other adjustments.
8. Operating segments
The chief operating decision maker has identified two operating segments: Regional and International.
Revenue and profit before tax by segment
| Regional | International | Total | |
|---|---|---|---|
| 2021 | |||
| Revenue | 2,189.4 | 1,106.4 | 3,295.8 |
| Profit before tax | 147.3 | 34.9 | 182.2 |
| 2020 | |||
| Revenue | 1,577.6 | 850.1 | 2,427.7 |
| Profit before tax | 85.4 | 4.3 | 89.7 |
9. Employees and staff costs
| 2021 | 2020 | |
|---|---|---|
| Wages and salaries | 560.5 | 438.5 |
| Social security costs | 54.0 | 41.0 |
| Other pension costs | 5.3 | 5.2 |
| Total employee benefits expense | 619.8 | 484.7 |
The average monthly number of employees during the year was:
| 2021 | 2020 | |
|---|---|---|
| Operations | 10,915 | 9,872 |
| Administration | 1,584 | 1,556 |
| Total | 12,499 | 11,428 |
10. Property, plant and equipment (£m)
| Freehold land | Buildings | Plant & machinery | Vehicles | Fixtures & fittings | Assets in course of construction | Total | |
|---|---|---|---|---|---|---|---|
| Cost | |||||||
| At 1 January 2020 | 0.3 | 133.0 | 385.6 | 55.7 | 30.4 | 10.0 | 615.0 |
| Additions | 1.1 | 31.5 | 15.3 | 3.0 | 29.7 | 80.6 | |
| Disposals | (1.6) | (15.9) | (6.5) | (1.4) | (25.4) | ||
| At 31 December 2020 | 0.3 | 132.5 | 401.2 | 64.5 | 32.0 | 39.7 | 670.2 |
| Additions | 1.0 | 32.5 | 14.4 | 1.7 | 28.0 | 77.6 | |
| Disposals | (0.5) | (11.7) | (5.8) | (0.6) | (18.6) | ||
| At 31 December 2021 | 0.3 | 133.0 | 422.0 | 73.1 | 33.1 | 67.7 | 739.2 |
| Depreciation | |||||||
| At 1 January 2020 | 52.1 | 194.1 | 34.5 | 16.7 | 297.4 | ||
| Charge for the year | 5.1 | 56.9 | 19.4 | 4.2 | 85.6 | ||
| Disposals | (0.6) | (11.0) | (4.3) | (0.7) | (16.6) | ||
| At 31 December 2020 | 56.6 | 240.0 | 49.6 | 20.2 | 366.4 | ||
| Charge for the year | 5.0 | 59.2 | 22.4 | 4.5 | 91.1 | ||
| Disposals | (0.1) | (8.0) | (4.1) | (0.2) | (12.4) | ||
| At 31 December 2021 | 61.5 | 291.2 | 67.9 | 24.5 | 445.1 | ||
| Net book value | |||||||
| At 31 December 2020 | 0.3 | 75.9 | 161.2 | 14.9 | 11.8 | 39.7 | 303.8 |
| At 31 December 2021 | 0.3 | 71.5 | 130.8 | 5.2 | 8.6 | 67.7 | 284.1 |
11. Right-of-use assets and lease liabilities (£m)
| Right-of-use assets | Lease liabilities | |
|---|---|---|
| Cost | ||
| At 1 January 2020 | 332.4 | 316.2 |
| Additions | 11.8 | 11.8 |
| Disposals | (17.9) | (17.9) |
| At 31 December 2020 | 326.3 | 310.1 |
| Additions | 24.9 | 24.9 |
| Disposals | (10.1) | (10.1) |
| At 31 December 2021 | 341.1 | 324.9 |
| Depreciation | ||
| At 1 January 2020 | 132.0 | |
| Charge for the year | 99.4 | |
| Disposals | (15.6) | |
| At 31 December 2020 | 215.8 | |
| Charge for the year | 101.0 | |
| Disposals | (8.1) | |
| At 31 December 2021 | 308.7 | |
| Net book value | ||
| At 31 December 2020 | 110.5 | 310.1 |
| At 31 December 2021 | 32.4 | 324.9 |
The above table presents right-of-use assets and lease liabilities separately for clarity.
The net book value of right-of-use assets at 31 December 2021 was £32.4m (2020: £110.5m). The net book value of lease liabilities at 31 December 2021 was £324.9m (2020: £310.1m).
12. Intangible assets (£m)
| Development costs | Other intangible assets | Total | |
|---|---|---|---|
| Cost | |||
| At 1 January 2020 | 0.3 | 10.3 | 10.6 |
| Additions | 2.0 | 0.6 | 2.6 |
| Disposals | (0.1) | (0.1) | |
| At 31 December 2020 | 2.2 | 10.9 | 13.1 |
| Additions | 2.2 | 0.7 | 2.9 |
| Disposals | |||
| At 31 December 2021 | 4.4 | 11.6 | 16.0 |
| Amortisation | |||
| At 1 January 2020 | 0.3 | 6.2 | 6.5 |
| Charge for the year | 0.7 | 0.7 | 1.4 |
| Disposals | (0.1) | (0.1) | |
| At 31 December 2020 | 0.9 | 6.9 | 7.8 |
| Charge for the year | 1.2 | 0.7 | 1.9 |
| Disposals | |||
| At 31 December 2021 | 2.1 | 7.6 | 9.7 |
| Net book value | |||
| At 31 December 2020 | 1.3 | 4.0 | 5.3 |
| At 31 December 2021 | 2.3 | 4.0 | 6.3 |
13. Trade and other receivables (£m)
| 2021 | 2020 | |
|---|---|---|
| Trade receivables | 771.4 | 543.7 |
| Less: Impairment allowance for trade receivables | (11.4) | (7.5) |
| Net trade receivables | 760.0 | 536.2 |
| Other receivables | 431.3 | 346.4 |
| Total trade and other receivables | 1,191.3 | 882.6 |
14. Goodwill (£m)
| 2021 | 2020 | |
|---|---|---|
| Cost | ||
| At 1 January | 115.2 | 115.2 |
| Additions | 6.1 | 0.0 |
| At 31 December | 121.3 | 115.2 |
| Impairment allowance | ||
| At 1 January | 0.0 | 0.0 |
| Charge for the year | 0.0 | 0.0 |
| At 31 December | 0.0 | 0.0 |
| Net book value | ||
| At 31 December | 121.3 | 115.2 |
Impairment testing of goodwill
Goodwill is allocated to CGUs. The CGUs are Keller North America, Keller Australia, Keller Middle East, Keller Asia and Keller UK and Europe. The carrying amounts of goodwill at 31 December 2021 are £36.9m for Keller North America, £16.7m for Keller Australia, £19.7m for Keller Middle East, £16.9m for Keller Asia and £31.1m for Keller UK and Europe.
The recoverable amount of each CGU is determined based on a value in use calculation. This calculation uses cash flow projections based on recent financial performance, future budgets and forecasts. The discount rate used is the weighted average cost of capital (WACC) for each CGU, reflecting the specific risks and opportunities of each business.
The key assumptions used in the value in use calculations for the CGUs to which goodwill is allocated are:
* Revenue growth rate: Assumed to be in line with historical growth rates and market expectations.
* EBITDA margin: Based on historical performance and future outlook.
* Discount rate (WACC): Ranges from 9.0% to 12.0%.
Management believes that no reasonably foreseeable changes in any of the key assumptions would result in an impairment of goodwill.
15. Intangible assets (£m)
| Software | Other intangible assets | Total | |
|---|---|---|---|
| Cost | |||
| At 1 January 2020 | 16.0 | 0.9 | 16.9 |
| Additions | 2.5 | 0.0 | 2.5 |
| Disposals | (1.7) | (1.7) | |
| At 31 December 2020 | 16.8 | 0.9 | 17.7 |
| Additions | 2.7 | 0.0 | 2.7 |
| Disposals | |||
| At 31 December 2021 | 19.5 | 0.9 | 20.4 |
| Amortisation | |||
| At 1 January 2020 | 12.0 | 0.4 | 12.4 |
| Charge for the year | 2.0 | 0.1 | 2.1 |
| Disposals | (1.6) | (1.6) | |
| At 31 December 2020 | 12.4 | 0.5 | 12.9 |
| Charge for the year | 2.4 | 0.1 | 2.5 |
| Disposals | |||
| At 31 December 2021 | 14.8 | 0.6 | 15.4 |
| Net book value | |||
| At 31 December 2020 | 4.4 | 0.4 | 4.8 |
| At 31 December 2021 | 4.7 | 0.3 | 5.0 |
16. Investments (£m)
| 2021 | 2020 | |
|---|---|---|
| Investments in associates | 0.5 | 0.5 |
| Total investments | 0.5 | 0.5 |
17. Other non-current assets (£m)
| 2021 | 2020 | |
|---|---|---|
| Deferred income | 10.4 | 10.4 |
| Total other non-current assets | 10.4 | 10.4 |
18. Inventories (£m)
| 2021 | 2020 | |
|---|---|---|
| Raw materials and work in progress | 130.2 | 133.1 |
| Total inventories | 130.2 | 133.1 |
19. Trade and other receivables (£m)
| 2021 | 2020 | |
|---|---|---|
| Trade receivables | 771.4 | 543.7 |
| Less: Impairment allowance for trade receivables | (11.4) | (7.5) |
| Net trade receivables | 760.0 | 536.2 |
| Other receivables | 431.3 | 346.4 |
| Total trade and other receivables | 1,191.3 | 882.6 |
20. Contract assets (£m)
| 2021 | 2020 | |
|---|---|---|
| Contract assets | 180.0 | 166.0 |
| Total contract assets | 180.0 | 166.0 |
21. Cash and cash equivalents (£m)
| 2021 | 2020 | |
|---|---|---|
| Cash on hand | 1.4 | 1.5 |
| Bank balances | 392.9 | 332.7 |
| Total cash and cash equivalents | 394.3 | 334.2 |
22. Trade and other payables (£m)
| 2021 | 2020 | |
|---|---|---|
| Trade payables | 630.8 | 524.9 |
| Other payables | 454.3 | 329.4 |
| Accruals | 20.0 | 24.4 |
| Total trade and other payables | 1,105.1 | 878.7 |
23. Contract liabilities (£m)
| 2021 | 2020 | |
|---|---|---|
| Contract liabilities | 351.6 | 314.6 |
| Total contract liabilities | 351.6 | 314.6 |
24. Provisions (£m)
| Onerous contracts | Litigation | Other | Total | |
|---|---|---|---|---|
| At 1 January 2020 | 30.0 | 10.5 | 6.4 | 46.9 |
| Utilised | (25.0) | (5.5) | (3.0) | (33.5) |
| Unwinding of discount | 1.1 | 0.3 | 0.1 | 1.5 |
| Provisions made in the year | 20.9 | 0.0 | 0.2 | 21.1 |
| At 31 December 2020 | 27.0 | 5.3 | 3.7 | 36.0 |
| Utilised | (21.0) | (3.5) | (2.4) | (26.9) |
| Unwinding of discount | 1.1 | 0.1 | 0.1 | 1.3 |
| Provisions made in the year | 19.8 | 0.0 | 0.1 | 19.9 |
| At 31 December 2021 | 27.0 | 1.9 | 1.5 | 30.4 |
| Current | 20.0 | 1.9 | 1.5 | 23.4 |
| Non-current | 7.0 | 0.0 | 0.0 | 7.0 |
| Total | 27.0 | 1.9 | 1.5 | 30.4 |
The provisions for onerous contracts relate to contracts where expected costs exceed expected revenue. The provisions for litigation relate to outstanding legal claims. The "Other" provisions include provisions for restructuring costs. The timing of settlement of these provisions is uncertain, but management expects that the majority will be settled within the next two to five years.
25. Borrowings (£m)
| 2021 | 2020 | |
|---|---|---|
| Current borrowings | ||
| Bank loans | 7.9 | 8.0 |
| Non-current borrowings | ||
| Bank loans | 424.0 | 408.7 |
| Total borrowings | 431.9 | 416.7 |
26. Retirement benefit obligations (£m)
| 2021 | 2020 | |
|---|---|---|
| Defined benefit obligation | (15.8) | (14.8) |
| Fair value of plan assets | 3.7 | 3.5 |
| Net retirement benefit liability | (12.1) | (11.3) |
The Group operates defined contribution pension schemes. The pension cost for the year ended 31 December 2021 was £5.3m (2020: £5.2m).
27. Share capital (£m)
| 2021 | 2020 | |
|---|---|---|
| Ordinary shares | 24.5 | 24.5 |
| Total share capital | 24.5 | 24.5 |
28. Reconciliation of profit before tax to net cash flow from operating activities
| 2021 | 2020 | |
|---|---|---|
| Profit before tax | 182.2 | 89.7 |
| Adjustments for: | ||
| Depreciation and amortisation | 91.1 | 85.6 |
| Impairment of property, plant and equipment | 1.1 | 0.1 |
| Loss on disposal of property, plant and equipment | 1.6 | 0.4 |
| Impairment of intangible assets | 0.0 | 0.0 |
| Loss on disposal of intangible assets | 0.0 | 0.0 |
| Impairment of goodwill | 0.0 | 0.0 |
| Gain on disposal of PPE | (11.5) | (7.6) |
| Finance costs | 36.3 | 36.1 |
| Interest income | (0.3) | (0.1) |
| Share of profit of associates | (0.0) | (0.0) |
| Changes in provisions | (0.5) | (17.3) |
| Increase in contract assets | (14.0) | (17.8) |
| Increase in inventories | (2.9) | (3.3) |
| Increase in trade and other receivables | (289.5) | (203.5) |
| Increase in trade and other payables | 226.4 | 249.3 |
| Increase in contract liabilities | 37.0 | 35.8 |
| Net cash generated from operating activities | 259.5 | 161.8 |
29. Cash flow from financing activities
| 2021 | 2020 | |
|---|---|---|
| Proceeds from issue of shares | 0.0 | 0.0 |
| Repayment of borrowings | (73.7) | (48.3) |
| Proceeds from borrowings | 137.5 | 93.7 |
| Repayment of lease liabilities | (101.0) | (99.4) |
| Interest paid | (37.0) | (36.0) |
| Dividends paid | (22.9) | (18.3) |
| Net cash used in financing activities | (99.1) | (108.3) |
30. Dividends
| 2021 | 2020 | |
|---|---|---|
| Ordinary final dividend | 19.7 | 15.9 |
| Ordinary interim dividend | 3.2 | 2.4 |
| Total dividends paid | 22.9 | 18.3 |
31. Contingent liabilities
The Group is subject to various legal actions and claims arising in the ordinary course of its business. While the outcome of these matters cannot be predicted with certainty, management, after consultation with legal counsel, is of the opinion that any liabilities arising from these actions will not, in aggregate, have a material adverse effect on the Group's financial position or results of operations.
32. Related party transactions
The Group has related party relationships with its subsidiaries and associates. Transactions between Group companies are eliminated on consolidation.
Details of key management personnel remuneration are disclosed in Note 9.
33. Financial risk management
The Group is exposed to a number of financial risks: credit risk, liquidity risk and market risk. The Group's objective in managing financial risk is to minimise potential adverse effects on the Group's financial performance.
a) Credit risk
Credit risk arises from the potential inability of customers to repay amounts owed to the Group. The Group's principal financial assets are trade and other receivables, and cash and cash equivalents. The Group has implemented policies to manage its exposure to credit risk.
b) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages its liquidity by maintaining sufficient cash reserves and by accessing committed credit facilities.
c) Market risk
Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rates, will affect the Group's financial performance. The Group is exposed to currency risk and interest rate risk.
34. Capital expenditure commitments
At 31 December 2021, the Group had contracted capital expenditure commitments of £67.7m (2020: £39.7m).
35. Events after the reporting period
No significant events have occurred after the reporting period which would require adjustment to or disclosure in these financial statements.# Independent auditor's report
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
Our application of materiality, and those charged with governance, in our audit of the consolidated financial statements, in accordance with ISAs (UK) issued by the FRC. Materiality provides a basis for determining the nature and extent of our audit procedures.
The audit materiality was set by the Group at £10.0m/£20.0m or 5%/10% of audited turnover. The higher of the two was applied to turnover. The auditor's judgment of materiality involves qualitative and quantitative considerations.
The audit materiality was set by the Group at £15.0m / £20.0m or 5% / 10% of equity.
Our application of materiality, and those charged with governance, in our audit of the consolidated financial statements, in accordance with ISAs (UK) issued by the FRC. Materiality provides a basis for determining the nature and extent of our audit procedures.
Materiality
The magnitude of an omission or misstatement that, individually or in the aggregate, could reasonably be expected to influence the economic decisions of the users of the financial statements. Materiality provides a basis for determining the nature and extent of our audit procedures.
The audit materiality was set by the Group at £8.0m / £10.0m or 2% / 3% of audited turnover. The higher of the two was applied to turnover. The auditor's judgment of materiality involves qualitative and quantitative considerations.
The audit materiality was set by the Group at £5.0m / £10.0m or 1% / 2% of equity.
The application of materiality at the individual account or balance level. It is set at an amount to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected misstatements exceeds materiality.
Our application of materiality, and those charged with governance, in our audit of the consolidated financial statements, in accordance with ISAs (UK) issued by the FRC. Materiality provides a basis for determining the nature and extent of our audit procedures.
The audit materiality was set by the Group at 8% / 10% of audited turnover, and 2% / 3% of equity.
An amount below which identified misstatements are considered as being clearly trivial.
Our threshold for materiality is that items that individually do not exceed £3.0m or £5.0m, and which are not pervasive in their effect, are considered to be trivial. This means that no P&L or balance sheet items have been individually identified.
Our application of materiality and the interim reporting procedures are key to ensuring that material misstatements are not present in the financial statements.
The interims financial statements in the interim report are considered to be no more than 10 to 20. This compares to interim reports as no more than 10 to 15, and the interim consolidated financial statements, which are no more than 15 to 25. The Interim Condensed Financial Statements are considered to be no more than 10 to 15.
The directors' responsibilities in the Independent Auditor's and Director's Reports relate to the financial statements. The directors are responsible for the preparation of the consolidated financial statements in accordance with the applicable law and accounting standards.
The directors are responsible for the preparation of the consolidated financial statements, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease trading, or have no realistic alternative but to do so.
In our opinion, the directors' remuneration report has been properly prepared in accordance with the Companies Act 2006.
In our opinion, there are no matters on which we are required to report by exception:
In the case of the Group and the Directors' remuneration report and the Directors' service contracts and all of its Directors' remuneration, we are required to report to you if, in our opinion:
Our opinion:
The Directors' Remuneration report in its preparation of financial statements, to the members of Keller Group plc, relates to the Group and its subsidiaries.
The Directors' Remuneration report is responsible for the preparation of the consolidated financial statements. The Directors are responsible for the preparation of the consolidated financial statements, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease trading, or have no realistic alternative but to do so.
The Directors' Remuneration report is responsible for the preparation of the consolidated financial statements in accordance with IFRS.
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| 2021 | 2020 | |||
|---|---|---|---|---|
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | Underlying £m | |
| Revenue | 2 ,224. 4 | – | 2 ,224 .4 | 2, 062. 5 |
| Operatingcosts | (2 ,132. 0) | (9.6) | (2 ,141 .6) | (1 , 95 3 . 2) |
| Amortisationofacquiredintangibleassets | (2. 8) | (4. 2) | – | (4. 2) |
| Otheroperatingincome | 0.7 | – | 0.7 | 0.7 |
| Shareofpost-taxresultsofjointventures | 16 0.4 | – | 0.4 | 0.8 |
| 3 92 .8 | (12 .3) | 80. 5 | 110 .1 | |
| Operating profit/(loss) | ||||
| Financeincome | 9 0.4 | 1 .1 | 91.5 | |
| Financecosts | 10 (9 .3) | – | (9. 3) | (14 . 3) |
| 83.9 | (12 .3) | 71.6 | 96.9 | |
| Profit/(loss) before taxation | ||||
| Taxation | 11 (20 .1) | 10 .6 | (9. 5) | (2 8. 3) |
| Profit/(loss) for the year | 63.8 | (1 .7) | 62.1 | 68.6 |
| 64 .7 | (1 .7) | 63.0 | 70. 0 | |
| Attributableto: | ||||
| Equityholdersoftheparent | ||||
| Non-controllinginterests | 33 (0.9) | – | (0.9) | (1 . 4) |
| 63.8 | (1 .7) | 62.1 | 68.6 | |
| Earnings per share | ||||
| Basic | 13 89.5p | 8 7. 1p | 9 7. 1p | |
| Diluted | 13 88.4p | 86 .1p | 96.3p |
| 2021 £m | 2020 £m | |
|---|---|---|
| Profit for the year | 62.1 | 41 .1 |
| Other comprehensive income | ||
| Items that may be reclassified subsequently to profit or loss: | ||
| Exchangemovementsontranslationofforeignoperations | (4 . 3) | (5 .9) |
| Transferoftranslationreserveondisposalofsubsidiaries | (0. 4) | 2.9 |
| Cashflowhedgegainstakentoequity | 25 25 | |
| Cashflowhedgetransferredtoincomestatement | 32 1. 2 | |
| Items that will not be reclassified subsequently to profit or loss: | ||
| Remeasurementsofdefinedbenefitpensionschemes | 11 (0 .2) | – |
| Taxonremeasurementsofdefinedbenefitpensionschemes | 0.5 | |
| (0. 5) | ||
| Other comprehensive loss for the year, net of tax | (3 .7) | (4 . 8) |
| Total comprehensive income for the year | 58. 4 | 36. 3 |
| 59. 3 | 3 7. 9 | |
| Attributableto: | ||
| Equityholdersoftheparent | ||
| Non-controllinginterests | (0.9) | (1 . 6) |
| 58. 4 | 36. 3 |
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| 2021 £m | 2020 1 £m | |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Goodwillandintangibleassets | 14 141. 5 | 1 18.8 |
| Property,plantandequipment | 15 443. 4 | 434 .9 |
| Investmentsinjointventures | 16 4 .0 | 4.4 |
| Deferredtaxassets | 11 13.0 | 10 . 3 |
| Otherassets | 17 88. 5 | 60.3 |
| 690. 4 | 62 8.7 | |
| 18 72 .1 | 6 0 .1 | |
| 19 592. | ||
| # Consolidated statement of financial position | ||
| ## Keller Group plc | ||
| ## Company Balance Sheet | ||
| ## Financial Statements 130 |
| Note | 2021 £m | 2020 £m | |
|---|---|---|---|
| Assets | |||
| Current assets | |||
| Inventories | 501.9 | 501.9 | |
| Trade and other receivables | 8.9 | 8.9 | |
| Current tax assets | 2 | 2 | |
| Cash and cash equivalents | 20 | 20 | |
| Assets held for sale | 82.7 | 82.7 | |
| 66.3 | 66.3 | ||
| 21 | 21 | ||
| 3.4 | 3.4 | ||
| 8.7 | 8.7 | ||
| 759.1 | 759.1 | ||
| Total assets | 3 | 1,449.5 | 1,267.8 |
| Liabilities | |||
| Current liabilities | |||
| Loans and borrowings | (25) | (25) | |
| Current tax liabilities | (29.8) | (29.8) | |
| Trade and other payables | (67.0) | (67.0) | |
| Provisions | 22 | (17.9) | (17.9) |
| (17.1) | (17.1) | ||
| (505.7) | (505.7) | ||
| (381.7) | (381.7) | ||
| Non-current liabilities | |||
| Loans and borrowings | 23 | (53.8) | (53.8) |
| Retirement benefit liabilities | (54.4) | (54.4) | |
| Deferred tax liabilities | 25 | (607.2) | (607.2) |
| Provisions | 23 | (520.2) | (520.2) |
| Other liabilities | (246.2) | (246.2) | |
| (191.8) | (191.8) | ||
| 32 | 32 | ||
| (25.7) | (25.7) | ||
| (31.1) | (31.1) | ||
| 11 | 11 | ||
| (28.6) | (28.6) | ||
| (21.3) | (21.3) | ||
| 23 | 23 | ||
| (77.9) | (77.9) | ||
| (71.4) | (71.4) | ||
| 24 | 24 | ||
| (21.2) | (21.2) | ||
| (22.0) | (22.0) | ||
| (399.6) | (399.6) | ||
| (337.6) | (337.6) | ||
| Total liabilities | 3 | (1,006.8) | (857.8) |
| Net assets | 3 | 442.7 | 410.0 |
| Equity | |||
| Share capital | 27 | 7.3 | 7.3 |
| Share premium account | 38.1 | 38.1 | |
| Capital redemption reserve | 27 | 7.6 | 7.6 |
| Translation reserve | 11.6 | 16.3 | |
| Other reserve | 27 | 56.9 | 56.9 |
| Retained earnings | 318.4 | 280.1 | |
| 439.9 | 406.3 | ||
| Equity attributable to equity holders of the parent | 439.9 | 406.3 | |
| Non-controlling interests | 33 | 2.8 | 3.7 |
| Total equity | 442.7 | 410.0 |
| Share capital (note 27) £m | Share premium account £m | Capital redemption reserve (note 27) £m | Translation reserve £m | Other reserve (note 27) £m | Hedging reserve (note 25) £m | Retained earnings £m | Attributable to equity holders of the parent £m | Non-controlling interests (note 33) £m | Total equity £m | |
|---|---|---|---|---|---|---|---|---|---|---|
| At 1 January 2020 | 7.3 | 38.1 | 7.6 | 19.1 | 56.9 | – | 263.2 | 392.2 | 5.3 | 397.5 |
| Profit/(loss) for the year | – | – | – | – | – | – | 42.5 | 42.5 | (1.4) | 41.1 |
| Other comprehensive income | ||||||||||
| Exchange movements on translation of foreign operations | – | – | – | (5.7) | – | – | – | (5.7) | (0.2) | (5.9) |
| Transfer of reserves on disposal of subsidiaries | – | – | – | 2.9 | – | – | – | 2.9 | – | 2.9 |
| Cash flow hedge gains taken to equity | – | – | – | – | – | 0.5 | – | 0.5 | – | 0.5 |
| Cash flow hedge transferred to income statement | – | – | – | – | – | – | (2.2) | (2.2) | – | (2.2) |
| Remeasurements of defined benefit pension schemes | – | – | – | – | – | – | 0.4 | 0.4 | – | 0.4 |
| Tax on remeasurements of defined benefit pension schemes | – | – | – | – | – | – | – | – | – | – |
| Other comprehensive loss for the year, net of tax | – | – | – | (2.8) | – | – | (1.8) | (4.6) | (0.2) | (4.8) |
| Total comprehensive (loss)/ income for the year | – | – | – | (2.8) | – | – | 40.7 | 37.9 | (1.6) | 36.3 |
| Dividends | – | – | – | – | – | – | (25.9) | (25.9) | – | (25.9) |
| Share-based payments | – | – | – | – | – | – | 2.1 | 2.1 | – | 2.1 |
| At 31 December 2020 and 1 January 2021 | 7.3 | 38.1 | 7.6 | 16.3 | 56.9 | – | 280.1 | 406.3 | 3.7 | 410.0 |
| Profit/(loss) for the year | – | – | – | – | – | – | 63.0 | 63.0 | (0.9) | 62.1 |
| Other comprehensive income | ||||||||||
| Exchange movements on translation of foreign operations | – | – | – | (4.3) | – | – | – | (4.3) | – | (4.3) |
| Transfer of reserves on disposal of subsidiaries | – | – | – | (0.4) | – | – | – | (0.4) | – | (0.4) |
| Remeasurements of defined benefit pension schemes | – | – | – | – | – | – | 1.2 | 1.2 | – | 1.2 |
| Tax on remeasurements of defined benefit pension schemes | – | – | – | – | – | – | (0.2) | (0.2) | – | (0.2) |
| Other comprehensive (loss)/income for the year, net of tax | – | – | – | (4.7) | – | – | 1.0 | (3.7) | – | (3.7) |
| Total comprehensive (loss)/ income for the year | – | – | – | (4.7) | – | – | 64.0 | 59.3 | (0.9) | 58.4 |
| Dividends | – | – | – | – | – | – | (25.9) | (25.9) | – | (25.9) |
| Purchase of own shares for ESOP trust | – | – | – | – | – | – | (3.7) | (3.7) | – | (3.7) |
| Share-based payments | – | – | – | – | – | – | 3.9 | 3.9 | – | 3.9 |
| At 31 December 2021 | 7.3 | 38.1 | 7.6 | 11.6 | 56.9 | – | 318.4 | 439.9 | 2.8 | 442.7 |
| Note | 2021 £m | 2020 £m | |
|---|---|---|---|
| Profit before taxation | 71.6 | 63.8 | |
| Non-underlying items | 8 | 12.3 | |
| Finance income | 33.1 | 33.1 | |
| Finance costs | 9 | (0.4) | |
| Underlying operating profit | 10 | 14.3 | (1.1) |
| Depreciation of property, plant and equipment | 11 | 93.8 | 812.3 |
| Amortisation of intangible assets | 110.1 | 33.1 | |
| Share of underlying post-tax results of joint ventures | 15 | 90.6 | 94.3 |
| Profit on sale of property, plant and equipment | 14 | 0.6 | 0.6 |
| Other non-cash movements | 16 | (0.4) | (0.8) |
| Foreign exchange losses | (1.8) | (0.6) | |
| 8.3 | 1.8 | ||
| Operating cash flows before movements in working capital and other underlying items | 19 | 0.2 | |
| (Increase)/decrease in inventories | 206.9 | 206.9 | |
| (Increase)/decrease in trade and other receivables | (18.3) | (18.3) | |
| Increase/(decrease) in trade and other payables | 7.1 | 7.1 | |
| (Decrease)/increase in provisions, retirement benefit and other non-current liabilities | (104.4) | (104.4) | |
| 111.1 | 111.1 | ||
| Cash generated from operations before non-underlying items | 119.0 | 119.0 | |
| Cash inflows from non-underlying items: contract disputes | (80.0) | (80.0) | |
| Cash inflows from non-underlying items: assets held for sale | |||
| Cash outflows from non-underlying items: restructuring costs | 2.4 | 2.4 | |
| Cash outflows from non-underlying items: acquisition costs | – | – | |
| 0.7 | 0.7 | ||
| Cash generated from operations | (3.9) | (3.9) | |
| Interest paid | (11.7) | (11.7) | |
| Interest element of lease rental payments | |||
| Income tax paid | 178.7 | 178.7 | |
| 259.0 | 259.0 | ||
| Net cash inflow from operating activities | (7.8) | (7.8) | |
| 13.9 | 13.9 | ||
| 178.7 | 178.7 | ||
| 259.0 | 259.0 | ||
| (2.0) | (2.0) | ||
| (8.8) | (8.8) | ||
| (3.1) | (3.1) | ||
| (3.8) | (3.8) | ||
| 176.7 | 176.7 | ||
| 248.0 | 248.0 | ||
| (15.9) | (15.9) | ||
| (24.9) | (24.9) | ||
| 155.7 | 210.5 | ||
| Cash flows from investing activities | |||
| Interest received | 0.4 | 0.6 | |
| Proceeds from sale of property, plant and equipment | 9.8 | 7.4 | |
| Proceeds on disposal of businesses | 5 | 5 | |
| Acquisition of businesses, net of cash acquired | (29.9) | (29.9) | |
| Acquisition of property, plant and equipment | – | – | |
| Acquisition of other intangible assets | 15 | 15 | |
| Dividends received from joint ventures | (84.0) | (84.0) | |
| (72.5) | (72.5) | ||
| 14 | 14 | ||
| (0.4) | (0.4) | ||
| Net cash outflow from investing activities | (97.0) | (62.4) | |
| Cash flows from financing activities | |||
| Increase in borrowings | 91.2 | 10.4 | |
| Repayment of borrowings | (69.4) | (131.4) | |
| Payment of lease liabilities | (29.8) | (27.2) | |
| Purchase of own shares for ESOP trust | (3.7) | – | |
| Dividends paid | 12 | (25.9) | (25.9) |
| Net cash outflow from financing activities | (37.6) | (174.1) | |
| Net increase/(decrease) in cash and cash equivalents | 21.1 | (26.0) | |
| Cash and cash equivalents at beginning of year | 61.6 | 87.5 | |
| Effect of exchange rate movements | (0.9) | 0.1 | |
| Cash and cash equivalents at end of year | 20 | 81.8 | 61.6 |
The basis of preparation and a summary of significant accounting policies are set out below:
In response to growing stakeholder interest in the company's climate-related risks and opportunities, Keller has begun to integrate climate change considerations into its corporate reporting and decision-making processes.
The Group acknowledges the evolving nature of climate-related disclosure and is committed to enhancing its reporting in line with emerging best practices and regulatory requirements.
Keller Group plc Consolidated Statement of Changes in Equity 132
```# Keller Group plc
In accordance with the Companies Act 2006, these consolidated financial statements have been prepared and approved by the Directors in accordance with UK adopted international accounting standards. The company prepares its parent company financial statements in accordance with FRS 101.
The consolidated financial statements have been prepared on an historical cost basis, except for derivative financial instruments that have been measured at fair value. The carrying values of recognised assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortised cost are adjusted to recognise changes in the fair values attributable to the risks that are being hedged in effective hedge relationships. The consolidated financial statements are presented in pounds sterling and all values are rounded to the nearest hundred thousand, expressed in millions to one decimal point, except when otherwise indicated.
As part of the going concern and viability review, management ran a series of downside scenarios on the latest forecast profit and cash flow projections to assess covenant headroom against available funding facilities for a three-year period to 31 December 2024. The going concern review used the same downside scenarios and forecasts for the period through to the end of March 2023, a period of at least 12 months from when the financial statements are authorised for issue and aligning with the period in which the Group’s banking covenants are tested. This process involved constructing scenarios to reflect the Group’s current assessment of its principal risks, including those that would threaten its business model, future performance, solvency or liquidity. The principal risks and uncertainties modelled by management align with those disclosed within this Annual Report and Accounts.
On 7 March 2022, the Directors identified an error in prior year accounting for insurance contracts and a retrospective adjustment was made to the consolidated financial statements for the year ended 31 December 2021 and prior periods. The restatement involved re-acquiring the PFRS 17 Insurance Contracts and Financial Statement Presentation and disclosure in the 2021 Annual Report and Accounts. The insurance contract accounting requires an onerous contract provision and increased disclosure in the PFRS 17 disclosures.
To the extent that the PFRS 17 disclosures were not previously presented in a manner that reflected the Group’s current assessment of its principal risks, the Group has made retrospective adjustments to prior periods, with no impact on the Group’s carrying amounts of assets and liabilities or equity, but all prior period comparatives will be adjusted retrospectively.
During the year of assessment, the impairment of trade receivables, trade receivables in contract and deferred costs are impacted by the new assessment. The insurance contract accounting requires an onerous contract provision and increased disclosure in the PFRS 17 disclosures.
As a consequence of the prior year restatement, the prior year consolidated financial statements have been restated. In the 2020 (restated) consolidated balance sheet, trade receivables in contract and deferred costs were €501.9m. The consolidated financial statements for the year ended 31 December 2020 have been restated.
| 2020 (restated) | |
|---|---|
| £m | |
| Non-current assets | |
| Property, plant and equipment | 60.3 |
| Current assets | |
| Trade and other receivables | 501.9 |
| Current liabilities | |
| Trade and other payables | (54.4) |
| Provisions | (20.8) |
| Other current liabilities | (33.6) |
| Non-current liabilities | |
| Trade and other payables | (71.4) |
| Provisions | (51.1) |
| Other non-current liabilities | (20.3) |
| The consolidated financial statements changed to reflect revised to trade and other receivables, deferred tax asset, and net assets, as a consequence of the prior year restatement on 31 December 2020. The impact on the consolidated balance sheet as of 31 December 2020 is not material and does not require comparative restatement. |
| 2019 (restated) | |
|---|---|
| £m | |
| Non-current assets | |
| Property, plant and equipment | 63.8 |
| Current assets | |
| Trade and other receivables | 596.8 |
| Current liabilities | |
| Trade and other payables | (31.1) |
| Provisions | (9.4) |
| Other current liabilities | (21.7) |
| Non-current liabilities | |
| Trade and other payables | (55.5) |
| Provisions | (34.9) |
| Other non-current liabilities | (20.6) |
| The consolidated financial statements changed to reflect revised to trade and other receivables, deferred tax asset, and net assets, as a consequence of the prior year restatement on 31 December 2019. The impact on the consolidated balance sheet as of 31 December 2019 has not been material and does not require comparative restatement. |
The consolidated financial statements consolidate the results of the whole group and its entities from time to time. The basis of consolidation is the acquisition method.
Consolidated results are included from the date of acquisition and thereafter to the end of the reporting period, until control ceases. Where control is lost, the remaining investment is re-measured to fair value at the date control is lost and recognised as a gain or loss in profit or loss. Any interest in a subsidiary that has non-controlling equity interests or is not held by the parent company, the attributable share of profit or loss and net assets of non-controlling interests will be presented separately within the consolidated statement of comprehensive income and the consolidated statement of financial position.
Intercompany transactions, balances and unrealised gains and losses on intercompany transactions are eliminated in full.
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. When goods or services controlled by the Group are supplied to a joint operation, the Group recognises the gain or loss. In the consolidated financial statements, the Group’s joint operations are accounted for by:
recognising in relation to its interest in each joint operation, its assets, its liabilities and its share of any income, expenses and cash flows arising from the joint operation, and any contingent liabilities and contingent assets relating to its interest in the joint operations. The financial statements of joint operation undertakings are included in the consolidated financial statements from the date on which the Group obtains joint control until the date on which the Group loses joint control of the joint operation. The Group's share of the results of joint operations is recognised in the consolidated statement of comprehensive income and the consolidated statement of financial position.
The group has adopted new and amended accounting pronouncements that are effective for the current period ending 31 December 2021.
These amendments have not had a material impact on the Group’s accounting policies or disclosures. The Group has elected not to early adopt any new or amended standards that are not yet effective.
On 1 January 2021, the IASB amendments to IFRS 9, IAS 37 and IFRS 17 in relation to the IASB’s IBOR reform, whereby an amended version of accounting for an insurance contract when an insurer applies the practical expedient to accounting for an insurance contract. The Amendments provide relief from the application of IFRS 9 and IAS 37, and IFRS 17, that could otherwise cause issues with the application of hedge accounting. The reliefs are aimed at reducing the consequences for companies that seek to apply hedge accounting to hedges of changes in the benchmark rate reform resulting from the uncertainty about the timing and the fact of those reforms. In January 2021, the amendments to IFRS 9 were issued, which are effective for the period beginning on or after 1 January 2021. The Group has not adopted any early adoption of new or amended standards that are not yet effective.
The amendments provide a number of reliefs from the application of IFRS 9, IAS 37 and IFRS 17 that could otherwise cause issues with the application of hedge accounting. The reliefs are aimed at reducing the consequences for companies that seek to apply hedge accounting to hedges of changes in the benchmark rate reform resulting from the uncertainty about the timing and the fact of those reforms. In January 2021, the amendments to IFRS 9 were issued, which are effective for the period beginning on or after 1 January 2021. The Group has elected not to early adopt any new or amended standards that are not yet effective.# Group plc
135
For the years ended December 31, 2023 and 2022
| 2023 | 2022 | |
|---|---|---|
| Revenue | 7,893 | 7,201 |
| Cost of sales | 4,567 | 4,123 |
| Gross profit | 3,326 | 3,078 |
| Operating expenses: | ||
| Selling, general and administrative | 1,500 | 1,350 |
| Research and development | 800 | 750 |
| Depreciation and amortization | 400 | 380 |
| Other operating expenses | 150 | 120 |
| Total operating expenses | 2,850 | 2,600 |
| Income from operations | 476 | 478 |
| Other income (expense), net: | ||
| Interest income | 50 | 40 |
| Interest expense | (100) | (90) |
| Other (expense) income, net | (20) | 10 |
| Total other income (expense), net | (70) | (40) |
| Income before income taxes | 406 | 438 |
| Income tax expense | (122) | (131) |
| Net income | 284 | 307 |
| Earnings per share: | ||
| Basic | 1.25 | 1.35 |
| Diluted | 1.23 | 1.33 |
The accounting policies adopted in preparing the financial statements are consistent with those used in the prior year.
The financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) in the United States.
Revenue is recognized when earned, which is generally upon the rendering of services or delivery of goods.
All financial instruments are recognized at fair value on the date of acquisition, except for those instruments measured at amortized cost.
The PSOR\HH benefit costs represent the actuarial present value of pension obligations. The Group utilizes the projected unit credit method to determine the pension obligations.
The Group has elected to use the practical expedients for leases.
In 2023, the Group received a subsidy from the UK government to support its R&D activities. The subsidy has been recognized as income in the income statement. The Group has also received subsidies from various governments which are recognized as income when earned. In the US, the PSOR\HH has elected to use the deferral method for government subsidies, which is recognized as income over the period of the related expense. For 2023, the Group has recognized government subsidies related to the US Operations and UK Operations in the income statement. Revenue from government subsidies in 2023 was $5 and $7 respectively.
Assets, goodwill and intangible assets are stated at cost, net of accumulated depreciation and amortization.
The Group's capital expenditure for the year was $15 million, consisting of investment in property, plant and equipment and intangible assets.
Depreciation is calculated to write off the cost of tangible assets over their estimated useful lives.
| Asset Class | Useful Lives (Years) | Depreciation Method |
|---|---|---|
| Buildings | 20 | Straight-line |
| Leasehold improvements | 10 | Straight-line |
| Office equipment | 5 | Straight-line |
| Computer equipment | 3 | Straight-line |
Depreciation and amortization is recognized to allocate the cost of tangible assets over their estimated useful lives.
The Group has lease contracts that can be determined to be an operating lease or a finance lease.
The Group has a portfolio of lease contracts for various assets. There are no significant off-balance sheet lease arrangements. The Group has elected to recognize a right-of-use asset and a lease liability for all lease arrangements.
The Group recognizes a right-of-use asset in relation to its lease arrangements. The carrying amount of the right-of-use asset is depreciated on a straight-line basis over the shorter of the lease term and the useful life of the underlying asset.
| Asset Category | Lease Term (Years) | Number of Leases |
|---|---|---|
| Right-of-use assets | 5 | 18 |
| Short-term leases and leases of low-value assets | 1 | 5 |
The lease liabilities are measured at the present value of the lease payments that are not paid at the commencement date of the lease.
Acquisitions of businesses are accounted for using the acquisition method. Goodwill arises when the cost of an acquisition exceeds the fair value of the net identifiable assets acquired. In a business combination, the Group recognizes the identifiable assets acquired and liabilities assumed at their acquisition-date fair values. This results in the recognition of goodwill when the purchase price exceeds the fair value of the net identifiable assets. The carrying amount of goodwill is tested for impairment on an annual basis or more frequently if events and circumstances indicate that its carrying amount may be impaired.
Impairment is recognized to recognize the impairment loss. Goodwill is not amortized.
Intangible assets and amortisation policies are recognised in the Group's revenue as the Group's income statement when the Group's revenue is not the primary revenue. These amortisation policies and impairment losses are recognised in the income statement.
Trade receivables are recognised in an unimpaired manner at the fair value of the consideration receivable. Trade receivables are recognised at amortised cost, less any allowance for uncollectible amounts. If the group has a right of set-off with its counterparty and intends to settle on a net basis, or to realise the asset and settle the liability simultaneously, the net amounts are presented. The carrying amount of trade receivables is reviewed for impairment at each reporting date. If there is objective evidence that an impairment loss has occurred, the carrying amount is reduced through the use of an allowance account.
Includes cash on hand and bank balances, and short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. Purchases and sales of cash and cash equivalents are recorded on a trade date basis. All other purchases and sales of cash and cash equivalents are recorded on the settlement date. Dividends received in the year are recognised as part of the cash flow from operating activities.
Bank and other borrowings are initially recognised at fair value, net of any transaction costs. Subsequent to initial recognition, bank and other borrowings are stated at amortised cost using the effective interest rate method, less any impairment losses. If the group has a right of set-off with its counterparty and intends to settle on a net basis, or to realise the asset and settle the liability simultaneously, the net amounts are presented. The carrying amount of bank and other borrowings is reviewed for impairment at each reporting date.
The Group enters into derivative financial instruments to trade and to hedge foreign exchange risk and interest rate exposures arising from intra-group transactions. At inception, these derivative instruments are recognised at fair value and are subsequently remeasured at fair value with changes recognised in the income statement, unless they qualify for hedge accounting.
Derivatives are recognised in the Group's revenue as the Group's income statement when the Group's revenue is not the primary revenue. Derivatives are recognised at fair value with changes recognised in the income statement, unless they qualify for hedge accounting.
The Group may designate derivative instruments as:
* Cost – cash flow hedges: These are recognised in the financial statements of the entity.
* Fair value hedges: These are recognised in the financial statements of the entity.
* Hedges of a net investment in a foreign operation: These are recognised in the financial statements of the entity.
The carrying amount of the derivative instruments is remeasured at each reporting date. At each reporting date, the Group assesses whether there is objective evidence that an impairment loss has occurred.
Items for which the carrying amount is remeasured:
* Cash – derivatives The Group's derivatives recognised in the financial statements are not directly attributable to the carrying amount of the hedge.
* Foreign currency The Group has a right of set-off with its counterparty and intends to settle on a net basis, or to realise the asset and settle the liability simultaneously, the net amounts are presented.
* Derivatives at fair value through other comprehensive income.
Provisions are recognised for liabilities arising from past events. If it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and the amount can be reliably estimated. These provisions are recognised in the Group's income statement at the amount of the best estimate of the expenditure required to settle the present obligation at the reporting date.
Keller Group plc
Consolidated Balance Sheet
137
Continued# Keller Group plc
The Group’s disclosures adhere to the Group's reporting segments and those mandated by IFRS 8 Operating Segments. The segmental disclosures relate to the results of each operating segment and analyses of segment results for the purpose of measuring segment performance and for which discrete financial information is available and regularly reviewed by the chief operating decision maker.
| Revenue £m | Operating Profit £m |
|---|---|
| £1,323.1 | 73.0 |
| 549.2 | 24.3 |
| 352.1 | 3.4 |
| 2,224.4 | 100.7 |
| Intersegment (7.9) | – |
| 2,224,4 | 92.8 |
| Operating profit | (12.3) |
| 2,224.4 | 80.5 |
| Segment assets £m | Segment LIABILITIES £m | Capital employed £m | Capital additions £m | Depreciation and amortisation £m | Tangible and intangible assets £m |
|---|---|---|---|---|---|
| 827.0 | (349.9) | 477.1 | 36.4 | 46.1 | 334.7 |
| 273.9 | (184.7) | 89.2 | 23.8 | 25.0 | 143.7 |
| 218.0 | (99.9) | 118.1 | 24.2 | 19.5 | 103.5 |
| 1,318.9 | (634.5) | 684.4 | 84.4 | 90.6 | 581.9 |
| Additions (130.6) | (372.3) | (241.7) | – | 0.6 | 3.0 |
| 1,449.5 | (1,006.8) | 442.7 | 84.4 | 91.2 | 584.9 |
| Revenue | |||||
| Operating profit | |||||
| Intangible assets | |||||
| Operating profit | |||||
| Cross-segment | |||||
| Group |
The Group's revenue is derived from the provision of specialist ground engineering services. Revenue is recognised on the provision of specialist ground engineering services. In the period to December 31, 2021, revenue was recognised as follows:
| Year ended 31 December 2021 | Revenue recognised on performance OBLIGATIONS satisfied OVER time £m | Revenue recognised on performance OBLIGATIONS satisfied AT a point in time £m | Total revenue £m |
|---|---|---|---|
| Revenue recognised in respect of operating segments on a continuing basis | 1,005.0 | 318.1 | 1,323.1 |
| Revenue recognised in respect of operating segments on a continuing basis over a point in time | 549.2 | – | 549.2 |
| Revenue recognised in respect of operating segments on a continuing basis over a point in time | 352.1 | – | 352.1 |
| 1,906.3 | 318.1 | 2,224.4 |
The above revenue split of revenue reflects the nature of the services provided by the Group. In the period to December 31, 2021, revenue is recognised as follows, whether in relation to continuing operations or acquired in the period:
| Revenue recognised in respect of operating segments on a continuing basis | £279.7 | |
| Sale to the Group from other businesses | 103.7 | |
| Other revenue from other businesses | 18.6 | |
| 402.0 |
The period-on-period revenue comparison reflects acquisitions and disposals. Revenue reflects the provision of specialist ground engineering services by the Group through its operating segments.
| Provision of specialist services | 448.8 |
| Revenue add-backs | 107.6 |
| Revenue add-backs | (46.5) |
| Provision of specialist services | 448.8 |
Provision of specialist services represents amounts for deferred revenue recognised over the performance of obligations, whereas revenue add-backs represent revenue recognised on the basis of a point in time. In relation to deferred revenue, it is in the main recognised over time, the Group’s revenue add-backs represent the revenue recognised on a point in time basis, and deferred revenue add-backs are recognised over time to an appropriate to the Group’s P&L. In relation to continuing operations, the Group recognised revenue in relation to the specialist services as follows:
| Provision of specialist services | 448.8 |
| Revenue add-backs | 107.6 |
| Revenue add-backs | (46.5) |
| Provision of specialist services | 448.8 |
Revenue add-backs represent the provision of specialist services on a continuing basis in relation to revenue earned from customers.
| Revenue | ||
| Contract assets | ||
| Contract assets | ||
| Revenue add-backs | ||
| Purchases – Group | ||
| Intersegment | ||
| As at 31 December |
On 11 June 2021, the Group acquired 100% of the issued share capital of McCloskey International Limited (McCloskey), a specialist manufacturer of screening and conveying equipment and an integrated business of manufactured in Northern Ireland. The consideration paid was £17.5 million (the McCloskey consideration). The period-on-period carrying value of the acquisition reflects the acquisition price; and revenue derived from the acquired business in the period. On acquisition, revenue derived from the acquired business is recognised to the extent that the Group’s carrying value of the acquired business, revenue generated from the acquired business is recognised and the Group’s revenue add-backs reflect those acquired from the sale of equipment.
On 30 June 2022, the Group disposed of its business in Brazil, comprising the whole of the issued share capital of Fornells Ltda and Fornells Construcoes Ltda, for cash proceeds of £3.9m (net of cash disposed of of £1.0m) and deferred consideration of £1.7m (net of cash disposed of of £0.3m), resulting in a disposal loss of £0.7m.
Cyntech Anchors:
Disposals: 3.1m Net disposal proceeds: 6.0m Non-underlying loss on disposal: (0.2m) Net assets disposed: 6.6m
The loss on disposal represents the carrying value of the business. The 2021 loss on disposal relates to the disposal of the business.
On 29 June 2022, the Group disposed of its business in Mexico, comprising all of the issued share capital of Mexpresa SA de CV, for cash consideration of £0.2m.
Prior year disposals: On 26 April 2021, the Group disposed of its business in Malaysia, comprising all of the issued share capital of Ekovest Berhad, for cash consideration of £0.5m.
Consideration on disposals:
Disposal of businesses: £m
Mexpresa: 0.7
Cyntech Anchors: 6.0
Total: 7.1
| Costs | 2021 £m | " " | |ð |
| :-------------------------- | :------ | :-- | :-- |
| Wages and staff costs | 711.8 | %)'' | |
| Depreciation charges | 580.7 | %'"$ | |
| Other operating income | 593.5 | %$)( | |
| Interest on finance leases | 0.6 | & | |
| Impairment of goodwill and intangible assets | 154.8 | !#($ | |
| Underlying operating costs | 2,132.0 | !)%#" | |
| Less: Exceptional items | (9.6) | ")& | |
| Statutory operating costs | 2,141.6 | !)("( | |
Other operating income:
Amortisation and impairment of goodwill | | "
Depreciation of assets held for sale, other than those acquired with business combinations | 1.1 | )
Depreciation of assets held for sale by the Group | 1.9 | !'
Other operating income | 0.1 | !
On the disposal of the business, the Group recognised £3.4m (2021: £5.6m) in discontinued operations within other operating income. These other operating income relates to unrealised gains on foreign currency translation differences in respect of entities designated as hedged items by the Group. On disposal, the Group reclassified the cumulative gains to profit or loss and recognised a foreign currency gain of £3.0m.
The average monthly number of employees in the Group was:
| Divisions | 2021 | " " | ! |
|---|---|---|---|
| Central and other | 4,722 | $# | % |
| Middle East | 2,922 | ##$ | |
| Australia, Singapore & PNG | 2,080 | !)' | |
| 9,724 | )# | ) |
Note: In June 2022, the Australia, Singapore & PNG Divisions acquired the remaining 50% of its joint venture, and the Singapore, Australia and PNG Divisions, and the unrealised interest of the Singapore, Australia and PNG Divisions was recognised in the Group’s consolidated income statement, with the exception of the unrealised gain on retained interest in the joint venture that was recognised in other comprehensive income. In 2021, the Group’s revenue from discontinued operations was £1.6m. The Group’s operating loss from discontinued operations was £3.4m.# Financial Statements 146
Non-underlying items in operating costs
Year ended 31 December 2021
£m
| | |ð |
| :--------------------------------------------------------------------------------------------- | :-: |
| Other operating income | 7.3 |
| Amortisation of acquired intangible assets | 2.8 |
| Amortisation of joint venture acquired intangibles | 0.6 |
| Total non-underlying items in operating profit | 10.7 |
| Deferred tax | (2.1) |
| Total non-underlying items before taxation | 8.6 |
| Taxation | (0.8) |
| Total non-underlying items after taxation | 7.8 |
Non-underlying items in operating costs
Year ended 31 December 2020
| | |ð |
| :----------------------------------------------------------- | :-: |
| Other operating income | 9.6 |
| Amortisation of acquired intangible assets | 2.8 |
| Amortisation of joint venture acquired intangibles | 0.6 |
| Total non-underlying items in operating profit | 13.0 |
| Deferred tax | (2.6) |
| Total non-underlying items before taxation | 10.4 |
| Taxation | (1.9) |
| Total non-underlying items after taxation | 8.5 |
Non-underlying items in operating costs
Year ended 31 December 2019
| | |ð |
| :----------------------------------------------------------- | :-: |
| Other operating income | 7.3 |
| Amortisation of acquired intangible assets | 2.8 |
| Amortisation of joint venture acquired intangibles | 0.6 |
| Total non-underlying items in operating profit | 10.7 |
| Deferred tax | (2.1) |
| Total non-underlying items before taxation | 8.6 |
| Taxation | (0.8) |
| Total non-underlying items after taxation | 7.8 |
Non-underlying items in operating costs
Year ended 31 December 2021
| | |ð |
| :--------------------------------------------------------------------------------------------- | :-: |
| Other operating income | 7.3 |
| Amortisation of acquired intangible assets | 2.8 |
| Amortisation of joint venture acquired intangibles | 0.6 |
| Total non-underlying items in operating profit | 10.7 |
| Deferred tax | (2.1) |
| Total non-underlying items before taxation | 8.6 |
| Taxation | (0.8) |
| Total non-underlying items after taxation | 7.8 |
Non-underlying items in operating costs
Year ended 31 December 2020
| | |ð |
| :----------------------------------------------------------- | :-: |
| Other operating income | 9.6 |
| Amortisation of acquired intangible assets | 2.8 |
| Amortisation of joint venture acquired intangibles | 0.6 |
| Total non-underlying items in operating profit | 13.0 |
| Deferred tax | (2.6) |
| Total non-underlying items before taxation | 10.4 |
| Taxation | (1.9) |
| Total non-underlying items after taxation | 8.5 |
Non-underlying items in operating costs
Year ended 31 December 2019
| | |ð |
| :----------------------------------------------------------- | :-: |
| Other operating income | 7.3 |
| Amortisation of acquired intangible assets | 2.8 |
| Amortisation of joint venture acquired intangibles | 0.6 |
| Total non-underlying items in operating profit | 10.7 |
| Deferred tax | (2.1) |
| Total non-underlying items before taxation | 8.6 |
| Taxation | (0.8) |
| Total non-underlying items after taxation | 7.8 |
Non-underlying items in other operating income
Year ended 31 December 2021
| | |ð |
| :--------------------------------------------------------------------------------------------- | :-: |
| Other operating income | 7.3 |
| Amortisation of acquired intangible assets | 2.8 |
| Amortisation of joint venture acquired intangibles | 0.6 |
| Total non-underlying items in operating profit | 10.7 |
| Deferred tax | (2.1) |
| Total non-underlying items before taxation | 8.6 |
| Taxation | (0.8) |
| Total non-underlying items after taxation | 7.8 |
Amortisation of acquired intangible assets
The amortisation of acquired intangible assets relates to the amortisation of customer lists and relationships acquired as part of the acquisition of Inflow. Inflow was acquired on 18 May 2018 for a consideration of £29.5m. The amortisation is recognised over the estimated useful economic life of the assets.
Amortisation of joint venture acquired intangibles
The amortisation of joint venture acquired intangibles relates to the amortisation of acquired intangible assets from the acquisition of the joint venture, On-Group. The intangible assets are amortised over their estimated useful economic lives.
2021
£m
| | " " | |ð |
| :------------------------ | :-: | :-: |
| Interest and other | 0.2 | 0.2 |
| Other finance income | 0.2 | 0.2 |
2021
£m
| | " " | |ð |
| :-------------------------------------------------------------------------------------------- | :-: | :-: |
| Interest on loans and other borrowings | 3.5 | 1.3 |
| Interest on other borrowings | 1.3 | 0.3 |
| Interest on leases | 3.1 | 0.1 |
| Other | 0.2 | 0.1 |
| Other finance costs | 8.1 | 1.8 |
| Discounting of deferred consideration and other | 0.6 | 0.1 |
| Total finance costs | 8.7 | 1.9 |
2021
£m
| | " " | |ð |
| :---------------------------------------- | :-: | :-: |
| Current tax: | | |
| Current tax | 14.0 | 3.0 |
| Deferred tax | (3.0) | (0.7) |
| Total current tax | 11.0 | 2.3 |
| Deferred tax: | | |
| Current tax | (1.7) | (0.1) |
| Deferred tax | 0.2 | 0.0 |
| Total deferred tax | (1.5) | (0.1) |
| Total tax | 9.5 | 2.2 |
The UK corporation tax rate of 19% was substantially changed with effect from 1 April 2023 to 25% (the "main rate"). A rate of 25% is expected to apply to the profits of the Group. The deferred tax assets are recognised to the extent that taxable profit is expected in the future.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax rate of £16.4m is in line with the current tax charge in note 11 of £11.0m, which is the current tax charge in respect of the underlying business, and £5.4m which is the current tax charge in respect of non-underlying items. The tax charge for the year is primarily driven by the current tax charge on the underlying business, with £5.4m being the tax charge in respect of non-underlying items, and £11.0m being the current tax charge on the underlying business. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (2022: 19%).
| Underlying £m | Non-underlying items (note 8) £m | Statutory £m | |
|---|---|---|---|
| Profit before tax | 83.9 | (12.3) | 71.6 |
| Corporation tax at 25% | 21.0 | (3.1) | 17.9 |
| Effect of non-deductible/non-taxable items | 15.9 | (2.3) | 13.6 |
| Impact of different tax rates in other jurisdictions | 5.5 | (0.5) | 5.0 |
| Other non-deductible items and expenses | 3.3 | 1.2 | 4.5 |
| Adjustments for deferred tax assets and deferred tax liabilities | (1.4) | (9.1) | (10.5) |
| Utilisation of prior year tax losses | (0.5) | 0.1 | (0.4) |
| Reversal of deferred tax on unrealised gains on a deferred tax asset | (2.8) | 0 | (2.8) |
| Other | 0.1 | 0 | 0.1 |
| Tax charge/(credit) | 36.1 | (13.5) | 23.2 |
| Effective tax rate | 43.0% | 109.8% | 32.4% |
The current tax charge of £11.0m relates to the current tax charge on the underlying business. The current tax charge on non-underlying items is £5.4m. The deferred tax charge for the year is £(1.5)m, which is the deferred tax charge in respect of non-underlying items.
The statutory tax rate of profit before tax is 25% (20# Keller Group plc Annual Report and Financial Statements
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| 2021 £m " " |ð | Íèéèõõèç÷äûïìäåìïì÷ìèö | 28.6 | "!# | Íèéèõõèç÷äûäööè÷ö | (13.0) | ¤! #¥ | 15.6 | !!
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Øõçìñäõü çìùìçèñçö òñ èôøì÷ü ëòïçèõö ìñ ÷ëè üèäõ
| 2021 £m " " |ð | Êðòøñ÷öõèæòêñìöèçäöçìö÷õìåø÷ìòñö÷òèôøì÷üëòïçèõöìñ÷ëèüèäõ | | Ïìñäïçìùìçèñçéòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" " òé"##ó¤" !)"##ó¥óèõöëäõè | 16.8 | !&( | Òñ÷èõìðçìùìçèñçéòõ÷ëèüèäõèñçèç#!Íèæèðåèõ" "!òé!"&ó¤" " !"&ó¥óèõöëäõè | 9.1 | )! | | | | | 25.9 | "%)
Ýëè Ëòäõç ëäö õèæòððèñçèç ä Ĥñäï çìùìçèñç éòõ ÷ëè üèäõ èñçèç #! Íèæèðåèõ " "! òé |!&(ð õèóõèöèñ÷ "##ó ¤" " "##ó¥ óèõ öëäõè Ýëè óõòóòöèç çìùìçèñç ìö öøåíèæ÷ ÷ò äóóõòùäï åü öëäõèëòïçèõö ä÷ ÷ëè Êññøäï Ðèñèõäï Öèè÷ìñê òñ !( Öäü " "" äñç ëäö ñò÷ åèèñ ìñæïøçèç äö ä ïìäåìïì÷ü ìñ ÷ëèöè Ĥñäñæìäï ö÷ä÷èðèñ÷ö
Ëäöìæ èäõñìñêö óèõ öëäõè ìö æäïæøïä÷èç åü çìùìçìñê ÷ëè óõòĤ÷ éòõ ÷ëè üèäõ ä÷÷õìåø÷äåïè ÷ò òõçìñäõü èôøì÷ü ëòïçèõö òé ÷ëè óäõèñ÷ åü ÷ëè úèìêë÷èç äùèõäêè ñøðåèõ òé òõçìñäõü öëäõèö òø÷ö÷äñçìñê çøõìñê ÷ëè üèäõ àëèñ ÷ëè Ðõòøó ðäîèö ä óõòĤ÷ çìïø÷èç èäõñìñêö óèõ öëäõè èôøäïö ÷ëè óõòĤ÷ ä÷÷õìåø÷äåïè ÷ò èôøì÷ü ëòïçèõö òé ÷ëè óäõèñ÷ çìùìçèç åü ÷ëè úèìêë÷èç äùèõäêè çìïø÷èç ñøðåèõ òé öëäõèö àëèñ ÷ëè Ðõòøó ðäîèö ä ïòöö çìïø÷èç èäõñìñêö óèõ öëäõè èôøäïö ÷ëè ïòöö ä÷÷õìåø÷äåïè ÷ò ÷ëè èôøì÷ü ëòïçèõö òé ÷ëè óäõèñ÷ çìùìçèç åü ÷ëè åäöìæ äùèõäêè ñøðåèõ òé öëäõèö Ýëìö èñöøõèö ÷ëä÷ èäõñìñêö óèõ öëäõè òñ ïòööèö ìö öëòúñ ìñ éøïï äñç ñò÷ çìïø÷èç åü øñèûèõæìöèç öëäõè äúäõçö
| Îäõñìñêö ä÷÷õìåø÷äåïè ÷ò ÷ëè èôøì÷ü ëòïçèõö òé ÷ëè óäõèñ÷ | 2021 " " | 2021 " " | |
|---|---|---|---|
| Basic and diluted earnings (£m) | 64.7 ' | 63.0 $"% | |
| :HLJKWHGDYHUDJHQXPEHURIRUGLQDU\VKDUHVP | 1 | 72.3 '"! | |
| Îģèæ÷òéçìïø÷ìòñéõòð | |||
| Üëäõèòó÷ìòñöäñçäúäõçö | 0.9 & | 0.9 & | |
| 'LOXWHGQXPEHURIRUGLQDU\VKDUHVRXWVWDQGLQJ | 73.2 '"' | 73.2 '"' | |
| Earnings per share | |||
| Ëäöìæèäõñìñêöóèõöëäõè¤ó¥ | 89.5 )'! | 87.1 %() | |
| Íìïø÷èçèäõñìñêöóèõöëäõè¤ó¥ | 88.4 )&# | 86.1 %(% | |
| ! Ýëèúèìêë÷èçäùèõäêèñøðåèõòéöëäõèö÷äîèöìñ÷òäææòøñ÷÷ëèúèìêë÷èçäùèõäêèèģèæ÷òéæëäñêèöìñ÷õèäöøõüöëäõèöçøõìñê÷ëèüèäõ Ýëèúèìêë÷èçäùèõäêèñøðåèõòéöëäõèöèûæïøçèö÷ëòöèëèïçìñ÷ëèÎðóïòüèèÜëäõèØúñèõöëìóÙïäñÝõøö÷äñç÷ëòöèëèïçìñ÷õèäöøõüúëìæëéòõ÷ëèóøõóòöèòé÷ëìöæäïæøïä÷ìòñäõè÷õèä÷èçäöæäñæèïïèç |
| Ðòòçúìïï | |||||||
|---|---|---|---|---|---|---|---|
| £m | Cost | ||||||
| Êõìöìñêòñ äæôøìöì÷ìòñ | !Óäñøäõü" " "" | (& | %) | "#$ | 311.0 | ||
| Êççì÷ìòñö | –– % | 0.5 | |||||
| Êìöóòöäïòéåøöìñèööèö | ¤'"¥ | –– | (7.2) | ||||
| Îûæëäñêèðòùèðèñ÷ö | ¤!(¥ | ¤ !¥ | ¤ &¥ | (2.5) | |||
| Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! | "!)& | %() | "## | 301.8 | |||
| Êççì÷ìòñö | –– $ | 0.4 | |||||
| Êæôøìõèçúì÷ëåøöìñèööèö¤ñò÷è%¥ | ! %& | !)# | – | 24.9 | |||
| Êìöóòöäïö | ––¤ '¥ | (0.7) | |||||
| Îûæëäñêèðòùèðèñ÷ö | !! | % | ¤ &¥ | 1.0 | |||
| $W'HFHPEHU | 226.3 | 78.7 | 22.4 | 327.4 | |||
| Accumulated amortisation and impairment | |||||||
| Ê÷!Óäñøäõü" " | !!!( | %"$ | ""! | 186.3 | |||
| Òðóäìõðèñ÷æëäõêèéòõ÷ëèüèäõ | # | –– | 0.3 | ||||
| Êðòõ÷ìöä÷ìòñæëäõêèéòõ÷ëèüèäõ | – | $" | & | 4.8 | |||
| Êìöóòöäïòéåøöìñèööèö | ¤'"¥ | –– | (7.2) | ||||
| Îûæëäñêèðòùèðèñ÷ö | ¤ %¥ | ¤ !¥ | ¤ &¥ | (1.2) | |||
| Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! | ! $$ | %&% | ""! | 183.0 | |||
| Êðòõ÷ìöä÷ìòñæëäõêèéòõ÷ëèüèäõ | – | "( | & | 3.4 | |||
| Êìöóòöäïö | ––¤ '¥ | (0.7) | |||||
| Îûæëäñêèðòùèðèñ÷ö | & | ¤ !¥ | ¤ #¥ | 0.2 | |||
| $W'HFHPEHU | 105.0 | 59.2 | 21.7 | 185.9 | |||
| Carrying amount | |||||||
| Ê÷!Óäñøäõü" " | !!&( | && | !# | 124.7 | |||
| Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! | !!%" | "$ | !" | 118.8 | |||
| $W'HFHPEHU | 121.3 | 19.5 | 0.7 | 141.5 | |||
| ! Ðòòçúìïïäõìöìñêòñäæôøìöì÷ìòñõèïä÷èö÷ò÷ëèäæôøìöì÷ìòñòéÛÎÌØ×äñçÜøå÷èõõäñèäñ Ûèéèõ÷òñò÷è%éòõéøõ÷ëèõçè÷äìïö | |||||||
| Òñ÷äñêìåïèäööè÷öäõìöìñêòñäæôøìöì÷ìòñõèóõèöèñ÷æøö÷òðèõæòñ÷õäæ÷öäñçõèïä÷ìòñöëìóöúì÷ëäæäõõüìñêäðòøñ÷òé | !#)ð¤" " | #ð¥äñç÷õäçèñäðèö úì÷ëäæäõõüìñêäðòøñ÷òé | %&ð¤" " | "!ð¥ Ø÷ëèõìñ÷äñêìåïèöõèóõèöèñ÷ìñ÷èõñäïïüçèùèïòóèçöòé÷úäõèäñçïìæèñæèö Ýëèõèäõèñòìñçìæä÷òõöòé ìðóäìõðèñ÷éòõ÷ëèöèäööè÷öä÷#!Íèæèðåèõ" "! | |||
| Ïòõ÷ëèóøõóòöèöòéìðóäìõðèñ÷÷èö÷ìñêêòòçúìïïëäöåèèñäïïòæä÷èç÷òñìñèöèóäõä÷èæäöë¡êèñèõä÷ìñêøñì÷ö¤ÌÐÞö¥ Ýëèæäõõüìñêäðòøñ÷òéêòòçúìïï äïïòæä÷èç÷ò÷ëèĤùèÌÐÞöúì÷ë÷ëèïäõêèö÷êòòçúìïïåäïäñæèöìööìêñìĤæäñ÷ìñæòðóäõìöòñ÷ò÷ëè÷ò÷äïæäõõüìñêäðòøñ÷òéêòòçúìïïäñçæòðóõìöèö)"]òé ÷ëè÷ò÷äï¤" " )$]¥ Ýëèõèïèùäñ÷ÌÐÞöäñç÷ëèæäõõüìñêäðòøñ÷òé÷ëèêòòçúìïïäïïòæä÷èç÷òèäæëäõèäööè÷òø÷åèïòú÷òêè÷ëèõúì÷ë÷ëèóõè¡÷äû çìöæòøñ÷õä÷èäñçðèçìøð¡÷èõðêõòú÷ëõä÷èøöèçìñ÷ëèìõùäïøè¡ìñ¡øöèæäïæøïä÷ìòñö |
| ÌÐÞ | Ðèòêõäóëìæäïöèêðèñ÷ | 2021 " " | Carrying value £m | 3UHWD[ discount rate % | Forecast growth rate % | Ìäõõüìñê ùäïøè | ] | Ùõè¡÷äû çìöæòøñ÷õä÷è | ] | Ïòõèæäö÷ êõòú÷ëõä÷è | ] | ÔèïïèõÞÜ ×òõ÷ëÊðèõìæä | 45.0 | 11.6 | 2.0 | $$$ | !# | " | ÔèïïèõÌäñäçä ×òõ÷ëÊðèõìæä | 15.0 | 11.8 | 2.0 | !"( | !"& | " | ÔèïïèõÕìðì÷èç Îøõòóè | 12.1 | 10.1 | 3.0 | !"! | !"' | # | Êøö÷õäï Êöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä | 7.# 3. Property, Plant and Equipment
| ÌÐÞ | Ðèòêõäóëìæäïöèêðèñ÷ | Òñæõèäöèìñ ! çìöæòøñ÷ õä÷è | Ûèçøæ÷ìòñìñ ! éø÷øõèêõòú÷ë õä÷è | Ûèçøæ÷ìòñìñ Ĥñäïüèäõæäöë ĥòú | ] ÔèïïèõÞÜ | ×òõ÷ëÊðèõìæä | "$% #)# (%) | Üøñæòäö÷ | ×òõ÷ëÊðèõìæä | &#' '$ ! ( | ÔèïïèõÌäñäçä | ×òõ÷ëÊðèõìæä | )% !!) & | ÔèïïèõÕìðì÷èç | Îøõòóè | % & $() | Êøö÷õäï | Êöìä¡ÙäæìĤæÖìççïèÎäö÷äñçÊéõìæä | "!$ #%( ($( !
Ýëèìñæõèäöèìñçìöæòøñ÷õä÷èäñçõèçøæ÷ìòñìñéø÷øõèêõòú÷ëõä÷èäõèóõèöèñ÷èçäöêõòööðòùèðèñ÷ö
Keller Group plc
ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 153
×ò÷èö÷ò÷ëèæòñöòïìçä÷èçĤñäñæìäïö÷ä÷èðèñ÷ö continued
Ùõòóèõ÷üóïäñ÷äñçèôøìóðèñ÷æòðóõìöèöòúñèçäñçïèäöèçäööè÷ö
| ×ò÷è | 2021 £m | " " |ð |
|---|---|---|
| Ùõòóèõ÷üóïäñ÷äñçèôøìóðèñ÷¢òúñèçäööè÷ö | !%ä | 375.5 | #&%$ |
| Ûìêë÷¡òé¡øöèäööè÷ö¢ïèäöèçäööè÷ö | !%å | 67.9 | &)% |
| $W'HFHPEHU 443.4 | $#$) |
| D3URSHUW\SODQWDQGHTXLSPHQWtRZQHGDVVHWV | | | |
| Õäñçäñç åøìïçìñêö | |ð | |
| Ùïäñ÷ðäæëìñèõü äñçùèëìæïèö | |ð | |
| Ìäóì÷äïúòõî ìñóõòêõèöö | |ð | |
| Tota l | £m | Cost | Ê÷!Óäñøäõü" " | ' ' (( $ )& | 960.7 |
| | | Êççì÷ìòñö | "" &') | "$ | 72.5 |
| | | Íìöóòöäïö | ¤!%¥ | ¤#'%¥ | ¤ '¥ | (39.7) |
| | | Ýõäñöéèõö÷òëèïçéòõöäïè¹ | ¤ %¥ | ¤"##¥ | – | (23.8) |
| | | Íìöóòöäïòéåøöìñèööèö | ¤"#¥ | ¤!""¥ | – | (14.5) |
| | | ÛèæïäööìĤæä÷ìòñ | – | $# | ¤$#¥ | |
| | | t Îûæëäñêèðòùèðèñ÷ö | # | ¤ )¥ | # | (0.3) |
| | | Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! | &() ('(' | '# | 954.9 |
| | | Êççì÷ìòñö | #$ ')# | !# | 84.0 |
| | | Êæôøìõèçúì÷ëåøöìñèööèö¤ñò÷è%¥ | ' | (' | – | 9.4 |
| | | Íìöóòöäïö | ¤"%¥ | ¤$!$¥ | – | (43.9) |
| | | ×è÷÷õäñöéèõö÷òëèïçéòõöäïè¹– | # | – | 1.3 |
| | | Íìöóòöäïòéåøöìñèööèö¤ñò÷è%¥ | – | ¤!"¥ | ¤ %¥ | (1.7) |
| | | ÛèæïäööìĤæä÷ìòñ | – | ¤"$¥ | |
| | | t Îûæëäñêèðòùèðèñ÷ö | ¤!%¥ | ¤!&)¥ | ¤ "¥ | (18.6) |
| $W'HFHPEHU | 69.0 | 910.9 | 5.5 | 985.4 |
| Accumulated depreciation and impairment | | | | |
| Ê÷!Óäñøäõü" " | " ) | %%%! | – | 576.0 |
| Ìëäõêèéòõ÷ëèüèäõ | "" &$! | – | 66.3 |
| Íìöóòöäïö | ¤ "¥ | ¤#"'¥ | – | (32.9) |
| Ýõäñöéèõö÷òëèïçéòõöäïè¹ | ¤ %¥ | ¤!%$¥ | – | (15.9) |
| Íìöóòöäïòéåøöìñèööèö | ¤!"¥ | ¤)"¥ | – | (10.4) |
| Òðóäìõðèñ÷ö | ! | &% | – | 6.6 |
| Îûæëäñêèðòùèðèñ÷ö | ! | ¤ #¥ | – | (0.2) |
| Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! | "!$ | %&(! | – | 589.5 |
| Ìëäõêèéòõ÷ëèüèäõ | !' | &"$ | – | 64.1 |
| Íìöóòöäïö | ¤ '¥ | ¤#%"¥ | – | (35.9) |
| ×è÷÷õäñöéèõö÷òëèïçéòõöäïè¹– | ) | – | 0.9 |
| Íìöóòöäïòéåøöìñèööèö¤ñò÷è%¥ | – | ¤ #¥ | – | (0.3) |
| Òðóäìõðèñ÷ö | – | #$ | – | 3.4 |
| Îûæëäñêèðòùèðèñ÷ö | ¤ %¥ | ¤!!#¥ | – | (11.8) |
| $W'HFHPEHU | 21.9 | 588.0 | t | 609.9 |
| Carrying amount | | | | |
| Ê÷!Ó äñøäõü " " | $)( | #"%# | )& | 384.7 |
| Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! | $'% | #! & | '# | 365.4 |
| $W'HFHPEHU | 47.1 | 322.9 | 5.5 | 375.5 |
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Keller Group plc
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|---|---|---|---|---|
| Ü÷ä÷ø÷òõü |ð | Revenue | 18.4 | t | 18.4 |
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| | | Ø÷ëèõæøõõèñ÷äööè÷ö | 7. | | |# 8. Notes to the Consolidated Financial Statements
| 2021 | 2020 | |
|---|---|---|
| Property, plant and equipment | 29.4 | 14.7 |
| Less: Accumulated depreciation | (8.4) | (4.2) |
| Share of net assets and goodwill | (11.2) | (5.6) |
| Less: Accumulated depreciation | (1.8) | (0.9) |
| Property, plant and equipment | (21.4) | (10.7) |
| Share of net assets | 8.0 | 4.0 |
On the adoption of IFRS 16 'Leases' or upon entering into a lease agreement that is accounted for as a finance lease, the Group recognises a right-of-use asset and a corresponding lease liability. The right-of-use asset is measured at cost less accumulated depreciation and impairment losses. The lease liability is measured at the present value of the lease payments that are not paid at the commencement date discounted using the interest rate implicit in the lease or the Group's incremental borrowing rate.
|
| Other non-current assets | 2021 | 2020 |
|---|---|---|
| Share of net assets | 8.0 | 4.0 |
| On adoption of IFRS 16 'Leases' or upon entering into a lease agreement that is accounted for as a finance lease, the Group recognises a right-of-use asset and a corresponding lease liability. The right-of-use asset is measured at cost less accumulated depreciation and impairment losses. The lease liability is measured at the present value of the lease payments that are not paid at the commencement date discounted using the interest rate implicit in the lease or the Group's incremental borrowing rate. |
| # Financial Statements
As at December 31, 2021 and 2020
| 2021 £m | 2020 £m | |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Property, plant and equipment | 15.8 | 12.8 |
| Intangible assets | 5.4 | 4.9 |
| Total non-current assets | 21.2 | 17.7 |
| Current assets | ||
| Inventories | 11.2 | 13.2 |
| Trade and other receivables | 24.6 | 22.6 |
| Cash and cash equivalents | 6.1 | 3.6 |
| Total current assets | 41.9 | 39.4 |
| Total assets | 63.1 | 57.1 |
| Equity and liabilities | ||
| Equity | ||
| Share capital | 0.2 | 0.2 |
| Retained earnings | 24.8 | 17.5 |
| Total equity | 25.0 | 17.7 |
| Non-current liabilities | ||
| Borrowings | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current liabilities | 21.2 | 17.7 |
| Current liabilities | ||
| Trade and other payables | 16.0 | 18.0 |
| Borrowings | 0.9 | 3.7 |
| Total current liabilities | 16.9 | 21.7 |
| Total liabilities | 38.1 | 39.4 |
| Total equity and liabilities | 63.1 | 57.1 |
Non-current liabilities comprise loans and borrowings. Further details on the composition of current and non-current borrowings are disclosed in Note 28.
For the year ended December 31, 2021
| 2021 £m | |
|---|---|
| Revenue | 2,435.9 |
| Cost of sales | (1,968.5) |
| Gross profit | 467.4 |
| Other operating income | 3.0 |
| Distribution costs | (124.0) |
| Administrative expenses | (166.5) |
| Operating profit | 179.9 |
| Finance income | 0.9 |
| Finance costs | (12.7) |
| Profit before tax | 168.1 |
| Income tax expense | (42.0) |
| Profit for the year | 126.1 |
| Other comprehensive income: | |
| Items that may be reclassified subsequently to profit or loss: | |
| Exchange differences on translation of foreign operations | (0.3) |
| Items that will not be reclassified subsequently to profit or loss: | |
| Revaluation of property, plant and equipment | 1.1 |
| Other comprehensive income for the year, net of tax | 0.8 |
| Total comprehensive income for the year | 126.9 |
| Profit attributable to: | |
| Owners of the parent | 125.8 |
| Non-controlling interests | 0.3 |
| Total comprehensive income attributable to: | |
| Owners of the parent | 126.6 |
| Non-controlling interests | 0.3 |
For the year ended December 31, 2021
| Share Capital £m | Retained Earnings £m | Total Equity £m | |
|---|---|---|---|
| At January 1, 2020 | 0.2 | 17.5 | 17.7 |
| Profit for the year | - | 125.8 | 125.8 |
| Other comprehensive income | - | 0.8 | 0.8 |
| Total comprehensive income for the year | - | 126.6 | 127.4 |
| Dividends paid | - | (109.3) | (109.3) |
| Share-based payments | - | 0.2 | 0.2 |
| At December 31, 2021 | 0.2 | 24.8 | 25.0 |
For the year ended December 31, 2021
| 2021 £m | |
|---|---|
| Cash flows from operating activities | |
| Profit before tax | 168.1 |
| Adjustments for: | |
| Depreciation and amortisation | 40.5 |
| Share-based payments | 0.2 |
| Impairment of property, plant and equipment | 0.4 |
| Profit on disposal of property, plant and equipment | (0.1) |
| Finance costs | 12.7 |
| Finance income | (0.9) |
| Net change in working capital: | |
| Increase in inventories | (2.0) |
| Decrease in trade and other receivables | 2.0 |
| Increase in trade and other payables | (2.0) |
| Cash generated from operations | 219.0 |
| Interest paid | (12.1) |
| Income tax paid | (41.1) |
| Net cash from operating activities | 165.8 |
| Cash flows from investing activities | |
| Purchase of property, plant and equipment | (16.6) |
| Purchase of intangible assets | (5.8) |
| Proceeds from disposal of property, plant and equipment | 0.5 |
| Net cash used in investing activities | (21.9) |
| Cash flows from financing activities | |
| Proceeds from borrowings | 13.3 |
| Repayment of borrowings | (16.0) |
| Net change in financing lease liabilities | (0.7) |
| Dividends paid | (109.3) |
| Net cash used in financing activities | (112.7) |
| Net increase/(decrease) in cash and cash equivalents | 31.2 |
| Cash and cash equivalents at beginning of year | 3.6 |
| Effect of foreign exchange rate changes | (0.1) |
| Cash and cash equivalents at end of year | 34.7 |
Significant accounting judgements and key sources of estimation uncertainty
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities at the end of the reporting period.
The key judgements and sources of estimation uncertainty are as follows:
a) Judgements
b) Sources of estimation uncertainty
c) Accounting estimates and assumptions
The Group applies the following accounting policies in preparing the consolidated financial statements. These policies have been consistently applied to all periods presented in the consolidated financial statements.
1.1 Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value. The consolidated financial statements are presented in Sterling (£), which is the functional currency of the parent company, and all values are rounded to the nearest £0.1 million except where otherwise indicated.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union.
1.2 Basis of consolidation
The consolidated financial statements incorporate the financial statements of the parent company and all of its subsidiaries. Subsidiaries are entities over which the Group has control. Control is achieved when the Group has power over the investee, exposure or rights to variable returns from its involvement with the investee and has the ability to use its power to affect its returns.
Where necessary, adjustments have been made to the financial statements of subsidiaries to align with the accounting policies of the Group.
All intra-group balances and transactions, and unrealised gains and losses arising from intra-group transactions, are eliminated in full.
1.3 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.
Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of each component.
The estimated useful lives are as follows:
* Buildings: 25-50 years
* Plant and machinery: 5-10 years
* Vehicles: 4-5 years
* Furniture and equipment: 3-10 years
1.4 Intangible assets
Intangible assets, including goodwill, are stated at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is charged to profit or loss on a straight-line basis over the estimated useful lives of the intangible assets.
1.5 Financial instruments
The Group classifies financial instruments at initial recognition into the following categories:
* Financial assets at fair value through profit or loss
* Financial assets at fair value through other comprehensive income
* Financial assets at amortised cost
* Financial liabilities at fair value through profit or loss
* Financial liabilities at amortised cost
1.6 Trade and other receivables
Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment.
1.7 Trade and other payables
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost.
1.8 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost using the effective interest method.
1.9 Leases
The Group has elected not to recognise a right-of-use asset and a lease liability for short-term leases (i.e. leases with a lease term of 12 months or less) and leases of low-value assets. Instead, lease payments for these leases are recognised as an expense in profit or loss on a straight-line basis over the lease term.
For other leases, the Group recognises a right-of-use asset and a lease liability at the commencement of the lease. The right-of-use asset is depreciated over the shorter of the lease term and the useful life of the underlying asset. The lease liability is measured at the present value of the lease payments discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental borrowing rate.
1.10 Income tax
Income tax comprises current tax and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income, in which case it is recognised in equity or in other comprehensive income, respectively.
Current tax is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at the end of the reporting period.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability is settled.
1.11 Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to owners of the parent by the weighted average number of ordinary shares outstanding during the period.
Diluted earnings per share is calculated by adjusting the profit attributable to owners of the parent and the weighted average number of ordinary shares outstanding to reflect the effect of all dilutive potential ordinary shares, such as share options.
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
26 Events after the reporting period
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
For the year ended December 31, 2021
| 2021 £m | |
|---|---|
| Cash flows from operating activities | |
| Profit before tax | 168.1 |
| Adjustments for: | |
| Depreciation and amortisation | 40.5 |
| Share-based payments | 0.2 |
| Impairment of property, plant and equipment | 0.4 |
| Profit on disposal of property, plant and equipment | (0.1) |
| Finance costs | 12.7 |
| Finance income | (0.9) |
| Net change in working capital: | |
| Increase in inventories | (2.0) |
| Decrease in trade and other receivables | 2.0 |
| Increase in trade and other payables | (2.0) |
| Cash generated from operations | 219.0 |
| Interest paid | (12.1) |
| Income tax paid | (41.1) |
| Net cash from operating activities | 165.8 |
| Cash flows from investing activities | |
| Purchase of property, plant and equipment | (16.6) |
| Purchase of intangible assets | (5.8) |
| Proceeds from disposal of property, plant and equipment | 0.5 |
| Net cash used in investing activities | (21.9) |
| Cash flows from financing activities | |
| Proceeds from borrowings | 13.3 |
| Repayment of borrowings | (16.0) |
| Net change in financing lease liabilities | (0.7) |
| Dividends paid | (109.3) |
| Net cash used in financing activities | (112.7) |
| Net increase/(decrease) in cash and cash equivalents | 31.2 |
| Cash and cash equivalents at beginning of year | 3.6 |
| Effect of foreign exchange rate changes | (0.1) |
| Cash and cash equivalents at end of year | 34.7 |
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2% |
The Group's borrowings consist of bank loans and other borrowings. The Group has a debt-to-equity ratio of (62.4)% as at December 31, 2021 (2020: 84.2%). This is within the Group's target range of <100%.
e) Interest rate risk
The Group is exposed to interest rate risk on its borrowings. The Group manages this risk by maintaining a mix of fixed and floating rate borrowings.
As at December 31, 2021, the Group's borrowings comprised:
| Floating rate £m | Fixed rate £m | Total £m | |
|---|---|---|---|
| 2021 | 17.7 | 0.0 | 17.7 |
| 2020 | 16.5 | 0.0 | 16.5 |
As at December 31, 2021, the Group's interest rate sensitivity is analysed as follows:
| Change in rate | Impact on profit before tax £m | Impact on equity £m | |
|---|---|---|---|
| 2021 | +1% | (0.2) | (0.2) |
| 2020 | +1% | (0.2) | (0.2) |
f) Hedging currency risk and interest rate risk
The Group's subsidiaries are exposed to foreign currency and interest rate risks. The Group manages these risks by entering into hedging arrangements. The Group's policy is to ensure that its hedging arrangements are effective in mitigating the risks they are designed to cover.
g) Credit risk
The Group's significant credit exposures are to trade and other receivables. The Group's credit risk management policies and procedures are designed to minimise the potential for financial loss arising from the failure of customers to meet their contractual obligations. The Group's overdue receivables are analysed in note 25b. The Group's significant receivables are from its customers.
The Group's significant exposure to credit risk arises from its trade receivables, which amounted to £24.6 million at December 31, 2021 (2020: £22.6 million). The Group's exposure to credit risk from other financial instruments is not significant.
The Group's provisioning for doubtful debts is reviewed regularly and is based on historical collection rates and an assessment of the recoverability of individual debts. As at December 31, 2021, there were no significant overdue trade receivables which were not provided for.
The Group's financial instruments that are subject to credit risk are its trade and other receivables. The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
h) Other provisions
The Group's other provisions are in respect of legal claims and other contingent liabilities. The Group's policy is to recognise provisions when it is probable that an outflow of resources will be required to settle a present obligation as a result of a past event, and a reliable estimate can be made of the amount of the obligation.
The Group's provisions are reviewed at each reporting date. The amount of the provision is reassessed based on the best estimate of the expenditure required to settle the present obligation at the reporting date.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
In January 2022, the Group completed two private placements of its ordinary shares, raising £62 million and £77 million respectively. These were at a discount to market price. The proceeds will be used to strengthen the Group's balance sheet.
| 2021 £m | 2020 £m | |
|---|---|---|
| Non-current borrowings | ||
| Bank loans | 15.8 | 12.8 |
| Deferred tax liabilities | 5.4 | 4.9 |
| Total non-current borrowings | 21.2 | 17.7 |
| Current borrowings | ||
| Bank loans | 0.9 | 3.7 |
| Total current borrowings | 0.9 | 3.7 |
| Total borrowings | 22.1 | 21.4 |
The Group's borrowings are denominated in Sterling. The effective interest rate on the Group's borrowings is 4.25% (2020: 4.25%).
a) Categories of financial instruments
The Group's financial instruments are categorised as follows:
| 2021 £m | 2020 £m | |
|---|---|---|
| Financial assets at amortised cost | ||
| Cash and cash equivalents | 34.7 | 3.6 |
| Trade and other receivables | 24.6 | 22.6 |
| Total financial assets at amortised cost | 59.3 | 26.2 |
| Financial liabilities at amortised cost | ||
| Borrowings | 17.7 | 16.5 |
| Trade and other payables | 16.0 | 18.0 |
| Lease liabilities | 1.4 | 2.0 |
| Total financial liabilities at amortised cost | 35.1 | 36.5 |
b) Fair value
The fair values of financial assets and liabilities are determined using market data and valuation techniques.
c) Credit risk
The Group is exposed to credit risk on its trade and other receivables. The maximum exposure to credit risk at the reporting date is the carrying amount of the receivables.
The Group has no significant concentration of credit risk, as its trade receivables are spread across a large number of customers.
The Group's ageing of trade receivables at December 31, 2021 was:
| Not past due £m | 1-30 days £m | 31-90 days £m | 91-180 days £m | 181+ days £m | Total £m | |
|---|---|---|---|---|---|---|
| 2021 | 12.7 | 6.0 | 3.0 | 1.5 | 1.4 | 24.6 |
| 2020 | 11.0 | 5.5 | 2.5 | 1.2 | 2.4 | 22.6 |
The Group's exposure to credit risk on its borrowings is the principal amount of the borrowings.
d) Liquidity risk and capital management
Liquidity risk
The Group is exposed to liquidity risk in meeting its financial obligations as they fall due. The Group manages its liquidity by maintaining adequate cash and borrowing facilities, and by regularly monitoring its cash flow forecasts.
The Group's objective in managing capital is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
The Group manages its capital structure by referring to its gearing ratio. The gearing ratio is calculated as net debt divided by total equity. Net debt includes borrowings and lease liabilities.
| 2021 £m | 2020 £m | |
|---|---|---|
| Net debt | ||
| Borrowings | 17.7 | 16.5 |
| Lease liabilities | 1.4 | 2.0 |
| Cash and cash equivalents | (34.7) | (3.6) |
| Total net debt | (15.6) | 14.9 |
| Total equity | 25.0 | 17.7 |
| Gearing ratio (%) | (62.4)% | 84.2%# éõìèö Ëñò÷ èö $!']çøè" "$ú èõè øöèç÷ ò õ èĤñäñæè ðä÷øõìñêóõìù ä÷è óïäæ èðèñ÷ö |
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Ýëè" !$z% ðäñçz'%ðĤûèçõä÷èóõìùä÷èóïäæèðèñ÷ïìäåìïì÷ìèöúèõèöúäóóèçìñ÷òĥòä÷ìñêõä÷èöåüðèäñöòéÞÜçòïïäõìñ÷èõèö÷õä÷èöúäóö¤÷ëèĐ" !$ öúäóöđ¥Ýëè" !$öúäóöëäùè÷ëèöäðèðä÷øõì÷üäö÷ëèóõìùä÷èóïäæèðèñ÷ïìäåìïì÷ìèöäñçëäùèåèèñçèöìêñä÷èçäöéäìõùäïøèëèçêèöÝëèòåíèæ÷ìùèìö÷ò óõò÷èæ÷äêäìñö÷÷ëèÐõòøóđöèûóòöøõè÷òæëäñêèöìñ÷ëèéäìõùäïøèòé÷ëèÞÜóõìùä÷èóïäæèðèñ÷çèå÷äñç÷òóõò÷èæ÷õèïä÷èçìñ÷èõèö÷æäöëĥòúöçøè÷ò æëäñêèöìñÞÜçòïïäõìñ÷èõèö÷õä÷èö
Ýëèé äìõ ù äïøè òé÷ëè" !$ö úäóö ä÷#!Íèæ èðåèõ " "!ú äö |"&ð¤" " |&"ð¥òé÷ëìöäðòøñ÷|"&ð¤" " |%$ð¥ìöìñæïøçèçìñò÷ëèõñòñ¡æøõõ èñ÷ äööè÷öÊ ÷ #!Íèæ èðåèõ " " | (ðú äö ìñæïøçèçìñ÷õ äçè äñçò÷ëèõõ èæèìùäåïèö Ýëèèģ èæ÷ìùè óòõ÷ìòñòé÷ëèæëäñêèöìñ÷ëèé äìõ ù äïøè òé÷ëè" !$ö úäóö êäù è õìöè÷ ò äïòööòé|#&ð¤" " êäìñòé|"(ð¥úëìæëëäöåèèñ÷äî èñ ÷ ò ÷ëèìñæ òðè ö÷ä÷ èðèñ÷ äïòñêúì÷ë÷ëèèôøäïäñçòóóòöì÷ è ðò ùèðèñ÷ ìñé äìõ ùäïøèòé÷ëèæ òõõèöóòñçìñê ëèçêèçì÷ èðö ÒñØæ÷ òåèõ " "!÷ëèìñ÷ èõèö÷ õ ä÷è ö úäó ëèçêìñê÷ëè÷õ äñæëè òé÷ëèóõìù ä÷è óïäæ èðèñ÷ ïìäåìïì÷üõ èóäìç ìñ÷ëèü èäõ úäöæïòöèçòø÷ìñïìñèúì÷ë÷ëèäêõ èèç ÷ èõðö Êïïëèçêèöäõè÷èö÷èçéòõèģèæ÷ìùèñèööèùèõüöìûðòñ÷ëöÊïïëèçêìñêõèïä÷ìòñöëìóöõèðäìñèçèģèæ÷ìùèçøõìñê÷ëèüèäõ
| £m | " " | |ð |
| :------------------------------------------------------------------------------------------------ | ----: | -----: |
| )LQDQFLDODVVHWVPHDVXUHGDWIDLUYDOXHWKURXJKSURƬWRUORVV | ×òñ¡ôøäïìéüìñêçèéèõõèçæòðóèñöä÷ìòñóïäñ | 20.6 | !(# |
| Òñ÷èõèö÷õä÷èöúäóö | | 2.6 | &" |
| )LQDQFLDODVVHWVPHDVXUHGDWIDLUYDOXHWKURXJKRWKHUFRPSUHKHQVLYHLQFRPH | | | |
| Ìäöëĥòúö | | 10.4 | &(% |
| )LQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSURƬWRUORVV | Ïòõúäõçèûæëäñêèæòñ÷õäæ÷ö | t | % |
| Ìòñ÷ìñêèñ÷äñççèéèõõèçæòñöìçèõä÷ìòñ | | (12.7) | ¤# ¥ |
| )LQDQFLDOOLDELOLWLHVPHDVXUHGDWDPRUWLVHGFRVW | Ýõäçèóäüäåïèö | (268.8) | ¤!&)#¥ |
| Ìòñ÷õäæ÷ïìäåìïì÷ìèö | | (46.5) | ¤$#)¥ |
| Õòäñöäñçåòõõòúìñêö | | (200.6) | ¤!(% ¥ |
| Õèäöèïìäåìïì÷ìèö | | (75.4) | ¤'#(¥ |
| (ƪHFWLYHLQWHUHVWUDWHVDQGPDWXULW\DQDO\VLV | |||||||
|---|---|---|---|---|---|---|---|
| Òñõèöóèæ÷òéĤñäñæìäïïìäåìïì÷ìèö÷ëèéòïïòúìñê÷äåïèìñçìæä÷èö÷ëèìõèģèæ÷ìùèìñ÷èõèö÷õä÷èöäñçøñçìöæòøñ÷èçæòñ÷õäæ÷øäïæäöëĥòúöä÷÷ëèåäïäñæèöëèè÷çä÷è | 2021 | (ƪHFWLYH interest rate % | 'XHZLWKLQ 1 year £m | 'XHZLWKLQ t\HDUV £m | 'XHZLWKLQ t\HDUV £m | 'XHDIWHU more than 5 years £m | Tota l £m |
| Ëäñîïòäñöäñçòùèõçõäé÷ö | 1.0 | 1.5 | 0.4 | 139.3 | 0.1 | 141.3 | |
| Ëòñçöäñçò÷ëèõïòäñö | 1.6 | 3.6 | 2.3 | 57.8 | t | 63.7 | |
| Õèäöèïìäåìïì÷ìèö | t | 30.3 | 17.4 | 27.3 | 7.6 | 82.6 | 75.4 |
| Ìòñ÷õäæ÷ïìäåìïì÷ìèö | t | 46.5 | ttt | 46.5 | 46.5 | 46.5 | |
| Ýõäçèóäüäåïèö | t | 268.8 | ttt | 268.8 | 268.8 | 268.8 | |
| Ìòñ÷ìñêèñ÷äñççèéèõõèçæòñöìçèõä÷ìòñ | t | 12.3 | 0.4 | tt | 12.7 | 12.7 | 604.0 |
| 363.0 | 20.5 | 224.4 | 7.7 | 615.6 | 604.0 |
| " " | Îģèæ÷ìùè ìñ÷èõèö÷õä÷è | ||||||
|---|---|---|---|---|---|---|---|
| Íøèúì÷ëìñ !üèäõ | |||||||
| Íøèúì÷ëìñ !¢"üèäõö | |||||||
| Íøèúì÷ëìñ "¢%üèäõö | |||||||
| Íøèäé÷èõ ðòõè÷ëäñ %üèäõö | |||||||
| Ýò÷äï | |||||||
| Ìäõõüìñêäðòøñ÷ äööëòúñìñ÷ëè åäïäñæèöëèè÷ | |||||||
| Ëäñîïòäñöäñçòùèõçõäé÷ö | "! | $) | – | ( ! | % | (%% | (%# |
| Ëòñçöäñçò÷ëèõïòäñö | !& | $ & | $% | %)# | – | ! $$ | ))' |
| Õèäöèïìäåìïì÷ìèö | – | "'$ | !(' | "$' | !!! | (!) | '#( |
| Ìòñ÷õäæ÷ïìäåìïì÷ìèö | – | $#) | – | – | – | $#) | $#) |
| Ýõäçèóäüäåïèö | – | !&)" | – | – | – | !&)# | !&)# |
| Ìòñ÷ìñêèñ÷æòñöìçèõä÷ìòñ | – | ( | "" | – | – | # | #" |
| (&( | "%$ | !&$! | !!& | $(( | $'% |
| 2021 £m | " " | |ð |
| :---------------------------------------------------------------------------------------------------------- | ----: | -----: |
| z'%ðóõìùä÷èóïäæèðèñ÷¤çøèÍèæèðåèõ" "$¥ | | 58.1 | & |
| z% ðóõìùä÷èóïäæèðèñ÷¤õèóäìçØæ÷òåèõ" "!¥ | t | #'# |
| |#'%ðöüñçìæä÷èçõèùòïùìñêæõèçì÷éäæìïì÷ü¤èûóìõìñê×òùèðåèõ" "%¥ | 138.5 | '(# |
| Ëäñîòùèõçõäé÷ö | | 0.9 | $' |
| Ø÷ëèõåäñîåòõõòúìñêö | | 2.4 | "# |
| Ø÷ëèõïòäñö | | 0.7 | "$ |
| Õèäöèïìäåìïì÷ìèö¤ñò÷è"&¥ | | 75.4 | '#( |
| 7RWDOORDQVDQGERUURZLQJV | | 276.0 | "%(( |
ÝëèÐõòøóëäööøåö÷äñ÷ìäïåòõõòúìñêéäæìïì÷ìèöäùäìïäåïè÷òì÷Ýëèøñçõäúñæòððì÷÷èçéäæìïì÷ìèöäùäìïäåïèä÷#!Íèæèðåèõ" "!äðòøñ÷èç÷ò|"#%%ð ¤" " |#!#"ð¥Ýëìöðäìñïüæòðóõìöèç÷ëèøñø÷ìïìöèçóòõ÷ìòñòé÷ëèÐõòøóđö|#'%ðõèùòïùìñêæõèçì÷éäæìïì÷üúëìæëèûóìõèöòñ"#×òùèðåèõ" "%Òñ äççì÷ìòñ÷ëèÐõòøóëäçøñçõäúñøñæòððì÷÷èçåòõõòúìñêéäæìïì÷ìèö÷ò÷äïïìñê|%&$ðä÷#!Íèæèðåèõ" "!¤" " |#%)$ð¥Òñ" " ÷ëìöìñæïøçèç|# ð äùäìïäåïèøñçèõ÷ëèËäñîòéÎñêïäñçÌòùìçÌòõóòõä÷èÏìñäñæìñêÏäæìïì÷ü¤ÌÌÏÌ¥úëìæëèûóìõèç"#Öäõæë" "!×òçõäúìñêöúèõèðäçèòñ÷ëèÌÌÏÌØ÷ëèõ øñæòððì÷÷èçåäñîåòõõòúìñêéäæìïì÷ìèöäõèñòõðäïïüõèäĦõðèçåü÷ëèåäñîöäññøäïïüäï÷ëòøêë÷ëèüæäñ÷ëèòõè÷ìæäïïüåèúì÷ëçõäúñä÷äñü÷ìðèÏäæìïì÷ìèö ÷ò÷äïïìñê|#"ð¤" " |$ ð¥äõèöèæøõèçäêäìñö÷æèõ÷äìñäööè÷öÏø÷øõèòåïìêä÷ìòñöøñçèõĤñäñæèïèäöèöòñäéòõðèõÒÊÜ!'åäöìö÷ò÷äïïèç|!%ð¤" " |""ð¥ìñæïøçìñêìñ÷èõèö÷òé| !ð¤" " |ñìï¥
| continued 25 | Financial instrumentsæòñ÷ìñøèç | |||||||
|---|---|---|---|---|---|---|---|---|
| Ìëäñêèöìñïòäñöäñçåòõõòúìñêöúèõèäöéòïïòúö | " " | ð | ||||||
| Ìäöëĥòúö | ð | |||||||
| Ø÷ëèõ | ! | ð | ||||||
| ×èúïèäöèö | ð | |||||||
| Êæôøìöì÷ìòñòé businesses | ð | |||||||
| Ïòõèìêñ èûæëäñêè ðòùèðèñ÷ö | ð | |||||||
| Ïäìõùäïøè æëäñêèö | ð | |||||||
| 2021 | £m | |||||||
| Ëäñîòùèõçõäé÷ö | ¤$'¥ | #' | – | – | – | (0.9) | (0.9) | |
| Ëäñîïòäñö | ¤( &¥ | ¤%) ¥ | ¤!"¥ | – | – | ¤ !¥ | – | (140.9) |
| Ø÷ëèõïòäñö | ¤))'¥ | #'" | & | – | – | ¤ %¥ | #& | (58.8) |
| Õèäöèïìäåìïì÷ìèö¤ñò÷è"&¥ | ¤'#(¥ | ")( | ¤'!¥ | ¤"#$¥ | ¤!$¥ | % | – | (75.4) |
| 7RWDOORDQVDQGERUURZLQJV | ¤"%((¥ | !!' | ¤''¥ | ¤"#$¥ | ¤!$¥ | – | #& | (276.0) |
| 'HULYDWLYHVƬQDQFLDOLQVWUXPHQWV | ||||||||
| %' | – | – | – | – | ¤#!¥ | 2.6 | 2.6 |
&DVKƮRZKHGJHV
Ê÷#!Íèæèðåèõ" "!÷ëèÐõòøóëèïçñòìñö÷õøðèñ÷ö÷òëèçêèèûóòöøõèö÷òæëäñêèìñéòõèìêñæøõõèñæüõä÷èöÊ÷#!Íèæèðåèõ" " ÷ëèÐõòøóëèïç ÷ëèéòïïòúìñêìñö÷õøðèñ÷ö
| | Maturity | Carrying amount | Change in fair value used for calculating hedge LQHƪHFWLYHQHVV | £m | Nominal amount $m | \HDU £m | t\HDUV £m | t\HDUV £m | !\HDUV £m | Asset £m | Liability 1 £m | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| )RUZDUGH[FKDQJHFRQWUDFWV | | – | – | – | – | | – | | ! |
Òñæïøçèçúì÷ëìñò÷ëèõïìäåìïì÷ìèö
ÝëèÐõòøóëèïç÷ëèéòïïòúìñêìñö÷õøðèñ÷ö÷òëèçêèèûóòöøõèö÷òæëäñêèöìñìñ÷èõèö÷õä÷èö
| 2021 | Maturity | Carrying amount | Change in fair value used for calculating hedge LQHƪHFWLYHQHVV £m | Nominal 2 amount $m | <1 year £m | t\HDUV £m | t\HDUV £m | >5 years £m | Asset 1 £m | /LDELOLW\ £m |
|---|---|---|---|---|---|---|---|---|---|---|
| Òñ÷èõèö÷õä÷èöúäóö | tt | 2.6 | tt | 9.4 | " " | |||||
| Öä÷øõì÷ü | ||||||||||
| Ìäõõüìñêäðòøñ÷ | Ìëäñêèìñéäìõùäïøèøöèç éòõæäïæøïä÷ìñêëèçêè ìñèģèæ÷ìùèñèöö | ð | ×òðìñäï " | äðòøñ÷ | zð | !üèäõ | ð | !¢"üèäõö | ||
| Òñ÷èõèö÷õä÷èöúäóö | ( | – | %$ | – | &" | – | – | !$$ | ! | |
| Òñæïøçèçúì÷ëìñò÷ëèõäööè÷ö | " | |||||||||
| ÝëèäùèõäêèĤûèçìñ÷èõèö÷õä÷èìö$ | ] | |||||||||
| ÝëèÐõòøóëäç÷ëèéòïïòúìñêëèçêèçì÷èðöõèïä÷ìñê÷ò÷ëèäåòùèìñö÷õøðèñ÷ö | 2021 | " " | Carrying 1 amount | OLDELOLW\ £m | Change in fair value used for calculating hedge LQHƪHFWLYHQHVV £m | Hedge 2 LQHƪHFWLYHQHVV LQSURƬW or loss £m | ||||
| Ìäõõüìñê ! äðòøñ÷ ïìäåìïì÷ü | ð | Ìëäñêèìñéäìõ ùäïøèøöèçéòõ æäïæøïä÷ìñêëèçêè ìñèģèæ÷ìùèñèöö | ð | Ñèçêè " ìñèģèæ÷ìùèñèööìñ óõòĤ÷òõïòöö | ð | z'%ðóõìùä÷èóïäæèðèñ÷ö¤" " z!"%ð¥ | (58.1) | |||
| Ïäìõùäïøèëèçêèäçíøö÷ðèñ÷ö | 3.6 | tt | "( | – | – | ! | ||||
| 1Òñæïøçèçúì÷ëìñïòäñöäñçåòõõòúìñêö | " | |||||||||
| Òñæïøçèçìñòóèõä÷ìñêóõòĤ÷éòõ÷ëèüèäõ | ||||||||||
| ×òñ¡ìñ÷èõèö÷¡åèäõìñêĤñäñæìäïïìäåìïì÷ìèöæòðóõìöè÷õäçèóäüäåïèöäñçæòñ÷õäæ÷ïìäåìïì÷ìèöòé | #!%#ð¤" " | "!#"ð¥óäüäåïèúì÷ëìñòñèüèäõ |
Ýëèéäìõùäïøèöòé÷ëèÐõòøóđöĤñäñæìäïäööè÷öäñçïìäåìïì÷ìèöäõèñò÷ðä÷èõìäïïüçìģèõèñ÷éõòð÷ëèìõæäõõüìñêùäïøèöÝëèéòïïòúìñêöøððäõìöèö÷ëèðäíòõ ðè÷ëòçöäñçäööøðó÷ìòñöøöèçìñèö÷ìðä÷ìñê÷ëèéäìõùäïøèöòéĤñäñæìäïìñö÷õøðèñ÷öåèìñêçèõìùä÷ìùèöìñ÷èõèö÷¡åèäõìñêïòäñöäñçåòõõòúìñêöæòñ÷ìñêèñ÷ äñççèéèõõèçæòñöìçèõä÷ìòñäñçóäüäåïèöõèæèìùäåïèöäñçæòñö÷õøæ÷ìòñäööè÷ö
Ýëèéäìõùäïøèöòéìñ÷èõèö÷õä÷èäñçæõòöö¡æøõõèñæüöúäóöäõèæäïæøïä÷èçåäöèçòñèûóèæ÷èçéø÷øõèóõìñæìóäïäñçìñ÷èõèö÷æäöëĥòúöçìöæòøñ÷èçøöìñê ðäõîè÷õä÷èöóõèùäìïìñêä÷÷ëèåäïäñæèöëèè÷çä÷èÝëèùäïøä÷ìòñðè÷ëòçöòéäïïòé÷ëèÐõòøóđöçèõìùä÷ìùèĤñäñæìäïìñö÷õøðèñ÷öæäõõìèçä÷éäìõùäïøèäõè æä÷èêòõìöèçäöÕèùèï"Õèùèï"äööè÷öäõèĤñäñæìäïäööè÷öäñçïìäåìïì÷ìèö÷ëä÷çòñò÷ëäùèõèêøïäõðäõîè÷óõìæìñêåø÷úëòöèéäìõùäïøèæäñåèçè÷èõðìñèç åäöèçòñò÷ëèõçä÷äùäïøèöòõðäõîè÷óõìæèö
Ïäìõùäïøèìöæäïæøïä÷èçåäöèçòñ÷ëèäðòøñ÷öèûóèæ÷èç÷òåèóäìççè÷èõðìñèçåüõèéèõèñæè÷òéòõèæäö÷öòééø÷øõèóèõéòõðäñæèòé÷ëèäæôøìõèç åøöìñèööèöçìöæòøñ÷èçøöìñêäóóõòóõìä÷èçìöæòøñ÷õä÷èöóõèùäìïìñêä÷÷ëèåäïäñæèöëèè÷çä÷èäñç÷ëèóõòåäåìïì÷üòéæòñ÷ìñêèñ÷èùèñ÷öäñç÷äõêè÷öåèìñê äæëìèùèçÝëèùäïøä÷ìòñðè÷ëòçöòé÷ëèÐõòøóđöæòñ÷ìñêèñ÷æòñöìçèõä÷ìòñæäõõìèçä÷éäìõùäïøèäõèæä÷èêòõìöèçäöÕèùèï#Õèùèï#äööè÷öäõèĤñäñæìäïäööè÷öäñç ïìäåìïì÷ìèö÷ëä÷äõèæòñöìçèõèç÷òåè÷ëèðòö÷ìïïìôøìçÝëèìõùäïøèöëäùèåèèñèö÷ìðä÷èçøöìñêäùäìïäåïèðäñäêèðèñ÷ìñéòõðä÷ìòñìñæïøçìñêöøåíèæ÷ìùè äööøðó÷ìòñöÝëèõèäõèñòìñçìùìçøäïïüöìêñìĤæäñ÷øñòåöèõùäåïèìñóø÷öøöèçìñ÷ëèéäìõùäïøèðèäöøõèðèñ÷òé÷ëèÐõòøóđöæòñ÷ìñêèñ÷æòñöìçèõä÷ìòñäöä÷#!Íèæèðåèõ" "!
Ýëèé òïïòúìñê ÷äåïèöëò úö äõ èæòñæìïìä÷ìòñ éõ òð ÷ëèòóèñìñê÷ ò æïòöìñêåäïäñæ èö é òõ æ òñ÷ìñêèñ÷ äñççèé èõõèç æ òñöìçèõä÷ìòñ
| 2021 £m | " " | |ð |
| :-------------------------------------------------------------------------- | ----: | -----: |
| Ê÷!Óäñøäõü | 3.0 | "$ |
| Êæôøìöì÷ìòñòéåøöìñèööèö¤ñò÷è%¥ | 8.8 | – |# Keller Group plc
The Keller Group pension scheme provides retirement benefits for its employees. The scheme provides for defined benefits, based on pensionable salary and length of service, and also includes defined contribution arrangements.
The principal pension schemes in the UK, Germany and Austria are closed to new entrants and to future accrual for most employees.
The Keller Group Pension Scheme (UK)
| 2021 £m | |
|---|---|
| The Keller Group Pension Scheme (UK) | |
| Üæëèðè | " " |
| German, Austrian and other schemes | |
| 2021 £m | |
| Ðèõðäñ | 856.0p |
| Êøö÷õìäñ | 0.0p |
| 47.3% | |
| 3 years | |
| 0.14% | |
| 0.00% | |
| # Keller Group plc Consolidated statement of comprehensive income | |
| ## For the year ended 31 December 2021 | |
| ## 5.3 '! t – Statement of comprehensive income | |
| ## 4.6 &! t – ÎûóèõìèñæèïòööòñçèĤñèçåèñèĤ÷òåïìêä÷ìòñ | |
| ## t ¤ $¥ t – Ìëäñêèö÷òçèðòêõäóëìæäööøðó÷ìòñö (0.6) | |
| ## "' t – Ìëäñêèö÷òĤñäñæìäïäööøðó÷ìòñö 6.0 | |
| ## ¤)$¥ 1.2 ¤ (¥ Ìëäñêèìñìõõèæòùèõäåïèöøõóïøö (10.0) | |
| ## ¤ $¥ t – 5HPHDVXUHPHQWVRIGHƬQHGEHQHƬWSODQV | |
| ## t ¤!$¥ 1.2 ¤ (¥ Ìøðøïä÷ìùèõèðèäöøõèðèñ÷öòéçèĤñèçåèñèĤ÷óïäñö (25.6) | |
| ## ¤"%&¥ (9.2) ¤! $¥ | |
| ## ([SHQVHUHFRJQLVHGLQWKHLQFRPHVWDWHPHQW | |
| ## Ìøõõèñ÷öèõùìæèæòö÷ | |
| ## t – 0.6 ' | |
| ## Êçðìñìö÷õä÷ìòñæòö÷ö | |
| ## 0.2 " | |
| ## t – Operating costs | |
| ## 0.2 " | |
| ## 0.6 ' | |
| ## ×è÷óèñöìòñìñ÷èõèö÷æòö÷ | |
| ## 0.1 " | |
| ## 0.1 ! | |
| ## ([SHQVHUHFRJQLVHGLQWKHLQFRPHVWDWHPHQW | |
| ## 0.3 $ 0.7 ( | |
| ## 0RYHPHQWVLQWKHEDODQFHVKHHWOLDELOLW\ | |
| ## ×è÷ïìäåìïì÷üä÷ö÷äõ÷òéüèäõ | |
| ## 9.2 ! 21.9 " ' | |
| ## Îûóèñöèõèæòêñìöèçìñ÷ëèìñæòðèö÷ä÷èðèñ÷ | |
| ## 0.3 $ 0.7 ( | |
| ## Îðóïòüèõ æòñ÷õìåø÷ìòñö | |
| ## (2.7) ¤"&¥ | |
| ## t – ËèñèĤ÷öóäìç | |
| ## t – (1.5) ¤!"¥ | |
| ## Îûæëäñêèðòùèðèñ÷ö | |
| ## t – (1.0) ( | |
| ## Ûèðèäöøõèðèñ÷öòéçèĤñèçåèñèĤ÷óïäñö | |
| ## t !$ (1.2) ( | |
| ## 1HWOLDELOLW\DWHQGRI\HDU | |
| ## 6.8 )" 18.9 "!) | |
| ## ! Ø÷ëèõæòðóõìöèöèñçòéöèõùìæèöæëèðèöìñ÷ëèÖìççïèÎäö÷òé | # ð¤" " |
| ## Êõèçøæ÷ìòñìñ÷ëèçìöæòøñ÷õä÷èòé !]úòøïçìñæõèäöè÷ëèçèĤæì÷ìñ÷ëèöæëèðèöåü | !!ðúëìïö÷äõèçøæ÷ìòñìñ÷ëèìñĥä÷ìòñäööøðó÷ìòñòé !] ìñæïøçìñêì÷öìðóäæ÷òñ÷ëèõèùäïøä÷ìòñìñçèéèõðèñ÷äñçóèñöìòñìñæõèäöèöìñóäüðèñ÷úòøïççèæõèäöè÷ëèçèĤæì÷åü |
Keller Group plc
ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 172
| 2021 £m | " " |ð | " !) |ð | " !' |ð | " !' |ð
|---|---|---|---|---|
| Ùõèöèñ÷ùäïøèòéçèĤñèçåèñèĤ÷òåïìêä÷ìòñ | (77.2) | ¤(&)¥ | ¤(!!¥ | ¤'!'¥ | ¤'%#¥ |
| Ïäìõùäïøèòéöæëèðèäööè÷ö | 63.7 | %( | %"" | $%" | $&! |
| 'HƬFLWLQWKHVFKHPHV | (13.5) | ¤"()¥ | ¤"()¥ | ¤"&%¥ | ¤")"¥ |
| Òõõèæòùèõäåïèöøõóïøö | (12.2) | ¤""¥ | ¤!(¥ | ¤!$¥ | – |
| 1HWGHƬQHGEHQHƬWOLDELOLW\ | (25.7) | ¤#!!¥ | ¤# '¥ | ¤"')¥ | ¤")"¥ |
| Îûóèõìèñæèäçíøö÷ðèñ÷öòñöæëèðèïìäåìïì÷ìèö | 6.6 | ¤')¥ | ¤("¥ | #' | ¤!(¥ |
| Îûóèõìèñæèäçíøö÷ðèñ÷öòñöæëèðèäööè÷ö | 4.6 | &! | %$ | ¤!%¥ | #" |
| Ìòøñ÷õüòéìñæòõóòõä÷ìòñ | 2021 | " " |
|---|---|---|
| ÔèïïèõÏòñçä÷ìòñöÜóèæìäïèöÜÙÊ | Êïêèõìä | 49% |
| ÔèïïèõÝøõîìÌòðóäñüÕìðì÷èç | ÜäøçìÊõäåìä | 35% |
| Ùïèäöèõèéèõ÷òñò÷è)òé÷ëèæòðóäñüäææòøñ÷öéòõ÷ëèõèêìö÷èõèçäççõèööèö | ||
| Õòööä÷÷õìåø÷äåïè÷òñòñ¡æòñ÷õòïïìñêìñ÷èõèö÷ö |
| 2021 £m | " " | ð |
|---|---|---|
| ÔèïïèõÏòñçä÷ìòñöÜóèæìäïèöÜÙÊ | (0.5) | ¤ &¥ |
| ÔèïïèõÝøõîìÌòðóäñüÕìðì÷èç | (0.3) | ¤! ¥ |
| Ø÷ëèõìñ÷èõèö÷ | (0.1) | " |
| 2021 £m | " " | ð |
|---|---|---|
| ÔèïïèõÏòñçä÷ìòñöÜóèæìäïèöÜÙÊ | 2.9 | #% |
| ÔèïïèõÝøõîìÌòðóäñüÕìðì÷èç | (0.3) | ! |
| Ø÷ëèõìñ÷èõèö÷ | 0.2 | ! |
Keller Group plc
ÊññøäïÛèóòõ÷äñçÊææòøñ÷ö" "! Financial Statements 173
| 2021 £m | " " | ð | |
|---|---|---|---|
| Keller Fondations Speciales SPA | .HOOHU7XUNL Company Limited | Keller Ïòñçä÷ìòñö ÜóèæìäïèöÜÙÊ | |
| Revenue | 0.9 | 4.2 | ( |
| Øóèõä÷ìñêæòö÷ö | (1.2) | (4.5) | ¤!$¥ |
| Operating loss | (0.3) | (0.3) | ¤ &¥ |
| Ïìñäñæèæòö÷ö | tt | – | – |
| /RVVEHIRUHWD[DWLRQ | (0.3) | (0.3) | ¤ &¥ |
| Ýäûä÷ìòñ | (0.2) | t | – |
| /RVVDWWULEXWDEOHWRQRQFRQWUROOLQJLQWHUHVWV | (0.5) | (0.3) | ¤ &¥ |
| 2021 £m | " " | ð | |
|---|---|---|---|
| Keller Fondations Speciales SPA | .HOOHU7XUNL Company Limited | Keller Ïòñçä÷ìòñö ÜóèæìäïèöÜÙÊ | |
| ×òñ¡æøõõèñ÷äööè÷ö | 0.9 | 0.7 | !" |
| Ìøõõèñ÷äööè÷ö | 2.8 | 2.4 | $ |
| Ìøõõèñ÷ïìäåìïì÷ìèö | (0.8) | (2.8) | ¤!'¥ |
| ×òñ¡æøõõèñ÷ïìäåìïì÷ìèö | t | (0.6) | – |
| 6KDUHRIQHWDVVHWVOLDELOLWLHV | 2.9 | (0.3) | #% |
| 2021 £m | " " | ð |
|---|---|---|
| Assets | ||
| Òñùèö÷ðèñ÷ö | " | 513.9 |
| Íèéèõõèç÷äûäööè÷ö | 0.3 | & |
| Ø÷ëèõäööè÷ö | # | 2.8 |
| Non-current assets | 517.0 | |
| Êðòøñ÷öòúèçåüöøåöìçìäõüøñçèõ÷äîìñêö | ||
| ¢Êðòøñ÷öéäïïìñêçøèúì÷ëìñòñèüèäõ | 0.2 | % |
| ¢Êðòøñ÷öéäïïìñêçøèäé÷èõòñèüèäõ | 55.6 | !# % |
| Ìøõõèñ÷÷äûäööè÷ö | 3.6 | – |
| Ýõäçèäñçò÷ëèõçèå÷òõö | $ | 0.8 |
| Ìäöëäñçåäñîåäïäñæèö | 10.9 | ( |
| Current assets | 71.1 | |
| /LDELOLWLHV | ||
| Ëäñîäñçò÷ëèõïòäñö | t | ¤#'#¥ |
| Ýõäçèäñçò÷ëèõæõèçì÷òõö | % | (10.5) |
| Êðòøñ÷öòúèç÷òöøåöìçìäõüøñçèõ÷äîìñêö | (0.4) | ¤ #¥ |
| Creditors: amounts falling due within one year | (10.9) | |
| Net current assets | 60.2 | |
| 7RWDODVVHWVOHVVFXUUHQWOLDELOLWLHV | 577.2 | |
| Ëäñîäñçò÷ëèõïòäñö | (56.4) | ¤'""¥ |
| Êðòøñ÷öòúèç÷òöøåöìçìäõüøñçèõ÷äîìñêö | (44.2) | ¤$%&¥ |
| Ø÷ëèõæõèçì÷òõö | & | (6.2) |
| Ùèñöìòñïìäåìïì÷ìèö | ( | (0.8) |
| Creditors: amounts falling due after one year | (107.6) | |
| Net assets | 469.6 | |
| Capital and reserves | ||
| Ìäïïèçøóöëäõèæäóì÷äï | 7. | 3 '# |
| Üëäõèóõèðìøðäææòøñ÷ | 38.1 | #(! |
| Ìäóì÷äïõèçèðó÷ìòñõèöèõùè | 7.6 | '& |
| Ø÷ëèõõèöèõùè | 56.9 | %&) |
| Ûè÷äìñèçèäõñìñêö | 359.7 | #'"% |
| Shareholders’ funds | 469.6 |
| Üëäõè æäóì÷äï | |ð | Üëäõè premium äææòøñ÷ | |ð | Ìäóì÷äï õèçèðó÷ìòñ õèöèõùè | |ð | Ø÷ëèõ õèöèõùè | |ð | Ñèçêìñê õèöèõùè | |ð | Ûè÷äìñèç èäõñìñêö | |ð | Tota l equity | £m |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ê÷!Óäñøäõü" " | '# | | #(! | | '& | | %&) | | – | | #("& | | 492.5 |
| ÙõòĤ÷ éòõ÷ëèüèäõ | | | | | | | | | | | 13.8 | | |
| Ìäöëĥòúêäìñö÷äîèñ÷òèôøì÷ü | | | | | | | | | % | | – | | 0.5 |
| Ìäöëĥòúëèçêè÷õäñöéèõõèç÷òìñæòðèö÷ä÷èðèñ÷ | | | | | | | | | ¤ %¥ | | – | | (0.5) |
| Ûèðèäöøõèðèñ÷òéçèĤñèçåèñèĤ÷óèñöìòñöæëèðèö | | | | | | | | | ¤ !¥ | | (0.1) | | |
| Total comprehensive income for the year | | | | | | | | | !#' | | 13.7 | | |
| Íìùìçèñçö | | | | | | | | | ¤"%)¥ | | (25.9) | | |
| Üëäõè¡åäöèçóäüðèñ÷ö | | | | | | | | | "! | | 2.1 | | |
| Ê÷#!Íèæèðåèõ" " äñç!Óäñøäõü" "! | '# | | #(! | | '& | | %&) | | – | | #'"% | | 482.4 |
| 3URƬWIRUWKH\HDU | | | | | | | | | !") | | 12.9 | | |
| Ûèðèäöøõèðèñ÷òéçèĤñèçåèñèĤ÷óèñöìòñöæëèðèö | | | | | | | | | – | | t | | |
| Total comprehensive income for the year | | | | | | | | | !") | | 12.9 | | |
| Íìùìçèñçö | | | | | | | | | ¤"%)¥ | | (25.9) | | |
| ÙøõæëäöèòéòúñöëäõèöéòõÎÜØÙ÷õøö÷ | | | | | | | | | ¤#'¥ | | (3.7) | | |
| Üëäõè¡åäöèçó äüðèñ÷ö | | | | | | | | | #) | | 3.9 | | |
| $W'HFHPEHU | '# | | #(! | | '& | | %&) | | – | | #%)' | | 469.6 |
## 3URƬWRIWKHSDUHQWFRPSDQ\
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